机械设备行业周报：受益于制造业转型升级，我国工业机器人密度持续提升

Investment Rating - The industry investment rating is "Outperform the Market" [5] Core Insights - The density of industrial robots in China has significantly increased, reaching 470 units per 10,000 people in 2023, surpassing Germany and Japan, and ranking third globally [1][26] - In 2023, China accounted for 51% of the global new installations of industrial robots, with 276,000 units installed, supported by the country's large manufacturing base and the demand for upgrading labor-intensive industries [1][26] - The production of industrial robots in China reached a historical high, with October 2024 production at 50,900 units, a year-on-year increase of 33.4% [2][27] - The robot sector is currently facing short-term performance pressure due to supply-demand imbalances, but it holds strong long-term growth potential driven by industrial upgrades and technological advancements [3][28] Summary by Sections Industry Dynamics - The industrial robot density in China has doubled over the past four years, reflecting the rapid adoption of automation technologies in manufacturing [34] - The demand for industrial robots is showing differentiation across sectors, with electronics, home appliances, and metal products performing well, while lithium battery and photovoltaic sectors are experiencing weaker demand [2][27] Key Data Tracking - In the first three quarters of 2024, the SW robot sector reported total revenue of 22.123 billion yuan, a decrease of 2.47% year-on-year, and a net profit of 770 million yuan, down 34.36% year-on-year [3][28] - The market share of domestic manufacturers in the robot sector increased by 4.5 percentage points to 51.6% in the same period, although there remains a significant gap in market penetration for high-end products compared to foreign manufacturers [3][28]