【招银国际】Implications of US reciprocal tariffs on supply chain-250403（6页）.pdf

1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 3 Apr 2025 CMB International Global Markets|Equity Research|Sector Update Technology Implications of US reciprocal tariffs on supply chain On 3 April,the US President an

2、nounced 10%tariff on all imports,and additional reciprocal tariffs will be applied on 60 countries(34%on China,46%on Vietnam,26%on India,and 20%on the EU).Overall,we believe the scale and pace of the new tariffs are larger and broader than market expected.Below we access the potential impact for com

3、ponent/ODM&OEM/brand supply chain.For component(SP/PC/server),we expect limited direct impact for suppliers since most do not export directly to the US.For OEM/ODMs,we expect direct impact on related names as most SP/PC/IoT assembly are conducted in China/Vietnam/India and server assembly in the US/

4、Mexico/Taiwan.For brands,we expect Apple will be impacted the most given its 40%+US sales exposure and iPhone production in China/India,but there will be very little impact on Xiaomi given limited smartphone/auto sales exposure in the US.The broader impact is that the US consumer demand may be negat

5、ively affected by higher prices in the US.Overall,we expect tech space will react negatively in the near term,and we would look for some quality names to accumulate after price corrections.Stocks we prefer on weakness include Xiaomi,AAC Tech,Sunny Optical,BYDE and Q-Tech.US tariffs are larger and br

6、oader than expected.The US announced an impact tariff of 10%and additional reciprocal tariffs for 60 countries,including 34%tariff on China,46%on Vietnam,36%on Thailand,32%on Taiwan,26%on India and 20%on the EU.Canada and Mexico will see 25%tariff,although USMCA-compliant goods are exempted.We estim