VGT(SZ:300476) Zheng Quan Shi Bao Wang·2025-10-20 12:55Core Viewpoint - The potential impact of a renewed tariff war by the United States on Shenghong Technology's operations and exports is minimal due to the nature of its PCB products and existing trade agreements [1] Group 1: Product Characteristics - PCB products are highly customized, have strong customer loyalty, and are widely applicable [1] - The proportion of PCB products in the overall equipment BOM cost is low, indicating low sensitivity to tariffs [1] Group 2: Trade Agreements and Export Impact - According to trade agreements, import tariffs are borne by customers, reducing the financial burden on the company [1] - The direct export of PCB products from mainland China to the United States constitutes a small percentage of the company's total exports, further minimizing the impact of U.S. tariffs on revenue and profit [1] Group 3: Business Operations - The company reports that all business operations are proceeding normally, with sufficient orders on hand [1] - Capacity utilization is at a good level, indicating robust operational performance [1]