维持“买入”，目标价13.33港元。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19倍/16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。
　　营收同比大增，新能源战略驱动品牌高端化。公司2022年营业收入同比大增45.6%至人民币1,479.6亿元。其中极氪贡献了约人民币320亿元。期间实现归母净利润人民币52.6亿元，同比增长8.5%。公司全年新能源渗透率大增16.7个百分点至22.9%。单车价格提升至人民币85,684元/辆，同比增长8.2%，得益于产品结构优化。公司2022年新能源战略成功驱动品牌高端化，领克品牌成为最快突破80万辆的中国高端汽车品牌。极氪将中国纯电动豪华智能品牌提升至新高度，成为中国自主品牌人民币30万元以上纯电动销量冠军品牌。
　　全球布局成效显现，出口销量猛增。吉利汽车2022年海外业务进一步布局，并收获丰厚成果，销量在中东、欧洲和美洲市场均实现三位数的同比增长，全年出口批发销量为19.8万辆，同比猛增72.0%。极氪高端车型将登陆欧洲市场，有望推动2023年出口高增长。
　　众多车型蓄势待发，单车营收有望持续攀升。2023年，公司将推出10款车型，包括吉利品牌的3款银河系列车型（L7/L6/E8）；2款极氪车型（极氪X/纯电轿车）；2款领克车型（领克08/插电轿车）；1款几何车型（熊猫mini）；1款吉星车型（G426）和1款睿蓝车型（睿蓝7）。我们看好公司新车型高端化的新能源战略，并对持续推高单车营收保持乐观。
　　催化剂：1）新车型有望推动公司强劲的上升周期；2）销售渠道和产品矩阵优化效果良好。
　　风险提示：乘用车下游价格战或超预期；乘用车终端市场需求复苏或低于预期。

研究报告全文：股票研TableTitleIvanWu吴凱翔CompanyReportGeelyAutomobile00175HK究85225092649EquityResearch公司报告吉利汽车00175HKivanwugtjascomhk27March2023RevenueTableSummaryIncreasedSignificantlyYoYNewEnergyStrategyDroveBrandPremiumizationMaintainBuy营收同比大增新能源战略驱动品牌高端化维持买入公MaintainBuywithTPofHK1333Considering1theCompanysscale司RatingTableRankBuyproductmatrixandprofitabilityandmarketshareimprovementbroughtbythe报acceleratedtransformationofEVsand2thepositiveimpactonbusinessMaintainedstrategyadjustmentin2023wegivetheCompany2023-2024PEvaluationof告19x16xcorrespondingTPisHK1333withupsideof330ofcurrentTP评级买入维持CompanyReportRevenueincreasedsignificantlyyoyandnewenergystrategydrovebrandpremiumizationTheCompanys2022revenueroseby456yoyto6TablePrice-18mTP目标价HK1333RMB14796bnAmongthemZeekrcontributedaboutRMB320bninHK1333revenueDuringtheperiodnetprofitattributabletotheparentcompanywasRMB526bnup85yoyTheCompanysannualNEVpenetrationrate股价SharepriceHK10020increasedby167pptsto229VehicleASPjumpedtoRMB85684unit告representingayoygrowthof82whichwasattributabletooptimizationof证productstructureTheCompanysnewenergystrategyin2022successfully报StockperformancedrovebrandpremiumizationLynkCobrandhasbecomethefastestChineseReport股价表现券high-endcarbrandtoexceed800000unitsZeekrhaselevatedChinasBEV究luxurybrandtoanewheightbecomingthechampionbrandofBEVsalesofTableQuotePic研800ofreturn研Chinasself-ownedbrandaboveRMB300000究600GloballandscapeshowedresultsandexportsalessoaredIn2022Geely券400furtherdeployeditsoverseasbusinessandachievedremarkableresultsSales报200intheMiddleEasternEuropeanandAmericanmarketsallachievedtriple-digit证告yoygrowthAnnualexportwholesalesaleswere198000unitsasurgeof00EquityResearch720yoyTheextremelyhigh-endmodelsofZeekrwillentertheEuropean200marketwhichisexpectedtopromotehighexportgrowthin2023400600Avarietyofmodelsarereadytolaunchrevenuepervehicleisexpected800TabltocontinuetoriseIn2023theCompanywilllaunch10modelsincluding3GeelyGalaxyseriesmodelsL7L6E82ZeekrmodelsZeekrXpureelectric1000Mar-22May-22Jul-22Sep-22Nov-22Jan-23Mar-23eInfsedan2LynkComodels08plug-insedan1GeometrymodelPandamini1JixingmodelG426and1LivanmodelLivan7Weareoptimistico1abouttheCompanysnewenergystrategyofpremiumizationofnewmodelsHSIIndexGeelyAutoandremainoptimisticaboutthecontinuousincreaseinrevenuepervehicle维持买入目标价港元考虑到公司规模产品矩阵优化和新能源加速转型汽13331TablePriceChange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ChangeinSharePrice1M3M1Y车2023-24年19倍16倍PE估值对应目标价1333港元较当前目标价有330上行空间股价变动1个月3个月1年行营收同比大增新能源战略驱动品牌高端化公司2022年营业收入同比大增456至人民Abs116134156绝对变动业币14796亿元其中极氪贡献了约人民币320亿元期间实现归母净利润人民币526亿元同比增长85公司全年新能源渗透率大增167个百分点至229单车价格提升至ReltoHSIndex10115761相对恒指变动人民币85684元辆同比增长82得益于产品结构优化公司2022年新能源战略成功AutomobilesSectorAvgsharepriceHK110117129驱动品牌高端化领克品牌成为最快突破80万辆的中国高端汽车品牌极氪将中国纯电动平均股价港元豪华智能品牌提升至新高度成为中国自主品牌人民币30万元以上纯电动销量冠军品牌SourceBloombergGuotaiJunanInternational全球布局成效显现出口销量猛增吉利汽车2022年海外业务进一步布局并收获丰厚成果销量在中东欧洲和美洲市场均实现三位数的同比增长全年出口批发销量为198万辆同比猛增720极氪高端车型将登陆欧洲市场有望推动2023年出口高增长众多车型蓄势待发单车营收有望持续攀升2023年公司将推出10款车型包括吉利Tab品牌的3款银河系列车型L7L6E82款极氪车型极氪X纯电轿车2款领克车型领克08插电轿车1款几何车型熊猫mini1款吉星车型G426和1款睿蓝车leI型睿蓝7我们看好公司新车型高端化的新能源战略并对持续推高单车营收保持乐观Tablenfo2YearEndTurnoverNetProfitEPSEPSPERBPSPBRDPSYieldROE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1231RMBmRMBmRMBxRMBxRMB吉2021A1016114847048114917076431101712173利2022A1479655260052491169837011018621732023F1886316194061717714388521002452880汽2024F2147857226072016712294120902863288车2025F24152481430812127109100330903223793TableBaseDataSharesinissuem总股数m100340Majorshareholder大股东LiShuFu423MarketcapHKm市值HKm1005409Freefloat自由流通比率5773monthaveragevol3个月平均成交股数000613844FY23NetgearingFY23净负债股东资金NetCashGeelyAutomobile00175GeelyHKAutomobile52WeekshighlowHK52周高低HK192008300FY23EstNAVHKFY23每股估值港元137SourcetheCompanyGuotaiJunanInternationalSeethelastpagefordisclaimerPage1of6TablePageHeaderGeelyAutomobile00175HKMaintainBuywithTPofHK1333correspondingto19x16x2023-2024PEWebelievethatGeelyAutomobilesGeelyortheCompanybusinessscaleproductmatrixandacceleratedtransformation1ofrelectricaMtvehicleshgiEVRwillelboostbaTboththeCompanysprofitabilityandmarketshareAtthesametimecombinedwiththepositiveimpactoftheCompanysbusinessstrategyadjustmentin2023wegivetheCompanyFY2023-2024PEvaluationof19x16xrespectivelycorrespondingtoatargetpriceofHK1333withupsideof330ofcurrenttargetprice2023RevenueincreasedsignificantlyyoyandnewenergystrategydrovebrandpremiumizationTheCompanys2022revenueincreasedby456yoytoRMB14796bnAmongthemZeekrcontributedapproximateRMB320bninrevenue27MarchDuringtheperiodnetprofitattributabletotheparentcompanywasRMB526bnup85yoyTheCompanysannualnewenergyvehicleNEVpenetrationrateincreasedby167pptsto229Duringtheperioddistributionandsellingexpensesandadministrativeexpenseswentup301yoyand281yoyrespectivelymainlybecausethetotalsalesvolumereached143mnunitsVehicleaveragesellingpriceASPjumpedtoRMB85684unitrepresentingayoygrowthof82whichwasattributabletooptimizationofproductstructureTheCompanysnewenergystrategyin2022successfullydrovebrandpremiumizationLynkCobrandhasbecomethefastestChinesehigh-endcarbrandtoexceed800000unitsZeekrhaselevatedChinasbatteryelectricvehicleBEVluxurybrandtoanewheightbecomingthechampionbrandofBEVsalesofChinasself-ownedbrandaboveRMB300000GloballandscapehasshownresultsandexportsalessoaredLastyeartheCompany2furtherraMdeployedthgiitsRoverseaselbaTbusinessandachievedremarkableresultsSalesinoverseasmarketsincludingtheMiddleEasternEuropeanandAmericanmarketsallachievedtriple-digityoygrowthAnnualexportwholesalesalesreached198000unitsasurgeof720yoyTheCompanyaimstodoubleNEVsalesvolumeto650000unitsin2023Meanwhiletheextremelyhigh-endmodelsofZeekrwillbelaunchedintotheEuropeanmarketlateronthisyearwhichisexpectedtopromotehighexportgrowthin2023Avarietyofmodelsarereadytolaunchrevenuepervehicleisexpectedtocontinuetorise2023isthebigyearfortheCompanysnewmodellaunchestheCompanyplanstolaunch10modelsincluding3GeelyGalaxyseriesmodelsL7L6E82ZeekrmodelsZeekrXpureelectricsedan2LynkComodels08plug-insedan1GeometrymodelPandamini1JixingmodelG426and1LivanmodelLivan7NewvehiclemodelsfromGeelysvariousbrandsareexpectedtocontributestrongsaleswhichcollectivelywillmakeasignificantcontributiontotheCompanysrevenuein2023WebelievethatGeelysrevenue00175HKpervehiclein2023isexpectedtoexceedexpectationsInadditiontheCompanysexportbusinessisalsoexpectedtoreboundcontinuouslyin2023exceedingmarketexpectationsWeareoptimisticabouttheCompanysnewenergystrategyofpremiumizationofnewmodels吉利汽车Catalysts1NewvehiclemodelsareexpectedtoboostastrongupwardcyclefortheCompany2changesinsaleschannelsandproductmatrixworkwellGeelyAutomobileRiskwarningThedownstreamvehiclepricewarofpassengervehiclesmayexceedexpectationstherecoveryofpassengervehicleend-marketdemandmaybelowerthanexpectedFigure1MonthlySalesofEachBrandoftheCompanyinFigure2TheproportionofNEVsalesintotalsaleshas2022graduallyincreasedin20221200004035100000308000025600002015400001020000500ReportGeelyExcludeGeometryGeometryLynkCoZeekrLivanMonthlyNEVSalesofTotalSalesSourceBloombergGuotaiJunanInternationalSourceBloombergGuotaiJunanInternationalCompanySeethelastpagefordisclaimerPage2of6TablePageHeaderGeelyAutomobile00175HKFigure3GeelysForwardPERatioFigure4GeelysForwardPBRatio35401raMthgiRelbaT30351SD241x25301SD27x2520Average21x20232015Average188x1510-1SD136x10-1SD14x27March505000Mar-20Sep-20Mar-21Sep-21Mar-22Sep-22Mar-23Mar-20Sep-20Mar-21Sep-21Mar-22Sep-22Mar-23PEAverage1SD-1SDPBAverage1SD-1SDSourceBloombergGuotaiJunanInternationalSourceBloombergGuotaiJunanInternationalTable1GlobalPeersComparison--OEMsCompanyStockCodeCurrencyLastPricePEfiscalyearPBfiscalyearROEDYEVEBITDA2022A2023F2024F2025F2022A2023F2024F2025F2023F2023F2023FHongKong-listedOEMs2raMthgiRelbaTDongfengMotorGrpCoLtd-H00489HKHKD3660262525na020202na7214766GeelyAutomobileHoldingsLt00175HKHKD1010017013610410012111010812548BrillianceChinaAutomotive01114HKHKD38003624242204040303147118naGreatWallMotorCompany-H02333HKHKD9330798469561110090812251113QinglingMotorsCoLtd-H01122HKHKD0960nananananananananananaBydCoLtd-H01211HKHKD2110003442361711514941333118004122GuangzhouAutomobileGroup-H02238HKHKD4990454035na050404na10671148BaicMotorCorpLtd-H01958HKHKD217040414444030303na6585naNioInc-ClassA09866HKHKD74600nananananananana51500naXpengInc-ClassAShares09868HKHKD40150nananana1323262920900naLiAutoInc-ClassA02015HKHKD94100nananananananana2300619WeichaiPowerCoLtd-H02338HKHKD11760203146108na12111008782445SinotrukHongKongLtd03808HKHKD11680132846458080707na84472000175HKSimpleAverage120917172121211152048148WeightedAverage235169125122302621237021172Median7984645709090809803689吉利汽车MainlandChina-listedOEMsDongfengAutomobileCoLtd-A600006CHCNY5820216166nananananana78nanaGreatWallMotorCoLtd-A601633CHCNY27140268286220na3633302512713119FawJiefangGroupCoLtd000800CHCNY8300na277122na171514na1312136SaicMotorCorpLtd-A600104CHCNY14310877669na060605na704361ChongqingChanganAutomob-A000625CHCNY11800143136126307191715161262746GeelyAutomobileWeichaiPowerCoLtd-A000338CHCNY11800226144118na141312na862142BeiqiFotonMotorCoLtd-A600166CHCNY34603460182128na232017na114nanaAnhuiJianghuaiAutoGroup-A600418CHCNY13870na660431na211918na1602188CnhtcJinanTruckCoLtd-A000951CHCNY154205841741170513121104761847YutongBusCoLtd-A600066CHCNY10030507247179na151514136328118XiamenKingLongMotorGr-A600686CHCNY6020nananananananananananaJianglingMotorsCorpLtd-A000550CHCNY14180189179253na141313na7328naYangzhouYaxingMotorCo-A600213CHCNY9560nananananananananananaZhongtongBusCoLtd-A000957CHCNY11000nananananananananananaSimpleAverage63123017615618161515872282WeightedAverage347200152262191816091192377Median22617912715616151415782154Japan-listedOEMsNissanMotorCoLtd7201JPJPY482700881126253040404033913105ToyotaMotorCorp7203JPJPY178700087978580090908089531116HondaMotorCoLtd7267JPJPY33910008278706406050505683669MazdaMotorCorp7261JPJPY115000089525651060505041023523MitsubishiHeavyIndustries7011JPJPY4575000135115978610090908842770ReportSubaruCorp7270JPJPY2066500226726865080807071133721SuzukiMotorCorp7269JPJPY46710001411049688121110091122444HinoMotorsLtd7205JPJPY527000nana37375070707071420081CompanyIsuzuMotorsLtd7202JPJPY159800098836964101009081204746SimpleAverage118891087008080707662864WeightedAverage9694837609080807893197SeethelastpagefordisclaimerPage3of6TablePageHeaderGeelyAutomobile00175HKMedian9390706508080707953169OtherNation-listedOEMs1raMthgiRelbaTHyundaiMotorCo005380KSKRW1805000006355565804050505943884FordMotorCoFUSUSD11480na737064111010091256522PaccarIncPCARUSUSD70340122109122116282423212624388VolkswagenAgVOWGREUR1567005351494605050504995623BayerischeMotorenWerkeAgBMWGREUR98450366864630707070610749462023RenaultSaRNOFPEUR37315na40353004030303863316VolvoAb-BShsVOLVBSSSEK201950126113110101252523212215653GeneralMotorsCoGMUSUSD340505555544907070605129142727MarchTataSteelLtdTATAININR10535032122967411111009982764SimpleAverage70767367111110091364247WeightedAverage67727166111010091364644Median55686463070707061074346GlobalAverage2481281097612121110733683GGloballobalWeightedAverageGlobalAverage1381109383151312111033390SourceAverageBloombergGuotaiJunanInternational2raMthgiRelbaT00175HK吉利汽车GeelyAutomobileReportCompanySeethelastpagefordisclaimerPage4of6TablePageHeaderGeelyAutomobile00175HKFinancialStatementsandRatiosTableIncomeStatementTableBalanceSheet1raMthgiRelbaTIncomeStatementBalanceSheetYearEnd31DecRMBm2021A2022A2023F2024F2025FYearEnd31DecRMBm2021A2022A2023F2024F2025FTotalrevenue101611147965188631214785241524PPE3085932201267812875629788Costofsales84199127069161216183564206609Intangibleassets20901225483128441277525002023Grossprofit1741220896274153122234915InterestinassociatesandJV1020514235141851487115631Distributionexpenses6323822899971138412801Prepaidlandleasepayment34363402374241164528Administrativeexpenses803610294120721374615458Deferredtaxassets2435457345834593460427MarchOperatingprofit30542374534560926657Others12101803151915191519Financecosts-net280380514697943Totalnon-currentassets69046787628209595132108570ShareofresultsofAssoandJV1205651541685759Otherincome13392765115411471140Inventories552210822745781858872Share-basedpayment12131489135114201385Tradeandotherreceivables3154934392471675370660393Profitbeforetax46654682620372018113Prepaidlandleasepayment00000Incometax31232169159181Others207121134149166Profitaftertax43534650603470427932Pledgeddeposit4387418451487Non-controllinginterest494611160184211Cashcashequivalents2801433341404283786835751Shareholdersprofitloss48475260619472268143Totalcurrentassets65296790649560410035910566804810524061707200812BasicEPSRMBshareTotalassets1343411578261776981954922142382raMthgiRelbaTTableCashFlowStatementCashFlowStatementTradepayables573936548189448101847114634YearEnd31DecRMBm2021A2022A2023F2024F2025FBankborrowing19070000OperatingactivitiesOtherliabilities10513472146716181753Profitbeforeincometax46654682620372018113Totalcurrentliabilities603516895390915103466116387Depreciationandamortization68938318288933463913Financecost265551195195195Seniornotes00000Interestincome545931659800749LTborrowing02758214921492149Changesinworkingcapital516156721455951315413Bondpayables19010000Shareofresultsofassociates1205651541