机器人行业跟踪报告：3月工业机器人产量增速放缓，服务机器人产量同比微增

Investment Rating - The industry is rated as "Outperforming the Market," indicating a projected increase of over 10% relative to the broader market index in the next six months [4][22]. Core Insights - In March 2025, the production of industrial robots in China reached 61,906 units, reflecting a year-on-year growth of 16.7%. For the first quarter of 2025, the total production was 148,792 units, marking a 26% increase year-on-year [14]. - The production of service robots in March 2025 was 1,093,100 units, showing a slight year-on-year increase of 2.2%. Cumulatively, from January to March 2025, the production reached 2,604,400 units, with a robust growth of 20% [17]. - The overall industrial value-added in China grew by 7.7% year-on-year in March 2025, with a quarterly growth of 6.5% for the first three months of the year, indicating strong economic vitality [10][11]. Summary by Sections Industrial Robots - The production of industrial robots in March 2025 was 61,906 units, with a year-on-year growth of 16.7%. The first quarter's total production was 148,792 units, reflecting a 26% increase year-on-year. This growth is attributed to supportive policies under the "14th Five-Year Plan" and the urgent need for automation to address rising labor costs and enhance international competitiveness [14][10]. - China has become the largest producer of industrial robots globally, with a complete industrial chain from core components to system integration [14]. Service Robots - The service robot production in March 2025 was 1,093,100 units, a modest increase of 2.2% year-on-year. The first quarter's total production was 2,604,400 units, with a significant growth of 20% [17]. - The service robot market is maturing, with continuous technological advancements leading to improved performance and expanded application scenarios, ranging from household chores to complex medical procedures [17]. Investment Recommendations - The report suggests that the Chinese robotics industry is in a historical opportunity phase, driven by recovering domestic and international demand, ongoing policy support, and continuous product performance improvements. It recommends focusing on leading companies in both complete machines and key components that have market advantages and strong performance certainty [19].