快讯:兴发铝业(00098 HK):发展前景依旧良好
　　评级：买入  6-18m 目标价: HK$11.73
　　分析员：郭勇  报告日期: 2023-03-20
　　报告摘要
　　我们维持兴发铝业（“公司”）“买入”的投资评级，目标价11.73港元。我们的目标价相当于2.4倍2023年市盈率和1.9倍2024年市盈率。我们预计新能源汽车用铝型材的销量在2023年将保持快速增长并贡献更多的利润。
　　我们预计新能源汽车用铝型材的销售在2023年将录得快速增长。兴发铝业在2022年首次进入了新能源汽车的供应链并开拓了新能源汽车客户。公司将会继续加强工业铝型材产品的研究和开发以更好把握市场机会及抢占各细分领域的市场份额。与此同时，公司也提升了其产能，佛山三水精密制造基地在2022年全面投产。我们预计新能源汽车用铝挤压材将极大受益于新能源汽车产业的快速发展并成为公司未来三年主要的增长来源。
　　 2022年公司净利润的下滑是暂时的，公司在铝挤压行业的竞争优势仍然十分显著。2022年公司净利润的下滑主要是由于应收账款减值损失，公司经营保持稳定。在国内房地产市场面临巨大挑战时公司的铝型材总销量和总收入仍然录得了增长，充分显示出了公司的竞争优势。我们认为公司的发展前景依旧良好。
　　催化剂：新能源汽车销量的快速增长；国内房地产市场的复苏。
　　风险因素：车用铝挤压材的开发不及预期；其它铝挤压生产企业的激烈竞争；国内房地产市场持续疲软。

研究报告全文：股票研Research究TableTitleEquityResearchDepartmentMorningResearchFocus21March2023TableSummaryTableofContents目录Focus行业和公司焦点今IndustryandCompanyFocus晨Nil无焦Research点LatestReports最新报告摘要MorningCompanyEPSCodeTitleTPChgRatingChgNameEstChange代码标题目标价z评级变动公司名称盈利预测是否改变XingfaFlashNoteGrowthProspects00098HKHK1173--Buy--YAluminiumRemainGood兴发铝业00098HK快讯发展前景依旧良好HK1173--买入--是SectorReportJan-Feb2023PowerEnergyDataReviewDemandCouldImproveOperations--Outperform--N证FurtherWindOutputGrowthSector告Outperformed券行业报告2023年1-2月电力数据点评研能源运营行业报--跑赢大市--否需求有望进一步改善风电电量增速抢眼究究TypeofReportTitle研IssueDate报报告类型标题告OverseasLiquidityRisks-ACrisisthatPresentsAccumulation券MarketStrategy20March2023OpportunitiesEquityResearchReport证AppendicesChineseVersionoftheIndustryandCompanyFocusLatestReports后附行业和公司焦点最新报告摘要中文版HSIPerformanceHSCEIPerformance31000140002900012000270002500010000230002100080001900060001700015000400013000110002000Mar22Jun22Sep22Dec22Mar23Mar22Jun22Sep22Dec22Mar23SourceBloombergSourceBloombergSeethelastpagefordisclaimer1of7MorningResearchFocusPreviousIntradayHKmRMBmTradingDayChange百万港元百万人民币前一交易日单日涨跌HSIIndexDailyTurnoverMainlandChinaDailyTurnover1900071-265129439578599恒生指数总成交额内地总成交额HSCEIIndexStockConnectNetInflowMarketCapSSE646965-221569142834843国企指数互联互通净流入沪市市值HSTECHIndexMarketCapHKExMarketCapSZSE387027-2753568090033986600科技指数港股市值深市市值资料来源国泰君安国际BloombergNotethemarketcapitalvalueofHKExSSESZSEandMainlandChinaDailyTurnoverwasrecordedasatMar17PleasesubscribetoourGTJAIResearchWechatsubscriptionaccountsPleasescantheQRcodesontheright-handsideResearchReportDatabase1wwwgtjaicomResearchFocusCompanyResearchHighlights2BloombergReportPageRESPGJIRorNHGTJ欢迎订阅国泰君安国际研究部的微信公众号公众号账号国泰君安国际研究部研究报告库1wwwgtjaicom研究报告公司点评专题研究2Bloomberg报告页面RESPGJIR或NHGTJIndustryandCompanyFocusNil无Seethelastpagefordisclaimer2of7MorningResearchFocusTableTableFocusLatestLatestReportsFlashNoteXingfaAluminium00098HKGrowthProspectsRemainGoodRatingBuy6-18mTPHK1173AnalystKevinGuoReportDate2023-03-20SummaryWemaintaintheinvestmentratingofXingfaAluminumtheCompanyasBuywithTPofHK1173OurTPrepresents24x2023PERand19