“买入”，目标价13.33港元。综合考虑到1）公司规模、产品矩阵优化和新能源加速转型带来的盈利能力和市场份额提升，2）2023年经营策略调整的积极影响，我们给予公司2023-24年20倍/15倍PE估值，对应目标价13.33港元，较当前目标价有33.0%上行空间。
　　新能源加速转型促渗透率提升，新一轮成长周期已开启。公司新能源战略转型成效显现，但转型成效尚未被市场充分认知。短期股价波动逐渐消退，新能源销量逐渐提速，带动渗透率稳步向上，银河系列的产品创新+销售渠道改革将推升公司盈利能力和拉升销售单价。此外，公司出口业务已触底反弹，出口业务有望在2023上半年超市场预期。我们认为吉利汽车新一轮成长周期已开启，2023年将是公司新能源成长重要之年。
　　产品矩阵进一步完善，纯电+插混双双发力将促公司市场份额提升超预期。由于特斯拉大幅降价策略致行业鲶鱼效应形成，2023年会是行业内卷之年，“以价换量”策略将成为主题。此外，公司已正式完成高端极氪+中高端吉利银河+中低端几何的全价位布局，公司市场份额有望逐步提升。随着极氪+几何新车相继推出，以及吉利银河系列全新发布，更加完善的产品矩阵配合纯电+插混双双发力，预计将带动吉利汽车整体销量和市场份额提升超预期。
　　催化剂：1）新车型有望助推强势上行周期到来；和2）销售渠道和产品矩阵变革奏效良好。

研究报告全文：股票研TableTitleIvanWu吴凱翔CompanyReportGeelyAutomobile00175HK究85225092649EquityResearch公司报告吉利汽车00175HKivanwugtjascomhk10March2023AcceleratedTableSummaryTransformationofEVsBoostedPenetrationRateaNewRoundofGrowthCycleHasBegunBuy新能源加速转型促渗透率提升新一轮成长周期已开启买入公BuywithTPofHK1333Takingintoaccount1theCompanysscale司RatingTableRankBuyproductmatrixandprofitabilityandmarketshareimprovementbroughtbythe报acceleratedtransformationofEVsand2thepositiveimpactonbusinessstrategyadjustmentin2023wegivetheCompany2023-2024PEvaluationof告20x15xcorrespondingTPisHK1333withupsideof330ofcurrentTP评级买入CompanyReportTheacceleratedtransformationofEVshaspromotedincreaseinpenetrationrateandanewroundofgrowthcyclehasbegunThe6TablePrice-18mTP目标价HK1333CompanysEVstrategictransformationhasshownresultsbutthetransformationhasnotyetbeenfullyrecognizedbythemarketTheshort-termShareprice股价HK10020stockpricefluctuationsaregraduallysubsidingandsalesofNEVsaregraduallyincreasingdrivingthepenetrationratetorisesteadilyProduct告innovationsaleschannelreformoftheGalaxyserieswillboostthe证报CompanysprofitabilityandASPAlsotheCompanysexportbusinesshasStockperformance券bottomedoutandexportbusinessisexpectedtoexceedmarketexpectations股价表现究in1H2023WebelievethatGeelysnewroundofgrowthcyclehasbegunandTableQuotePic研2023willbeanimportantyearfortheCompanysgrowthinEVbusiness800ofreturn研究TheproductmatrixhasbeenfurtherperfectedtheBEVPHEVmodel600券isexpectedtojointlygreatlydriveGeelysmarketsharetoexceed400报expectationsDuetoTeslassharppricecutstrategythecatfisheffectinthe200告证industryhasformed2023willbetheyearofintensiveindustrycompetition00EquityResearchReportandsacrificingpriceforsalesvolumestrategywillbethethemeAlsothe200Companyhasofficiallycompleteditswell-roundedpricinglayoutofhigh-end400Zeekrmid-to-high-endGeelyGalaxyandmid-to-low-endGeometryThe600CompanysmarketshareisexpectedtograduallyincreaseWiththe800TabsuccessivelaunchofZeekrandGeometrynewcarsandthenewlaunchof1000GeelyGalaxyseriesamoreroundedproductmatrixcombinedwithBEVleIMar-22May-22Jul-22Sep-22Nov-22Jan-23Mar-23PHEVmodelwillformajointforcewhichisexpectedtodriveoverallsalesnfo1andmarketshareofGeelytobeatexpectationsHSIIndexGeelyAutoCatalysts1Newvehiclemodelsareexpectedtoboostastrongupwardcycleand2changesinsaleschannelsandproductmatrixworkwell汽ChangeTablePriceChangeinSharePrice1M3M1Y车买入目标价1333港元综合考虑到1公司规模产品矩阵优化和新能源加速转型带来的盈利能力和市场份额提升22023年经营策略调整的积极影响我们给予公司股价变动1个月3个月1年行年倍倍估值对应目标价港元较当前目标价有上行空间2023-242015