瑞信-深新冠病毒对供应链的影响-2020.3.9.pdf

March 9, 2020 Equity Research Americas Hardline/Broadline Retail Bracing for a Pause: Deep Dive on COVID-19 Supply Chain Issues; Points to Inventory Risks for Q2 Seth Sigman Judah Frommer Research Analyst Research Analyst (212) 538-8043 (212) 325-8681 seth.sigman@ judah.frommer@ Kieran McGrath Lavesh Hemnani (212) 325-5158 (212) 325-5302 kieran.mcgrath@ lavesh.hemnani@ DISCLOSURE APPENDIX AT THE BACK OF THIS REPORT CONTAINS IMPORTANT DISCLOSURES, ANALYST CERTIFICATIONS, LEGAL ENTITY DISCLOSURE AND THE STATUS OF NON-US ANALYSTS. US Disclosure: Credit Suisse does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Investment Highlights We see both supply and demand risks developing for the Key takeaways regarding supply chain disruption: We think Hardline/Broadline Retail group, in late Q1 and into Q2, on the nearly all retailers will see some level of disruption in inventory. Most back of COVID-19. We focus mainly on supply in this note, and the impacted will be those with high exposure to China, fast inventory potential