Automation industry data research: depressed demand weighed on prices
Recently, we paid a visit to a domestic automation data communication automation market situation, the main points are as follows: 2012 h1 low-voltage frequency conversion market shipments fell 10%
20%, the second half of the year will remain depressed.
Negative 2012 h1 low-voltage frequency conversion market, from the point of new orders, down more, at present, the enterprise inventory has basic digestion, but orders or lack of power, the market is still can't see the signs.
From the market comparison, project market conditions are good in OEM market, the latter may decline by more than 25%, while the project market because of the lag effect in slower growth.
From the perspective of the research situation of end users, the enterprise needs is generally weak, facing the rising prices of raw materials at the same time, the pressure of the rising labor costs, the investment demand is very low.
Also due to the automation industry in recent years, many new entrants, increasingly fierce competition, in the case of total market scale growth, automation enterprises get cake shrinking.
Medium to long term, low voltage frequency conversion market growth will slow.
2011 years of low voltage frequency conversion market growth of 21. 6 billion yuan from 12. 2 billion yuan, compound growth rate of around 15%.
Longer term, automation industry demand facing China's economic growth is downward, weakness of enterprise needs, industry upgrading at a slower pace three big challenges, in the low-voltage inverter market growth will slow to single digits.
Falling prices, raw material cost firm squeeze corporate profit margins.
In 2012 h1 domestic inverter price go down, foreign brand also fell, from a European brand distributors as far as we know, the brand price fell 5% in the first half of the year.
From the second half of the demand, price pressures continue to exist, not rule out the possibility of the further reduction.
Relative to the price, raw material costs are relatively strong, the upstream of the core module of transducer, the main reason is that the chip is foreign production is given priority to, the supply is relatively concentrated, with a strong bargaining power.
Servo demand dropped significantly, the market risk is bigger.
2012 h1 servo market demand fell far higher than that of frequency converter, servo injection molding, for example, most of the servo enterprise revenue fell 30%
Due to the servo market development later, relative to the inverter is not very mature, and the downstream application only in some parts of the manufacturing industry, anti cyclical weaker, at the same time, domestic industrial upgrading is relatively slow, once the economic downturn, demand more risky.
High voltage frequency conversion market slowdown in demand, prices peaked: benefit energy conservation and emissions reduction, high voltage inverter in the past 6 - market
7 years to maintain high growth, economic growth in 2012, slowing investment and high voltage frequency conversion slowed demand higher market penetration.
From the point of prices, domestic brands have bottomed out, there is a decrease in the foreign brand space.
Overall, automation industry continue to worsen in the latter half of 2012 is a big probability event, and as a result of falling prices, raw material costs, profits may be further eroded, downside risk is bigger, related listed companies performance, in contrast, high pressure product inter-temporal and settlement, earnings volatility will be less in the low voltage products.
Short-term recommended investors cautious wait-and-see for automation company.