PE1333330Abs138201158绝对变动业新能源加速转型促渗透率提升新一轮成长周期已开启公司新能源战略转型成效显现但ReltoHSIndex78202112转型成效尚未被市场充分认知短期股价波动逐渐消退新能源销量逐渐提速带动渗透率相对恒指变动稳步向上银河系列的产品创新销售渠道改革将推升公司盈利能力和拉升销售单价此外AutomobilesSectorAvgsharepriceHK110117129公司出口业务已触底反弹出口业务有望在2023上半年超市场预期我们认为吉利汽车新平均股价港元一轮成长周期已开启2023年将是公司新能源成长重要之年SourceBloombergGuotaiJunanInternational产品矩阵进一步完善纯电插混双双发力将促公司市场份额提升超预期由于特斯拉大幅降价策略致行业鲶鱼效应形成2023年会是行业内卷之年以价换量策略将成为主题此外公司已正式完成高端极氪中高端吉利银河中低端几何的全价位布局公司市场份额有望逐步提升随着极氪几何新车相继推出以及吉利银河系列全新发布更加完善的产品矩阵配合纯电插混双双发力预计将带动吉利汽车整体销量和市场份额提升超预期Tab催化剂1新车型有望助推强势上行周期到来和2销售渠道和产品矩阵变革奏效良好leIYTableearEndTurnoverNetProfitEPSEPSPERBPSPBRDPSYieldROEnfo2年结Profit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1231RMBmRMBmRMBxRMBxRMB2020A921145534056537414870891201672094吉2021A1016114847048114917076431101712173利2022F125176505905034717680171101982272汽2023F1556925995059618514884871002342781车2024F18418280130797337111914610031336101TableBaseDataSharesinissuem总股数m100570Majorshareholder大股东LiShuFu423Automobile00175HKAutomobileMarketcapHKm市值HKm1007709Freefloat自由流通比率5773monthaveragevol3个月平均成交股数000595175FY23NetgearingFY23净负债股东资金NetCashGeely52WeekshighlowHK52周高低HK192008300FY23EstNAVHKFY23每股估值港元136SourcetheCompanyGuotaiJunanInternationalSeethelastpagefordisclaimerPage1of6TablePageHeaderGeelyAutomobile00175HKBuywithTPofHK1333correspondingto20x15x2023-2024PEWebelievethatGeelyAutomobilesGeelyortheCompanybusinessscaleproductmatrixandacceleratedtransformationofelectric1vehiclesraMEVthwillgiboostRbothelbtheaTCompanysprofitabilityandmarketshareAtthesametimecombinedwiththepositiveimpactoftheCompanysbusinessstrategyadjustmentin2023wegivetheCompanyFY2023-2024PEvaluationof20x15xrespectivelycorrespondingtoatargetpriceofHK1333withupsideof330ofcurrenttargetpriceTheacceleratedtransformationofEVshaspromotedtheincreaseinpenetrationrateandanewroundofgrowthcyclehasbegunTheCompanysEVstrategictransformationhasshownresultsbutthetransformationhasnotyetbeenfully10March2023recognizedbythemarketTheshort-termstockpricefluctuationsaregraduallysubsidingandsalesofNewEnergyVehiclesNEVaregraduallyincreasingdrivingtheCompanysNEVpenetrationratetorisesteadilyProductinnovationsaleschannelreformoftheGalaxyserieswillboosttheCompanysprofitabilityandASPGeelysmid-to-high-endNEVseriesisofficiallynamedGeelyGalaxyandsomenewmodelshavemadeglobaldebutson23FebTheCompanyssalesinFeb2023was108701unitsup385yoyand51momMeanwhilesalesofNEVswere23684unitsup633yoyand1049momwithpenetrationrateup33pptsyoy106pptsmomrespectivelyto218Thefirstplug-inhybridSUVGeelyGalaxyL7featureslowfuelconsumptionandlongbatterylifewhichcansupportthecartorunupto1370kmwithoutanyrechargingneededGeelyGalaxyL7isexpectedtobepricedatRMB200000andisexpectedtobeofficiallydeliveredin2Q2023GeelyGalaxyisexpectedtoworktogetherwiththestrongsalesofthehigh-endbrandZeekrtomakesignificantcontributionstotheCompanysrevenuein2023Consideringthecombinedeffectofabovevariousfactorswebelieve2rathatMtGeelyhgisRearningselbinaT2023isexpectedtoexceedexpectationsInadditiontheCompanysexportbusinesshasbottomedoutanditisexpectedthatexportbusinesswillreboundstronglyin1H2023exceedingmarketexpectationsWebelievethattheCompanysnewroundofgrowthcyclehasbegunand2023willbeanimportantyearfortheCompanysgrowthinEVbusinessFigure1Geelysfirstsmartmid-to-high-endplug-inhybridFigure2SalesofNEVsimprovedyoyinFebandsalesSUVGeelyGalaxyL7waslaunchedtofullycompleteitsgrowthwillfurtheracceleratein1H2023well-roundedpricinglayoutstrategy000Units5010045804000175HK603530402520吉利汽车200152010540060GeelyAutomobileMonthlySalesNEVYoYSourcetheCompanyGuotaiJunanInternationalSourcetheCompanyGuotaiJunanInternationalFigure3ZeekrssalesgrowthreboundedstronglyaftertheFigure4Geelysexportbusinesshasbottomedoutandisfestivalandisexpectedtomaintainstronggrowthin1H2023expectedtorecordstronggrowthin1H2023000Units12120000Units252501001080200602084015020156100050420104006025805001000100ReportZEEKRmonthlysalesMoMExportYoYMoMSourcetheCompanyGuotaiJunanInternationalSourcetheCompanyGuotaiJunanInternationalCompanySeethelastpagefordisclaimerPage2of6TablePageHeaderGeelyAutomobile00175HKTheproductmatrixhasbeenfurtherperfectedtheBEVPHEVbusinessmodelisexpectedtojointlygreatlydrivetheCompanysmarketsharetoexceedexpectationsDuetoTeslassharppricecut1strategyraMtthehcatfishgiReffecteinlthebaTindustryhasformedWehaveseenthatmanyOEMsintheautomarkethavefollowedTeslaspricecutmovewhichalsoimpliesthat2023willbeayearofintensiveindustrycompetitionintheChinaautomobilemarketandsacrificingpriceforsalesvolumestrategywillbethethemeWiththelaunchofGeelysfirstsmartmid-to-high-endplug-inhybridSUVGeelyGalaxyL7Geelyhasofficiallycompleteditswell-roundedpricinglayoutofitshigh-endZeekrmid-to-high-endGeelyGalaxyandmid-to-low-endGeometryTheGeelyGalaxyserieswilladoptanewsaleschannelwhichwillsolvetheconflictbetweenthesalesmechanismofNEVsandfuelvehiclesThenewchannelisexpectedtoadoptanoperationmodelofseparatingorders10March2023anddeliveriesandstoreswillonlyfocusonprovidingserviceswhichismoreinlinewiththeneedsofusersofNEVsWepredicttheCompanysmarketsharetoincreaseundertheautomobileindustrythemeofsacrificingpriceforsalesvolumein2023WiththesuccessivelaunchofZeekrandGeometrynewcarsandthenewlaunchofGeelyGalaxyserieswebelievethatamorecompleteproductmatrixcombinedwithGeelyscompetitiveBEVPHEVbusinessmodelwillbepowerfulwhichisexpectedtodriveGeelysoverallsalesandmarketsharetoexceedexpectationsin2023Catalysts1NewvehiclemodelsareexpectedtoboostastrongupwardcyclefortheCompany2changesinsaleschannelsandproductmatrixworkwellRiskwarningThedownstreamvehiclepricewarofpassengervehiclesmayexceedexpectations2rtheaMrecoverythgiofRpassengerelbaTvehicleend-marketdemandmaybelowerthanexpectedFigure5GeelysForwardPERatioFigure6GeelysForwardPBRatio354030351SD241x30251SD27x2520Average21x2015Average188x1510-1SD135x-1SD14x1000175HK505000Mar-20Sep-20Mar-21Sep-21Mar-22Sep-22Mar-23Mar-20Sep-20Mar-21Sep-21Mar-22Sep-22Mar-23吉利汽车PEAverage1SD-1SDPBAverage1SD-1SDSourceBloombergGuotaiJunanInternationalSourceBloombergGuotaiJunanInternationalTable1GlobalPeersComparison--OEMsGeelyAutomobileCompanyStockCodeCurrencyLastPricePEfiscalyearPBfiscalyearROEDYEVEBITDA2021A2022F2023F2024F2021A2022F2023F2024F2022F2022F2022FHongKong-listedOEMsDongfengMotorGrpCoLtd-H00489HKHKD380024262625020202027112142GeelyAutomobileHoldingsLt00175HKHKD100201731781309913121111691863BrillianceChinaAutomotive01114HKHKD371013372323040403039614naGreatWallMotorCompany-H02333HKHKD97101108487721211100914049160QinglingMotorsCoLtd-H01122HKHKD103066nanana03nanananananaBydCoLtd-H01211HKHKD21900017143712481795552433414203175GuangzhouAutomobileGroup-H02238HKHKD5230594742370505040410459794BaicMotorCorpLtd-H01958HKHKD21603740414403030303727903NioInc-ClassA09866HKHKD71200nananananananana49700naXpengInc-ClassAShares09868HKHKD33400nananana1117181821600naLiAutoInc-ClassA02015HKHKD87350nananananananana4700naWeichaiPowerCoLtd-H02338HKHKD113608615211310111121110721765SinotrukHongKongLtd03808HKHKD1266067147957108080808582645SimpleAverage2351208972111311100532168ReportWeightedAverage947243171128323126225517196Median6684877108100908711864MainlandChina-listedOEMsDongfengAutomobileCoLtd-A600006CHCNY6970375258199na17nanana65nanaCompanyGreatWallMotorCoLtd-A601633CHCNY336004603333432645044413713711169FawJiefangGroupCoLtd000800CHCNY8750104na4375313151817151102464SeethelastpagefordisclaimerPage3of6TablePageHeaderGeelyAutomobile00175HKSaicMotorCorpLtd-A600104CHCNY149307089787106060606684064ChongqingChanganAutomob-A000625CHCNY130003601581521382321181713320671raMthgiRelbaTWeichaiPowerCoLtd-A000338CHCNY1190010822714511915141312621563BeiqiFotonMotorCoLtd-A600166CHCNY3540na35401861342223211805nanaAnhuiJianghuaiAutoGroup-A600418CHCNY146601466na698455212220195503308CnhtcJinanTruckCoLtd-A000951CHCNY16400182594183125141413122604119YutongBusCoLtd-A600066CHCNY10220365516205182151515143010176XiamenKingLongMotorGr-A600686CHCNY6450nananana13nanananananaJianglingMotorsCorpLtd-A000550CHCNY14960223199189267151414137327naYangzhouYaxingMotorCo-A600213CHCNY98109810nanana1088nananananana10March2023ZhongtongBusCoLtd-A000957CHCNY12200nananana28nanananananaSimpleAverage1229657614207961918164814179WeightedAverage352368437182282221198318133Median360258189160161716156211144Japan-listedOEMsNissanMotorCoLtd7201JPJPY549100na1001226805050404510939ToyotaMotorCorp7203JPJPY19195001199410592121009091152357HondaMotorCoLtd7267JPJPY36680009689857707060605723474MazdaMotorCorp7261JPJPY1346000na104616607070606662227MitsubishiHeavyIndustries7011JPJPY509300042115112810813111010772573SubaruCorp7270JPJPY2301000231252807610090908382926SuzukiMotorCorp7269JPJPY4967000165150110102141312119022582raMthgiRelbaTHinoMotorsLtd7205JPJPY566000nanana401060708081671465IsuzuMotorsLtd7202JPJPY17070002951058974121110091144255SimpleAverage2211319711810090808512453WeightedAverage1391041029011090908982557Median198104977710090908722357OtherNation-listedOEMsHyundaiMotorCo005380KSKRW1763000009362555505040505734680FordMotorCoFUSUSD1245028na807710111111431324PaccarIncPCARUSUSD743102081941151333344262424342113VolkswagenAgVOWGREUR17610060546057070605051089017BayerischeMotorenWerkeAgBMWGREUR9885053407067090807072077845RenaultSaRNOFPEUR41210126na443804040404120018VolvoAb-BShsVOLVBSSSEK21540013413412011831272725215374800175HKGeneralMotorsCoGMUSUSD3782056616261090807061400321TataSteelLtdTATAININR1082001663312195181211104263934SimpleAverage102828178141412111513944吉利汽车WeightedAverage85787876131311101424841Median93617067090807071403934GlobalAverage503261245121391412115928107GGloballobalWeightedAverageGlobalAverage288150141102181614131033183SourceAverageBloombergGuotaiJunanInternationalGeelyAutomobileReportCompanySeethelastpagefordisclaimerPage4of6TablePageHeaderGeelyAutomobile00175HKFinancialStatementsandRatiosTableIncomeStatementTableBalanceSheet1raMthgiRelbaTIncomeStatementBalanceSheetYearEnd31DecRMBm2020A2021A2022F2023F2024FYearEnd31DecRMBm2020A2021A2022F2023F2024FTotalrevenue92114101611125176155692184182PPE2657430859306803173132741Costofsales7737784199102554128061150511Intangibleassets1861020901267293394042509Grossprofit1473717412226222763133672InterestinassociatesandJV968910205103341109311971Distributionexpenses5053632381361012011972Prepaidlandleasepayment30433436377941574573Administrativeexpenses57548036100141245514735Deferredtaxassets970243524752515257010March2023Operatingprofit39303054447150566965Others9951210118811381040Financecosts-net208280335255273Totalnon-currentassets5988169046751858457395404ShareofresultsofAssoandJV8751205137318352264Otherincome14311339103510151002Inventories36915522513361557019Share-basedpayment41213124812301239Tradeandotherreceivables2786831549313003893146054Profitbeforetax64414665596669309265Others225207156173192Incometax866312665657931Pledgeddeposit1744455Profitaftertax55754353530262738334Cashcashequivalents1897728014240102489425277Non-controllinginterest41494242279320Totalcurrentassets5093565296606037015778547Shareholdersprofitloss55344847505959958013Totalassets11081613434113578815473017395105650481050305960797BasicEPSRMBshareTradepayables41516573935690171053835092raMthgiRelbaTTableCashFlowStatementCashFlowStatementBankborrowing01907000YearEnd31DecRMBm2020A2021A2022F2023F2024FOtherliabilities3711051108812531608OperatingactivitiesTotalcurrentliabilities4188760351579897230685116Profitbeforeincometax64414665596669309265Depreciationandamortization54916893283731413675LTborrowing19600000Financecost167265219219219Bondpayables19501901198019801980Interestincome375545554475492Deferredtaxliabilities409405532658836Changesinworkingcapital7576516114555004468Others3971464146414641464Shareofresultsofassociates8751205137318352264Totalnon-currentliabilities47163770397641024280Exchangegainlosses6368000Totalliabilities4660264120619657640889397Incometaxespaid13711197665657931ChangeofotheroperatingItems368137918108280Totalshareholdersequity636316860671966761878209900175HKCashfromoperatingactivities15971534865571293214220Minorityinterest5821615185721362456InvestingactivitiesTotalequity6421370221738237832384555NetinvestmentsinPPE27052605265526302643吉利汽车TableFinancialRatioFinancialRatiosNetchangeofprepaidlandlease440344378416Netchangeofintangibleassets419132545828721185692020A2021A2022F2023F2024FNetchangeofpledgeddeposit134171000ProfitabilityInterestincome299573554475492Grossprofitmargin160171181177183NetinvestmentsinAssoandJV492932234618771501EBITDAR63123787176GeelyAutomobileOthers1395889197615671121EBITMargin6355555156Cashfrominvestingactivities5430715986431005411516Netprofitmargin6048403944FinancingactivitiesROE94737281101NetchangeofLTbankloan00000ROA5036373946Issuanceofseniornotes00000Issuanceofshares613531000GrowthInterestpaid134141219219219Salesvolumegrowth-total100620511833Dividendpaid21211677169917742102Revenuegrowth54103232244183Others1192702000EPS37414947185337Cashfromfinancingactivities3761916191919932321BPS16994516180Netchangesincash7291054004885383Cashatbeginningofyear1928118977280142401024894LiquidityandsolvencyExchangelosses23268000GearingratioNetcashNetcashNetcashNetcashNetcashCashatendofyear1897728014240102489425277Cashratio0505040303SourcetheCompanyGuotaiJunanInternationalQuickratio1110100908Currentratio1211101009ReportCompanySeethelastpagefordisclaimerPage5of6TablePageHeaderGeelyAutomobile00175HKCompanyTableCompanyRatingDefinitionRatingDefinitionTheBenchmarkHongKongHangSengIndex1raMthgiRelbaTTimeHorizon6to18monthsRatingDefinitionBuy买入RelativePerformance15orthefundamentaloutlookofthecompanyorsectorisfavorableAccumulate收集RelativePerformanceis5to15orthefundamentaloutlookofthecompanyorsectorisfavorableNeutral中性RelativePerformanceis-5to510March2023orthefundamentaloutlookofthecompanyorsectorisneutralReduce减持RelativePerformanceis-5to-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSell卖出RelativePerformance-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSectorTableRatingIndustryDefinitionRatingDefinitionTheBenchmarkHongKongHangSengIndexTimeHorizon6to18monthsRatingDefinitionOutperform跑赢大市RelativePerformance52raMthgiRelbaTorthefundamentaloutlookofthesectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthesectorisneutralUnderperform跑输大市RelativePerformance-5OrthefundamentaloutlookofthesectorisunfavorableDISCLOSURETableDISCLOSUREOFINTERESTSOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3ExceptforCHINAGRANDPHARMACEUTICALANDHEALTHCARE00512HKLUZHOUBANK01983HKSFREIT02191HKJINSHANGBANK02558HKBANKOFZHENGZHOU06196HKDONGGUANRURALCOMMERCIALBANK09889HKGuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedin00175HKthisResearchReport4GuotaiJunananditsgroupcompanieshavehadinvestmentbankingrelationshipswiththeissuermentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesaremakingorwillmakeamarketinthesecuritiesinrespectoftheissuermentionedinthis吉利汽车ResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficeroftheissuermentionedinthisResearchReportThereisnoofficeroftheissuermentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesGeelyAutomobileDISCLAIMERThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdictionReport2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjacomhkCompanySeethelastpagefordisclaimerPage6of6