机械深度报告：从海外自动化龙头财报追踪看制造业景气

Investment Rating - The report maintains a "Positive" investment rating for the automation industry [6]. Core Insights - The revenue growth of leading overseas automation companies has generally bottomed out between Q2 2023 and Q1 2024, with many companies either seeing a narrowing decline or achieving positive growth [6][21]. - In the Chinese market, companies like FANUC and MISUMI have already achieved positive growth, while ABB has maintained flat growth for two consecutive quarters. Yaskawa and Omron are in the process of narrowing their decline [6][21]. - The order growth rates for FANUC, Yaskawa, and ABB in China hit bottom in Q2 2023, Q4 2023, and Q1 2024 respectively, with subsequent narrowing of declines. FANUC has achieved over 30% growth in orders for two consecutive quarters [6][21][27]. Summary by Sections Overview of Global Manufacturing Sentiment - The report analyzes quarterly revenue and order growth rates of selected overseas automation companies, indicating a recovery trend in the manufacturing sector [6][21]. - The overall revenue growth of leading companies is stabilizing, with many adjusting their annual forecasts upwards, reflecting a clearer bottoming out of the market [6][21]. Company-Specific Insights - FANUC: The FA and machine tool businesses are recovering well, with stable demand for CNC systems in major markets like India and China. The company expects growth in orders and revenue in the upcoming quarters [7][29]. - Omron: The IAB business is expected to continue its recovery trend, with sales growth in the Greater China region improving after reaching a low point in Q3 2023 [7]. - ABB: The company reported Q3 2024 revenue of $8.151 billion, a 2% year-on-year increase, with new orders also growing by 2%. The order improvement is particularly notable in Europe [7][8]. - Yaskawa: The company achieved revenue of 129.18 billion yen in Q3 2024, down 11.8% year-on-year, but new orders turned positive with a 1% increase [8]. - MISUMI: The company reported a 9% year-on-year revenue increase in Q3 2024, with FA business revenue growing by 16% [8]. Market Trends - The report highlights a recovery trend in the Chinese market for several foreign automation leaders, with FANUC and ABB showing a narrowing decline in order growth over the past two quarters [9][21]. - The overall sentiment in the manufacturing sector is expected to stabilize and recover, as indicated by the upward adjustments in annual forecasts by most sample companies [9][21].