Warehousing and logistics: Tax Deal Cross-border electricity supplier neutral impact on the industry

From April 8, China will execute the cross-border electricity supplier import tax the New Deal, the main contents include: 1, a single transaction limit is RMB 2,000 yuan, annual individual transaction limit is RMB 20,000 yuan; 2, import VAT, cancellation exempt from excise tax (originally $ 50); 3, the proportion of each category of actual tax adjustment.
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Sea Amoy neutral impact on the market. 1, the category of tax increases and decreases. Under the New Deal, expected food, baby products increased tax burden, while the unit price fell 100 yuan to 2,000 yuan a light extravagance, clothing, cosmetics and other taxes, the overall impact neutral pH. 2, the annual quota limited practical effect. Food and other small consumer goods generally not exceed the annual limit of 20,000 yuan, while the large luxury sea Amoy is currently still the main entry gray. 3, expected future will intensify the fight against the gray entry. New Deal is still standardized and fair footing, and the restrictions on the consumption of the main product categories and stronger, which will help further the fight against the gray entry in the future, accelerating sea Amoy sunshine.
Logistics enterprises have limited impact, and the market has long been expected. The logistics side, the sea Amoy total demand is the driving force of their business. In the short term, although exempt from tax canceled and micro-products increased tax burden, but considering the upgrade process with domestic consumption, the driving force of the sea scouring the market demand has gradually changed from the previous price advantage to the quality advantage, so little impact on the overall demand . In the long term, as well as pilot cities to promote the standardization of policy but will create more demand for logistics, good industry. Meanwhile, considering the market prior to the introduction of the policy has long been expected, so the impact on the performance of the relevant underlying stock price will not be great.
Continue to recommend Sunshine Sea Amoy first unit Sinotrans Air Transportation Development, reiterated Conviction Buy.
1) the New Deal in favor of accelerating the sun scouring the sea, the company's most sunshine sea Amoy first platform, will benefit.
2) After the pilot cities to promote cross-border electricity supplier, is expected to attract more cross-border electricity supplier companies to enter the market, to bring more tourists.
3) the company and the customs declaration systems docking, continues to expand overseas logistics network, the initiative to extend the industrial chain, and Netease Koala network, Suning Appliance and Yiwu government strategic cooperation, and on-line self-sun and sea Amoy China E flying first advantage is still irreplaceable.