高端装备跨年掘金07-找寻全球流程工业智能化的脉动

Key Points Industry and Company Overview 1. Industry Focus: The report focuses on the global process automation industry, specifically within the context of the chemical industry. 2. Key Companies: The report mentions several key players in the industry, including中控技术, 博时股份, 川仪股份, 西门子, 霍尼韦尔, 恒河电机, and 创业股份. 3. Market Size: The global process automation market is valued at $70 billion, with Asia-Pacific and North America being the dominant regions. Core Views and Arguments 1. Cycle Fluctuations: The report highlights the cyclical nature of the process automation industry, with capital expenditures in the chemical industry peaking in 2020-2021 and subsequently declining, leading to a shift in valuations for companies like中控技术, 博时股份, and 川仪股份. 2. Process vs. Discrete Industries: The report emphasizes the differences between process and discrete industries, noting that process industries are more resource-intensive, safety-focused, and have a lagging market response. 3. Long-term Sustainability: To achieve long-term, high-quality operations, process automation companies need to strengthen cycle management, focus on growth opportunities from industry expectation recovery, and learn from global leaders in technological innovation and operational efficiency. 4. Technological Trends: The report identifies key technological trends, including the integration of solutions, the application of generative AI, and the rise of industrial software. 5. Mergers and Acquisitions: The report discusses the history of M&A in the industry, noting that global leaders are increasingly focusing on industrial software, while Chinese companies are still primarily engaged in horizontal M&A. 6. Domestic Market: The report highlights the domestic market's development, noting that control system localization has exceeded 50%, but the industrial instrument market remains fragmented, with high-end products lagging behind foreign counterparts. Other Important Points 1. Generative AI: The report emphasizes the growing role of generative AI in process automation, particularly in decision-making support, code generation, and simulation. 2. Regional Growth: The report identifies the Middle East and Asia-Pacific as key growth areas for the industry, driven by coal chemical projects and maintenance investments. 3. Challenges and Opportunities: The report discusses the challenges faced by domestic companies, such as the need for further localization of industrial instruments and the need to improve product performance and reliability. 4. Strategic Focus: The report highlights the strategic focus of key players, such as Emerson's emphasis on software technology and Honeywell's focus on horizontal expansion.