x2024PERWeexpectsalesofaluminumextrusionproductsfornewenergyvehiclestomaintainfastgrowthandcontributemoreprofitin2023Weexpectsalesofaluminumextrusionproductsfornewenergyvehiclestorecordfastgrowthin2023In2022XingfaAluminumenteredintothesupplychainofnewenergyvehiclesNEVforthefirsttimeacquiringNEVcustomersTheCompanywillkeepstrengtheningtheresearchanddevelopmentofindustrialaluminumprofilesinordertobettergraspmarketopportunitiesandseizemarketshareinvarioussegmentsAtthesametimetheCompanyalsoincreaseditsproductioncapacityandFoshanSanshuiPrecisionManufacturingBasewasfullyputintooperationin2022WeexpectsalesofaluminumextrusionproductsfornewenergyvehiclestobenefitgreatlyfromthefastdevelopmentofthenewenergyvehicleindustryandexpectittobethemainsourceofgrowthfortheCompanyinthenext3yearsThedeclineinnetprofitin2022wastemporarytheCompanystillholdsgreatcompetitiveadvantagesinthealuminumextrusionsectorThedeclineinnetprofitin2022wasmainlyattributabletoimpairmentlossontradeandotherreceivablestheoperationoftheCompanyremainedstableTotalsalesofaluminumextrusionproductsandtotalrevenueoftheCompanystillrecordedgrowthwhilethedomesticpropertysectorwasconfrontedwithgreatchallengeswhichfullyreflectedthecompetitiveadvantagesoftheCompanyWebelievethegrowthprospectsoftheCompanyremaingoodCatalystFastsalesgrowthofnewenergyvehiclesrecoveryofdomesticpropertymarketRisksDevelopmentofaluminumextrusionproductsforvehiclesmaymissexpectationfiercecompetitionfromotheraluminumextrusionproducersdomesticpropertymarketmayremainweakSectorReportEnergyOperationsSectorJan-Feb2023PowerDataReviewDemandCouldImproveFurtherWindOutputGrowthOutperformedRatingOutperform6-18mTPnaAnalystPeterShaoReportDate2023-03-20SummaryJan-Feb2023PowerDataAccordingtoChinasNationalEnergyBureauNEAChinaspowerconsumptioninFeb2023grew110yoyandthatinthefirsttwomonthsgrew23yoygenerationfrompowerplantsabovedesignatedscaleincreased07yoyduringthefirsttwomonthsoftheyearDemandgrowthwaslikelydistortedbyahighbaseeffectandawarmerwinterthisyearandweexpectittofurtherimprovegoingforwardBysectoryoypowerconsumptiongrowthinJan-Feb2023was6229-0227fortheprimaryindustrysecondaryindustrytertiaryindustryresidentialsectorrespectivelyWebelievetherelativelyslowdemandgrowthinthefirsttwomonthswaslikelyduetoahighbaselastyearandawarmerwinterthisyear1inJan-Feb2022powerconsumptioninChinagrew58yoytertiaryindustryresidentialsectorup72131respectively2accordingtotheChinaMeteorologicalAdministrationthetemperatureinJanandFebwasgenerallywarmanddryandtheavgtemperaturewas1604higherinthesetwomonthsrespectivelyleadingtolesspowerdemandforheatingGoingforwardwebelievepowerdemandislikelytopickupasthehighbaseeffectshoulddissipateandindustrialactivityisshowingsignsofrecoveryChinaElectricityCouncilexpectspowerdemandtogrowbyaround6yoyin2023NewenergyoutputmaintainedhighgrowthwhilethermaloutputgrowthturnednegativepotentiallyduetosqueezingeffectBygenerationsourceinJan-Feb2023outputgrowthofhydropowerandthermalpowerturnednegativethatofnuclearpowersloweddownandthatofnewenergyacceleratedMorespecificallyduringthefirsttwomonthsthisyearoutputfromwindincreasedby304yoycomparedwithnegativegrowthinthesameperiodlastyearSeethelastpagefordisclaimer3of7MorningResearchFocuswhilesolaroutputwasup93yoy28pptsmorethanthegrowthrecordedinthesameperiodlastyearWebelievesuchhighgrowthwaslikelyduetobothbetterwindandsolarresourcessofarthisyearandthegridconnectionofarelativelylargeamountofnewenergycapacityconcentratedattheyearendIntermsofhydropoweroutputdeclined34yoyinJan-Feb2023potentiallyduetolowerwaterreserveandlessrainfallcomparedwiththesameperiodlastyear-howeveroutputinJan-FebwhichisthedryseasontendstohavelimitedimpactonthewholeyearsoutputanditremainstobeseenifwaterconditionscanimproveintherainyseasonthisyearForthermalpoweroutputdropped23yoyinJan-Feb2023comparedwithgrowthof43yoyduringthesameperiodlastyear-thisislikelyduetothesqueezingeffectfromnewenergyoutputwhenpowerconsumptiongrowthwastepidInvestmentsuggestionWemaintainOutperformforthesectoronthegrowthopportunitiesbroughtbyChinaspowersystemtransformationforboththermalandrenewablesIPPSAmongthermalIPPsundertransformationwerecommendCPID02380HKBuyTPHK490andCRP00836HKBuyTPHK1954amongrenewablesIPPswerecommendDTR01798HKBuyTPHK334RisksDelayinnewenergyprojectroll-outsoaringcoalpriceshigher-than-expectedrawmaterialcostslower-than-expectedpowerdemandunfavourablechangesinregulationsandpoliciesforIPPsOverseasLiquidityRisks-ACrisisthatPresentsAccumulationOpportunitiesAnalystJakeWangReportDate2023-03-20SummaryTheHongKongstockmarketexhibitedanoscillatingdowntrendrecentlyfacedwithmultipleheadwinds1ChinasdomesticCPIandPPIbothfellMoMinFebruarylowerthanmarketexpectationsAsthedropininflationseemedcontradictorytothestrongFebruaryPMIdatareleasedearlierthismonthinvestorsweresomewhatdividedonthepaceofChinaseconomicrecovery2Givenrelativelylowconsumptionsectorssuchasautomobilesinternet-retailersetcbegantoadoptapricecompetitionstrategywhichtookatollonearningsforecasts3SeveraloverseasbanksandassetmanagementcompaniesreportedliquiditydifficultiesanddeclaredbankruptcyduetotheUSFederalReservesFedcontinuousmonetarytighteningsinceMarch2022RisingliquidityrisksintheUSfinancialsystemrecentlyledtorisk-offsentimentintheHongKongstockmarketOurtakeonshort-termmarketperformancedeterminantsDespiteoutperformanceinthelatestsocialfinancingdatawenoticedafewstructuralmismatchesthatmayhinderthetransmissionofcreditexpansiontotherealeconomyFurtherimprovementincreditdemandmaydependonensuingpolicystimulusMeanwhilewebelievethatimpactsfromoverseasliquidityriskeventsontheHongKongstockmarketwillbelimitedWerecommendtoholdondefensivesectorsandwaitfornewcatalysts1MarketdivergenceonChinaseconomicrecoveryalongwithliquidityissuesinoverseasfinancialsystemsmayincreaseshort-termvolatilityintheHongKongstockmarketThuswerecommendholdingondefensivesectorsuntilnewcatalystsemerge2The5GDPgrowthtargetalthoughlowerthanthemarketexpectedhasbeenmostlypricedingiventherecentmarketcorrectionsWebelievethatfurtherdownsideintheshortrunmaybelimitedconsideringthattheChinesedomesticeconomyisstillimprovingoverallThatsaidinvestorsareremindedtokeepupdatedonSino-USrelationswhichcouldweighonshort-termmarketsentimentPositivecatalystsin2Q23andonwardmainlyconsistofcontinuedeconomicrecoveryinChinaorapivotintheFedsmonetarypolicystance1ChinasdomesticcreditdemandinMarchmaybeweakerthanthatinJan-FebHoweverinthemediumtermChinasexportsmaycontinuetoexperiencedownwardpressureWeexpectmorepolicystimulusinthesecondquartertocompensateforthedecreaseinexportsandtostabilizegrowthwhichmayenhanceearningsexpectationsforlistedcompaniesintheHongKongstockmarket2MarketexpectationsontheFedstargetratehavebeennotablyreviseddownsincetheSiliconValleyBankSVBincidentWeexpectfurtherdecreaseintheUSdollarindexaswellasUSTreasuryyieldswhichwillfavortheHongKongstockmarketWeexpecttheHSItocontinueoscillatingnearitscurrentlevelintheshorttermwerecommendahighdividendstrategyandaccumulatingliquidity-sensitivenamesondips1SectorswithbothhighdividendpayoutsandlowPBratiossuchastelecomservicesinfrastructuretransportationetcnamelythestate-ownedenterprises2thepreciousmetalssectorwhichmaybenefitfromheightenedriskaversionandlowerFedtargetrateexpectationsand3liquidity-sensitivesectorswithlowlevelsofcrowdingsuchaspharmaceuticalssemiconductorsaswellasconstituentsfromtheHSTECHIndexSeethelastpagefordisclaimer4of7MorningResearchFocusRiskFactors1Chinasdomesticeconomicrecoverymayfallshortofexpectations2theUSFederalReservemaytightenpolicymorethanmarketexpectation3uncertaintiesinSino-USrelationsChineseTranslation中文翻译TableFocuschi行业和公司焦点Nil无TableLatestchi最新报告快讯兴发铝业00098HK发展前景依旧良好评级买入6-18m目标价HK1173分析员郭勇报告日期2023-03-20报告摘要我们维持兴发铝业公司买入的投资评级目标价1173港元我们的目标价相当于24倍2023年市盈率和19倍2024年市盈率我们预计新能源汽车用铝型材的销量在2023年将保持快速增长并贡献更多的利润我们预计新能源汽车用铝型材的销售在2023年将录得快速增长兴发铝业在2022年首次进入了新能源汽车的供应链并开拓了新能源汽车客户公司将会继续加强工业铝型材产品的研究和开发以更好把握市场机会及抢占各细分领域的市场份额与此同时公司也提升了其产能佛山三水精密制造基地在2022年全面投产我们预计新能源汽车用铝挤压材将极大受益于新能源汽车产业的快速发展并成为公司未来三年主要的增长来源2022年公司净利润的下滑是暂时的公司在铝挤压行业的竞争优势仍然十分显著2022年公司净利润的下滑主要是由于应收账款减值损失公司经营保持稳定在国内房地产市场面临巨大挑战时公司的铝型材总销量和总收入仍然录得了增长充分显示出了公司的竞争优势我们认为公司的发展前景依旧良好催化剂新能源汽车销量的快速增长国内房地产市场的复苏风险因素车用铝挤压材的开发不