2024上半年工控自动化行业总结：下游需求分化，关注国产替代、设备更新及出海

Industry Overview - The industrial automation market size in H1 2024 was 1475.7 billion yuan, a year-on-year decline of 2.8%, reflecting weak manufacturing demand [2] - Downstream demand is diverging, with project-based markets remaining stable while OEM markets are weak [2] - The PMI for January-June 2024 was below the boom-bust line except for March and April, indicating a contraction in manufacturing activity [2] Market Segmentation - OEM market size in H1 2024 was 533.2 billion yuan, down 7.2% YoY, with growth in textiles, HVAC, industrial robots, packaging, food & beverage, plastics, and rubber industries [2] - Project-based market size in H1 2024 was 943.5 billion yuan, down 0.1% YoY, with growth in chemicals, municipal & public facilities, mining, and paper industries [2] - HMI, small PLC, and CNC systems saw slight growth, while large PLC, AC servo systems, and low-voltage inverters experienced significant declines [2] Competitive Landscape - Domestic brands are gaining market share, with Inovance Technology holding 14%, 33%, and 22% shares in small PLC, AC servo systems, and low-voltage inverters respectively [2] - In the HMI market, Siemens leads with a 27% share, followed by non-listed companies Weintek and Kunlun Tongtai [34] - In the CNC system market, Fanuc, Siemens, and Mitsubishi dominate, with domestic brands like Guangzhou CNC and KND also holding significant shares [44] Financial Performance of Key Companies - In H1 2024, 9 listed industrial automation companies achieved total revenue of 25.9 billion yuan, up 21% YoY, with net profit down 2.3% to 3.13 billion yuan [3] - Average gross margin was 32.6%, down 2.3 percentage points YoY, while net margin was 12.1%, down 2.9 percentage points [3] - R&D expense ratio was 9.8%, reflecting continued investment in technology and product development [3] Future Opportunities - Three key opportunities are identified: domestic substitution in niche sectors, equipment renewal, and overseas expansion of domestic brands [3] - The domestic substitution rate in process industries and traditional sectors remains low, offering significant growth potential [3] - The "Large-scale Equipment Renewal Policy" is expected to drive demand for automation equipment, particularly in CNC systems and energy efficiency improvements [3] - Domestic brands are expanding into mature markets like Europe and North America, as well as emerging markets in Southeast Asia and Belt & Road countries [3]