轻工制造行业事项点评：出口：开年订单乐观，关税初步落地、影响有限

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The initial impact of tariffs is limited, with most companies currently negotiating with clients. It is expected that future adjustments will be made through product updates, slight supplier price reductions, and minor end-user price increases. Leading companies with established overseas production capacities are likely to benefit from accelerated order transfers [2][3] - Overseas demand remains resilient, with optimistic order outlooks for the beginning of the year. Recent macro data from the U.S. shows positive trends in furniture retail sales, indicating a recovery in demand driven by a rate-cutting cycle [3] - Companies such as Jia Yi Co., Hars, and others are expected to see significant order and shipment growth due to favorable demand conditions, with projections of around 30% growth for some and 20% for others [4] Summary by Sections Tariff Negotiations - Tariff negotiations indicate that major companies will primarily bear the tariff costs, while those with ample overseas production capacity are expected to benefit from order transfers. Companies like Jiangxin Home and Yongyi Co. are well-positioned due to their overseas production capabilities [3][4] Order Tracking - Companies such as Jia Yi Co. and Hars are projected to achieve over 30% growth in orders and shipments in Q1, while Yongyi Co. is expected to see around 20% growth. Cross-border businesses are also anticipated to maintain high growth rates [4] Investment Recommendations - Investment suggestions include focusing on companies with strong overseas layouts such as Yongyi Co. and Jiangxin Home, as well as those with resilient performance like Jia Yi Co. and Zhejiang Natural. Companies with structural growth potential and low valuations, such as Hars and Xidamen, are also recommended [4]