讀後心得

Under the impact of the implementation of reciprocal tariffs in the United States, Guangyue (4438) faces certain challenges. However, due to the 20% tariff at its Jordan plant, which is advantageous compared to other Southeast Asian countries, and the fact that its plants in China and Romania are unaffected, the business model allows Guangyue's tariff costs to be borne by the customers. Although brand clients may adjust their selling prices, affecting consumption, Guangyue's outdoor apparel clients remain stable, with limited opportunities for order transfers. The capacity at the Vietnam plant is fully utilized, and despite the high tariffs in the Vietnamese market, the company still has opportunities for order transfers. Furthermore, the Vietnamese government is actively seeking to reduce tariffs, which will help enhance Guangyue's market competitiveness. Overall, the development trend for Guangyue looks positive, and the impact of tariffs is manageable.

Under the impact of equivalent tariffs in the United States, Taiwan's textile chain is quickly adjusting to respond. Although major producers of down apparel and high-end functional clothing are affected, their factories in Jordan face only a 20% tariff, which is relatively advantageous compared to other Southeast Asian countries; additionally, factories in China cater to the domestic market, while those in Romania focus on the European market, both of which are not directly impacted.

Guangyue has the largest production base in Vietnam, with about 30% of its products exported to the United States. The chairman stated that Guangyue uses the FOB shipping point model, so tariff-related costs will be borne by the customers. Current contract orders have been extended to August, and this part of the situation will not change. However, since brand customers have to bear high tariffs, it is expected that final prices will increase, which may lead to reduced consumption, and the accumulation of inventory will become a key focus to monitor. The release of customer orders after August will require further observation.

Guangyue's business in Vietnam accounts for nearly 50%, factories in China represent over 20%, and the proportion of the Jordan factory has exceeded 10%, aiming for a target of 20%. Although Vietnam is facing a high tariff pressure of 46%, which has led to a significant decline in the country's stock market, the measures taken by the General Secretary of the Central Committee of Vietnam are helpful in easing U.S. import tariffs, which is good news for Guangyue.

The company’s outdoor clothing segment has a higher entry barrier, leading to relatively strong customer stability, with limited opportunities for order transfers. Guangyue's main customers include several well-known sports brands. Overall, it can be observed that among Guangyue's production bases, only Vietnam is suffering from a relatively severe impact, while the Jordan factory, although also facing tariffs, still has a competitive advantage compared to other Southeast Asian countries. With ongoing full production capacity, expansion at the Jordan plant will provide opportunities for order transfers. It is evident that Guangyue is gradually emerging from its slump, indicating a trend of positive development, with the impact of tariffs also remaining within controllable limits.