研究报告全文：研究报告ResearchReport31Mar2023华鲁恒升ShandongHualuHengshengChemical600426CH22Q4扣非净利润环比-649底部确认看好荆州基地长期成长性22Q4RecurringProfit-649MoMattheBottomLong-termGrowthofJingzhouBase观点聚焦Tableyemei1InvestmentFocusTableInfo维持优于大市MaintainOUTPERFORMPleaseseeAPPENDIX1forEnglishsummary华鲁恒升公布年年度报告年公司实现营业总收入评级优于大市OUTPERFORM20222022现价Rmb352530245亿元同比增长1309实现归母扣非净利润6289亿目标价Rmb4185元同比下降1350HTIESG24-30-452022年收入增长主要源于产品价格与销量增加1分业务MSCIESG评级CCC看新材料产品有机胺肥料醋酸及衍生品累计收入分别义利评级BB-变化25701313304-3917至146535995来源MSCIESGResearchLLC盟浪Reproducedbypermissionnofurtherdistribution55182106亿元累计销量同比分别变化181294794市值Rmb7485bnUS1088bn28373576至3011-16282230-184万吨销售均价日交易额3个月均值US6474mn不含税分别变化至发行股票数目2123mn-2542100897-3803元吨年公司自由流通股688082771250535194494365705220221年股价最高最低值Rmb3816-Rmb2618销售毛利率和销售净利率分别为28942079同比变动-注现价Rmb3525为2023年3月31日收盘价655pct-644pct主要原因为醋酸及衍生品毛利率同比下降2260PriceReturnMSCIChina140公司全力推进项目建设大部分新材料产品国内市占率超120301报告期内酰胺及尼龙新材料项目20万吨尼龙6装置建成投产高端溶剂尼龙66高端新材料等容量替代建设1003480th高效大容量燃煤锅炉等项目如期推进荆州基地一期80项目进入大规模设备安装阶段3产品市占率方面甲胺碳60酸二甲酯己二酸异辛醇尿素年国内市场占有DMF2022率分别约为5540382983Volume公司在建项目均为新材料方向产品升级推进顺利未来成长Mar-22Jul-22Nov-22性可期1荆州第二基地落地布局一期建设100万吨年合成资料来源Factset氨100万吨年尿素30万吨年DMF与有机胺20万吨年食品级CO2100万吨年醋酸等将于2023年底建成投产21mth3mth12mth设计尼龙高端新材料项目投产后年产尼龙高端新材料绝对值-24631186666绝对值美元-167532产品8万吨己二酸148万吨硝酸18万吨副产二元酸135相对MSCIChina217321469万吨预计2023年投产3设计12万吨年PBAT可降解塑料项目投产后年产BDO1795万吨PBAT12万吨N-甲基吡咯烷RmbTableProfitmnDec-22ADec-23EDec-24EDec-25E酮5万吨副产丁醇051万吨四氢呋喃132万吨预计2023营业收入30245331113701744074年建成投产-13195118191净利润6289592264047935盈利预测与投资评级产品价格下跌导致毛利率下滑我们下调--135-5881239业绩我们预计2023-2025年公司EPS分别为279-35全面摊薄EPS296279302374302-30374元新增参考同行业可比公司估值我Rmb毛利率289253243248们认为合理估值为2023年15倍PE对应合理价值为4185元净资产收益率234180163168上次目标价3525元基于2022年10倍PE19维持市盈率1213129优于大市评级资料来源公司信息HTI风险提示原料和产品价格大幅波动项目建设投产进度不及预期煤化工下游需求不及预期安全生产与环保合规风险刘威TableAuthorWeiLiu孙维容WeirongSun庄怀超HuaichaoZhuangweiliuhtiseccomwrsunhtiseccomhczhuanghtiseccom本研究报告由海通国际分销海通国际是由海通国际研究有限公司海通证券印度私人有限公司海通国际株式会社和海通国Tableyejiao1际证券集团其他各成员单位的证券研究团队所组成的全球品牌海通国际证券集团各成员分别在其许可的司法管辖区内从事证券活动关于海通国际的分析师证明重要披露声明和免责声明请参阅附录PleaseseeappendixforEnglishtranslationofthedisclaimer华鲁恒升Tableheader2600426CH维持优于大市表1华鲁恒升分业务盈利预测项目20222023E2024E2025E总收入百万元3024528331113437017024407440总成本百万元2149111247434728010283316134总毛利百万元8754188367879006741091306总毛利率29252425肥料收入百万元551836561600405600499200成本百万元334634365040263640324480毛利百万元217203196560141960174720毛利率39353535有机胺收入百万元599507612750718800972000成本百万元257848337013416904583200毛利百万元341659275738301896388800毛利率57454240新材料相关产品收入百万元1465325170292718999522098428成本百万元1240996144748816149591783664毛利百万元224329255439284993314764毛利率15151515醋酸及衍生品收入百万元210646253858427350587813成本百万元145409165007286325405591毛利百万元6523788850141026182222毛利率031035033031其他主营收入百万元107397100000160000160000成本百万元8484383000132800132800毛利百万元22553170002720027200毛利率21171717其他收入百万元89818800009000090000成本百万元85381768008640086400毛利百万元4437320036003600毛利率5444资料来源WIND公司2022年年报海通国际表1可比公司估值表EPS元股PE倍公司名称股票代码股价元20222023E2024E20222023E2024E龙佰集团002601SZ20031712142591171936773万华化学600309SH9643517662818186514571179宝丰能源600989SH145708611415616941278934平均值15771224962资料来源WIND海通国际股价为2023年3月30日收盘价每股收益均为WIND一致预期31Mar20232华鲁恒升Tableheader2600426CH维持优于大市财务报表分析和预测TableForecastInfo主要财务指标20222023E2024E2025E利润表百万元20222023E2024E2025E