j.p. 摩根-全球-自動化行業(yè)-j.p.摩根與csia系統(tǒng)集成商的調(diào)查

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1、Completed17Oct201708:49PMEDTDisseminated17Oct201709:36PMEDTGlobalEquityResearch17October2017AutomationIndustryJ.P.Morgan/CSIASystemIntegratorSurveyOurlatestproprietarysurveyofautomationsystemintegratorsshowsthatongoingElectricalEquipment&Multi-momentumindemandtrendscontinues,butisnolongera

2、cceleratingaswemoveIndustrypasttherecoverystage.Overall,responsesremainpositiveandweexpecttoseeaACC.StephenTusa,JrCFAcontinuationofsoliddemandlevelsgoingforward,butversusourAprilsurvey(1-212)622-6623responseswereabitmoreskewedtowardsthoseseeingsolid/steadygrowththanstephen.tusa@jpmorgan.co

3、mthoseseeingsignificantgrowthlevels.Net-net,stillpositiveandstrong,butnotBloombergJPMATUSAnecessarilysupportiveoffurtherinflection.ProjectdelaysarestableandhaveJ.P.MorganSecuritiesLLCimprovedversusayearago,andrespondentsgenerallysawonlylimitedimpactRajatGuptafromrecenthurricanes,butopt

4、imismaroundpotentialupsidefrompolicy(1-212)622-6382initiativeshasfadedabitwithfewerseeingupsideandthosethatdoexpectingitrajat.gupta@jpmorgan.comtomaterializelater.Suppliercompetitivetrendsarestable,withRockwellJ.P.MorganSecuritiesLLCcontinuingtodominatediscrete(surveyparticipationskewedtoN

5、orthAmericaPatrickM.Baumann,CFAwhichbenefitsRockwellvsSiemens)andEmersonremainingtheleaderin(1-212)622-0160process.OnIoT,adoptionremainsslowerthanhypewouldindicate,andwhilepatrick.m.baumann@jpmorgan.comROKremainstheleader,newercompetitorsaregainingtraction(AWSandJ.P.MorganSecuritiesLLCIndu

6、ctivestoodout).FromaUSstockperspective,weremainNeutralonROKDanielJInnamorato(valuationexpensiveandbakesinfurtherinflectioninfundamentalswhichwesee(1-212)622-9884asunlikely)andEMR(valuationseemsfairasimprovingfundamentalsaredaniel.j.innamorato@jpmorgan.comembeddedinexpectationsandfurtherinf

7、lectionisunlikely).InEuropeourtopJ.P.MorganSecuritiesLLCpickisSchneiderwhichwecontinuetoprefertoABBandSiemens,mainlyonAndreasWilliACoverallportfoliomixandpricingpower.(44-20)7134-4569andreas.p.willi@jpmorgan.com?J.P.Morgan/CSIAautomationsurvey.Thisnotesummariz