电气设备行业点评：光伏对等关税影响几何？

Investment Rating - The industry investment rating is "Positive" [4] Core Viewpoints - The impact of the "reciprocal tariff" announced by the US on April 2, 2025, is expected to be limited, as the high profitability of US companies can absorb the current tariff levels [2][11] - The US has imposed tariffs ranging from 10% to 49% on Southeast Asian countries and 34% on China, with an additional 104% tariff on Chinese products announced shortly after [11] - The preliminary anti-dumping tax rates for Southeast Asian countries are expected to range from 0% to 271.28%, which may lead to a decrease in US demand and an increase in component prices, benefiting domestic US solar companies [3][15] - The trend of supply decentralization in the solar industry is emerging, with the relocation of production lines being a potential solution to address supply concentration issues [3][17] Summary by Sections Event Description - The US announced a "reciprocal tariff" plan affecting Southeast Asian countries and China, with tariffs significantly impacting the solar supply chain [11] Event Commentary - The current tariff levels are manageable for US companies, and the overall impact on the solar industry is expected to be limited [2][3] Industry Analysis - The solar supply chain is facing challenges due to concentrated production in China and Southeast Asia, leading to a need for diversification and potential relocation of production lines [3][17]