Industrial automation refers to the use of industrial control technology to monitor and control various mechanical equipment in the process of industrial production, so as to improve the degree of production automation and achieve the effects of energy conservation and emission reduction. According to different functions, industrial control products can be divided into control layer, drive layer, execution layer, feedback layer, etc. among them, control layer products include control software, PLC, DCS and man-machine interface; The driving layer includes low-voltage frequency converter, high-voltage frequency converter, soft starter, DC driver, etc; Executive layer products include regulating valves, contactors, etc.

The upstream of industrial control products are various electronic components, power electronic components and sheet metal structural parts, such as semiconductor components such as IGBT and DSP chip, electronic components such as resistance and capacitance, permanent magnet materials, insulating materials, plastic parts and cables. The downstream of the industry is the different needs of many industries such as textile, printing, machine tool, lithium battery and 3C. As the core and basic parts of industrial manufacturing industry, the demand of industrial control automation products is closely related to the prosperity of downstream manufacturing industry.

From January to may 2020, the manufacturing PMI index continued to operate in the boom range, driving the growth of industrial control demand. The current round of manufacturing recovery began in August 2016. From January to may 2018, the manufacturing industry continued to maintain a moderate expansion trend. In the first quarter of 2020, the revenue of major industrial control enterprises such as Huichuan technology, Xinjie electric, megmit and Chint electric all increased by more than 20%. We judge that the steady expansion of the manufacturing industry in the second half of 2020 is expected to continue, and the PMI index is expected to continue to operate above the dry and prosperous line, driving the industrial control automation industry to continue to maintain a high outlook.

工业自动化是指通过运用工业控制技术，对工业生产过程中的各种机械装备进行监测及控制，从而实现生产自动化程度的提升及节能减排等效果。按照功能不同，工控产品可以分为控制层、驱动层、执行层、反馈层等，其中控制层产品包括控制软件、PLC、DCS及人机界面等；驱动层包括低压变频器、高压变频器、软启动器、直流驱动器等；执行层产品包括调节阀、接触器等。

    工控产品的上游为各类电子元器件、电力电子器件以及钣金结构件等，如IGBT、DSP芯片等半导体元器件，电阻、电容等电子元器件以及永磁材料、绝缘材料、塑胶件和电缆线等。行业的下游是来自纺织、印刷、机床、锂电、3C等诸多行业的不同需求。工控自动化产品作为工业制造业的核心基础零部件，其需求与下游制造业的景气程度密切相关。

    2020年1-5月制造业PMI指数持续运行在景气区间，带动工控需求增长。本轮制造业复苏开始于2016年8月份，2018年1-5月制造业继续保持温和扩张趋势， 2020年一季度，汇川技术、信捷电气、麦格米特、正泰电器等主要工控企业营收均实现20%以上的增长。我们判断2020年下半年制造业稳步扩张态势将有望持续，PMI指数有望继续运行在枯荣线上方，带动工业控制自动化行业继续维持较高景气度。

Data source: public data sorting

     Relevant report: Published by Zhiyan consulting network《 Development status analysis and market prospect forecast report of China's industrial control industry from 2018 to 2024C

数据来源：公开资料整理

    相关报告：智研咨询网发布的《2018-2024年中国工控行业发展现状分析及市场前景预测报告》