2025-05-19-Bernstein-中国自动化行业动态追踪尽管存在关税问题_4月仍保持广泛增长_13页_479kb

Summary of China Automation Pulse Check Report (May 19, 2025)

Overview:
China's Automation sector continued its cyclical recovery in April, despite the impact of tariffs. Industry indicators and company comments suggest limited disruption from trade barriers, with most firms identifying long-term opportunities from deglobalization. Overall growth remained broad-based, but monthly fluctuations mean consistent trends across several months are key.

End-Industry Growth:

• Battery and automotive sectors showed strong momentum, supported by demand in electric vehicles and energy storage.
• Consumer electronics growth likely peaked last year; solar sector remained weak due to market challenges.

Key Company Highlights:

• AirTAC: Revenue grew 11% YoY (record high in RMB terms for second consecutive month). Shipments to battery, automotive, and general machinery sectors were solid, with orders exceeding shipments.
• Inovance: High single-digit order growth attributed to a high base and tariff impacts. Battery and EV businesses performed well, but elevator and smartphone businesses saw declines.
• Estun: Domestic orders increased 15% YoY, driven by strong performance in automotive, battery, and sheet-metal processing. Overseas orders saw slight growth.
• Xinje: Orders grew more than 10% YoY, with textile demand softening but recovery in sectors like packaging and printing.
• Yiheda: Shipments and new orders rose approximately 30% YoY, accelerating from March. Battery recovery was strong, while solar decline slowed slightly.

Investment Implications:
Bernstein reiterates "Outperform" ratings for AirTAC and Inovance, with target prices based on valuation multiples and long-term growth. "Market-Perform" for Estun. Risks include weaker automation demand in China, slower margin improvements, and global macroeconomic factors.

Risks:

• Downside risks include weaker automation demand, delayed progress in linear guides, and competitive price pressures for companies like AirTAC.
• Upside potential for faster margin expansion and market share gains.
• Market- and country-specific risks related to capex cycles, trade frictions, and currency fluctuations.