讀後心得

The U.S. tariff policy affects major electronic manufacturers such as Foxconn, Inventec, and Wistron, forcing them to accelerate the establishment of factories in the United States. However, the difficulty of component relocation and high production costs may压低毛利率. Experts point out that production costs in the U.S. are higher than in Taiwan, and future profits will be eroded. In addition, the component supply chain largely relies on smaller manufacturers; if they cannot set up factories in the U.S. accordingly, it may lead to an increase in electronic product prices. Major companies are actively evaluating investment plans in the U.S. to serve the North American market and propose adjustments to the tax base and supply chain restructuring to address challenges.

The tariff policy of the United States has had a profound impact on electronic manufacturing giants such as Hon Hai, Inventec, and Wistron, forcing these companies to accelerate their move toward "Made in America." However, due to the difficulties in relocating components, these companies will still be affected by tariffs. Moreover, the cost of building factories in the U.S. is high, leading to a decline in profit margins.

Experts point out that in recent years, companies like Hon Hai, Wistron, and Inventec have gradually established manufacturing plants in the U.S. to meet the requirements of American manufacturing. However, now facing high tariffs, if they transfer all production to the U.S., profit margins are likely to decrease as a result. Various costs of production lines in the U.S., including labor and materials, are higher than in Taiwan, which will erode profits in this aspect.

Under the influence of U.S. tariffs, electronic manufacturing companies such as Hon Hai, Quanta, and Compal are under significant pressure, forced to accelerate the implementation of "Made in America" plans. However, many components supplied by smaller manufacturers cannot be relocated to the U.S., which will result in high tariffs ultimately being passed on to downstream manufacturers, further causing inflation in American electronic products.

Currently, some companies have begun to adjust their strategies; for instance, Quanta’s server production line in the U.S. is responsible for assembly and testing, and in the past two years, it has nearly completed its overseas expansion, with relatively less pressure from the U.S. Hon Hai's subsidiaries are also actively investing in land and factories in Texas to better serve North American customers. Furthermore, Wistron and Inventec are also planning to invest in the U.S., while Compal and Pegatron are actively evaluating their options.

Experts recommend that companies focus on the following three points to cope with the current situation: using the first sale principle to reduce the import tax base, planning for origin of goods, and restructuring supply chains. They also stated that merely expanding operations to the U.S. may not necessarily increase business, and costs cannot be fully passed on.

As for China Steel, it noted that since they directly export to the U.S., the impact of equivalent tariffs is relatively small, but the steel demand in the steel industry chain may still be affected. Additionally, rumors suggest that TSMC and Intel may establish a joint venture to jointly operate Intel's wafer plant in the U.S., but after this news broke, TSMC's ADR dropped by 6%, and both parties have not commented on whether they will collaborate.

Further related reports indicate that Hong Kong will impose a 34% tariff on imported goods from China, raising concerns in the logistics industry that costs may be passed on to consumers. The Trump administration imposed a 32% tariff on Taiwan, to which Lai Ching-te stated that these measures contain many unreasonable aspects. TSMC's performance in the stock market has also drawn attention, with its stock significantly rising, gaining over 400 points during trading, while Hon Hai's stock price fell below 160, reaching a new low in nearly ten months, leading analysts to express concerns about excessive investment.