685759Deferredtaxliabilities405538570601635Exchangegainlosses68219000Others14649381338133813381Incometaxespaid11972082169159181Totalnon-currentliabilities377012677610161316166ChangeofotheroperatingItems1379241839471Totalliabilities64120816319701610959712255300175HKCashfromoperatingactivities1534816018225581432316016InvestingactivitiesTotalshareholdersequity6860675130794588448690065NetinvestmentsinPPE26053369298731783083Minorityinterest16151065122514091620吉利汽车Netchangeofprepaidlandlease052340374412Totalequity7022176196806838589591685Netchangeofintangibleassets325467698736999311223TableFinancialRatioFinancialRatiosNetchangeofpledgeddeposit171383313336Interestincome5738946598007492021A2022A2023F2024F2025FNetinvestmentsinAssoandJV29322831226518121449ProfitabilityGeelyAutomobileOthers88938029010080Grossprofitmargin171141145145145Cashfrominvestingactivities715912130134101449115374EBITDAR12384535252FinancingactivitiesEBITMargin5528373735NetchangeofLTbankloan088000Netprofitmargin4836333434Issuanceofseniornotes00000ROE7373808893Issuanceofshares310000ROA3633353738Interestpaid141162195195195Dividendpaid16771970186721982564GrowthOthers27023369000Revenuegrowth103456275139124Cashfromfinancingactivities9161325206123922759EPS14991177167127Netchangesincash91055213708725612117BPS9485596567Cashatbeginningofyear1897728014333414042837868Exchangelosses68114000LiquidityandsolvencyCashatendofyear2801433341404283786835751GearingrationetcashnetcashnetcashnetcashnetcashSourcetheCompanyGuotaiJunanInternationalCashratio0505040403Quickratio1010100908Currentratio1111111009ReportEfficiencyInventoryturnover235244253262272CompanyDaysreceivable913913913913913Dayspayable20252025202520252025SeethelastpagefordisclaimerPage5of6TablePageHeaderGeelyAutomobile00175HKCompanyTableCompanyRatingDefinitionRatingDefinitionTheBenchmarkHongKongHangSengIndex1raMthgiRelbaTTimeHorizon6to18monthsRatingDefinitionBuy买入RelativePerformance15orthefundamentaloutlookofthecompanyorsectorisfavorable2023Accumulate收集RelativePerformanceis5to15orthefundamentaloutlookofthecompanyorsectorisfavorableNeutral中性RelativePerformanceis-5to527MarchorthefundamentaloutlookofthecompanyorsectorisneutralReduce减持RelativePerformanceis-5to-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSell卖出RelativePerformance-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSectorTableRatingIndustryDefinitionRatingDefinitionTheBenchmarkHongKongHangSengIndexTimeHorizon6to18monthsRatingDefinitionOutperform跑赢大市RelativePerformance52raMthgiRelbaTorthefundamentaloutlookofthesectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthesectorisneutralUnderperform跑输大市RelativePerformance-5OrthefundamentaloutlookofthesectorisunfavorableDISCLOSURETableDISCLOSUREOFINTERESTSOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3GuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunananditsgroupcompanieshavehadinvestmentbankingrelationshipswiththeissuermentionedinthisResearchReport00175HKwithinthepreceding12months5GuotaiJunananditsgroupcompaniesaremakingorwillmakeamarketinthesecuritiesinrespectoftheissuermentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficeroftheissuermentionedinthisResearch吉利汽车ReportThereisnoofficeroftheissuermentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesDISCLAIMERGeelyAutomobileThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongReportTel8522509-9118Fax8522509-7793WebsitewwwgtjacomhkCompanySeethelastpagefordisclaimerPage6of6