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A number of LED companies respond to the impact of Sino-US trade disputes
Recently, Sino-US trade frictions have escalated. On March 22, US time, according to the results of Section 301 investigation, US President Trump officially signed a trade memorandum on China at the White House, including the addition of $60 billion (about 379.86 billion yuan) of imported goods from China. Tariffs and restrictions on Chinese companies investing in the United States. According to the White House, Sino-US trade frictions have escalated. On March 22, US time, according to the results of Section 301 investigation, US President Trump officially signed a trade memorandum on China at the White House, including the addition of $60 billion (about 379.86 billion yuan) of imported goods from China. Tariffs and restrictions on Chinese companies investing in the United States. According to the White House press release, the United States will impose a 25% tariff on aerospace, ICT, machinery and other products. The news that Trump started the trade war brought panic to the market. On the 22nd, US stocks fell sharply. The Asia-Pacific stock market closed down across the board. China’s Shanghai Composite Index fell 3.39% on the 23rd, Shenzhen Securities Index fell 4.02%, and the GEM index fell 5.02%. . The Chinese Embassy in the United States responded that China does not want to fight trade, but it is not afraid of trade wars and has the confidence and ability to cope with any challenges. If the US insists on playing, we will accompany them to the end and take all necessary measures to resolutely defend their legitimate rights and interests. On March 23, the Ministry of Commerce issued a list of suspension concessions for the US import of steel and aluminum products 232 measures and solicited public comments. It is proposed to impose tariffs on some products imported from the United States to balance the import of steel and aluminum products in the United States. Adding tariffs to the losses caused by Chinese interests. Taken together, the first and foremost is for industries that plan to impose a 25% additional tariff on China, especially in the aerospace, information and communication technology, and machinery sectors. In addition, industries with higher trade volumes will also be affected. Technology-intensive industries are most affected by this, and high-tech industries including electromechanical, communication and information technology will face an impact in China. Specific to the lighting industry, Xiaobian saw in many investor interaction platforms, many investors commented on the impact of Sino-US trade war on LED listed companies, and many listed companies also responded in time. Among them, Sunshine Lighting said on the interactive platform on the 27th that the company's exports to the United States accounted for about 20% of the total revenue. From the current official reports, the company's products are not clear whether it is included in the scope of taxation. Alto Electronics said that with the substantial increase in the company's domestic business volume, the company's overseas business accounted for a lower proportion of the company's total business volume. The company's overseas business is dominated by the European and Japanese markets. The business that exports to the US market accounts for a very low proportion of the company's total business volume, so the company as a whole is largely unaffected by fluctuations in US trade policy. Lehman shares said on the platform that the company's business is currently under normal development, and the company will pay close attention to China-US trade policy and exchange rate changes. According to the data, in 2016, Lehman’s US revenue accounted for 28% of total revenue. Chenfeng Technology replied that about 20% of the company's products are sold abroad. Major overseas markets include India, Southeast Asia, and the European Union. At present, the company's main exporting countries or regions do not set special trade barriers for the company's products. The trade dispute has less impact on the company. Zhouming Technology responded on the platform. The company's export business covers many countries around the world, of which exports to the United States account for about 20% of the total operating income of 25%. LED display is a very subdivided field in the electronics industry. It is not within the scope of direct taxation. At present, the company has not received any taxation notice. The company has set up a subsidiary in the United States and will pay close attention to this trend. Considering a positive solution, Jufei Optoelectronics said that the company is currently operating normally. We will continue to pay attention to the Sino-US trade war and pay attention to the risks. In response to the investor’s question about the impact of the Sino-US trade war on the company, Igor said that US President Trump signed a presidential memorandum on China’s intellectual property infringement. This information has no direct impact on the company. It has independent intellectual property rights. The 2017 annual report released by Liard showed that the company's operating income was 6.47 billion yuan, up 47.8% year-on-year; the net profit attributable to shareholders of listed companies was 1.21 billion yuan, up 80.88% year-on-year. It specifically explains the portion of overseas income in the annual report. According to the company, the company's overseas income accounts for nearly 40%. Changes in international policies will bring about changes in the business environment. In particular, the recent changes in Sino-US trade policies have caused significant fluctuations in the company's share price. At present, the company's exports to the United States form a small income, the analysis is as follows: The company said that in 2017 domestic exports to the United States to achieve operating income accounted for only 7% of revenue. It is reported that Liard's domestic exports to the United States to achieve operating income, mainly through the domestic market through the Liard United States and the United States Pingda, the marketing revenue in the United States. In the future, LED display products will have less impact on overseas sales in the future. The reason is: overseas sales account for about 40%, of which more than 80% are produced by Pingda and NP in the US and Europe; Pingda and NP 100% equity, but the two companies are still registered in the United States; in 2016, Liard LED display products have also been mostly assembled and sold in the United States; as early as 2016, Liard built the Slovakia with fixed capital. The factory, which has been put into production this year, can save 14% of EU tariffs and fundamentally solve the problem of trade avoidance. The production capacity is sufficient to meet the European, American and Japanese markets. In addition, according to incomplete statistics, A-share lighting business is distributed in the United States, and Infineon (the company's exports to North America in the first half of 2017 accounted for 17.56% of total revenue); Debon Lighting (the company) Overseas revenue accounted for about 79%); Guoxing Optoelectronics (the company's overseas revenue accounted for about 16%); Mu Linsen (the company's overseas income accounted for about 14% in 2017); Tailong Lighting (export revenue ratio 11.86%) and Foshan Lighting. It is worth mentioning that an event that has received much attention recently, and a number of Chinese companies are interested in acquiring GE Lighting's remaining lighting assets. The United States began to impose restrictions on the acquisition of Chinese capital into the United States, with a focus on restricting the ban on Chinese companies from acquiring US high-tech companies, which may greatly affect Chinese companies bidding for GE lighting.