今飞凯达：本轮关税调整对公司影响在可控范围之内

Group 1 - The company has a small proportion of sales revenue directly from domestic production to the US market, and operates under the FOB sales model, meaning tariffs are borne by customers [2] - The company’s main businesses are aluminum alloy wheels and aluminum alloy profiles, with only a small portion of aluminum alloy wheels exported to the US, thus not significantly affected by the recent US tariff adjustments [2] - The recent tariff policy allows for a 90-day suspension of tariffs on goods exported from Thailand, Vietnam, and Indonesia, with reciprocal tariff adjustments to 10%, maintaining the company's low tax rate advantage in Thailand [2] Group 2 - The company acquired Watson Manufacturing (Thailand) Co., Ltd. in 2018, which has become an important overseas production base, serving major clients in Malaysia, Thailand, and various countries in Europe, North America, and Southeast Asia [3] - In 2024, Watson Manufacturing achieved operating revenue of 527.63 million yuan, a year-on-year increase of 17.37%, and a net profit of 33.76 million yuan, up 11.32% year-on-year [3] Group 3 - To meet the growing overseas demand for aluminum alloy wheels, the company is investing in a new project with an annual production capacity of 2 million aluminum alloy wheels, focusing on high-end products, expected to be completed in Q4 of this year [4] - The company is also reallocating some motorcycle wheel production capacity to its Thailand factory and has obtained Indian BIS certification to secure orders for large-displacement motorcycle wheels in Europe and Southeast Asia [4]