1、7T2se3r0Ot6kwoPa7T2se3r0Ot6kwoPaDistributed on:15/09/2025 16:06:36 GMTDistributed on:15/09/2025 16:06:36 GMTDeutsche Bank.ResearchDeutsche BankResearchAPAC Automation&Machinery:2Q25 wrap and 3Q25E first look15 September 2025Iris Zheng,Head of APAC Automation&Industrials|(+852)2203 5884|IMPORTANT RES

2、EARCH DISCLOSURES AND ANALYST CERTIFICATIONS LOCATED IN APPENDIX 1.Deutsche Bank does and seeks to do business with companies covered inits research reports.Thus,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should

3、consider this reportas only a single factor in making their investment decision.THE CONTENT MAY NOT BE DISTRIBUTED IN THE PEOPLES REPUBLIC OF CHINA(THE PRC)(EXCEPT INCOMPLIANCE WITH THE APPLICABLE LAWS AND REGULATIONS OF PRC),EXCLUDING SPECIAL ADMINISTRATIVE REGIONS OF HONG KONG AND MACAU.Deutsche B

4、ank.Research1.2Q25 wrap1.12Q25 review71.22025 guidance101.3Share price movement111.4Valuation13_2.End-market outlook2.1End-market and geographic outlook152.2Automation 162.3Automation-Japan machine tool order192.4Automation Japan robot export232.5Automation Company comments 272.6Automotive and EV292

5、.7Construction machinery322.8Semiconductor 342.9Home appliance and HVAC352.10 Warehouse automation37_1Table of contentIris Zheng|(+852)2203 5884|Deutsche Bank.Research2Iris Zheng|(+852)2203 5884|Growth held up in 2Q25 despite tariffs;Recovery in excavator and warehouse automation markets2Q25:Growth

6、held up despite the tariff2Q25:Growth held up despite the tariff-linked volatility;Order growth slowedlinked volatility;Order growth slowedIn CY2Q25CY2Q25,sales growth sales growth of the 16 companies under our coverage averaged at+8%YoY despite the tariff-linked volatility in the quarter.Gross prof