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1、ChinaIndustrialAutomationDeutscheBankMarketsResearchAsiaIndustryDateChina7November2017ChinaIndustrialIndustrialsManufacturingAutomationIndustryUpdate3Q17–automationupgradesacrosstheboardSkyHong,CFABroad-basedmanufacturingupgrades;BuyHOLIandInovanceResearch
2、AnalystThefinal3QgrowthrateforChina'sindustrialautomation(IA)demand,despiteahigherbase,cameinat15%YoY(vs.preliminarynumber:+14%),anacceleration+852-22036131from11%/12%in1Q/2Q.Themajorityofdownstreamverticalsrecordeddouble-NickZheng,CFAdigitgrowth.Moreimport
3、antly,since4Q16,weareseeingmoreevidenceResearchAnalysttosuggestthatChina'smanufacturingupgradeshavebecomebroad-based.+852-22036198Machinetools,whichisaleadingverticalformostmanufacturingsectors,haswitnessedacceleratingdemandforIA(+18%YoYin3Qvs.16%in1Q/2Q17
4、vs.Toppicks-8%/+11%in3Q/4Q16)andtraditionalverticalsliketextilemachinery(+19%YoY)ShenzhenInovanceTechnologBuyandmetallurgy(+13%YoY)alsosustainedstronggrowthmomentumin3Q.(300124.SZ),CNY30.13HollysysAutomationTechnolBuyMarketdynamicsbysub-segment(HOLI.OQ),US
5、D22.66Source:DeutscheBankGrowthofOEMmarketacceleratedto19%in3Q(vs.+16%in2Q)asautomationupgradesfurtherpickedupsteamintheequipmentmanufacturingindustry.CompaniesfeaturedMeanwhile,theprojectmarketturnedtodouble-digitgrowthin3Q(+11%ShenzhenInovanceBuyTechnolo
6、gYoYvs.+8%in3Q),mainlydrivenbymunicipals,metallurgy,publicfacilities(300124.SZ),CNY30.13andautomotive.Themajorityofverticalsrecordeddouble-digitgrowthin3Q,2016A2017E2018Esuggestingtheaccelerationinautomationupgradesisnowacrosstheboard.P/E(x)32.747.032.7EV/
7、EBITDA(x)24.936.825.3■Servo:Newordergrowthtickedupto31%YoYin3Qfrom14%/27%Price/book(x)6.99.47.9in1Q/2Q.AutomationupgradedemandfromSMEsremainedrobust.HollysysBuyInovance(+96%YoY)continuedtoleadthemarketintermsofgrowth.AutomationTechnol(HOLI.OQ),USD22.66Most
8、Japaneseplayersalsorecorded20%+growthin3Q.2017A2018E2019E■Low-voltageinverters:Newordergrowthacceleratedto16%in3Q(vs.P/E(x)16.112.59.8+11%/10%YoYin1Q/2Q),withverticalsliketextilemachinery,machineEV/EBITDA(x)9
