讀後心得

The adjustment of import tariffs by the United States will affect globally export-reliant companies, but 智崴 (5263) will have a competitive advantage in the era of high tariffs due to its diversified market layout and high-margin products. 智崴's products are already available in over 20 countries, and the US market accounts for a relatively low share, with only 4% in 2023 and dropping to 1% in 2024. Additionally, 智崴 will launch a series of cost-effective motion-sensing devices to respond to changes in the consumer market. Although global high tariffs will increase consumer costs, 智崴 still anticipates steady growth and will continue to expand its products and services.

The United States has announced adjustments to import tariffs on specific countries, which will impact global companies that rely on exports. The leading company in motion-sensing amusement equipment, 智崴 (5263), stated that based on years of global market layout, covering diversified products and services along with high profit margins, the company will be more competitive in the market than other companies during periods of high tariffs. 智崴 pointed out that its motion-sensing amusement equipment sales are spread across more than 20 countries and regions, including Canada, Japan, Germany, Mexico, and Saudi Arabia. The diversified market strategy can reduce dependence on a single market, thereby minimizing risks arising from policy changes. Additionally, 智崴 has a low market share in the U.S.; according to statistics, in 2023 it accounted for only 4% of total revenue, and is estimated to be 1% in 2024. Current market trends show that non-U.S. markets (such as the Middle East and Asia) actually provide more opportunities, thus the impact of the U.S. tariff policy on 智崴 is limited.

智崴 emphasizes that global high tariffs will have an impact on the overall amusement industry, as rising consumer costs will accelerate the trend of consumer downgrading in the global market, leading customers to prefer cost-effective economic products. In response to this change, 智崴 has vigorously promoted product diversification policies over the past two years, enabling it to quickly meet market demands. For example, the economical flying theater o-Ride has been successfully sold to Brazil, Japan, and Canada, while the brand new 4D sensory theater has also been sold to South Korea. This July, 智崴 will launch a highly competitive series of flying theaters with high capacity and cost-effectiveness, aimed at covering all price ranges from small to large, thereby consolidating high market penetration.

In addition to the sale of amusement equipment, 智崴 can also provide total solutions for video filming, animation production, digital content licensing, and theme design. The rich and diverse digital content drives growth in equipment sales and the content licensing market, and its theme design team can customize theme design solutions for clients to enhance the amount of individual sales. 智崴 believes that in the current high-tariff environment, its market advantage of high profit margins makes it more resilient compared to competitors that focus primarily on the U.S. market. 智崴 highlights that relying on research and development and system integration as core technologies, key patented hardware is manufactured in Taiwan, while other hardware will be locally sourced according to the actual situation of the export destination. With continuous improvements in the company's cost efficiency management, 智崴 is expected to achieve a stronger price advantage in the trade war.

The new tariff policy will test the operational resilience and diversity of amusement equipment manufacturers. 智崴 remains optimistic about the future of the leisure and entertainment industry, mentioning that according to historical data, except for the impact of the COVID-19 pandemic in 2020, the global leisure tourism market faced negative impacts of no more than 10% during the past financial crisis. Currently, international theme parks are undertaking expansion plans; for example, Disney plans to invest $60 billion in parks and cruise projects over the next decade, while Shanghai and Hong Kong Disneyland have also announced expansion plans. Furthermore, the Middle East region is promoting "Vision 2030" to invest in leisure and entertainment construction. In light of the reduced number of suppliers post-pandemic, 智崴 anticipates that despite facing the challenges of high tariffs, the outlook for 2025 remains one of continuous steady growth, and it will continue to consolidate its market leadership with diversified strategies and high-profit products, expanding the global market.