消费行业行业点评报告：美关税政策反复，企业安心做好供应链国际化

Investment Rating - The report maintains a positive outlook on the international competitiveness of Chinese consumer export leaders, suggesting a favorable investment environment in the consumer sector [2][3]. Core Insights - The report highlights the ongoing shift of production capacity from China to countries like Mexico and Vietnam due to U.S. tariff policies, with Mexico surpassing China as the largest source of imports to the U.S. in 2023 [2][5]. - It emphasizes that major consumer export companies have successfully established overseas production bases, mitigating the impact of tariffs on their market share and allowing for growth during capacity transitions [2][5]. - The report suggests that while short-term tariff impacts may affect pricing and profitability, these effects are expected to diminish over time as companies adapt [2][5]. Summary by Sections Tariff Impact and Production Shifts - U.S. tariffs on imports from Mexico and Canada are set to increase, with a 25% tariff on non-energy goods starting April 2, 2025 [2]. - The report notes a significant decline in the proportion of imports from China, with projections for 2024 showing imports from China at 13.8%, down from 21.9% in 2017 [2][4]. Company Strategies and Performance - Companies like Haier, Hisense, and TCL have diversified their production across various countries, including Mexico, to maintain competitiveness in the U.S. market [5]. - The report lists specific companies and their production capacities in Mexico, indicating a strategic focus on meeting U.S. demand while navigating tariff challenges [5]. Investment Recommendations - The report recommends focusing on key players in the home appliance sector such as Haier and Hisense, as well as companies in the light industry and agriculture sectors, highlighting their robust international growth potential [2][5].