蓝思科技&领益智造

Summary of Conference Call on Lens Technology & Lianyi Intelligent Manufacturing Industry and Company Involved - The conference call primarily discusses the impact of U.S. tariff policies on the Apple supply chain, particularly focusing on companies like Lens Technology and Lianyi Intelligent Manufacturing within the TMT (Technology, Media, and Telecommunications) sector [3][4][12]. Core Points and Arguments - Impact of Tariff Policies: The implementation of Trump's tariff policies has significantly affected Apple's supply chain, leading to substantial stock price declines for related companies like Luxshare Precision and Dongshan Precision, with the U.S. stock market dropping over 9% [3][4]. - Cost Structure of iPhone 16 Pro Max: Approximately one-third of the iPhone 16 Pro Max's value comes from the U.S., another third from China, and the remaining from other regions. The tariffs mainly target countries in trade conflict with the U.S., making the overall cost impact manageable for Apple [4][6]. - Tariff Exemptions: Certain components can qualify for tariff exemptions if they undergo substantial transformation in the U.S. This includes Apple’s A18 processor, which is designed in the U.S. and thus can avoid additional tariffs [5][7]. - Apple's Response to Cost Increases: Apple can absorb tariff costs through price adjustments or by taking on the costs directly. The overall impact on sales prices is estimated to be less than 5%, given that the U.S. market accounts for 32% of Apple's global sales [9][10]. - Long-term Industry Outlook: While short-term impacts may be mitigated by a 90-day exemption period, long-term effects could lead to valuation declines in domestic industries. Companies need to adjust expectations and seek new growth opportunities [13]. - Globalization Strategies for Domestic Companies: Domestic companies are encouraged to pursue globalization strategies, including deliveries through bonded zones to mitigate tariff impacts. Key suppliers in Apple's supply chain can benefit from these strategies [15]. - iPhone 17 Expectations: The upcoming iPhone 17 is expected to drive sales growth, particularly with enhancements like increased memory to support AI applications. This could lead to a significant increase in sales volume [16]. - Investment Opportunities: The bottom of the supply chain has been established, and investors are advised to focus on upstream suppliers that are less exposed to tariff risks. The performance of these companies is crucial for future investment decisions [17]. - Performance of Consumer Electronics and Precision Manufacturing: The first quarter showed strong performance in the domestic consumer electronics and precision manufacturing sectors, with companies like Lens Technology leading in areas such as robotics and AI glasses [18]. Other Important but Possibly Overlooked Content - Market Sentiment: The market's emotional response to tariff announcements has led to excessive stock price declines for supply chain companies, indicating a need for a more rational assessment of the actual impacts [8][12]. - Potential for Future Tariff Exemptions: Apple's previous negotiations for tariff exemptions may continue to provide relief for its supply chain, especially if a more favorable bilateral agreement with China is reached [14].