TYN(000591) 彭博行业研究·2024-12-02 06:46Investment Rating - The report indicates a significant increase in tariffs on solar products imported from Southeast Asia, with rates reaching as high as 271% [1][4]. Core Insights - The U.S. Department of Commerce has preliminarily determined that solar products imported from Southeast Asia are being sold at unfairly low prices, leading to the imposition of high tariffs to protect domestic manufacturers [1][2]. - The investigation was initiated by the American Alliance for Solar Manufacturing Trade Committee, representing companies like First Solar Inc. and Hanwha Qcells USA Inc., highlighting ongoing efforts to combat foreign competition [2][3]. - The preliminary tariffs are seen as a step towards addressing long-standing unfair trade practices and protecting U.S. solar manufacturing investments [3]. Summary by Sections Tariff Details - Tariffs on imports from Cambodia will face a cash deposit rate of 117.12%, while Malaysia's rates range from 17.84% to 81.24% depending on the supplier [4]. - Vietnamese exporters will face cash deposit rates between 53.19% and 56.4%, with some facing a rate of 271.28% [4]. Market Reactions - Following the announcement, First Solar's stock rose by 3.8%, while JinkoSolar's American Depositary Receipts fell by 2.9%, indicating mixed market reactions to the tariff news [3]. Future Outlook - The final rulings from the trade investigations are expected to be announced in April next year, with the possibility of adjustments to the preliminary tariff rates [5].