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1、ChinaIndustrialAutomationDeutscheBankMarketsResearchAsiaIndustryDateChina17November2017ChinaIndustrialIndustrialsManufacturingAutomationIndustryUpdateRead-acrossfromMNCs-3Q17SkyHong,CFARobustIAmomentumcontinuedacrossmajorMNCsResearchAnalyst3QcontinuedtobeastrongquarterforMNCs'Chin
2、aIAbusiness.Similarto2Q,MNCsfocusingonfactoryautomation(ordiscreteindustries)faredbetter-+852-22036131Yaskawa'sgrowthinChinafurtheracceleratedto35%in3Q(2Q:+33%),whileNickZheng,CFASiemens'sdigitalfactorybusinesswasup27%YoY(vs.+23%in2Q).MostotherResearchAnalystMNCsrecordedhigh-singl
3、edigittodouble-digitgrowthduringthepastquarter.+852-22036198Keywords:strongOEMdemand,healthychannelsandupbeatoutlookToppicksRobustdemandfromdiscreteindustriescontinuedtobeakeyhighlightfortheShenzhenInovanceTechnologBuyquarter.MNCs'salesofrobotics(notablyABB)andmotioncontrolproduct
4、s(300124.SZ),CNY30.97(notablySiemensandYaskawa)weredoingparticularlywell.WhenlookingintoHollysysAutomationTechnolBuythechannelsinChina,Siemensnoteda"netoutflowoftheshelves"ofits(HOLI.OQ),USD23.47Source:DeutscheBankdistributors,andSchneiderbelievesthatthestrongIAgrowthinChinahasbeen
5、agenuinereflectionofthemarket'sstrength.Lookinginto2018,althoughmostCompaniesfeaturedMNCsseeapossiblegrowthmoderationintheiroverallChinabusiness,mainlyShenzhenInovanceBuyTechnologbecauseofhighercomparisonbase,almostallMNCswetrackexpectthestrong(300124.SZ),CNY30.97IAmomentuminChinat
6、ocontinue.Inanticipationofastrongdemandoutlook,2016A2017E2018EKUKAwilldoubleitsChina'sroboticscapacitybyend-2018.P/E(x)32.750.035.2EV/EBITDA(x)24.939.427.5Localleadersremainedourpreferredplays;toppicks:InovanceandHollysysPrice/book(x)6.99.78.3Localleaderscontinuedtogainmarketshare
7、asimportsubstitutionsaccelerate.HollysysBuyInovance’ssalesofgeneralIAproducts(generalinvertsandservos)surged70%AutomationTechnol+YoYin9M17,whileHOLI’sIAnewordersstayedelevatedin3Q17(thesecond-(HOLI.OQ),USD23.47bestquarterinthepastsixyears).WevalueHOLIandInovanceusingDCF(WACC2017A2
8、018E2019Eof12.3%/8.0%andaTGRof0%/
