中金：25Q1工控需求有所改善关注行业新增长点

智通财经2025-05-19

智通财经APP获悉，中金发布研报称，日系及欧系外资厂商2024年中国区持续去库，1Q25来看库存水平已经回归正常。2025年是国内AIDC资本开支的元年，工控公司凭借电力电子技术的积累积极向服务器电源、不间断电源等领域进行延展，并把握HVDC/巴拿马电源等新兴技术方向的渗透率提升机会等。机器人关节和工控公司的运控技术一脉相承，多数工控公司沿此布局无框力矩电机、空心杯电机、驱动器、编码器、灵巧手等，...

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href=http://www.zhitongcaijing.com/content/detail/1294752.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，中金发布研报称，日系及欧系外资厂商2024年中国区持续去库，1Q25来看库存水平已经回归正常。2025年是国内AIDC资本开支的元年，工控公司凭借电力电子技术的积累积极向服务器电源、不间断电源等领域进行延展，并把握HVDC/巴拿马电源等新兴技术方向的渗透率提升机会等。机器人关节和工控公司的运控技术一脉相承，多数工控公司沿此布局无框力矩电机、空心杯电机、驱动器、编码器、灵巧手等，...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1294752.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0823437842.USD","symbol_name":"PARVEST GREEN TIGERS \"C\" (USD) 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industry","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"300124":1,"300153":1,"300870":1,"603015":1,"688319":1,"688698":1,"002335":1,"002979":1,"000880":1,"002851":1,"002364":1},"content_text":"智通财经APP获悉，中金发布研报称，日系及欧系外资厂商2024年中国区持续去库，1Q25来看库存水平已经回归正常。2025年是国内AIDC资本开支的元年，工控公司凭借电力电子技术的积累积极向服务器电源、不间断电源等领域进行延展，并把握HVDC/巴拿马电源等新兴技术方向的渗透率提升机会等。机器人关节和工控公司的运控技术一脉相承，多数工控公司沿此布局无框力矩电机、空心杯电机、驱动器、编码器、灵巧手等，紧握时代浪潮。中金主要观点如下：2024年及1Q25工控板块业绩整体符合预期工控板块整体增长仍然彰显韧性。根据MIR，2024期间工业自动化行业市场规模同比下滑1.74%，OEM市场和项目型市场同比下滑4.98%和0.09%。根据中金统计，2024期间板块整体收入同比增长10.2%，毛利率约28.66%，相较于2023年整体平稳。本土品牌仍然凭借较强的产品力、性价比等持续实现国产替代。需求端整体相对清淡，24年全年延续去库主线，1Q25库存回至低位2024全年制造业景气度相对清淡，终端企业资本开支意愿偏谨慎，整体仍处于周期磨底阶段。全年工业企业产成品库存同比增速呈“先升后降”趋势，12月名义增速回落至3.3%。日系及欧系外资厂商2024年中国区持续去库，1Q25来看库存水平已经回归正常。自2Q24以来发那科与安川中国区收入和订单保持接近水平，整体库存已趋于合理。欧系厂商去周期相对更长，自2025年初以来我们也看到西门子PLC的库存周期也已回归正常水平。当前来看，市场日系、欧系、本土三方阵营的库存均已回归正常。本土厂商来看，2024年国产品牌整体表现仍显著强于外资品牌龙头汇川技术仍保持领先地位，第二梯队品牌增长势头持续。根据MIR数据，2024年信捷电气小型PLC同比增长20.4%，雷赛智能伺服同比增长31.9%，在结构性机会推动下，国产厂商仍实现明显优于行业平均的增长表现。工控厂商加码人形机器人及AIDC领域，打开新的增长点1)AIDC：2025年是国内AIDC资本开支的元年，工控公司凭借电力电子技术的积累积极向服务器电源、不间断电源等领域进行延展，并把握HVDC/巴拿马电源等新兴技术方向的渗透率提升机会等。2)人形机器人：机器人关节和工控公司的运控技术一脉相承，多数工控公司沿此布局无框力矩电机、空心杯电机、驱动器、编码器、灵巧手等，紧握时代浪潮。标的方面建议关注：1)AIDC：麦格米特(002851.SZ)、科华数据(002335.SZ)、爱科赛博(688319.SH)，产业链相关的公司还有欧陆通(300870.SZ)、中恒电气(002364.SZ)、科泰电源(300153.SZ)、潍柴重机(000880.SZ)；关注：2)人形机器人：汇川技术(300124.SZ)、伟创电气(688698.SH)、雷赛智能(002979.SZ)、信捷电气(603015.SH)等。风险因素下游需求不及预期，行业竞争加剧，新产品布局不及预期。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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中金：25Q1工控需求有所改善 关注行业新增长点

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中金：25Q1工控需求有所改善关注行业新增长点