国君家电|墨加开启新一轮关税战,家电龙头更具跨区域竞争优势

Investment Rating - The report suggests a short-term focus on black electrical appliance leaders that are likely to experience a rebound after being oversold due to the recent tariff announcements [3][4]. Core Insights - The potential tariff increases by the Trump administration on imports from Mexico and China could lead to a significant impact on the black electrical appliance sector, particularly affecting companies with production bases in Mexico [1][2]. - In the short term, the impact on major players like TCL Electronics and Hisense is manageable due to their existing international production layouts, allowing for a shift of production to Southeast Asian countries like Vietnam and Thailand, which currently face lower tariffs [2][3]. - The long-term outlook indicates that companies with established global production capabilities will have a competitive advantage as they can adjust their production locations in response to tariff changes [4]. Summary by Sections - Short-term Impact: The report anticipates that the tariff increase will lead to a shift in production orders to countries with lower tariffs, with TCL Electronics having a more flexible production capacity due to its significant presence in Vietnam [2][3]. - Long-term Strategy: The report highlights that the ongoing geopolitical tensions and potential for further tariff increases will encourage Chinese appliance manufacturers to optimize their production across regions, enhancing their global competitiveness [3][4]. - Market Dynamics: The report notes that the price competition in North America may ease for Chinese black electrical appliance manufacturers due to the tariff situation, potentially benefiting their market positioning [2][3].