工控&机器人2025年度策略报告：工控复苏拐点渐进，人形机器人产业化加速

Investment Rating - The investment rating for the industrial automation and robotics sector is "Positive" [2]. Core Insights - The industrial automation market is expected to recover, driven by domestic macroeconomic stimulus policies and the gradual improvement of product performance and self-manufacturing capabilities in the domestic market [2][13]. - The human-shaped robot industry is accelerating towards industrialization, with significant contributions from major players like Huawei and automotive companies [2][28]. - The internationalization of domestic industrial control companies is opening up new growth opportunities, particularly in emerging markets such as Southeast Asia and India [2][37]. Summary by Sections 1. Domestic Substitution + Recovery Resonance, Internationalization Opens Growth Ceiling - The industrial automation sector is showing signs of recovery, with a year-on-year revenue growth of 13.5% in 2024 Q1-Q3, reaching approximately 540 billion yuan [15]. - In 2024 Q3, the revenue for the industrial control sector was 18.7 billion yuan, a 10.1% increase year-on-year, although there was a slight decline compared to the previous quarter [20]. - Traditional industries are beginning to recover, with fixed asset investment in textiles and apparel showing a year-on-year increase of 17.5% in October 2024 [28]. - The impact of capital expenditures in the lithium battery and photovoltaic sectors is gradually diminishing, which previously boosted demand for industrial control products [33]. 2. Acceleration of Robot Industrialization, Domestic Industrial Chain Ecosystem Gradually Perfected - The entry of Huawei into the human-shaped robot industry is expected to help build a domestic ecosystem for these robots [2][28]. - The upgrade of Tesla's human-shaped robot, featuring 22 degrees of freedom, is anticipated to explore more industrial possibilities [2][28]. 3. Investment Recommendations - Recommended stocks in the industrial control sector include Inovance Technology and Weichuang Electric, with a focus on companies like Xusheng Group and Mingzhi Electric in the human-shaped robot sector [2][28].