6 January 2025 Asian Industrial Technology Global Automation: 2025 Outlook -- Acceleration and inflection Jay Huang, Ph.D. +852 2918 5746 jay.huang@bernsteinsg.com Dien Wang, Ph.D. +852 2918 5743 dien.wang@bernsteinsg.com Weibin Liang, Ph.D. +852 2918 5242 weibin.liang@bernsteinsg.com FA demand has turned the corner, albeit only barely (Exhibit 4 to Exhibit 6). FA stocks have not priced in an upcycle (Exhibit 1). In 2025, we expect growth to accelerate from 1H, margin to expand in 2H, and strong stock perfo ...