立讯精密(002475) - 2025年4月9日投资者关系活动记录表

Group 1: Impact of Tariffs - The recent increase in tariffs has created uncertainty, with potential changes occurring unexpectedly, unlike previous years where fluctuations were more predictable [4][5] - The company has observed that the tariffs imposed on China are significantly higher than anticipated, affecting a small portion of its products exported to the U.S. [2][3] - The company believes that clients will likely request to relocate products to regions with lower tariffs, presenting challenges for the company [2][3] Group 2: Client Strategies and Responses - Major overseas clients are actively communicating with local governments to ensure a healthy supply chain and are conducting scenario planning [2][3] - Clients typically do not pass on tariff costs to suppliers; instead, they collaborate to enhance competitiveness [3][5] - The company anticipates that the competitive landscape in the consumer electronics industry will remain stable despite tariff changes, as geopolitical challenges have been ongoing [3][4] Group 3: Production Capacity and Location - The company plans to prioritize expanding production capacity in Southeast Asia, particularly in Vietnam, unless tariffs in other countries are significantly higher [3][5] - The company has established production facilities in India, Vietnam, Mexico, and Brazil, with future expansions contingent on client discussions [3][5] - If clients require production in low-tariff regions outside of Vietnam and China, the company estimates it could take 1 to 1.5 years to set up production lines [11][12] Group 4: Historical Experience and Future Outlook - The company has historical experience in managing tariff fluctuations, which has helped in navigating current challenges [6][10] - The potential for manufacturing to return to the U.S. is limited due to the complexity of the supply chain and the need for rapid adaptability in consumer electronics [6][10] - The company remains confident in its competitive positioning and global production layout, viewing challenges as opportunities for growth [10][11]