永和股份(605020.SH)：出口美國業務佔銷售收入比重較小，加徵關稅對公司整體影響有限
格隆匯4月8日丨永和股份(605020.SH)在投資者互動平臺表示，公司出口美國業務佔銷售收入比重較小，加徵關稅對公司整體影響有限，具體說明如下：1、在國內大循環爲主體、國內國際雙循環相互促進的發展新格局下，公司持續加大國內市場開發力度，2022年至2024年前三季度，公司內銷佔總營業收入比重從49.58%提升至68.42%，外銷佔比相應下降；2、公司目前已建立覆蓋100多個國家和地區的全球化銷售佈局，對於海外單一市場的依賴程度低。2024年前三季度公司出口美國業務收入佔整體營業收入的5.5%左右，佔比較低，且公司可以通過價格調整機制適當向下遊客戶進行傳導轉嫁。3、製冷劑配額管理能夠有效支撐製冷劑價格上行，從供給端來看，在全球氟製冷劑市場中，我國所擁有的二代、三代製冷劑的產能佔據主導地位。且製冷劑行業呈現高度集中格局，前五家企業所擁有的配額佔我國90%以上。從需求端來看，製冷劑下遊主要應用於空調、汽車、冰箱、商業製冷等領域，近年來均保持兩位數以上的增長幅度，且隨着上述產品的居民保有量快速增長，存量設備的售後維修需求也將進一步拉動製冷劑需求。因此，在供需格局持續扭轉的情況下，本次加徵關稅不會改變製冷劑價格上行趨勢，不會對公司製冷劑業務板塊造成不利影響。4、含氟高分子材料具備市場競爭力，公司HFP、FEP等含氟高分子材料產能位於全球前列，依託產業鏈一體化佈局與規模化生產體系，具備突出的成本控制能力與交付效率，在一定程度上難以替代。因此，本次加徵關稅可能會對含氟高分子材料部分產品產生影響，但影響程度有限。 關稅政策後續仍存在不確定性，公司將持續密切關注相關政策動態，積極與客戶進行溝通協調，並通過持續優化全球市場佈局、加快高純PFA、四代製冷劑等高附加值產品的建設進度、加強成本控制和精益化管理以及適時佈局海外產能等措施有效應對關稅調整帶來的影響。
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