我们维持14.20港元的目标价，对应8.1倍/7.2倍/6.4倍2022 /2023 /2024年EV/EBITDA。维持“买入”评级。
　　1）与市场认为公司仅在香港建造道路桥梁和公共房屋的观点不同，我们发现公司已扩展到废物处理设施建设和管理业务。2）与市场认为公司在碳中和方面业务较少的观点相反，我们发现公司在其业务中已广泛使用碳中和相关技术。
　　公司以技术驱动的方式应对碳中和新要求、工人工资成本持续上涨以及施工现场安全绩效不理想等日益严峻的挑战。公司将在市场整合中脱颖而出，成为建筑2.0时代的少数赢家之一。
　　催化剂：11月国内一系列房地产供给侧宽松政策出台，强烈提振市场情绪。
　　风险：1）政府基础设施支出可能低于预期；2）可能超预期的通胀或导致政策收紧；3）世界各地的疫情可能会出现波动。
　　

研究报告全文：股票研TableTitle黄家玮CompanyReportChinaStateConstructionInternational03311HKGaryWong究85225092616EquityResearch公司报告中国建筑国际03311HKgarywonggtjascomhk15December2022ToTableSummaryEnterWasteTreatmentMarketinHongKongWithaTechnologicalApproachMaintainBuy科技赋能进军香港废物处理市场维持买入公WemaintaintheTPatHK1420representing81x72x64x2022RatingTableRankBuy司20232024EVEBITDAReiterateBuyratingMaintained报1IncontrasttothemarketsviewthattheCompanyingeneralonly评级买入维持告constructsroadsandbridgesandpublichousinginHongKongweviewtheCompanyReportCompanyCompanysexpansionintothewastetreatmentfacilitiesconstructionandmanagementbusinessasverysignificant2Incontrasttothemarkets6TablePrice-18mTP目标价HK1420viewthattheCompanyhaslittlebusinessexposuretocarbonRevisedfrom原目标价HK1420neutralitytheCompanyhasalreadywidelyusedcarbonneutralityShareprice股价HK8390technologyinitsbusinessTheCompanyemploysatechnology-drivenapproachtotackletheStockperformanceincreasinglysignificantchallengessuchasnewrequirementspertainingto股价表现carbonneutralitysustainedincreaseinworkersalarycostsandTableQuotePicunsatisfactorysitesafetyperformanceTheCompanywillemergestrongerofpostmarketconsolidationandbecomeoneofthefewwinnersinthe500return400证newconstruction20era300券告200CatalystsAseriesofsupply-sidelooseningpoliciesforChinas100研报propertysectorissuedinNovemberintensivelyboostedmarket00sentiment100究究200报Risks1Governmentinfrastructurespendingmaybelowerthanexpected300研2possibleinflationexceedingexpectationsmaycausepolicytightening3400告500券EquityResearchReportResearchEquitypossibleworldwideCovidpandemicresurgencesDec-21Mar-22Jun-22Sep-22Dec-22Tab证我们维持1420港元的目标价对应81倍72倍64倍202220232024年EVEBITDAHSIindexCHINASTATECONSTRUCTIONINTleI维持买入评级建nfo1筑1与市场认为公司仅在香港建造道路桥梁和公共房屋的观点不同我们发现公司已扩展到废物处理设施建设和管理业务与市场认为公司在碳中和方面业务较少的观点相反ChangeTablePriceChangeinSharePrice1M3M1Y工2我们发现公司在其业务中已广泛使用碳中和相关技术股价变动1个月3个月1年程Abs059682绝对变动行公司以技术驱动的方式应对碳中和新要求工人工资成本持续上涨以及施工现场安全绩效ReltoHSIndex126110100业不理想等日益严峻的挑战公司将在市场整合中脱颖而出成为建筑20时代的少数赢家相对恒指变动之一TableIAvgSharepriceHK878288平均股价港元nfo2SourceBloombergGuotaiJunanInternationalConstructionEngineeringSectorEngineeringConstruction催化剂11月国内一系列房地产供给侧宽松政策出台强烈提振市场情绪风险1政府基础设施支出可能低于预期2可能超预期的通胀或导致政策收紧3世界各地的疫情可能会出现波动YearTableEndTurnoverNetProfitEPSEPSPERBPSPBRDPSYieldROEProfit年结收入股东净利每股净利每股净利变动市盈率每股净资产市净率每股股息股息率净资产收益率1231HKmHKmHKxHKxHK中2020A624586015119111170972309036043132国2021A77310680113491336211205070405481292022F9922678371556153541230107046055132建中2023F10928188801763133481356306050060136筑2024F120490103802061169411507306055066144国外Sharesinissuem总股数m50376Majorshareholder大股东COHL648际运TableBaseDataMarketcapHKm市值HKm422655Freefloat自由流通比率352输3monthaveragevol3个月平均成交股数00068381FY22NetgearingFY22净负债股东资金63552WeekshighlowHK52周高低HK111406950FY22EstNAVHKFY22每股估值港元176SourcetheCompanyGuotaiJunanInternationalChinaStateConstructionInternational03311HK03311InternationalConstructionStateChinaSeethelastpagefordisclaimerPage1of7TablePageHeaderChinaStateConstructionInternational03311HKEarningsForecastsandTP1raMthgiRelbaTWereiterateBuyratingandmaintaintheTPatHK1420WeforecastChinaStateConstructionInternationalsCSCIortheCompanyEPSfor202220232024tobeHK1556HK1763HK2061respectivelywhichrepresentsYoYgrowthof153133169WemaintaintheTPatHK1420forCSCIrepresenting81x72x64x202220232024EVEBITDAReiterateBuyratingMarketViewsvsOurViewsDecember20221515MarketViews1CSCIsbusinessinHongKongismerelyconstructionofroadsandbridgesandpublichousingandwithlittlegrowthpotential2CSCIhaslittlebusinessexposureincarbonneutralityOurViews2raMthgiRelbaT1TheCompanyparticipatedintheconstructionandmanagementofwastetreatmentfacilitiesfortheHKSARgovernmentwhichisincreasingrelatedspendingWeattendedaprojectsitevisittotheCompanysOPARK2organicresourcerecoverycenteriefoodwasterecyclingTheprojecthadatotalcontractvalueofHK3665billionincludingaconstructioncontractofHK2119billionanda15-yearprojectoperationmanagementcontractofHK1546billionDifferent03311HKfrompreviouscashconstructioncontractsorbuild-transferBTcontractstheCompanynotonlyearnsprofitfromconstructionbutalsoearnsannualmanagementfeeofaboutHK100millionthroughtheasset-lightmanagementmodelEnvironmentalProtectionDepartmentofHongKongEPDHKmentionsinitsWasteBlueprintforHongKong2035thatthelong-termgoalistoachieveuniversalwastereductionresourcerecyclingandzerowastelandfillandtoturnwasteinto中国建筑国际treasurealargenumberofOPARKsorganicresourceRecyclingCenterandIPARKsIntegratedWasteManagementFacilitywillbeconstructedtocompletelyeliminatedependenceonlandfillsWeestimatethattotalconstructioncontractvalueandannualmanagementcontractvaluewillreachHK19billionandHK920millionrespectivelyforOParkProjectsaloneWethinkthattheHKSARgovernmentwillcontinuetoincreaseinvestmentinwastetreatmentandenvironmentalprotectioninthefuturetoprovideamoresuitablelivingenvironmentasproposedinPolicyAddress2022andtheCompanywillbeamainbeneficiaryofsuchexpandinginvestmentTable1EstimatesforpotentialmarketsforconstructionandmanagementofnewOParksinHongKongConstructionofOParksHKManagementofOParksHKConstructionCostofOPark2300tonday2119millionManagementCostofOPar215years1546millionChinaStateConstructionInternationalConstructionCostpertonday706millionManagementCostper1yearpertonday034millionFuturePotentialNewTreatmentCapacity2700tonsdayFuturePotentialNewTreatmentCapacity2700tonsdayPotentialConstructionCostofNewOParks19billionPotentialManagementCostper1yearofNewOParks920millionSourceEPDHKGuotaiJunanInternationalFigure1OPark2constructionsiteFigure2AnnualsolidwasteproducedinHongKongtons1200010000800060004000200002005200620082009201020112013201420152016201820192020200720122017HouseholdIndustrialCommercialCompanyReportSourcetheCompanySourceEPDHKGuotaiJunanInternationalSeethelastpagefordisclaimerPage2of7TablePageHeaderChinaStateConstructionInternational03311HK2TheCompanyhaswidelyusedcarbonneutralitytechnologyinitsbusinessApartfrombeingoneofthefirstconstructionengineeringcompaniestodiscloseitssustainabilityperformancetothepublic1rthroughaMtitshsustainabilitygiRereportlbaTsince2019theCompanyhasastrongtechnologicalapproachtoincorporateacarbonneutralitymindsetintoitsbusiness-Self-developedplatformsandsystemstomonitorcarbonemissionsinformationinreal-timeTheCompanydevelopedtheE-Platformtoachieveinternalinformationintegrationandreducethedifficultyofcollectingcarbonemissions-relateddataatconstructionsitesandofficesincreasingtheaccuracyofdataInadditiontheCompanyalsodevelopedtheC-SmartintelligentconstructionsitemanagementplatformtoachievedigitalizedrefinedandintelligentDecember2022managementwhilereducingcarbonemissionsinthedailymanagementofconstructionsitesThereal-timecarbon15emissionsinformationgatheredcanbeanalyzedandformulatedtobuildthefoundationforfuturecarbonassetdevelopmentandmanagementMoreovertheCompanypioneeredtheuseofa7DBIM-embeddedconstructionlifecyclemanagementsystemwhichisconnectedtotheCompanysinternalcarbonassessmenttooltoprovidesimpleandfullcarbonemissionlife-cyclemanagement-AdoptionofMiCandDfMAtechnologytoreducewasteandcarbonfootprintWiththehelpofMiCModularIntegratedConstructionandDfMADesignforManufactureandAssemblytechnology70oftheconstructionprocessoftheofficesiteofOPark2wascompletedinmainlandChinafactoriesandthecomponentsweresenttoHongKongforassemblywhichsignificantlyreducedconstructiontimewasteproducedandcarbonfootprintoftheconstructionworks2raMthgiRelbaT-IntroductionofinnovativematerialstoincreasethelongevityofbuildingsandreducecarbonemissionsTheCompanyadoptedironmodifiedcementwithaninlaidhigh-densityprotectivelayerandotheradvancedmaterialsforanti-corrosionprotectiontoensurethatproceduresofprocessingfoodwasteinOPark2canachieveacidresistancehigh03311HKtemperatureresistanceandanti-agingcharacteristicsextendingthebuildingslongevityandachievingsustainabilityInadditiontheCompanywasthefirsttousebrickswithCCUScarboncaptureutilizationandstoragetechnologyinChinaduringitsconstructionoftheOPark2中国建筑国际Figure3ESGinformationFigure4C-SmartplatformChinaStateConstructionInternationalSourcetheCompanySourcetheCompanyFigure5ConstructionwithMiCDfMAtechnologyFigure6InnovativematerialsusedforconstructionCompanyReportSourcetheCompanySourcetheCompanySeethelastpagefordisclaimerPage3of7TablePageHeaderChinaStateConstructionInternational03311HKInvestmentLogic1raMthgiRelbaTCSCIwillbeoneofthefewwinnersinthenewconstruction20eradrivenbyitstechnologicalapproachDespiteissuesofcarbonneutralitysustainedincreaseinworkersalarycostsdecliningproductivityunsatisfactorymega-projectperformanceandunsatisfactorysitesafetyperformanceconstructionvolumehascontinuedtoincreasedemandforreforminconstructionandmanagementmethodsincreasedsignificantlyinrecentyearsInthereportConstruction20TimetoChangepublishedjointlybytheHKSARgovernmentandKPMGthreepillarswereproposedtotacklethechallengesWeDecember2022thinkmarketconsolidationduetothetransformationtotheconstruction20eraisinevitableduetotheincreasing1515significanceofthosechallengesOntheotherhandwethinkthecapabilitiesofCSCIperfectlymatchtherequirementsofallthethreepillarsandwillemergestrongerfromthemarketconsolidationandbecomeoneofthefewwinnersintheConstruction20era-Pillar1-InnovationToembracechangeinnovationandnewtechnologieswilldriveforwardproductivityefficiencyandenhancedprojectdeliveryoutcomesCSCIhasestablishedascienceandtechnologyresearchinstitutebuildingandisoneofthefewdomesticcompaniesinChinawithpost-doctoralworkstationsfocusingonsolvingkeytechnicalproblemsofconstructionandhasastrongreserveoftalentandtechnologyTheCompanyalsoactivelyparticipatesinthepreparationofnationalnormsandindustrystandardshelpingitsinternalscientificandtechnologicalachievementstobewidelyimplementedandpopularizedinthewholeindustryInadditiontheCompanyhasactivelyput2raMthgiRelbaTitsRDeffortsintopracticeforexampleOPark2wasthefirstprojectinChinatoachievecarbonneutralityintheconstructionphase-Pillar2-ProfessionalizationImprovedprofessionalismintheindustrythroughstep-by-stepchangewillincrease03311HKprojectleadershipprojectmanagementprocurementcapabilitiesandprofessionalskillsCSCIhaswidespreaduseoftechnologiessuchasMiCBIMBuildingInformationModelingandDfMAwhichhelpstoreduceon-sitemanpowerandincreaseworksafetyandefficiencyInadditiontheCompanysBIMmodelincludesthefunctionsofeachelementintheactualbuildingprocessandassistsinthecommissioningandmanagementofthefacilitywhichisalevelofdetailrarely中国建筑国际seeninBIMprojectsinHongKong-Pillar3-RevitalizationReinvigoratingtheappealandbenefitsofjoiningtheindustrytoattractandnurturegrowingnumbersofyoungandenergetictalenttotheworkforceThechallengesfacingtheconstructionindustrysuchaslackofappealtotheyoungworkforcearemainlyduetotheunstablenatureofworkingdaysthehardshipsassociatedwithconstructionsitesandsafetyconcernsThesechallengesaresubstantiallyresolvedwithnewtechnologiessuchasMiCandDfMAwhichturnon-sitejobsunstableworkingdaysandenduringhardshipstofactory-likejobsroutineworkingdaysandlesshardshipenduredduetohigherlevelsofdigitalizationandautomationandfactoriesaremuchsafercomparedwithconstructionsitesInadditionMiCandDfMAtechnologiesrequiremoresophisticatedknowledgewhichresultsinhigherpaidpositionsCSCIwithitssubsidiaryChinaStateConstructionHailongTechnologybeingtheChinaStateConstructionInternationallargestMiCandDfMAcompanyinChinaisseenasaverydesirableworkingplacefornewtalentCatalystsAseriesofsupply-sidelooseningpoliciesforChinaspropertysectorissuedinNovemberintensivelyboostedmarketsentimentFirstlyon8NovembertheNationalAssociationofFinancialMarketInstitutionalInvestorsextendedthebondfinancingsupportprogramforprivatedevelopersthesecondarrowwithtotalamountoffinancialaidatRMB250bnOn23NovemberthePeoplesBankofChinaPBoCandChinaBankingandInsuranceRegulatoryCommissionCBIRCpublishedontheirofficialwebsitesanofficial16-pointrescueplantosupportthehealthyandstabledevelopmentofthepropertymarketTheannouncementconfirmspoliciesmentionedinmediareportson11NovemberOn28Novemberthethirdarrowa5-pointplanaboutthereopeningofequityfinancingchannelsforpropertydevelopersfinallycameoutFinancialregulatorshavedemonstratedthestrongestlevelofsupportforthepropertymarketsincethe930policyin2014TherecoveryinthepropertymarketwillturnlocalgovernmentfinancebacktoavirtuouscircleandwillincreasetheCompanysnewcontractsforinfrastructureprojectssuchaspublichousinginmainlandChinaCompanyReportSeethelastpagefordisclaimerPage4of7TablePageHeaderChinaStateConstructionInternational03311HKRisksWarning1raMthgiRelbaT1Governmentinfrastructurespendingmaybelowerthanexpected2inflationmayexceedexpectationswhichmaycausepolicytightening3possibleworldwideCovidpandemicresurgencesTable2PeersValuationPEPBROEDYEVEBITDACompanyStockCodeCurrencyLastpriceMarketcapmnDecember202221A22F23F24F21A22F23F24F22F22F22F1515ChinaStateConstructionInt03311HKHKD83904226562534741070706061305782ChangshaBroadHomesIndus-H02163HKHKD70003413829nana26007080808nananaChinaRailwayGroupLtd-H00390HKHKD434015561635322825040303031075779ChinaRailwayConstruction-H01186HKHKD49501173422623211803020202956255ChinaCommunicationsConst-H01800HKHKD391013591131292725020202027264131MetallurgicalCorpOfChin-H01618HKHKD18107151843353127050303038956102ChinaEnergyEngineeringC-H03996HKHKD094096665414438320403030373nanaAsiaAlliedInfrastructureH00711HKHKD0530952na78nana0404nanana33naDitGroupLtd00726HKHKD0440136594nanana05nanananananaHanisonConstructionHolding00896HKHKD116012864683nana0303nanana101naSocamDevelopmentLtd00983HKHKD111041556nanana01nana2naraMnathginaRenalbaTYauLeeHoldingsLtd00406HKHKD12705563782nana0404nanana34naChinaStateConstructionDev00830HKHKD190042851401027654252016132083367SimpleAverage120563860060505051115586WeightedAverage413430270403030391507503311HKSourceBloomberg中国建筑国际ChinaStateConstructionInternationalCompanyReportSeethelastpagefordisclaimerPage5of7TablePageHeaderChinaStateConstructionInternational03311HKFinancialStatementsandRatiosTableIncomeStatementTableBalanceSheetIncomeStatement1BalanceraSheetMthgiRelbaTYearend31DecHKDm2020A2021A2022F2023F2024FYearend31DecHKDm2020A2021A2022F2023F2024FTotalRevenue624587731099226109281120490PropertyPlantandEquipment53915698616366877157CostofSales53174653278442192711101934InterestinAssociatesJVs2328327735288333051932258GrossProfit928411983148051657018556ConcessionOperatingRights38133785376737493731Long-termReceivables5373054435571566001463015December2022InvestmentandOtherIncomeGainsNet97911978439211099InterestsinInfrastructureProject1515SGAExpenses19202279267927322892Investments57145727601363146629OperatingProfit834310901129691475916764OtherNon-currentAssets68757948812683698733TotalNon-currentAssets98804105328110058115651121524FinanceCosts26802668291134303602ShareofProfitsofJVsAssociates25821152749849963Inventories410367507556612ProfitBeforeTax82449385108081217814125TradeandOtherReceivables3816059240633866655669884IncomeTax17601949230426023016ContractAssets1198213468154881703718740ProfitAfterTax648474368504957611110AmountsDuefromJVs7267697899231092812049CashCashEquivalents2245524407238392557528163Non-controllingInterest469635666696729OtherCurrentAssets77329498106231177113064ShareholdersProfitLoss601568017837888010380TotalCurrentAssets880071139571237661324221425112raMthgiRelbaTTotalAssets186811219284233824248074264035BasicEPS11911349155617632061DPS03600405046005000550Short-termBorrowings970710105106101114111698TradePayablesOtherPayablesandAccruals512886056163529657526805403311HKTableCashFlowStatementCashFlowStatementContractLiabilities85479663106771174512920OtherCurrentLiabilities1039612593140711488615787Yearend31DecHKDm2020A2021A2022F2023F2024FTotalCurrentLiabilities799399292298888103524108458ProfitBeforeTax82449385108081217814125中国建筑国际DepreciationandAmortisation416432452474497Long-termBorrowings3548947848502415275355390ChangeinWorkingCapital110699189872766957485OtherNon-currentLiabilities1310412297124921270212927OtherOperatingActivities21221179617516962TotalNon-currentLiabilities4859260146627336545568318CashfromOperatingActivities4532551191754416175TotalLiabilities128532153068161621168979176776CapitalExpenditure548686716787747ShareCapital126126126126126OtherInvestingActivities873425138459297Reserves4896856320618396820075808CashfromInvestingActivities325493867812451044TotalShareholdersEquity4909456446619656832675934MinorityInterest91869770102381076911326IssuanceofShares055000TotalEquity5828066216722047909587260IssuanceRepaymentofDebts396111050289830433195TotalEquityandLiabilities186811219284233824248074264035Dividends44024609495257496122ChinaStateConstructionInternationalOtherFinancingActivities33225771037975BVPS972311205123011356315073CashfromFinancingActivities28816964215727853003TableFinancialRatioCashatBegofYear2260022412243402375825477FinancialRatiosNetChangesinCash13261475919141121292020A2021A2022F2023F2024FForex1137454337309440AddPledgedbankdeposits44688197117GrossMargin149155149152154CashatEndofYear2245524407238392557528163OperatingMargin134141131135139NetMargin9688798186ROA3231343639ROE132129132136144SourcetheCompanyGuotaiJunanInternationalNetGearingRatio600640635596547InterestCoveragex3141454347CompanyReportSeethelastpagefordisclaimerPage6of7TablePageHeaderChinaStateConstructionInternational03311HKCompanyTableCompanyRatingDefinitionRatingDefinitionTheBenchmarkHongKongHangSengIndex1raMthgiRelbaTTimeHorizon6to18monthsRatingDefinitionBuy买入RelativePerformance15orthefundamentaloutlookofthecompanyorsectorisfavorableAccumulate收集RelativePerformanceis5to15orthefundamentaloutlookofthecompanyorsectorisfavorableDecember2022Neutral中性RelativePerformanceis-5to51515orthefundamentaloutlookofthecompanyorsectorisneutralReduce减持RelativePerformanceis-5to-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSell卖出RelativePerformance-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSectorTableIndustryRatingDefinitionRatingDefinitionTheBenchmarkHongKongHangSengIndexTimeHorizon6to18monthsRatingDefinitionOutperform跑赢大市RelativePerformance52raMthgiRelbaTorthefundamentaloutlookofthesectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthesectorisneutralUnderperform跑输大市RelativePerformance-5Orthefundamentaloutlookofthesectorisunfavorable03311HKTableDISCLOSUREOFINTERESTSDISCLOSUREOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport中国建筑国际3ExceptforCHINAGRANDPHARMACEUTICALANDHEALTHCARE00512HKLUZHOUBANK01983HKSFREIT02191HKJINSHANGBANK02558HKBANKOFZHENGZHOU06196HKGuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunananditsgroupcompanieshavenothadinvestmentbankingrelationshipswiththeissuermentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesarenotmakingamarketinthesecuritiesinrespectoftheissuermentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficeroftheissuermentionedinthisResearchReportThereisnoofficeroftheissuermentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesDISCLAIMERChinaStateConstructionInternationalThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2022GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjacomhkCompanyReportSeethelastpagefordisclaimerPage7of7