Investment Rating - The investment rating for the textile and apparel industry is "Outperform the Market" [1] Core Insights - The report outlines the timeline of Trump's tariff policy, highlighting the uncertainty surrounding tariffs and their impact on international brands [2][11] - International brands have expressed concerns about the impact of tariffs on profits, with varying exposure to the U.S. market and procurement strategies [2][12] - The report anticipates industry consolidation and the expansion of suppliers with lower exposure to U.S. business and higher profit margins due to tariff-related challenges [2][35] Summary by Sections 1. Key Timeline of Trump's Tariff Policy - On April 10, the Trump administration announced a 90-day delay on tariffs for 75 countries, set to expire on July 8 [2][11] - A significant ruling by the U.S. International Trade Court deemed Trump's tariff policy invalid, leading to an appeal by the Trump administration [2][11] 2. International Brands' Responses to Tariff Events - Brands like Uniqlo, Adidas, and PUMA have varying U.S. market revenue exposure, with Uniqlo at 7% and Adidas and PUMA at 20% [2][12] - Most brands source less than 10% of their products from China, with a significant portion coming from Southeast Asia, particularly Vietnam [2][12] - Brands are implementing short-term measures such as pre-shipping goods to the U.S. and long-term strategies like price increases and supply chain diversification [2][12] 3. Textile Enterprises' Capacity Distribution and Tariff Risk Exposure - Companies like Shenzhou International and Huayi Group have low U.S. revenue exposure, while those with significant production in Southeast Asia face higher risks [2][32] - The report lists net profit margins for various companies, with Shenzhou International leading at 20.9% [2][32] - Companies with U.S. revenue below 20% are less sensitive to tariff impacts, while those with higher exposure may face significant profit margin pressures [2][32] 4. Investment Recommendations - Key recommendations include Shenzhou International for its low U.S. exposure and high net profit margin, and Huayi Group for its strong market position and demand [2][35] - Other companies to watch include Weixing Co., Taihua New Materials, and Kairun Co., which are expected to benefit from market share growth [2][35]
关税影响专题三：美国对等关税暂缓期，国际品牌表述与供应链梳理-20250605