Guosen Securities: Q1 financial report shows that A-share companies in the export chain have made a good start, with the high-end manufacturing industry accelerating its overseas expansion.

Guosen Securities released a research report stating that, benefiting from multiple factors such as foreign trade companies "grabbing exports", accelerating the expansion of mid-to-high-end products in overseas markets, and the continuous efforts of the "Belt and Road" initiative, listed companies in the export chain achieved a good start in Q1 2025. The net profit growth rate of the export chain in Q1 2025 reached 15.33% year-on-year, a significant increase of 14.54 percentage points compared to 2024. Meanwhile, the net profit growth rate of all A non-financial companies during the same period was 4.29%, indicating that the performance of the export chain was significantly superior. In 2024, the net profit growth rate of the export chain was 0.80% year-on-year, also outperforming the performance of all A non-financial companies, suggesting that foreign demand has provided significant support for the performance of the export chain over the past six months. Looking ahead, the bank believes that the imposition of tariffs will cause some disturbance to the export chain's performance growth. However, industries with relatively decentralized export markets, small exposure to the United States, high global market share, global dominance, or without physical products may have stronger ability to withstand tariff risks.