全球电池供应链_美日贸易协定的影响-Global Battery Supply Chain_ US-Japan trade deal implications

Summary of Key Points from the Conference Call Industry Overview - Industry: Global Battery Supply Chain - Key Event: Announcement of a trade deal between the US and Japan, setting a reciprocal tariff rate at 15% and reducing the Section 232 tariff on Japanese automobiles from 25% to 12.5% [2][3] Core Insights and Arguments - Impact on Battery Costs: If Korea signs a similar trade deal, the tariff-inclusive battery costs could decline due to the halving of the Section 232 tariff [3][5] - Competitiveness of Korean Cathode Makers: The relative competitiveness of Korean cathode manufacturers would improve against Indonesian counterparts due to a 10 percentage point decline in the reciprocal tariff [3] - Market Share Loss: Korean cathode makers have reportedly lost market share to Indonesian capacities controlled by Chinese entities [3] Risks and Considerations - Safety Issues: The battery industry has experienced safety issues that can directly impact company profitability and industry demand, particularly through recalls [5] - Trade Policy Volatility: Frequent changes in trade policies are identified as key demand drivers, leading to significant profit swings for companies along the battery supply chain [5] Additional Important Information - Analyst Contact Information: Tim Bush and Cherie Miao from UBS Securities Asia Limited are the analysts responsible for this report [4] - Valuation Methodology: The report emphasizes the importance of understanding the risks and returns associated with investments in the battery supply chain [5][30] This summary encapsulates the critical points discussed in the conference call, focusing on the implications of trade agreements, competitive dynamics in the battery industry, and associated risks.