工控2026年度策略——周期向上，向“新”而行，出海破局

Summary of the Industrial Control Industry Conference Call Industry Overview - The industrial control industry is expected to maintain median growth in 2026, with advanced manufacturing sectors such as industrial robots, lithium battery packaging, and logistics showing strong performance. The low-altitude and embodied intelligence sectors are accelerating in industrialization [1][2] - Overall, companies are experiencing revenue growth, but profit differentiation is significant, with market share increasingly concentrating among leading firms [1][2] Key Insights and Arguments - 2026 Outlook: Traditional demand is stable, while technological iterations will create structural opportunities. AI-related industries and the expansion of lithium and solid-state batteries will increase equipment demand. New productivity developments in low-altitude and robotics sectors have potential for exceeding expectations [1][3] - Market Recovery: The industrial control industry is driven by manufacturing investment, automation levels, and domestic production rates, reflecting a 3-4 year cyclical pattern. A slight increase in industrial product inventory growth is expected in 2025, with stable demand growth anticipated for 2026 [1][7][10] - Performance Metrics: In the first ten months of 2025, industrial robots and metal machine tools saw year-on-year growth rates of nearly 30% and 10%, respectively. The demand for energy storage terminals is rapidly increasing, driving capital expenditure expansion across the industry chain [1][11] Important but Overlooked Content - Global Market Expansion: As domestic manufacturing expands overseas, industrial control companies are accelerating their international market presence. The global automation market is projected to reach approximately 1.5 trillion yuan in 2025, with overseas demand expected to be about four times that of the domestic market [1][20] - Investment Recommendations: The core of industrial control research lies in identifying high-ceiling single product categories that support company growth. Recommended companies include Huichuan Technology, New Energy, and Dazhu Laser, which have competitive advantages in core categories like PLCs, inverters, and servo systems [1][6][24] - Emerging Growth Areas: The low-altitude economy and intelligent robotics are seen as potential new growth points. The overseas revenue share of domestic public utility companies is currently low, but the overseas market is 3-4 times larger than the domestic market [1][8] Conclusion - The industrial control industry is poised for growth driven by technological advancements and international market expansion. Key players are recommended for investment based on their competitive advantages and market positioning. The focus on emerging sectors such as AI and robotics will likely yield significant opportunities in the coming years [1][24]