自动化设备研究框架专题报告：国产替代趋势持续，外延绘就新成长曲线

Investment Rating - The report suggests a positive outlook on the automation equipment industry, emphasizing the ongoing trend of domestic substitution and the potential for growth despite short-term demand fluctuations [3][4]. Core Insights - The automation equipment sector is experiencing a structural shift towards domestic production, with significant opportunities arising from fixed asset investments in various industries [3][4]. - The report highlights the importance of technological advancements and tailored solutions in maintaining competitiveness against foreign brands, particularly in the context of rising domestic market shares for local companies [3][4][35]. - The analysis of market trends indicates that while there are challenges due to demand volatility, the long-term trajectory favors increased automation and smart manufacturing solutions [3][4][35]. Summary by Sections Market Review and Retrospective - The automation equipment market has seen a slowdown in growth since 2021, with specific segments like robotics experiencing revenue declines in 2024 [8][10]. - The report notes a significant drop in the average revenue growth rate for major sub-sectors within automation equipment, indicating a need for strategic adjustments [8][10]. Promotion of Domestic Substitution - Domestic brands are gradually increasing their market share in key products, supported by customized product iterations and responsive services [3][4][35]. - The report emphasizes the role of policy support in driving demand for automation solutions, particularly in enhancing the numerical control rates of critical processes [3][4][35]. Seeking New Growth Points - The report identifies various industries, such as water management and transportation equipment manufacturing, that are experiencing high fixed asset investment growth, which could benefit automation equipment suppliers [24][28]. - Companies like 汇川技术 (Inovance Technology) are actively expanding into new markets, with significant revenue growth in sectors like new energy vehicle components [35][39]. Downstream Market Dynamics - The report discusses the importance of understanding downstream market conditions, as fluctuations in key sectors can significantly impact revenue for automation equipment manufacturers [21][24]. - The analysis of specific companies, such as 怡合达 (E-Hual), reveals a mixed performance across different business segments, highlighting the need for adaptability in product offerings [21][22].