金吾财讯 | 华泰证券表示，墨、加、中均为美国重要的汽车零部件进口国，尤其是墨西哥占美国汽零进口金额超过40%。本次对华加征10%关税在市场预期下沿位置，税率落地后美国对墨西哥和中国汽零的关税分别为27.5%和37.5%。从成本分析看，假设关税全部由企业承担，那么在美国本地化工厂的综合成本更有优势，其次为墨西哥和中国建厂并出口，因此，中长期来看，或推进形成中国-第三国-美国的供应链条。从现状看，已有较多的中国汽零厂商在墨西哥投资布局产能，但是整体规模不大，仍处于产能爬坡阶段。虽然短期内关税提升后，成本压力提升，但后续仍可通过“下游谈关税分担”，“产能利用率提升”等方法实现盈利。
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