未知机构：高盛-关税影响，来自家电、汽车、工业科技及太阳能企业的反馈–20250502-20250503

Summary of Key Points from Conference Call Records Industry Overview - Industries Covered: Appliances, Autos, Industrial Tech, Solar - Geographical Focus: China, US, Europe, ASEAN Key Insights by Industry 1. Appliances and Consumer Durables - Revenue Exposure: On average, companies derive 35% of revenues from China exports and 7% from exports to the US [2][3] - Production Shift: Companies are accelerating the shift of production to overseas factories, with increased orders from US clients noted as they aim to restock before the 90-day reprieve period expires [3][4] - Price Negotiation Challenges: Limited progress on price re-negotiation; companies expect US clients and end consumers to bear a larger share of tariff costs [4][5] - Stable Demand Outside the US: Demand remains stable outside the US, with Europe identified as a major market to absorb US capacity [6][7] - CAPEX Uncertainty: Companies remain cautious on capital expenditures due to tariff uncertainties, with Mexico seen as a relatively safer investment location [8][9] 2. Automotive Industry - Revenue Exposure: Companies derive 6%-26% of total revenue from China exports and 0%-10% from exports to the US [10] - Positive Outlook for Europe: Auto OEMs are optimistic about sales in Europe, with minimal impact from US-China trade tensions [11] - Price Negotiation: Auto suppliers are negotiating new prices, with some confirming the ability to pass on 100% of additional tariff burdens for certain products [12][13] - Capacity Plans: Auto suppliers are maintaining existing capacity expansion plans, with some considering building factories outside the US due to geopolitical risks [15][19] 3. Industrial Technology - Revenue Exposure: Companies derive 15%-45% of total revenue from exports and 2%-20% from exports to the US [22] - Order Fluctuations: Capital goods orders paused in early April but returned to normal by the second week; some companies reported stable US orders despite tariff challenges [22][24] - Tariff Negotiation Issues: High tariffs (145%) make price negotiations difficult, with most companies using FOB terms where customers bear additional costs [23][24] 4. Solar Industry - Revenue Exposure: Companies have 0%-15% direct exports to the US and 35%-55% to other countries [33] - Declining US Orders: US orders have slowed due to uncertainties related to the Inflation Reduction Act (IRA), particularly affecting utility-scale projects [34][35] - Pricing Challenges: Companies face difficulties in passing tariffs to customers amid deteriorating demand; concerns about potential price hikes dampening downstream demand [36][40] - Capital Allocation Outlook: Some companies are considering scaling back US exposure due to higher operational risks compared to other regions [37][40] Additional Important Insights - Management Comments: Various companies expressed concerns about the impact of tariffs on their operations and pricing strategies, with a focus on maintaining competitiveness and managing supply chain disruptions [9][16][20][38] - Geopolitical Risks: Companies are evaluating the feasibility of expanding production in regions like Mexico and Southeast Asia due to geopolitical uncertainties surrounding US tariffs [8][15][19][24] This summary encapsulates the critical insights and trends observed across the discussed industries, highlighting the ongoing challenges and strategic responses to tariff impacts and market dynamics.