及预期其它铝挤压生产企业的激烈竞争国内房地产市场持续疲软Seethelastpagefordisclaimer5of7MorningResearchFocusResearchDepartment研究部NoahHudsonHeadofResearch主管noahhudsongtjascomhk8675523976684HaoZhou周浩ChiefEconomist首席经济学家haozhougtjascomhk85225097582BillySun孙英超Macro宏观billysungtjascomhk85225092603JakeWang汪昌江Strategy策略changjiangwanggtjascomhk8675523976675AndyHuang黄凯鸿Strategy策略kaihonghuanggtjascomhk8675523976702EvanLi李少金Strategy策略evanligtjascomhk85225095375GaryWong黄家玮ConstructionEngineering建筑工程garywonggtjascomhk85225092616KevinGuo郭勇NonferrousMetals有色金属yongguogtjascomhk8675523976671RichardCao曹柱Banking银行zhucaogtjascomhk8675523976870GinYu余劲同Telecommunications通信ginyugtjascomhk8675523976686JackLiu柳晨Electronics电子chenliugtjascomhk85225092149PeterShao邵俊樨EnergyOperations能源运营petershaogtjascomhk85225095464TeddyLin林荣叶MediaCulture传播文化含体育rongyelingtjascomhk8675523976692ChunliZhan詹春立Property房地产jameszhangtjascomhk85225097745AndyChen陈思超FoodBeverages食品饮料含化妆品andychengtjascomhk85225092665AlexBai白舸Machinery机械gebaigtjascomhk85225097202IvanWu吴凱翔Automobiles汽车ivanwugtjascomhk85225092649HansenTang汤瀚森TextilesApparel纺织服装hansentanggtjascomhk8675523976884FrancoLi李炜Non-BankFinance非银行金融francoligtjascomhk85225097204EsabellaZhao赵舒蔓ComprehensiveSupport综合支持shumanzhaogtjascomhk8675523976681PennyPan潘凌蕾ComprehensiveSupport综合支持pennypangtjascomhk85225092632Seethelastpagefordisclaimer6of7MorningResearchFocusCompanyRatingDefinitionTheBenchmarkHongKongHangSengIndexNASDAQCompositeIndexTimeHorizon6to18monthsRatingDefinitionBuy买入RelativePerformance15orthefundamentaloutlookofthecompanyorsectorisfavorableAccumulate收集RelativePerformanceis5to15orthefundamentaloutlookofthecompanyorsectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthecompanyorsectorisneutralReduce减持RelativePerformanceis-5to-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSell卖出RelativePerformance-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSectorRatingDefinitionTheBenchmarkHongKongHangSengIndexNASDAQCompositeIndexTimeHorizon6to18monthsRatingDefinitionOutperform跑赢大市RelativePerformance5orthefundamentaloutlookofthesectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthesectorisneutralUnderperform跑输大市RelativePerformance-5orthefundamentaloutlookofthesectorisunfavorableDISCLOSURETableDISCLOSUREOFINTERESTSOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3ExceptforCHINAGRANDPHARMACEUTICALANDHEALTHCARE00512HKLUZHOUBANK01983HKSFREIT02191HKJINSHANGBANK02558HKBANKOFZHENGZHOU06196HKDONGGUANRURALCOMMERCIALBANK09889HKGuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunananditsgroupcompanieshavehadinvestmentbankingrelationshipswithCOUNTRYGARDEN02007HKSINOTRANS-HSHARES00598HKCHOWTAIFOOKJEWELLERY01929HKCGNMEIYAPOWER01811HKCGNPOWER-HSHARES01816