重要提示：本材料不构成任何形式的要约、承诺或其他法律文件，亦非任何投资、法律或财务等方面的专业建议。过往业绩不预示 未来表现。投资须谨慎。 关税是近期市场普遍关心的话题，我们整理了一些外资投行的观察视角，以供参考。 截至本文发布，美国总统特朗普表示，他正考虑对进口汽车和零部件关税实施临时豁免的可能性， 以便让汽车企业有更多时间在美国建立生产设施。 在此之前，特朗普称豁免电子产品关税只是一项 临时措施，这些产品将被即将实施的行业关税所覆盖。 局势正在以分钟级速度演变。 关税政策能重振美国的就业吗？ 有外资报告援引学术研究结果显示，特朗普关税政策或对美国就业存在负面影响。关税税率每提高10个 百分点，受保护行业的就业岗位将增加0.2-0.4%；而关税驱动成本每上升1个百分点，就业岗位会减少 0.3-0.6%。考虑美国的经济体量，意味着关税保护对制造业就业的提振作用不足10万个岗位，而由此带 来的成本压力对下游就业的拖累效应则高达约50万个岗位。 企业应对关税风险的五种常见策略 外资投行基于观察企业应对上一轮关税争端的经验，总结出面对关税风险企业通常可以采取的五种应对 策略。在最新的关税政策下，部分策略是否还能继续 ...

Financial Data and Key Metrics Changes - For Q4 2024, total revenue was $272 million, down 7.2% sequentially, with adjusted EBITDA of $93 million, also down 7.6% sequentially, resulting in adjusted EBITDA margins of 34.1% [8][11][15] - GAAP net income for the quarter was $57 million, compared to $62 million in Q3 2024, driven by lower revenues in both segments [16][17] - Adjusted net income and earnings per share were $57 million and $0.71 per share, respectively, down from $63 million and $0.79 per share in Q3 2024 [17][18] Business Line Data and Key Metrics Changes - Pressure control segment revenues were $177 million, down 4.5% sequentially, with operating income decreasing by $1.7 million or 3.3% [12] - Spoolable technology segment revenues were $96 million, down 11.2% sequentially, with operating income decreasing by $7.4 million or 22.4% [13] - Adjusted segment EBITDA for pressure control decreased by $0.5 million or 0.8% sequentially, while spoolable technology segment adjusted EBITDA decreased by $7.3 million or 17.1% [12][14] Market Data and Key Metrics Changes - The company ended the year with a cash balance of $343 million, an increase of approximately $39 million from the previous quarter [19] - The public or Class A ownership of the company averaged 85% and ended the quarter at 86% [16] Company Strategy and Development Direction - The company aims to ramp up production at its new facility in Vietnam and introduce new products to enhance value in both segments [28][36] - Focus on international expansion and diversification of revenue sources, targeting a long-term goal of 40% international revenue contribution [30][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in outperforming underlying activity levels in the US market despite trade policy uncertainties [42][43] - The company anticipates a strong rebound in customer activity in the second and third quarters of 2025, with expectations for increased international orders [30][36] Other Important Information - The board approved a quarterly dividend of $0.13 per share, to be paid in March [23] - The company made a cash tax payment of approximately $25 million in January related to deferred 2024 federal taxes [21] Q&A Session Summary Question: Outlook for US activity in the next few quarters - Management is confident in their ability to outgrow underlying activity levels, anticipating a US rig count in the 550 to 560 range [42][43] Question: Margin headwind comparison between Bossier City and China - Historical costs were at least 35% higher for the Bossier facility compared to the Far East supply chain, with increasing tariffs expected to impact costs [45][46] Question: Game plan for mitigating tariff impacts - The company has flexibility between its facilities in Vietnam and Bossier City to mitigate tariff impacts, with a focus on vertical manufacturing capabilities [57][60] Question: Commercialization of H2S solutions - The H2S product is commercialized, with shipments expected to begin in March or April, targeting the Middle East market [68][70] Question: Spoolable technology growth in 2025 - The company is optimistic about growth in spoolable technology, despite a flat completion activity outlook, with international growth potential remaining strong [80][86] Question: International growth opportunities in pressure control - Management acknowledged progress in international growth but refrained from providing specific details on opportunities in regions like Argentina and the Middle East [95][96]