讀後心得

Taiwan's down apparel giant Guangyue (4438) faces the impact of U.S. tariffs. Although affected, it is faring better than other countries. The factory in Jordan only bears a 20% tariff, while the factories in China and Romania are unaffected, primarily targeting the domestic and European markets. Guangyue's factory in Vietnam ships 30% of its products to the United States. Chairman Wu Chaobi stated that due to the FOB delivery model, the tariffs are borne by the customers, and contracts are maintained until August; however, the potential price increases from brand customers may affect consumption. High tariffs in Vietnam have led to a stock market plunge, but the Vietnamese government has expressed a willingness to reduce tariffs, which is favorable for Guangyue. Guangyue's main clients include Nike and Adidas, and the Jordan factory's capacity is already full, continuing to expand production, with the overall impact being controllable.

Under the impact of the U.S. equivalent tariffs, Taiwan's textile industry chain has quickly responded. Although the major manufacturer Kwan Yu of down jackets and high-end functional clothing has been affected, its factory in Jordan only faces a 20% tariff, which is relatively favorable compared to other Southeast Asian countries. Furthermore, the company's factory in China mainly serves the domestic market, while the Romanian factory targets the European market, both of which have not been impacted.

Kwan Yu's production base in Vietnam accounts for nearly 50% of its business, with about 30% of shipments targeting the U.S. market. The chairman of Kwan Yu mentioned that, as the company uses the FOB shipping method, the cost of tariffs is borne by the customers. Additionally, since current contract orders have already been signed until August, this part will not change in the short term. However, as brand customers face high tariffs, they must increase the end selling price, which could lead to a decrease in consumer demand and an increase in inventory, further affecting customer order releases after August, requiring continuous observation of the situation's development.

Currently, Kwan Yu's business in Vietnam accounts for nearly 50%, the factory in China exceeds 20%, and the factory in Jordan has surpassed 10% this year, moving toward 20%, while the Romanian plant focuses on high-end down clothing, making up a small proportion. Under the U.S. equivalent tariff policy, Vietnam's tariffs have reached as high as 46%, causing a sharp drop in the Vietnamese stock market. However, Vietnam's central general secretary has engaged in dialogue with the U.S., expressing the willingness to reduce import tariffs to zero, which helps in obtaining tariff exemptions from the U.S.; this is positive news for Kwan Yu.

The chairman emphasized that Kwan Yu's outdoor clothing market has a high entry threshold, and the stability of customers is also high, making the probability of order transfer low. Currently, the company’s main clients include several well-known brands. Overall, although Kwan Yu's Jordan factory faces a 20% tariff, it remains competitive compared to other Southeast Asian countries, and the factory's current capacity has reached full load, continuing to expand production. Should there be excess capacity, it may also receive order transfers. This year, the company has started to emerge from the low point and is gradually trending towards positive growth, with the impact of tariffs being within controllable limits.