j.p. 摩根-全球-自动化行业-j.p.摩根与csia系统集成商的调查

《j.p. 摩根-全球-自动化行业-j.p.摩根与csia系统集成商的调查》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、Completed17Oct201708:49PMEDTDisseminated17Oct201709:36PMEDTGlobalEquityResearch17October2017AutomationIndustryJ.P.Morgan/CSIASystemIntegratorSurveyOurlatestproprietarysurveyofautomationsystemintegratorsshowsthatongoingElectricalEquipment&Multi-momentumindemandtrendscontinues,butisnolongera

2、cceleratingaswemoveIndustrypasttherecoverystage.Overall,responsesremainpositiveandweexpecttoseeaACC.StephenTusa,JrCFAcontinuationofsoliddemandlevelsgoingforward,butversusourAprilsurvey(1-212)622-6623responseswereabitmoreskewedtowardsthoseseeingsolid/steadygrowththanstephen.tusa@jpmorgan.co

3、mthoseseeingsignificantgrowthlevels.Net-net,stillpositiveandstrong,butnotBloombergJPMATUSAnecessarilysupportiveoffurtherinflection.ProjectdelaysarestableandhaveJ.P.MorganSecuritiesLLCimprovedversusayearago,andrespondentsgenerallysawonlylimitedimpactRajatGuptafromrecenthurricanes,butopt

4、imismaroundpotentialupsidefrompolicy(1-212)622-6382initiativeshasfadedabitwithfewerseeingupsideandthosethatdoexpectingitrajat.gupta@jpmorgan.comtomaterializelater.Suppliercompetitivetrendsarestable,withRockwellJ.P.MorganSecuritiesLLCcontinuingtodominatediscrete(surveyparticipationskewedtoN

5、orthAmericaPatrickM.Baumann,CFAwhichbenefitsRockwellvsSiemens)andEmersonremainingtheleaderin(1-212)622-0160process.OnIoT,adoptionremainsslowerthanhypewouldindicate,andwhilepatrick.m.baumann@jpmorgan.comROKremainstheleader,newercompetitorsaregainingtraction(AWSandJ.P.MorganSecuritiesLLCIndu

6、ctivestoodout).FromaUSstockperspective,weremainNeutralonROKDanielJInnamorato(valuationexpensiveandbakesinfurtherinflectioninfundamentalswhichwesee(1-212)622-9884asunlikely)andEMR(valuationseemsfairasimprovingfundamentalsaredaniel.j.innamorato@jpmorgan.comembeddedinexpectationsandfurtherinf

7、lectionisunlikely).InEuropeourtopJ.P.MorganSecuritiesLLCpickisSchneiderwhichwecontinuetoprefertoABBandSiemens,mainlyonAndreasWilliACoverallportfoliomixandpricingpower.(44-20)7134-4569andreas.p.willi@jpmorgan.comJ.P.Morgan/CSIAautomationsurvey.Thisnotesummariz