印度会成为苹果的下一个制造中心吗？

1OVERWEIGHT(Maintain)HUANG Leping, PhDhuangleping@htsc.com+(852) 3658 6000CHEN Xudongchenxudong@htsc.com+(86) 21 2897 2228YU Keyiyukeyi@htsc.com+(86) 212897 2228Sector performanceSource: Wind, Huatai ResearchJan-25May-25TechnologyCSI300 TechnologyAnalystSAC No.S0570521050001SFC No. AUZ066AnalystSAC No. S0570521070004SFC No. BPH392AnalystSAC No. S0570525030001SFC No. BVF938(14)163146May-24(%) Sep-24 This report must be read with important disclosures and analyst certifications located on the end of the report.Investmentadvice:eyeingoversoldhighqualitynamesIn the process of industrychain relocation, relevant companies include: 1)Indianandforeign firms accelerating presence in India,such as Foxconn,TataElectronics, and Dixon Technologies, which may directly benefit from Appleslocalized supply chain. 2)Companies whose share prices have been heavilyimpacted by relocation news, but for whom shortterm production shift likelihood isrelatively low—such as AAC, GoerTek, Sunny Optical, BOE, BYD Electronics. Forthe OEM segment, we suggest avoiding shortterm exposure and monitoringprogress of capacity shifts.Industry risks: slower downstream recovery than we expect; escalation of tradefrictions; content related to unlisted companies or stocks not covered by Huatai isbasedon publicly available information,and does not represent ourrecommendation or coverage of said companies or stocks This report must be read with important disclosures and analystcertifications located on the end of the report.Source: IDC, Huatai ResearchFig.7:MSCI India vs MSCI China vs MSCI Japan1Y forwardPESource: Bloomberg, Huatai ResearchFig.8:Some companies with layoutsin IndiaNote: Data as of 25 April 2025, forecasts from Factset1015202530352019/10/252019/12/252020/02/252020/04/252020/06/252020/08/252020/10/25MSCI China This report must be read with important disclosures and analystcertifications located on the end of the report.Industry risksSlower downstream recovery than we expectIfthe global macroeconomy recovery falls short ofourexpectations, it maynegatively impact the demand recovery for consumer electronicsEscalation of global trade frictionsAs theconsumer electronics supply chain involvesvarioussegments, if global tradefrictionintensifies, it could lead tosupplychain disruptions.Content related to unlisted companies or stocks not covered by Huatai is based on publiclyavailableinformation,and does not represent our recommendation or coverage of the saidcompanies or stocks 6 This report must be read with important disclosures and analystcertifications located on the end of the report.DisclaimersAnalyst CertificationI/We, HUANG Leping, CHEN Xudong, YU Keyi, hereby certify that the views expressed in this report accurately reflect thepersonal views of theanalyst(s) about the subject securities or issuers; and no part of the compensation of the analyst(s) was, is,or will be, directly or indirectly, related to the inclusion of specific recommendations or views in this report.General Disclaimers and DisclosuresThis research report has been prepared by Huatai Financial Holdings (Hong Kong) Limited (hereinafter referred to asHFHL”).The information herein is strictly confidential to the recipient. This report is intended for HFHL, its clients and associatedcompanies. Any other person shall not be deemed a client of the Company merely from his or her receipt of this report.This report is based on information deemed reliable and publicly available by HFHL, but HFHL and its associated company(ies)(collectively, hereinafterHuatai”)makes no guarantee as to the accuracy or completeness of such information.The opinions, assessments and projections contained herein only reflect the views and judgments at the issuance date. Huataimay issue research reports that contain inconsistent views, assessments and projections with those set out herein at differenttimes. The prices, values and investment returns of the securities or investment instruments referred to herein may fluctuate.Past performance is not aguide to future performance, future returns are not guaranteed, and a loss of original capital may occur.Huatai makes no warrants that the information in this report be kept up to date. The information contained in this report maybemodified without notice by Huatai, and investors shall pay attention to such updates or modifications when necessary.HFHL is not a U.S. Financial Industry Regulatory Authority(“FINRA”)member firm, and HFHL research analysts are notregistered/qualified as research analysts with FINRA.While every effort has been made by Huatai to ensure the content contained herein is objective and impartial, the views,conclusions and recommendations in this report are for reference only and are not to be construed as an offer or solicitation forthe purchase or sale of any security or financial instrument and in any jurisdiction where such offer or solicitation would be illegal.Such views and recommendations are not intended to provide personal