Hi Ron,
Simple question with an overly simplified answer being Yes, on its own Dynamics AX is a robust ERP system for manufacturing. One of the largest industry groups within the global AX customer community are manufacturers. Many of these use Dynamics AX as provided by Microsoft without enhancements offered by others in the Dynamics AX channel.
So that is the overly simplified part of my response. I would suggest the next few questions to be asked to get to more depth in your investigation are: a) what type of manufacturing industry; b) what type of manufacturing processes; c) what is organizational profile; and d) what are needs that might be unique to this organization as compared to others in the same industry (what makes this organization competitively unique)?
Answers to questions like these begin the journey to determining appropriateness of fit for Dynamics AX to a given enterprise on its own, or potentially enhanced by solutions for Dynamics AX offered by others.