The "four families" of industrial robots - KUKA robots

Industrial robots are the star products of industrial automation, and the 30 billion ontology space is expected to leverage trillions of automation to transform shopping malls. The body space is about 30 billion yuan: the essence of automation is the automation of the process, and the ultimate policy is to improve the total factor yield. Multi-axis industrial robot is the central equipment that replaces human labor in automation transformation and completes the displacement and rotation of components, according to the policy and the demand of shopping malls and other factors, we think that in 2020, the output value of China's industrial robots will reach about 200,000 units, and the shopping mall space is about 30 billion yuan. Automation transformation of trillion-dollar shopping mall space: At this stage, OEMs in the automotive industry can complete more than 80% of automated production, and even reach close to 100%; The automation rate of production lines such as electronic assembly is less than 40%, or even less than 10%; Most of China's manufacturing industry is still in the early stage of automation transformation, and the space for automation transformation is huge, so as to improve the perspective budget of total factor productivity, and the space can reach trillions.

The "four families" of industrial robots - KUKA robots

The "four families" of industrial robots - KUKA robots

The strategic layout of the "four families": take the ontology as the guide, as the "admission ticket" for scene applications. High market share of ontology: The four families are recognized as robot ontology manufacturers, with a market share of 57% in domestic shopping malls in 2016, and their applications are mainly concentrated in high-end areas such as automobiles. The four major robot product lines have their own characteristics: ABB has acquired B&R and GE Industrial Systems by combining its strong ontology manufacturing and software algorithm capabilities, and has continuously strengthened its layout in industrial automation, power automation and other fields; The self-production rate of parts in the KUKA center is low, and the advantages of the industrial robot ontology center are reflected in the control end, focusing on promoting process integration to solve plan affairs; Fanuc CNC system skills**, industrial robot body series up to 240 kinds, load range from 0.5kg to 2.3t, through the system integration and integration of its own business sector, to complete the output of high-quality solution plan; Summary of the strategic characteristics of the four families: take the robot ontology as the entry point rather than the primary profit point, complete the output of the automation transformation plan to many categories, and the ultimate goal is the huge shopping mall of automation transformation.

Analysis of the operation of the "four families": adhere to the skill-driven, robot business is positioned differently in the company. Perfect layout and strong stability: The industrial chain layout of the four families is relatively complete, covering all business areas from central components to terminal integration. The four families continue to develop and improve the quality of industrial robots, and the service life and repeated positioning stability of the products are better than those of domestic products, and the failure rate is generally about 1/5 of domestic products. The positioning of industrial robot ontology is different: in ABB2017, robots and motion control accounted for only 23.11% of revenue, but the total revenue was as high as 7.9 billion US dollars, higher than the other three; Yaskawa drive control and robot affairs are more important, insisting on about 46%/35% in the past three years; Fanuc's industrial automation, robotics and machine tool affairs accounted for 31%/32%/24% respectively in 2017, and the skills of the CNC system center supported the results; KUKA system integration and robot transaction calculation accounted for nearly 80%, with a year-on-year growth rate of 15.47%/23.27% in 2017, ranking first among the four families, and system integration is the primary driving force for the company's growth. In 2017, ABB's net profit attributable to the parent company was the highest, at US$2.213 billion, and the year-on-year growth rate of Yaskawa was 81.07%; In 2017, Fanuc's net profit margin/gross profit margin was 25.11%/44.50%, which was significantly higher than the average net profit margin/gross profit margin of the four major families of 10.49%/32.33%; In 2017, ROE Water Safety >; ABB>； Fanuc >; Kuka, 19.27%/13.39%/14.42%/9.60% respectively.

Discussion on the market value valuation of the four major families: The valuation of the four major families is higher than the average value of the shopping mall, and there is still room for several times the market value of Chinese-funded enterprises. There is still room for the market value of Chinese-funded enterprises: in June 2018, the market value of Fanuc, Yaskawa, Kuka, and ABB was 2682/624/282/314 billion yuan, respectively, much higher than the 271/117/7.8 billion yuan of domestic comparable enterprises Robotics/Eston/Topstar. In 2017, the PE of ABB/Fanuc/Yaskawa/Kuka was 26/39/54/55 times, respectively, which was lower than that of Chinese-funded industrial robot companies that were still in a period of rapid growth. The valuation level of the four families is higher than that of second-tier robot companies such as Nazhi Bu Yue and Oudixi, and is at the same level as central parts manufacturers such as Nabo and Harmanaco; The valuations of Fanuc, Yaskawa and Kuka are all significantly higher than the valuation levels of their exchanges.

The "four families" of industrial robots - KUKA robots

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