隆众资讯轮胎行业分析师朱志炜在接受《证券日报》记者采访时表示，原材料价格的连续上涨，导致轮 胎企业生产成本快速提升，部分经济型产品已经处于盈亏平衡线下方，在此背景下，轮胎企业纷纷下发 涨价函。 9月份以来，多家轮胎企发布涨价函，截至9月18日，已有玲珑轮胎、三角轮胎、浦林成山、正丰轮胎、 华盛橡胶等30余家轮胎企业宣布在9月份或10月初涨价，不同企业、不同产品的涨价幅度不等，普遍集 中在1%至6%之间。 多位轮胎行业人士认为："近期化工品价格普涨，部分与轮胎相关的原材料价格涨幅明显，对轮胎企业 盈利构成压力，因此轮胎企业通过发布涨价函欲向下游传导成本压力。" 部分原材料价格涨超五成 今年上半年，轮胎行业供需两旺，轮胎企业净利润保持了高速增长。东方财富Choice数据显示，9家A 股轮胎企业中，玲珑轮胎、三角轮胎等6家企业净利润同比增幅超过100%，其他3家轮胎企业净利润也 实现了同比增长。 上半年，轮胎企业业绩增长的原因除了轮胎行业回暖之外，也得益于原材料成本下降。 然而下半年以来，化工品行业开始了一轮自上而下的涨价，很多化工品都被波及，轮胎行业也受到较大 影响。 "下半年以来，轮胎原材料价格总体呈逐步上涨态 ...

Summary of Conference Call for Zongshen Power Industry Overview - The conference call primarily discusses the impact of increased tariffs on the general machinery industry, particularly focusing on Zongshen Power's operations in the North American market [3][4][9]. Key Points and Arguments - **Tariff Impact**: The U.S. has imposed tariffs as high as 79% on Chinese general machinery products. Zongshen Power had anticipated this and preemptively shifted some production capacity to Vietnam. However, Vietnam also faces a potential increase in tariffs from 16% to 46%, which is still lower than China's [3][4]. - **Client Relationships**: Zongshen Power exports mainly through OEM (Original Equipment Manufacturer) and private label arrangements, serving major brands like Waiting House, POS systems, and Ford. These clients have strong bargaining power and can pass on increased costs to consumers [5][11]. - **Market Demand**: General machinery products, such as lawnmowers and backup generators, are considered essential consumer goods in the U.S. market. Demand remains stable due to factors like unstable power grids and the need for emergency equipment [8][9]. - **Manufacturing Competitiveness**: Despite the tariff increases, China remains the largest base for general machinery production globally. Other countries cannot quickly match China's scale and cost control capabilities, ensuring that the market structure remains largely unchanged [9][10]. - **Pricing Sensitivity**: The end-user prices for Zongshen Power's products range from $300 to $500, with power products nearing $1,000. Consumers show low price sensitivity due to the long replacement cycles and the essential nature of these products [10][11]. - **Cost Transmission**: The company cannot absorb the full impact of increased tariffs (estimated at 30% to 40%), leading to a necessity to pass costs onto customers and ultimately consumers. This will affect short-term market consumption but is not expected to undermine long-term competitiveness [11]. - **Future Outlook**: Zongshen Power expresses confidence in its future development, particularly in the drone sector, which is expected to grow due to global military competition. The company believes that its stable domestic operations will support its competitive position [12]. Additional Important Insights - **Negotiation Efforts**: The Vietnamese government is actively negotiating with the U.S. to lower tariffs, which could provide a competitive edge for Zongshen Power's operations in Vietnam [3][6]. - **Market Structure Stability**: The overall competitive environment is expected to remain stable, as even international brands producing in China will face similar tariff impacts [9]. This summary encapsulates the critical insights from the conference call, highlighting the challenges and strategies of Zongshen Power in the context of increased tariffs and market dynamics.