Current situation and future development trend pre

Current situation and future development trend prediction of China's robot industry

from the perspective of sales volume, China has become the world's largest industrial robot market with 27% market share. IFR data shows that in 2015, the global sales of industrial robots reached 253748, an increase of 10.68% over 2014; The sales volume of industrial robots in China was 68556, with a year-on-year increase of 20.07%

first, industrial opportunities

the disappearance of demographic dividends, policy support and industrial structure upgrading and transformation are the three driving forces that promote the long-term development of the robot industry, especially at this stage

on December 29, 2016, the Ministry of industry and information technology and the national development and Reform Commission jointly issued the notice on promoting the healthy development of the robot industry, which proposed to promote the rational development of the robot industry, strengthen the breakthrough of key weaknesses such as parts, and vigorously cultivate leading enterprises in view of the low-level repeated construction of the industry and the light manufacturing of key parts and components. On the same day, the Ministry of industry and information technology also issued the industrial robot industry standard conditions, which proposed that the annual revenue of industrial robot ontology production enterprises should not be less than 50million yuan or the annual output should not be less than 2000 sets, and the total annual revenue of integrated application enterprises should not be less than 100million yuan. By 2020, the self-sufficiency rate of key parts will reach more than 50%

the use density of robots in China reached only 36 sets/10000 people in 2014, lower than the global average of 66 sets/10000 people. The density of industrial robots is still lower than the world average, with room for growth

in 2015, the new volume of robots in China was 66000, of which the sales volume of domestic independent brand industrial robots was 22000, which was relatively durable, accounting for only 33% of the market. The domestic replacement process has imagination

II. Industry overview

composition of industrial robot industry chain. The robot is divided into upstream core components: including reducer, servo system and controller; Midstream ontology manufacturer; Downstream system integrator. In terms of market size, the domestic market size of reducer, servo system and controller in 2015 was 1.15 billion yuan, 1.06 billion yuan and 350 million yuan respectively

the team inspects and repairs all kinds of waste materials recovered from other removal projects.

the reducer and servo system are mainly imported, and the controller is generally produced by the body enterprise. In the global high-precision robot reducer Market, the market share of Japan's nabotesk and harmonaco products has reached 75%. Domestic companies have made some breakthroughs in the localization of robot precision reducers, but they mainly rely on imports; In terms of market share of servo motors, domestic brands account for about 20% of the market share. At present, the medium and low-end servo systems in China have been able to achieve mass production, but the high-end servo systems have not yet formed commercialization and mass production capacity; Robot manufacturers with mature controllers generally develop their own controllers, and their market share is basically the same as that of the robot itself

robots and automation equipment are widely used. Based on the analysis of demand growth and competitive situation, the industry is obviously differentiated at this stage. According to 3C, lithium battery automation equipment has a high boom

China's 3C manufacturing enterprises are willing to reduce costs by improving the automation rate, which makes the demand for automation equipment in the 3C industry grow rapidly. At the same time, 3C products and technologies are upgraded rapidly, which brings more needs for the upgrading of 3C automation equipment

under the background of strong downstream demand for new energy vehicles, the investment in fixed assets of lithium battery enterprises has increased rapidly. Gaogong lithium battery expects that the ventilation suitable for the market scale of lithium battery equipment in 2016 is also very important, at more than 13billion, with a year-on-year increase of 66.7%; By 2020, the market scale of lithium battery equipment will be 35.6 billion yuan, and the output value of domestic equipment will reach 28.5 billion yuan. Lithium battery automation equipment enterprises benefit from strong downstream demand, and their performance is expected to continue to grow rapidly

there is strong demand and development space in the subdivisions of professional UAVs, new energy vehicles, logistics robots, etc.

Third, the relevant listed company

Midea Group acquired KUKA, one of the world's four largest robot companies. The local Xinsong robot has always been an industry benchmark. With reference to some domestic analysis reports, the following companies were finally determined to make a brief analysis: Midea, Xinsong, Easton, xinshida Some important financial indicators of Boshi shares

in 2015 are as follows (some annual reports in 2016 have not been issued):

among them, Midea has just acquired KUKA, and its financial indicators are not informative, so they are not included in this table

from the above table, the indicators of Xinsong robot are relatively balanced, its growth ability is still relatively strong, and the return on net assets is a little lower than that of some other companies, which may be due to less debt. Strong solvency, the company's style is relatively stable

Midea Group completed the acquisition of KUKA and cooperated with Yaskawa to establish a joint venture for industrial robots and service robots. KUKA and Yaskawa are both one of the world's largest robot companies; This year Midea continued to acquire servotronix, an Israeli high-tech enterprise specializing in developing and selling motion control and automation solutions. Midea has gradually changed its business structure through capital acquisition. The problem is that Midea's original home appliance business base is huge, with an operating revenue of 78 billion at the end of 2015, while the operating revenue of Xinsong robot at the end of 2015 was only more than 1.2 billion. Therefore, the incremental business of robot can bring financial benefits to Midea, and the incremental proportion should not be high