Without the core technology, this piece of Chinese robot is not good to eat.

Recently, Apple’s largest foundry in the mainland, Foxconn, has used 40,000 robots to trigger public attention to the development of the robot industry. In fact, after only three or five years of explosive development, there are 700 to 800 robot companies with “certain influence” in China, and 92 listed companies with A-share concepts related to robots.

A further interview with the reporter of "Daily Economic News" shows that although the demand for the Chinese robot market is indeed huge, the "Tang Tang meat" of the robot is not easy to eat. At present, the low-end products of China's robot industry, the key components are basically controlled by European and Japanese and Korean companies. If there is no technological breakthrough, the Chinese robot industry may repeat the mistakes of many previous industries and become the place of assembly enterprises and cottages. It is impossible to realize the 2025 smart manufacturing in China, let alone realize the real intelligent manufacturing through the Internet of Things and big data.

Enterprises love and hate core technology

"Now the company loves and hates robots. Love is the future development of the love industry. Hate hates it and does not live up to expectations. Compared with other industries, robots are still in their infancy. This should be a systemic problem, whether it is In terms of hardware, software, intelligence, perception, and materials, the current labor, the ability of enterprises, and the talent matching ability of enterprises are all problematic, but this is another trend and direction. You." The words of Xin Dao Robot President Qu Daokui told reporters of "Daily Economic News" that they are quite representative in the current robot industry.

Although the development potential is huge, my domestic robotics companies started late, leading to a clear gap with foreign well-known robot companies, and structural problems have been highlighted. When interviewing robot companies and experts, "Daily Economic News" reporters said that the domestic service robot industry is overheated, and enterprises are generally in the low-end market, busy with price wars, resulting in a decline in product quality. There are various shortcomings in terms of components, scale and industrial layout. At present, the middle and low-end products occupy a large position, and even overcapacity has occurred. The company’s too radical and impetuous mentality has greatly reduced the amount of product technology.

"The core pain point of domestic robots lies in the immature local industrial chain. The key components of robots are basically controlled by European and Japanese and Korean companies. Domestic domestic producers have a large gap and lack of initiative." Zhang Xiaofei, Chairman of Gaogong Robots Outspoken.

A research report by Guohai Securities also pointed out that in 2015, China's industrial robot market reached 67,000 units, ranking first in the world, while robot density was only 30 (the number of robots per 10,000 people), far below the world average of 62. There is a huge incremental space in the industrial robot market. However, the core components of industrial robots at this stage mainly rely on imports, which leads to pressure on production costs of domestic enterprises, and the localization of upstream parts needs to be broken.

The interview with the industry insiders of "Daily Economic News" also shows that China lacks core and key technologies, and the technical gap between high-reliability basic functional components such as precision reducers, servo motors and controllers is particularly prominent, and it relies on imports for a long time. According to the data, in 2015, about 75% of precision reducers were imported from Japan; more than 80% of servo motors and drives were imported, mainly from Japan, Europe and America. Compared with foreign companies, domestic companies have to purchase speed reducers at nearly four times the price, and purchase servo drives at nearly twice the price.

Zhang Xiaofei also expressed concern about the repeated construction of the robot industry park, but most of the non-core technologies. "Industrial overheating is mainly manifested in the construction of industrial parks everywhere. The traditional manufacturing enterprises all over the country have become robotic enterprises, but in fact they are carrying the robot banner. A lot, the number of companies has increased rapidly, but most of them are homogenized."

According to the statistics of the Institute of Advanced Research and Development Robotics (GGII), as of August 31 this year, there were 92 robot-related concept stocks in A-share listed companies, 39 of which disclosed robot business revenue in the semi-annual report, 53 Disclosure. Among the 39 companies that clearly disclose the revenue of the robot business, 4 listed companies have reached the level of more than 500 million yuan, and Huichuan Technology ranks first with 1.113 billion yuan. Huachangda, Robot and Xinshida rank 2~4 respectively. . However, 21 of them have a robot business revenue of less than 100 million yuan, of which 14 companies have a robot business revenue of less than 50 million yuan. Most of the enterprise robot business is small in scale and has not yet formed market competitiveness. Most of the enterprise's robot business is still in the stage of R&D and concept, and there is no scale of revenue. This has also led to the situation that Chinese robotics companies are small and scattered, and the overall lack of competitiveness.

Capital overheating valuation far exceeds international peers

Although the Chinese robot industry is just in its infancy, the capital market's response to robots is beyond expectations.

Take the Xinsong robot as an example. The company's dynamic P/E ratio is 102 times, more than double that of the German KUKA. At the same time, the total revenue of Xinsong Robot last year was 1.68 billion yuan, corresponding to a market value of 40.7 billion yuan; KUKA's total revenue last year was equivalent to RMB 21.37 billion, and the corresponding market value was equivalent to 296 yuan (3.99 billion euros). .

Compared with the valuation of capital markets, the valuation of Chinese robotics companies far exceeds the “four major families” of global industrial robots (abb, KUKA, Yaskawa, Fanuc).

“What is feng shui in China, what is hot, what is expensive. This phenomenon also makes Chinese companies pay a higher price when they are overseas.” Qu Daokui sighs to the reporter of “Daily Economic News” .

According to the statistics of the Institute of Advanced Research Institute of Robotics (GGII), in 2015, a total of 12 listed companies in the A-share market entered the robot industry through mergers and acquisitions, and the amount of mergers and acquisitions exceeded 7 billion yuan. In the first half of 2016, three Chinese listed companies entered the Chinese robot market. Overseas mergers and acquisitions, the cumulative amount of 10.803 billion yuan.

In response to the investment boom of industrial robots, Zhang Xiaofei, chairman of the high-tech robot, said, “Now many listed companies aim at foreign countries. On the one hand, foreign robots enter China’s localized production, and on the other hand, they hope to acquire foreign technology and foreign markets. ""

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