我们维持“收集”的投资评级并上调目标价至4.50港元。我们预测2023-2025财年的每股盈利为人民币0.528/ 0.574/ 0.623元。鉴于非运营商市场毛利率改善好于预期，我们上调目标价，维持投资评级为“收集”。
　　我们预计公司2023年盈利将实现中高个位数增长，而派息增长将达到两位数。由于三大运营商均计划在2023年缩减网络资本开支，因此我们预计公司网络建设业务将承压，但三大运营商仍在大力投资算力网络，公司在数据中心建设和运维仍有较大发展空间。目前非运营商市场的毛利率仍低于运营商市场，但两者差距已经缩小，我们预计非运营商市场的毛利率仍有提升空间。总体而言，我们预计利润增长将大于收入增长。此外，我们预计公司将继续提高派息率，2023年派息率将达到42%。
　　我们预计公司第二增长曲线或超市场预期。我们预计云和人工智能都将为数字基建行业带来巨大的市场空间。我们可以看到，公司正在不断提升科技创新能力以驱动业务的第二增长曲线。因此，我们预计公司的第二增长曲线可能超出市场预期。
　　催化剂：派息率的上升；非运营商市场利润率好于预期。
　　风险提示：ACO业务发展慢于预期；非运营商客户需求弱于预期。

研究报告全文：股票研TableTitleGinYu余劲同CompanyReportChinaCommunicationsServices00552HK究8675523976686EquityResearch公司报告中国通信服务00552HKginyugtjascomhk31March2023TableSummaryDigitalInfrastructuretoDriveGrowthAccumulate数字基建带来增长动力收集公WemaintaintheinvestmentratingasAccumulateandraiseTPto司HK450WeforecastFY23-FY25EPStobeRMB0528RMB0574RatingTableRankAccumulateRMB0623respectivelyGiventhebetter-than-expectedgrossmarginMaintained报improvementonnon-operatormarketweraiseourTPandmaintainthe告investmentratingasAccumulate评级收集维持CompanyReportWeexpecttheCompanysearningsin2023togrowbymid-to-highsingle-digitpercentageanddividendpayoutgrowthtobedouble-digit6TablePrice-18mTP目标价HK450percentageAsthreemajoroperatorsallplantoreduceCAPEXinnetworkHK405businessin2023weexpecttheCompanysbusinessinnetworkconstructiontobeunderpressurehoweverthethreemajoroperatorsarestillvigorouslyShareprice股价HK3960investingincomputingpowernetworksthustheCompanystillhaslargeroom告fordevelopmentinconstructionoperationandmaintenanceofdatacenters证Currentlythegrossmarginofthenon-operatormarketisstilllowerthanthatStockperformance报券oftheoperatormarketbutthegapbetweenthetwohasnarrowedandwe股价表现究expectthegrossmarginofthenon-operatormarketstillhasroomforTableQuotePic200ofreturn研improvementOverallweexpectthatprofitgrowthwillbelargerthanrevenue研100究growthInadditionweexpecttheCompanytocontinueraisingitsdividendpayoutratioanddividendpayoutratioin2023tobe4200券报WeexpectthattheCompanyssecondgrowthcurvemayexceedmarket100告证expectationsWeexpectthatcloudandAIwillbothbringhugemarketspace200EquityResearchReportforthedigitalinfrastructureindustryWecanseethattheCompanyiscontinuouslyenhancingitstechnologyandinnovationcapabilitiestodrivethe300secondcurveofbusinessgrowthThusweexpectthattheCompanys400secondgrowthcurvemayexceedmarketexpectationsTab500CatalystsIncreaseindividendpayoutratiobetter-than-expectedprofitabilityMar-22Jul-22Sep-22Dec-22Mar-23leIofnon-operatormarketHSIIndexChinaComservicenfo1RisksSlower-than-expectedgrowthofACObusinessweaker-than-expecteddemandfromnon-operatorcustomersChangeTablePriceChangeinSharePrice1M3M1Y我们维持收集的投资评级并上调目标价至450港元我们预测2023-2025财年的每股价变动1个月3个月1年通股盈利为人民币052805740623元鉴于非运营商市场毛利率改善好于预期我们上Abs29838921信调目标价维持投资评级为收集绝对变动ReltoHSIndex我们预计公司2023年盈利将实现中高个位数增长而派息增长将达到两位数由于三大272363107行相对恒指变动运营商均计划在2023年缩减网络资本开支因此我们预计公司网络建设业务将承压但AvgSharepriceHK业363231三大运营商仍在大力投资算力网络公司在数据中心建设和运维仍有较大发展空间目前平均股价港元非运营商市场的毛利率仍低于运营商市场但两者差距已经缩小我们预计非运营商市场SourceBloombergGuotaiJunanInternational的毛利率仍有提升空间总体而言我们预计利润增长将大于收入增长此外我们预计公司将继续提高派息率年派息率将达到TelecommunicationsSector202342我们预计公司第二增长曲线或超市场预期我们预计云和人工智能都将为数字基建行业带来巨大的市场空间我们可以看到公司正在不断提升科技创新能力以驱动业务的第二增长曲线因此我们预计公司的第二增长曲线可能超出市场预期催化剂派息率的上升非运营商市场利润率好于预期Tab风险提示ACO业务发展慢于预期非运营商客户需求弱于预期leIYearTableEndTurnoverNetProfitEPSEPSPERBPSPBRDPSYieldROEProfitnfo2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1231RMBmRMBmRMBxRMBxRMB中2021A13399131570456257155450601735484国2022A14074633580485647458270601945485通2023F15113636550528896561610602226588信2024F162343397205748760651305025274902025F17413043130623855668830502868293服Sharesinissuem总股数m69260Majorshareholder大股东ChinaTelecom514务TableBaseDataMarketcapHKm市值HKm274270Freefloat自由流通比率4863monthaveragevol3个月平均成交股数000126071FY23NetgearingFY23净负债股东资金Netcash52WeekshighlowHK52周高低HK42302160FY23EstNAVHKFY23每股估值港元53SourcetheCompanyGuotaiJunanInternationalChinaCommunicationsServices00552HKChinaServices00552CommunicationsSeethelastpagefordisclaimerPage1of7TablePageHeaderChinaCommunicationsServices00552HKWemaintaintheinvestmentratingasAccumulateandraiseTPtoHK450WeforecastFY23-FY25EPStobeRMB0528RMB0574RMB0623respectivelyGiventhebetter-than-expectedgross1rmarginaMtimprovementhgiReoflthebaTnon-operatormarketweraiseourTPandmaintaintheinvestmentratingasAccumulateTheTPrepresents75x69x64x2023-2025PERChinaCommunicationsServicesChinaComserviceortheCompanyFY22resultswereinlinewithourMarch2023expectationsOperatingrevenuein2022wasupby50yoyandshareholdersnetprofitupby64yoyGrossprofitmarginreversedthedeclinetrendandincreasedby04pptyoythefirstreboundinnearly10yearsAmongitgrossprofitmarginof31thenon-operatormarketincreasedby142yoyshowingasignificantreboundandcontributing63tooverallgrossprofitgrowthdrivingoverallgrossprofitmarginoftheCompanytoapositivetrendRevenuefromTISBPOandACOincreasedyoyby1460153respectivelyThefinaldividendpayoutratioincreasedfrom38to40withshareholdersdividendpayoutupby120yoyWeexpecttheCompanysearningsin2023togrowbymid-to-highsingle-digitpercentageanddividendpayoutgrowthtobedouble-digitpercentageAscapitalexpenditureofthethreemajoroperatorssloweddownoverallCAPEXforthethreeoperatorsin2023isexpectedtoreachRMB3591billionupby20yoyespeciallyintermsofnetworkconstructionthreemajoroperatorsallplantoreduceCAPEXinnetworkinfrastructurein2023thusweexpectthattheCompanysbusinessinnetworkconstructionwillbeunderpressurehoweverthethreemajoroperatorsare2rstillaMvigorouslythgiinvestingRelinbaTcomputingpowernetworksChinaMobileandChinaUnicomplantoraiseCAPEXoncomputingforceyoyby3520in2023whileChinaTelecomplanstoraiseitsCAPEXonindustrialdigitizationby40yoythustheCompanystillhaslargeroomfordevelopmentinconstructionoperationandmaintenanceofdatacenterswhichwilldriverelatedbusinesstosupportthecompanysstablerevenuegrowthCurrentlythegrossmarginofnon-operatormarketisstilllowerthanoperatormarketbutthegapbetweenthetwohasnarrowedandweexpectthatthegrossmarginofnon-operatormarketstillhasroomfor00552HKimprovementOverallweexpectthatprofitgrowthwillbelargerthanrevenuegrowthandshareholdersnetprofitin2023togrowbymid-to-highsingle-digitpercentageInadditionweexpecttheCompanytokeepraisingitsdividendpayoutratioandweexpectdividendpayoutratioin2023tobe42中国通信服务WeexpectthattheCompanyssecondgrowthcurvemayexceedmarketexpectationsWeexpectthecloudbusinessofoperatorstostillgrowrapidlythisyearChinaTelecomplanstoachievecloudrevenueofRMB100billionin2023meanwhileAIwillbringexplosivegrowthindemandforcomputingpowerinthefuturethuswillbenefitthedigitalInfrastructureIndustryBesidesthemarketspaceofAIindustrialapplicationisverybroadwhichisalsotheCompanysmaindirectionofAIinthefutureWecanseethattheCompanyiscontinuouslyenhancingitstechnologyandinnovationcapabilitiestodrivethesecondcurveofbusinessgrowthandweexpectRDexpenseasapercentageofrevenuetokeepincreasingThusweexpecttheCompanyssecondgrowthcurvetocontinuetogrowandmayexceedmarketexpectationsChinaCommunicationsServicesCatalystsIncreaseindividendpayoutanddividendpayoutratiofaster-than-expecteddevelopmentonnon-operatormarketbetter-than-expectedprofitabilityofnon-operatormarketRisksSlower-than-expectedgrowthofACObusinessweaker-than-expecteddemandfromnon-operatorcustomersReportCompanySeethelastpagefordisclaimerPage2of7TablePageHeaderChinaCommunicationsServices00552HKFigure-1DevelopmentofmobilebasestationsFigure-2Numberofgigabitbroadbandusers1raMthgiRelbaTMillionNumberofmobilebasestationsMillionNetadditioninnumberofmobilebasestations10012009189087110358149968076010009317068417065761180055960March20235056674606195031409600403040020174200100900870600480650000201720182019202020212022SourceMinistryofIndustryandInformationTechnologyGuotaiJunanSourceMinistryofIndustryandInformationTechnologyGuotaiJunanInternationalInternationalFigure-3ChinaComservicesRevenueFigure-4ChinaComservicesProfitMargins2raMthgiRelbaTRMBMillionTotalrevenueLHSYoYGrowthRHSGrossmarginNetmagrin20000010149218000017413091171141151161511361623431211016000074814074613399110140000700552HK7473120000685010000056800004中国通信服务6000034400002242242420000124250002021A2022A2023F2024F2025F2021A2022A2023F2024F2025FSourcetheCompanyGuotaiJunanInternationalSourcetheCompanyGuotaiJunanInternationalFigure-5ChinaComservicesPEGraphFigure-6ChinaComservicesPBGraph1412ChinaCommunicationsServices121101SD1SD08Average8Average066-1SD-1SD04402200Apr-19Apr-20Apr-21Apr-22Oct-19Oct-20Oct-21Oct-22Apr-19Apr-20Oct-20Apr-21Apr-22Oct-22Oct-19Oct-21Jun-20Jun-21Jun-19Jun-22Jun-20Jun-22Jun-19Jun-21Feb-20Feb-21Feb-22Feb-23Feb-21Feb-22Feb-23Feb-20Dec-19Aug-20Dec-22Aug-19Dec-20Aug-21Dec-21Aug-22Aug-20Dec-20Aug-22Dec-22Aug-19Dec-19Aug-21Dec-21SourceBloombergGuotaiJunanInternationalSourceBloombergGuotaiJunanInternationalReportCompanySeethelastpagefordisclaimerPage3of7TablePageHeaderChinaCommunicationsServices00552HKTable-1PeerscomparisonMarketCapPERPBR1raMROEthgDYiReROAlbaTCompanyTickerCurrencyPriceHKDMil23F24F25F23F24F25F23F23F23FChinaCommunicationsServi-H00552HKHKD396027427666156060505875934HKListedCompaniesContractorsChinaStateConstructionInt03311HKHKD8950450875044380706061476140March2023ChinaRailwaySignalCom-H03969HKHKD28405889267635906050584783531ChinaCommunicationsConst-H01800HKHKD4600161830302934020202736014ChinaRailwayConstruction-H01186HKHKD55601299022220090202na986220ChinaEnergyEngineeringC-H03996HKHKD099098689393409030303822515ChinaRailwayGroupLtd-H00390HKHKD47801827533027260303031085922SimpleAverage444033040404975826WeightedAverage363327030303945722HKListedCompanies-InformationServicesCombaTelecomSystemsHoldin02342HKHKD145040491611531811009na660924AsiainfoTechnologiesLtd01675HKHKD14620136031191059116141214029922raMthgiRelbaTChinasoftInternationalLtd00354HKHKD5090154079174611009081090767TravelskyTechnologyLtd-H00696HKHKD1468042957205146106181615961559VstecsHoldingsLtd00856HKHKD451065444340340606na1496741SimpleAverage124103951211121122557WeightedAverage15511893151313108206300552HKA-ShareListedCompaniesRunjianCoLtd-A002929CHCNY4721012523158117na2219na1410845HangzhouFreelyCommunicat-A603602CHCNY134703132nanananananananana中国通信服务GuomaiTechnologiesInc-A002093CHCNY84509711nananananananananaSunwaveCommunications-A002115CHCNY69306411315257na2220na70nanaPowerConstructionCorpOf-A601669CHCNY7120139906887412080707822114DigitalChinaInformation-A000555CHCNY1348015125281225na1918na720334ChinaStateConstruction-A601668CHCNY58502798303934080605041435331MetallurgicalCorpOfChin-A601618CHCNY381083244716354060605872520SimpleAverage15912825141205992229WeightedAverage7059170706051163725ChinaCommunicationsServicesUSListedCompaniesApiGroupCorpAPGUSUSD22030405591481261101715141330061TutorPeriniCorpTPCUSUSD59702414133372302020216nanaSterlingConstructionCoSTRLUSUSD38000918211195nananana186na70MyrGroupIncDelawareMYRGUSUSD1219401595222018315733nana196nanaEmcorGroupIncEMEUSUSD16056060105175153