德意志银行-2017xx产业自动化-20170804-deutschebank-chinaindustrialautomation2q17-growthaheadofexpectation.pdfVIP

China Industrial Automation Deutsche Bank Markets Research Asia Industry Date China China Industrial 4 August 2017 Industrials Manufacturing Automation Industry Update 2Q17 – growth ahead of expectation Sky Hong, CFA A genuine reflection of strong demand; uy HOLI and Inovance Despite a high comparison base, Chinas industrial automation (IA) demand Research Analyst further accelerated to 12% YoY in 2Q after a strong start in 1Q (+11% +852-2203 6131 YoY). Encouragingly, this robust growth largely reflected end demand, given a diminishing impact from channel restocking (making up c.10% of demand in Nick Zheng, CFA 2Q17 vs. c.1/3 in 4Q16). Strong momentum in traditional verticals like textile Research Analyst machinery (+21% YoY), machine tools (+16% YoY) and metallurgy (+8% YoY) was +852-2203 6198 sustained, suggesting that Chinas manufacturing upgrades will likely be broad- based. July orders and leading indicators suggest that growth momentum is likely Top picks to persist in 3Q. Shenzhen Inovance Buy Technolog (300124.SZ),CNY24.62 Market dynamics by sub-segment OEM market further accelerated in 2Q (+16% YoY vs. +13% i