大行評級|交銀國際:所覆蓋的消費行業受美國關稅影響有限
交銀國際表示,該行所覆蓋的消費行業的實際業務受美國關稅影響有限,其中乳製品(如蒙牛乳業、伊利集團)、體育用品(如安踏體育、李寧)及家電等行業整體需求相對穩定,餐飲、啤酒(如華潤啤酒、百威)等行業在整體需求復甦後更具彈性,有望實現快速反彈。
家電行業本土化與出口並存,如海爾智家在美本土化程度達95%,故受其直接影響較小;美的集團雖在美本土化程度較低,但因其美國在海外收入的比重低於20%,故隨着集團後續的優化措施,亦可減少關稅影響。
泡泡瑪特具較大靈活性及調整空間,憑藉其在全球的高品牌知名度及市場競爭力,除美國外亦在如東南亞、歐洲等市場快速增長。
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