This looks like a pretty evenly balanced battle between evenly constructed forces but I'm going to go with Dwarves for this one. Both sides will be about equally ineffective during the magic phase. First turn is nice for the Empire but they probably won't be able to take out all the artillery pieces which can then pound on the knights or the cannons (especially the gyrocopter which can stay out of site/range and then swoop in to attack). The knights probably won't be able to break any of the Dwarf units and they will get whittled down in the following CC turns. After the knights are dead, the dwarves can work on the state troops with relative ease.
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