摩根士丹利：中国工业_ 自动化运营追踪 - 开始感受到压力

Investment Rating - The industry investment rating is "In-Line" [7] Core Insights - In April, combined sales of servo and low-voltage AC drives from four global players in China decreased by -1% and -7% respectively, compared to previous year growth rates of +1% and -1% in March 2025 [1][5] - Inovance's automation orders growth slowed to high single-digit year-on-year in April, down from approximately 30% year-on-year in March, with several industries negatively impacted by US tariffs [2] - Haitian International's April orders showed high single-digit year-on-year growth but a low single-digit month-on-month decline, with domestic orders flat year-on-year and overseas orders experiencing teens growth [3] - The manufacturing PMI in China fell to 49.0 in April from 50.5 in March, indicating a contraction in manufacturing activity [10] Summary by Sections Sales Performance - Global players' servo sales in China saw a decline of -1% year-on-year, while low-voltage AC drive sales decreased by -7% [1][5] - Inovance's orders growth decelerated to high single-digit year-on-year in April, significantly lower than the previous month's growth [2] Regional Insights - Domestic orders for general equipment remained flat year-on-year, while overseas orders posted a teens growth year-on-year [3] Market Trends - The overall automation market is beginning to feel the impact of tariff tensions, leading to a moderation in order growth for several players [10]