HKGOMEELECTRICALAPPLIANCES00493HKCHINAAOYUANPROPERTY03883HKGUANGZHOUAUTOMOBILE-HSHARES02238HKNWS00659HKCHINASOUTHCITY01668HKSIHUANPHARMACEUTICAL00460HKSINOPECENGINEERING-HSHARES02386HKGCLNEWENERGY00451HKNEWWORLDDEVELOPMENT00017HKCHINARISUNGROUP01907HKSENSETIME-W00020HKSINOPECKANTONS00934HKCGNMINING01164HKCHINANONFERROUSMINING01258HKLEEMANPAPER02314HKJOYSPREADER06988HKVOBILEGROUP03738HKCHERVON02285HKKINGSOFT03888HKALIBABA09988HKZGCTECLEASING01601HKAOYUANHEALTHYLIFEGROUP03662HKJDCOM09618HKCHINALESSO02128HKZHONGLIANGHOLDINGS02772HKLOGANGROUP03380HKZHENROPROPERTIES06158HKAGILEGROUP03383HKCIFIESSERVICE01995HKBANKOFGANSU02139HKA-LIVING03319HKFINANCIALSTREETPROPERTY01502HKIRICOGROUPNEWENERGY00438HKCIFIHOLDINGSGROUP00884HKBIDU-SW09888HKKWGGROUP01813HKBILIBILI-SW09626HKCHINASUNTIEN00956HKJINKESERVICES09666HKJIANGSUEXPRESSWAY00177HKFOSUNINTL00656HKWEIGAOGROUP01066HKCHENMING01812HKSUNAC01918HKNAYUKI02150HKCARSGEN02171HKCHINAOVSPPT02669HKSMOORE06969HKXPENG09868HKYEAHKA09923HKPOPMART09992HKDFZQ-HSHARES03958HKWUXIAPPTEC02359HKCITS01880HKYANZHOUCOAL01171HKSPC00338HKHONGJIUFRUIT06689HK360DIGITECH-S03660HKGEELYAUTOMOBILE00175HKCHINACONSTRUCTIONBANK-HSHARES00939HKBANKOFCOMMUNICATIONS-HSHARES03328HKCHINAMINSHENGBANKINGCORP-HSHARES01988HKTENCENT00700HKBINHAIINVESTMENT02886HKCHINAPETROLEUMCHEMICAL-HSHARES00386HKXIAOMICORPORATION01810HKmentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesaremakingorwillmakeamarketinthesecuritiesinrespectofCHINAOVERSEASLANDINVESTMENT00688HKLENOVO00992HKCHINATELECOM-HSHARES00728HKCHINAUNICOM00762HKCHINAMOBILE-HSHARES00941HKHONGKONGEXCHANGESANDCLEARING00388HKGALAXYENTERTAINMENT00027HKGREATWALLMOTOR-HSHARES02333HKAIA01299HKSANDSCHINA01928HKCHINAAOYUANPROPERTY03883HKAACTECHNOLOGIESHOLDINGS02018HKWUXIBIOLOGICS02269HKMEITUAN-W03690HKSUNNYOPTICALTECHNOLOGY02382HKSINOPHARMGROUP-HSHARES01099HKKUAISHOU-W01024HKXPENG09868HKCITICSEC-HSHARES06030HKGEELYAUTOMOBILE00175HKBYDCOMPANY-HSHARES01211HKCHINACONSTRUCTIONBANK-HSHARES00939HKINDUSTRIALANDCOMMERCIALBANKOFCHINA-HSHARES01398HKBOCHONGKONG02388HKCHINAMERCHANTSBANK-HSHARES03968HKBANKOFCHINA-HSHARES03988HKHSBC00005HKAGRICULTURALBANKOFCHINA-HSHARES01288HKPINGANINSURANCE-HSHARES02318HKCHINALIFEINSURANCE-HSHARES02628HKTENCENT00700HKCHINATOWERCORPORATION-HSHARES00788HKXIAOMICORPORATION01810HKALIBABA09988HKNETEASE09999HKJDCOM09618HKSMIC00981HKALIBABAHEALTH00241HKLOGANGROUP03380HKBIDU-SW09888HKCNOOC00883HKmentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficerofanyissuersmentionedinthisResearchReportThereisnoofficerofanyissuersmentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesDISCLAIMERThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjaicomSeethelastpagefordisclaimer7of7