“对等关税”豁免，领益智造近况更新

Summary of Key Points from the Conference Call Company and Industry Overview - The conference call primarily discusses the impact of the recent U.S. tariff exemptions on the consumer electronics industry, particularly focusing on Lingyi Zhizao (领益智造) and its operations in various international markets [2][3][4]. Core Insights and Arguments - U.S. Tariff Exemptions: The U.S. Customs issued a new tariff exemption list affecting approximately 20 tariff codes, mainly in consumer electronics, which allows products from China to be exported to the U.S. with a 20% tariff, significantly benefiting Lingyi Zhizao's export business [2][3]. - Global Supply Chain Restructuring: Lingyi Zhizao is well-positioned due to its overseas production bases in Vietnam, India, Brazil, and Turkey, which help mitigate tariff risks and enhance international delivery capabilities [2][3]. - Minimal Impact from Tariffs: The company reported that only a small fraction of its materials (less than 0.1%) are sourced from the U.S., and alternative sources are available, resulting in negligible impact from U.S.-China tariffs [3][4]. - India as a Key Market: India is emerging as a crucial market for Lingyi Zhizao, with plans for significant production increases, particularly in collaboration with Foxconn, which aims to double its output in India [4][5]. - Apple's Bond with Suppliers: Apple’s use of bonded warehouse policies helps protect its supply chain from trade friction, enhancing the stability and continuity of Lingyi Zhizao's operations as a primary supplier [5][6]. - Innovation in Product Development: Lingyi Zhizao is actively involved in the development of key components for foldable screens, with a projected unit value of $90, significantly higher than the current average, which is expected to boost business [7][8]. - Competitive Advantages: The company maintains a competitive edge through its global supply chain, overseas production capacity (approximately 35%), and strong R&D capabilities in mainland China [8][9]. Additional Important Insights - Future Projects: Upcoming innovations include advancements in thermal management technology and the introduction of foldable screen components, which are anticipated to contribute significantly to revenue and profit in the coming years [9][10]. - Market Share Dynamics: Lingyi Zhizao holds a substantial market share in the supply of non-in-box versions of laptops, iPads, and smartphones, with expectations of becoming a sole supplier for certain products in the near future [13][14]. - Challenges for Competitors: Competitors lacking overseas production capabilities may face significant challenges due to tariff pressures, particularly in the context of the recent tariff exemptions [10][11]. This summary encapsulates the critical points discussed in the conference call, highlighting the strategic positioning of Lingyi Zhizao within the evolving landscape of the consumer electronics industry amidst changing tariff policies.