造纸轻工行业周报：复盘美国加征关税对轻工制造行业的影响

Investment Rating - The investment rating for the light industry sector is "Outperform the Market" and is maintained [1]. Core Insights - The report indicates that leading enterprises in the light manufacturing sector have maintained stable revenue growth despite the impact of U.S. tariffs since 2018. Their profitability has not been significantly affected, and they have effectively mitigated the impact of tariff increases through strategies such as cost control, sharing tariff burdens with downstream customers, and relocating production overseas [2][4]. - The report highlights that since 2018, the U.S. has imposed multiple rounds of tariffs on Chinese exports, with the first round targeting products worth $340 billion, including furniture and related components, at a 25% tariff rate [3][4]. - The leading companies in the sector are increasingly establishing overseas production bases to avoid tariff impacts, with a notable shift in the U.S. furniture import share from China to countries like Vietnam [4][5]. Summary by Sections Impact of U.S. Tariffs - Since 2018, the U.S. has implemented four rounds of tariffs on Chinese products, significantly affecting the light manufacturing sector. The first round included a 25% tariff on $340 billion worth of products, while subsequent rounds targeted various categories, including furniture and sanitary ware [3][4]. - The report notes that from 2018 to 2020, the leading companies in light manufacturing managed to maintain stable revenue growth and profitability despite these tariffs [2][4]. Company Strategies - Leading companies have adopted strategies such as cost reduction, efficiency improvements, and sharing tariff burdens with customers to maintain stable profit levels [9]. - Companies like Hars, Yongyi, and Mengbaihe have expanded their production bases overseas, particularly in Vietnam and other Southeast Asian countries, to mitigate tariff impacts and enhance competitiveness [7][8]. Export Performance - From 2018 to 2023, the compound annual growth rate (CAGR) of export revenue for relevant companies remained positive, indicating a sustained growth trend despite external challenges [9]. - The report emphasizes that the export business of these companies has shown resilience, with effective cost control measures in place [9]. Market Trends - The light manufacturing industry index increased by 6.95% in the week of October 21-25, outperforming the Shanghai Composite Index, which rose by 1.17% during the same period [12]. - The home goods sector performed particularly well, with a 9.64% increase, while the entertainment goods sector lagged behind with only a 2.00% increase [12].