145nanana21104naPrimorisServicesCorpPRIMUSUSD2438010196100847011100810810naGraniteConstructionIncGVAUSUSD40420138801339794nananana13naMastecIncMTZUSUSD939005807719714711925232012700naDycomIndustriesIncDYUSUSD95170219311981781403227221750064KbrIncKBRUSUSD53500573561861501154440342361069AecomACMUSUSD83480910552251881614441381970644SimpleAverage1661311132623201580562ReportWeightedAverage1871541323431281820557OtherMarkets163200025031134132113100909762244CompanyJgcHoldingsCorp1963JTJPY1564000488857374720807071093944KajimaCorp1812JTJPY747000348251049891060606632926SeethelastpagefordisclaimerPage4of7TablePageHeaderChinaCommunicationsServices00552HKShimizuCorp1803JTJPY4045000480231229585090808733234TaiseiCorp1801JPJPY10000004265996999407071r07aMt78hgi42Re34lbaTObayashiCorp1802JPJPY243200020274123119112080808714152ComsysHoldingsCorp1721JPJPY158300019200132120114060606482339KindenCorp1944JPJPY237500015420117112109080808694345KyowaExeoCorp1951JPJPY54600001831823021921030282613122108March2023Sho-BondHoldingsCoLtd1414JPJPY161200014232181152127171615962963NecNetworksSystemIntegr1973JPJPY365500002456982736905050464172831HyundaiEngineeringConst000720KSKRW2080000010745444135030303816026GsEngineeringConstruct006360KSKRW26160372231301201082119171703237SpieSaSPIEFPEUR75940512821121059850423447152naHochtiefAgHOTGREUR75880512821121059850423447152naAcsActividadesConsYServACSSMEUR287207056913112110214141310567naStrabagSe-BrSTRAVEUR38600339938987870908081024836SimpleAverage1181101011514121343844WeightedAverage1151079818161416142412raMthgiRelbaTOverallAverage122102681513101223140OverallWeightedAverage10288691514121383536SourceBloomberg00552HK中国通信服务ChinaCommunicationsServicesReportCompanySeethelastpagefordisclaimerPage5of7TablePageHeaderChinaCommunicationsServices00552HKFinancialStatementsandRatiosTableIncomeStatementTableBalanceSheet1raMthgiRelbaTIncomeStatementBalanceSheetYearend31DecRMBm2021A2022A2023F2024F2025FYearend31DecRMBm2021A2022A2023F2024F2025FTelecominfrastructureservices7188972907755487916183008PPE62136269632963566347Businessprocessoutsourcingservices4062443072466234954151907EquityinstrumentsatFVTOCI36723336317030112861Applicationscontentandotherservices2147824767289653364139215Right-of-useassets24232403245125002550TotalRevenue133991140746151136162343174130Investmentproperties17301715156014821408March2023Constructioninprogress57642844947249531Depreciationandamortisation908961103211081189Otherintangibleassets683724760798838Directpersonnelcosts88058558838885238707InterestsinassociatesandJV12861308137314421514Materialscosts1916621657244842711129776Othernon-currentassets41699881102551064311048Directcostsofproductsdistribution46144065374035533376TotalNon-currentAssets2075226064263472670427061Subcontractingcharges7124076546821988829294703Leasechargesandothers1447412977139051493616020CashCashEquivalents2117122085235522496626473Accountsandbillsreceivablenet1825420310219152354025249Costofrevenues119207124765133747143524153770Contractassetsnet2153525269265322785929252Grossprofit1478415981173901881920360Prepaymentsandothercurrentassets1110212718139051542317065FinancialassetsatFVTPL336562656871SGA1295213960150681626717552Restricteddeposits23572169227723912511Otheroperatingincome19461954202421582295Othercurrentassets149215881665174418282raMthgiRelbaTOtheroperatingexpenses214141141143145TotalCurrentAssets79276842018991095991102448OperatingProfit35653834420445674957Shareofprofitsofassociates929396100104TotalAssets100028110264116257122695129509NetFinancecosts7991939597ProfitBeforeTax35783835420845734965Shorttermborrowings723752808867930IncomeTax393356421457496Accountspayable363204461147823513195498200552HKProfitAfterTax31863479378741154468Contractliabilities11449108681032598089318Non-controllingInterest28121132143156Accruedexpensesotherpayables90919499101831092811708ShareholdersProfitLoss31573358365539724313Othercurrentliabilities73086497510191065BasicEPS04560485052805740623TotalCurrentLiabilities5831466595701147394278004中国通信服务Deferredtaxliabilities745633645658671TableCashFlowStatementCashFlowStatementOthernon-currentliabilities13591414143114481466Yearend31DecRMBm2021A2022F2023F2024F2025FTotalNon-currentLiabilities21042046207621072138Profitbeforetax35783835420845734965DA15291559159816461699TotalLiabilities6041868641721907604880142Othernon-cashitems8923248118513561374Workingcapitalchange419838772817866Sharecapital69266926692669266926Interestincomereceived347591603643682Reserves3148133433357463818340747Taxpaid475356421457496TotalShareholdersEquity3840740359426724510947673ChinaCommunicationsServicesCashfromOperatingActivities45063219403242324609MinorityInterest12031263139515381694TotalEquity3961041623440674664749367CAPEX17691131119412431302Others1900118128135142TableFinancialRatioFinancialRatiosCashfromInvestingActivities367010131065110811602021A2022A2023F2024F2025FDividendpaid11311343153517481984Grossprofitmargin110114115116117Others50251353941Netprofitmargin2424242425CashfromFinancingActivities6281292150117091942ROA3232323334ROE8485889193NetChangesinCash208914146614151507CashatBegofYear2100821171220852355224966Currentratiox1413131313FXchange460000NetgearingNetcashNetcashNetcashNetcashNetcashCashatEndofYear2117122085235522496626473SourcetheCompanyGuotaiJunanInternationalReportCompanyTableCompanyRatingDefinitionSeethelastpagefordisclaimerPage6of7TablePageHeaderChinaCommunicationsServices00552HKCompanyRatingDefinitionTheBenchmarkHongKongHangSengIndex1raMthgiRelbaTTimeHorizon6to18monthsRatingDefinitionBuy买入RelativePerformance15orthefundamentaloutlookofthecompanyorsectorisfavorableAccumulate收集RelativePerformanceis5to15orthefundamentaloutlookofthecompanyorsectorisfavorableMarch2023Neutral中性RelativePerformanceis-5to531orthefundamentaloutlookofthecompanyorsectorisneutralReduce减持RelativePerformanceis-5to-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSell卖出RelativePerformance-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSectorTableRatingIndustryDefinitionRatingDefinitionTheBenchmarkHongKongHangSengIndexTimeHorizon6to18monthsRatingDefinitionOutperform跑赢大市RelativePerformance52raMthgiRelbaTorthefundamentaloutlookofthesectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthesectorisneutralUnderperform跑输大市RelativePerformance-5Orthefundamentaloutlookofthesectorisunfavorable00552HKDISCLOSURETableDISCLOSUREOFINTERESTSOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3GuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport中国通信服务4GuotaiJunananditsgroupcompanieshavenothadinvestmentbankingrelationshipswiththeissuermentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesaremakingamarketinthesecuritiesinrespectofChinaTelecom-Hshares00728HKChinaUnicom00762HKChinaMobile-Hshares00941HKmentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficeroftheissuermentionedinthisResearchReportThereisnoofficeroftheissuermentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesDISCLAIMERThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesChinaCommunicationsServicesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793ReportWebsitewwwgtjacomhkCompanySeethelastpagefordisclaimerPage7of7