英文【Bernstein】中国自动化行业动态追踪：2025年5月

10 June 2025Asian Industrial TechnologyChina Automation Pulse Check: May 2025Jay Huang, Ph.D.+852 2123 2631jay.huang@bernsteinsg.comWeibin Liang, Ph.D.+852 2123 2666weibin.liang@bernsteinsg.comDien Wang, Ph.D.+852 2123 2622dien.wang@bernsteinsg.comComplementing the Monthly Barometer, where broad industry indicators are presentedfor a comprehensive view, the Pulse Check exclusively uses the high-frequency data andcomments from industry players to show trends most directly relevant to stocks in the sector(Exhibit 1). We recommend against reading too much into a single month’s “surprises”, asmonthly orders naturally fluctuate. Instead, consistent evolution over several months is strongevidence of where the market is heading.• Overall trend: In May, the cyclical recovery in China Automation continued but slightlydecelerated from April due to tariff impact and the May Day holiday. We expect the tariffimpact to dissipate gradually by 3Q25. By end-industry, both the battery and automotivesectors continued to recover, consumer electronics also showed recovery despitemoderate headwinds from tariff impact, and the solar sector remained weak.• AirTAC: In May, AirTAC’s revenue declined by 0.5% YoY in NTD terms (Exhibit 2). Theslowdown was partly due to FX headwinds, as the NTD appreciated sharply from 4.47NTD/RMB in April to 4.16 NTD/RMB in May, and fewer working days due to the MayDay holiday. Orders received continued to exceed shipment value, and revenue in Mayincreased by 7% YoY in RMB terms. The tariff impact remained limited. AirTAC continuedto see recovery in demand and remained optimistic about the full-year outlook. By end-industry, shipments to the battery and automotive sectors remained solid.• Inovance: In May, orders from the general automation business grew by single-digit YoYbut were slightly lower than in April, partially due to the tariff impact. The battery and EVbusinesses maintained solid growth, while the elevator business declined slightly, andthe solar sector remained weak. Demand from the smartphone sector showed moderateimprovement compared to April.• Xinje (not covered): In May, orders increased by >10% YoY and remained roughly flatMoM. Demand from packaging, printing, food and beverage, and logistics was solid,while demand from the battery sector continued to recover. Demand from consumerelectronics has moderately improved thanks to the mitigated tariff impact recently.• Yiheda (not covered): In May, shipments and new orders increased by high-teens YoYand high single-digit YoY, moderately lower than in April (Exhibit 4) due to tariff impactand the May Day holiday. The strength in the battery business continued, yet weaknessin the solar business persisted. Tariff impact remained limited, except for the 3C &smartphone segment.See the Disclosure Appendix of this report for required disclosures, analyst certifications and otherimportant information. Alternatively, visit our Global Research Disclosure Website.www.bernsteinresearch.comF