策略周评：疫情冲击供应链，谁最紧张？

1 / 13 东吴证券（香港） 请务必阅读正文之后的免责声明部分 Equity Research·Strategy Research·Weekly Review Weekly Review 20220429 [Table_Main] As pandemic hit supply chains, which were the most affected industries and companies? Report Abstract: ◼ The State Council has clarified the policy direction of ensuring smooth logistics to gradually ease supply chain pressures. ① Recently, the State Council held a thematic meeting on ensuring smooth logistics and supply chain stability, aiming to effectively solve the national logistics bottlenecks and supply chain disruption caused by early lock-down management. ② MIIT, MOT, PBoC and other departments had positive responses and claimed to ensure smooth logistics and promote production and work resumption. On April 15, MIIT prioritized the resumption of work in 666 enterprises in industries such as integrated circuits, automobile, equipment manufacturing and biomedicine. MOT pointed out that "all efforts should be made to ensure the smooth operation of logistics". PBoC said it will use financial tools such as refinancing and rediscounting facilities to enhance financial support for smooth logistics and stable industrial and supply chains. ③ We expect that as the policy of ensuring smooth logistics takes effect and epidemic situation improves in Shanghai, supply chain pressures will be eased gradually. However, investors still need to pay attention to the industries and companies which were severely affected. ◼ Supply chains of Automobiles, machinery and electrical equipment were the most hit. ①The more complex the industrial chain, the lower the capability of resisting systemic supply chain risks. We select "Procurement Expenditure from top 5 Suppliers (%)" as an indicator of supply chain complexity. The lower percentage indicates a higher number of suppliers and a more complex supply chain. Industries with the lowest average percentage are construction & real estate, agriculture, automobiles, machinery, and home appliances. ② Automobiles, machinery and electrical equipment are major advantageous industries in the Yangtze River Delta, China's advanced manufacturing area. In 2019, the revenue of industrial companies in Yangtze River Delta accounted for over 70% of all industries. Each manufacturing industry in Yangtze River Delta accounts for more than 10% of the country’s except for mining, of which machinery, electrical equipment, and automobiles account for more than 30%. As the Yangtze River Delta is under lock down, national supply chains of above-mentioned industries are bound to be severely impacted. ③ Guangdong's major advantageous industries: Electronic equipment, electrical equipment and light industry; Beijing and Hebei’s major advantageous industry: utilities. ◼ We screened out the most affected companies in terms of sales, production, and investment. ① In terms of sales: the company’s revenue highly relies on the Yangtze River Delta. Scre