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大行評級|大摩:看好申洲國際利潤高且美國市場收入敞口較同業低
格隆匯 04-07 14:31

摩根士丹利發表報告指出,受美國徵收關稅影響,令代工生產商(OEM)在採購多樣化及生產基地方面所做的努力意義不大,因大部分OEM擁有大量產能的國家(如越南等),目前對其出口產品徵收額外關稅,料對OEM的營運構成壓力,因短期內未能將訂單轉移以避免關稅的影響。

該行通過量化分析發現只有當平均額外關稅限制在20%以下,且OEM不必承擔超過25%的關稅時,供應商所受到的影響才更易於控制;與同業相比,利潤率較高或對美國市場敞口較低的OEM所受的影響較小;利潤率較低和對美國市場敞口較高的OEM將無可避免地受到關稅更大的負面影響。

此外,對於服裝類的OEM,該行看好申洲國際的高利潤,且相對於其他OEM,其對美國市場的收入敞口較低,其次看好晶苑國際。而對於鞋類OEM,該行依次看好九興控股及裕元。

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