廣合科技(001389.SZ):美國加徵關稅對公司短期經營不會產生直接影響
格隆匯4月10日丨廣合科技(001389.SZ)於近期投資者關係活動表示,截至2024年,公司海外業務收入佔比約71.84%,其中美洲(3.32%)、歐洲(1.30%)、亞洲(67.22%),公司直接出口美國營收佔比僅爲0.12%。公司核心業務爲服務器PCB,因爲產業全球分工的原因,PCB下遊客戶廣泛分佈在東北亞、東南亞、墨西哥等地區,由下遊客戶組裝成整機後再出口到終端用戶,服務器成本佔比最高的依然是各類芯片(約爲80%),這部分成本大多可以豁免關稅,而PCB僅佔服務器總成本的2—5%,關稅對下遊客戶影響不大。綜上所述,美國加徵關稅,對公司短期經營不會產生直接影響。但長期而言,全球範圍內加徵關稅對行業產業鏈的重構將帶來深遠影響。
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