通用自动化2025年度策略报告：通用设备需求筑底静待复苏，挖掘细分方向的α机会

Investment Rating - The report provides a positive investment recommendation for the industrial FA sector, specifically recommending leading domestic companies such as Yihua Da, Haitian International, and others in the injection molding and humanoid robot sectors [9]. Core Insights - The general automation industry is showing signs of recovery, with manufacturing PMI remaining above the threshold for three consecutive months, indicating a slight improvement in manufacturing sentiment [4]. - The industrial FA sector is expected to benefit from the recovery in the 3C and semiconductor industries, which are anticipated to replace the declining demand from the new energy sector [5]. - The injection molding machine market is experiencing a domestic demand rebound driven by capital expenditures in the 3C and home appliance sectors, with significant potential for overseas market expansion [6]. - The humanoid robot sector is poised for growth with the anticipated mass production of Tesla's Optimus robot, and domestic component manufacturers are expected to benefit from cost reduction efforts [7]. - The machine tool industry is witnessing a bottoming out of domestic demand while also expanding into overseas markets, with a focus on the trend of domestic production of both complete machines and components [8]. Summary by Sections General Automation - The overall demand for general automation equipment is stabilizing, with high-frequency data aligning with expectations, indicating a potential recovery in the manufacturing sector [4][10]. - The industrial robot production in China reached 480,000 units from January to November 2024, marking an 11% year-on-year increase, with strong demand from the home appliance and electronics sectors [13]. Industrial FA - The industrial FA sector is expected to see a shift in demand from the new energy sector to the 3C and semiconductor industries, which will contribute to new growth [5]. - The market for FB business is projected to be three times larger than that of FA, indicating significant growth potential for leading FA companies [5][35]. Injection Molding Machines - Domestic demand for injection molding machines is expected to improve due to increased capital expenditures in the home appliance and 3C sectors, with a long-term outlook for overseas market expansion [6]. - The injection molding machine market in China was valued at over 260 billion yuan in 2022, with a compound annual growth rate (CAGR) of 3.79% from 2017 to 2022 [65]. Humanoid Robots - The anticipated mass production of Tesla's Optimus robot in 2025 is expected to drive growth in the humanoid robot sector, with domestic manufacturers benefiting from the localization of components [7]. Machine Tools - The machine tool industry is experiencing a consolidation of market share towards leading companies, with a focus on domestic production and export opportunities [8]. - The production of machine tools in China saw a slight increase of 1.7% year-on-year, with significant growth in orders for Japanese machine tools due to favorable exchange rates [21].