机械设备行业周报：工业机器人复盘：关键下游推动放量，行业随产业结构发展应时而变

Investment Rating - The report rates the industry as "Overweight" [4] Core Insights - The industrial robot industry is positioned in the midstream manufacturing sector, relying on technological breakthroughs and matching application scenarios to establish viable business models. The automotive manufacturing sector has been a significant driver for industrial robot demand, particularly in Japan, where automation has been actively promoted due to demographic changes [5][23]. - The sales structure of industrial robots in Japan has evolved, with a shift towards a more diversified downstream market. In 2023, the sales volume of industrial robots in electronics, automotive parts, and plastic products has decreased compared to 2013, while the share from machinery, metal products, and other sectors has increased [6][25]. - Fanuc, a leading company in the industry, has established a global presence since the 1970s, forming joint ventures with major companies to enhance its market share and technological capabilities. As of Q2 2024, only 15.2% of Fanuc's revenue comes from Japan, with significant contributions from the Americas and Europe [8][26]. Summary by Sections 1. Automation Equipment - The report emphasizes the need for domestic automation leaders to explore overseas markets for growth. The industrial automation core products are concentrated in control, drive, and execution layers, with domestic companies gradually increasing their market share in key products [31][36]. 2. Recent Trends - The report highlights the robust growth in the industrial robot market in China, with a 5% year-on-year increase in sales volume in the first three quarters of 2024. Domestic companies are expected to strengthen their advantages and explore new business opportunities as the market consolidates [8][31]. 3. Railway Equipment - The report notes a significant increase in railway passenger volume in China, with a 128.8% year-on-year growth in 2023. The China Railway Group has announced new tenders for high-speed trains, indicating ongoing demand in the railway sector [37][38]. 4. Construction Machinery - In October 2024, domestic excavator sales reached 8,266 units, a 21.6% year-on-year increase, driven by equipment replacement policies and improved demand from infrastructure investments. Exports also showed a positive trend, with a 9.5% increase [39].