HAILIANG(SZ:002203) Zheng Quan Shi Bao Wang·2024-11-17 18:07Core Viewpoint - The adjustment of export tax rebate policies by the Ministry of Finance and the State Administration of Taxation will impact certain products, but the company is well-positioned to adapt due to its global operational experience and strategic adjustments [1][2]. Group 1: Export Tax Rebate Policy Changes - From December 1, 2024, the export tax rebate rate for certain finished oil products, photovoltaic products, batteries, and some non-metal mineral products will be reduced from 13% to 9%, while rebates for aluminum and copper products will be canceled [1]. - The company's copper tube products are primarily affected by the cancellation of export rebates, but over 90% of its exports are conducted through processing trade, which minimizes the impact of the rebate adjustment [1]. Group 2: Global Strategy and Competitiveness - The company has established a significant global presence, with overseas copper tube production capacity accounting for about two-thirds of the total capacity of Chinese enterprises abroad, enhancing its competitiveness in international markets [2]. - The company's copper foil project in Indonesia is the only overseas project among domestic copper foil processing enterprises, and it is expected to achieve mass production next year, further strengthening its strategic position and competitiveness in the overseas market [2]. - The company plans to accelerate its overseas strategy by tapping into production capacities in ten mature bases, including Vietnam, Thailand, Germany, and the United States, while also expediting the construction of its Morocco base to enhance overall overseas capacity and global competitiveness [2].