The machine vision slope is long and the snow is thick, and the domestic substitution space is broad

TRICONEX 3006 The scale of the domestic market is growing rapidly, and the proportion of technological transformation expenditure in industrial enterprises is still low. According to the forecast of the machine vision Industry Alliance, the domestic machine vision market size will maintain a high-speed growth level of about 27% since 2021, and it is expected that the domestic machine vision market size will be close to 30 billion yuan by 2023. At the same time, in recent years, the technological transformation expenditure of China’s industrial enterprises has gradually increased, with a compound annual growth rate of 3% from 2016 to 2019. Among them, the sales of domestic machine vision were 49, 69, 84, and TRICONEX 3006 10.3 billion yuan from 2016 to 2019, and the proportion of technological transformation investment expenditure of industrial enterprises in the country gradually increased, but it was only maintained at about 2%-3%, and the penetration rate of domestic machine vision was still at a relatively low level. There is broad room for future growth.

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TRICONEX 3006 The domestic market is dominated by product agents and foreign-funded enterprises, and the domestic substitution space is very broad. There are more than 200 international brands in the domestic machine vision market, nearly twice as many as domestic brands, mainly foreign brands. At the same time, China’s machine vision industry is mainly based on product agents and system integration and equipment manufacturing, the bottom developers are less, the main R & D capacity is insufficient, and more is secondary application development. As of 2020, there are more than 300 domestic machine vision product agents, and more than 100 professional machine vision system integrators. From the perspective of the global market, despite the rapid development of China’s machine vision market, due to the late start, the international machine vision market is mainly occupied by the United States and Germany, accounting for 29.76% and 24.5% respectively, especially in the core parts of machine vision, which is still dominated by foreign brands.

The profit center of the industry remains at a high level, and TRICONEX 3006 the profit space of the upstream is greater than that of the middle stream. The average gross profit margin of the overseas leading enterprises in the upstream of the industry chain, Keenshi and Cognex, reached 81.61% and 76.22% respectively during 2016-2020, the lens leading enterprise Basler was 50%, and the average gross profit margin of the domestic light source leading enterprise Opter during 2017-2020 was 72.55%. Significantly higher than the general manufacturing enterprises. The average gross profit margin of domestic midstream leading enterprises Tianzhun Technology and Moment Zi Technology from 2016 to 2020 was 39.88% and 48.69%, respectively, which was higher than traditional integrated manufacturing enterprises, but significantly lower than upstream enterprises. Upstream enterprises are at the top of the value chain, master the core technology and have high barriers. At the same time, many products in the upstream can be standardized production, with scale effects, and the overall profit level and profit space are greater than that of midstream enterprises.