[Domestic robot price advantage no longer narrows profits, profit depends on government subsidies] Because of the gap in the technology of the core components such as reducers and servos, domestic manufacturers tend to have a high degree of reliance on international manufacturers and the purchase premium is very serious. Directly restrained the further breakthrough of China's industrial robot industry. The current industrial robot production capacity issues are mainly structural issues, lack of high-end capabilities, low-level redundant construction, and blind development.
China's economy is entering a new phase of switching between old and new kinetic energy. Chinese manufacturing companies once labelled with low-profit labels have provided a huge market space for domestic robot manufacturers in the process of transformation and upgrading.
China has become the fastest growing country in terms of industrial robot density. In the latest data statistics of the International Robot Federation (IFR), China's industrial robot density is ranked 23rd in the world, and the government has also continuously supported it through policies, and it is hoped that China will become China's top 10 global automation level by 2020.
Rely on government subsidies
Benefiting from the huge domestic market demand, the domestic robot industry has developed rapidly. Throughout 2017, the output of domestic industrial robots reached 131,000 units (caliber of the National Bureau of Statistics), an increase of 81% year-on-year. In 2018, the growth momentum continued to continue. In January and February, the output of domestic industrial robots was 18,770 sets, a cumulative increase of 25% over the same period of last year.
According to the data in the 2017 annual report, leading domestic robotics companies such as Xinsong Robot, Estun, Xinshida, Topstar, and Huazhong CNC achieved operating revenue of 2.456 billion yuan, 1.079 billion yuan, 3.414 billion yuan, 764 million yuan, respectively. 985 million yuan. Xinsong robot has the highest net profit, reaching 448 million yuan, and its net profit rate is 18.24%. Followed by Xinshida, Topstar, all broken 100 million yuan; the fastest growing net profit companies for the CNC, an increase of 146.80% year on year, followed by the just listed one year of Topstar, the growth rate of 78.15%.
However, at this stage, domestic listed companies are more dependent on government subsidies.
According to statistics from China Merchants Securities, the government subsidies for Xinsong Robot, Estun, Tuostar and Xinshida listed companies accounted for 30% of net profit in 2016. The first financial reporter noted that although most robotics companies have achieved rapid growth in 2017, some of the company’s profits basically come from government subsidies. Under the guidance of national policies, the enthusiasm of local governments has increased and their development goals have far exceeded the planning goals at the national level.
From the country to the local, the robotics industry more meets the economic goals of the future. Obviously, this is one of the reasons why the robotics companies receive huge subsidies from the government. Take Guangdong as an example. Foshan, Guangdong Province, has been recognized as a robotic body manufacturing enterprise, with a subsidy of 500,000 yuan; a certified robot system integrated cultivation enterprise, subsidizing 300,000 yuan; and a backbone enterprise that breaks through the major technical bottleneck of the robotic body, receives annual maximum subsidies. 8 million yuan. In Dongguan, where robots account for more than 50% of total project investment, the maximum funding for a single project is as much as 6 million yuan.
According to statistics from the Ministry of Industry and Information Technology, there are more than 800 enterprises involved in the production of robots in China, of which more than 200 are robotic body manufacturing companies. Most of them are assembled and subcontracted, and are at the low end of the industrial chain, with low industrial concentration and overall scale. small. The reason why these companies can survive is largely related to various industrial parks that the government is currently keen to establish and various forms of government subsidies.
Price advantage is no longer narrowing profits
These "bottom" robot companies not only boosted the bubble in the industry, but also dragged down the entire industry's profitability, and thus formed a vicious circle of "bad money drives out good money."
According to Qu Dao-kui, president of Xinsong Robots, although the industry is booming, domestic robot companies still have a long way to go.
He told CBN reporters that China’s huge market has not bred China’s own robotics company that can compete with “Four Family†(Fanuc, Yaskawa, abb and KUKA) in the field of industrial robots.
At present, the Xinsong robot with the largest revenue of domestic industrial robots has revenue of only 2.456 billion yuan in 2017, and only US$ 386 million in US dollars.
On the contrary, the KUKA with the smallest revenue in the “Four Big Family†has achieved a revenue of US$1.2 billion in 2017. The combined net profit of FANUC in 2017 has already reached 10.5 billion yuan.
The First Financial reporter noted that due to the delay in the high-end market, there is a clear trend in the domestic robotics industry that the profits of domestic robotics companies are narrowing. The reason for this, according to reporters after many interviews, was that this was mainly due to the fact that domestic robot companies had quietly changed the ecology of the low-end industrial chain by relying on prices.
While the core technology has not yet caught up with the “Four Big Familyâ€, the rapid decline in robot manufacturing costs is threatening Chinese robot companies’ previous foothold.
It is understood that the average sales price of industrial robots was about 500,000 around 10 years ago. Now the price is the price of the four family robots in the range of 150,000 to 200,000 yuan. The price of domestic robots such as Evert and Eston is slightly lower than the four major ones. The average sales price of family and economic pure Chinese robot terminals is about 80,000 yuan.
Industry insiders told the First Financial reporter that in the future, with the localization of components such as speed reducers, the average price of industrial robots is expected to drop to less than 50,000 yuan.
The First Financial reporter noted that domestic robot companies have emphasized their own advantages more in terms of "cost-effectiveness".
Zhang Jing, director of the Shuanghuan Transmission Machinery Research Institute, told the reporter that considering the import tariffs, transportation costs, and production costs, the price of the reducer produced by the institute could be reduced by 20% to 30% compared with foreign imports. Obviously, at present, most domestic robotics companies still rely mainly on assembly and processing. They rely on “cost-effectiveness†rather than core technologies to open the market and are at the lower end of the industry chain.
"2017-2022 China's robotics industry development situation and investment decision analysis report" shows that although China's robotics industry revenue and net profit growth momentum is obvious, but gross margin and net margin have declined in recent years. The gross profit margin fell from 40.89% to 34.53% between 2010 and 2016, compared with 31.65% in the first three quarters of 2017. The downward trend in net interest rate is even more pronounced. The net interest rate for the first three quarters of 2017 was only 12.34%, while the net rate for 2010 was as high as 23.24%.
Zou Tao, vice president of sales for KUKA Industrial Muse Robotics (Kunshan) Co., Ltd., told the First Financial reporter that because of the gap in the technology of the core components such as reducers and servos, domestic manufacturers often rely heavily on international manufacturers. High, the purchase premium is very serious, which directly hampers the further breakthrough of the Chinese industrial robot industry. According to the CICC research report, the current industrial robot production capacity problems are mainly structural problems, lack of high-end capabilities, low-level redundant construction, and blind development.
Wang Ruixiang, president of the China Federation of Machinery Industry, told the First Financial reporter that he should clearly understand that China’s robotic industry base is still relatively weak, especially the weak ability of independent innovation of enterprises and the lack of core technologies. This has become a constraint on China’s robotics industry. The bottleneck of development.
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