每股指标元营业总收入30245331113701744074每股收益296279302374营业成本21491247432801033161每股净资产1268273713270739320毛利率289253243248每股经营现金流330673259216987营业税金及附加217238266317每股股利000000000000营业税金率07070707价值评估倍营业费用52576375PE117712501156933营业费用率02020202PB275013011009管理费用262286320381PS245224200168管理费用率09090909EVEBITDA767056041000EBIT7640715676519299股息率00000000财务费用59206139-9盈利能力指标财务费用率02060400毛利率289253243248资产减值损失-27000净利润率208179173180投资收益38424756净资产收益率234180163168营业利润7604699275609365资产回报率180121128126营业外收支-193-15-15-15投资回报率205162149162利润总额7411697775459350盈利增长EBITDA9423757581319777营业收入增长率13195118191所得税1123105711431417EBIT增长率-111-6369215有效所得税率152152152152净利润增长率-135-5881239少数股东损益-2-2-2-2偿债能力指标归属母公司所有者净利润6289592264047935资产负债率202309198236流动比率240146188144速动比率174075136074资产负债表百万元20222023E2024E2025E现金比率052032064032货币资金1849369942934649经营效率指标应收账款及应收票据39645185应收账款周转天数068056056056存货1173707522628792存货周转天数1852600060006000其它流动资产5521609860667465总资产周转率095079075078流动资产合计8581169351267220992固定资产周转率191188169167长期股权投资0000固定资产15591195822414928699在建工程5026661675697542无形资产1737173717371737现金流量表百万元20222023E2024E2025E非流动资产合计26424320053752642048净利润6289592264047935资产总计35005489405019763040少数股东损益-2-2-2-2短期借款051015非现金支出1808419479478应付票据及应付账款16248136291310168非经营收益3423421778预收账款0000营运资金变动-113015067-104其它流动负债1946344538174422经营活动现金流6999807971058384流动负债合计357111586674014604资产-6931-6014-6014-5014长期借款3257325729570投资-400000其它长期负债258258259260其他38424756非流动负债合计351435143215260投资活动现金流-7292-5972-5967-4958负债总计708515100995514864债权募资13505-294-2951实收资本2123212321232123股权募资754000归属于母公司所有者权益26923328453924847184其他-1828-261-250-120少数股东权益998996994992融资活动现金流276-256-544-3070负债和所有者权益合计35005489405019763040现金净流量-131850594356备注1表中计算估值指标的收盘价日期为3月30日2以上各表均为简表资料来源公司年报2022HTI31Mar20233华鲁恒升Tableheader2600426CH维持优于大市APPENDIX1SummaryHualuHengshengannouncesits2022annualreportIn2022thecompanyachievedatotaloperatingrevenueof30245bn1309YoYandachievedrecurringprofitofRMB6289bn-1350YoYTherevenuegrowthin2022ismainlyduetotheincreaseinproductpricesandsales1Fromabusinessperspectivethecumulativerevenueofnewmaterialproductsorganicaminesfertilizersaceticacidandderivativeshaschangedby25701313304and-3917toRMB1465359955518and2106bnrespectivelyThecumulativesalesvolumehaschangedby18129479428373576to3011-16282230and18400tonsrespectivelyandtheaveragesalespriceexcludingtaxhaschangedby-2542100and897respectively-3803toRMB8082771250535194494365705ton2In2022thecompanysgrossprofitmarginonsalesandnetprofitmarginonsaleswere2894and2079respectively-655pct-644pctYoYmainlyduetoaYoYdecreaseof2260inthegrossprofitmarginonaceticacidandderivativesThecompanyisfullypromotingprojectconstructionwithmostnewmaterialproductsaccountingforover30ofthedomesticmarket1Duringthereportingperiodthe200000tonnylon6unitoftheamideandnylonnewmaterialprojectwascompletedandputintooperationandhigh-endsolventnylon66high-endnewmaterialandequalcapacityreplacementconstructionwerecarriedoutProjectssuchas480thhigh-efficiencylarge-capacitycoal-firedboilershavebeenpromotedasscheduledandtheJingzhouBasePhaseIprojecthasenteredthestageoflarge-scaleequipmentinstallation3IntermsofproductmarketsharethedomesticmarketshareofmethylaminedimethylcarbonateDMFadipicacidisooctanolandureain2022wasabout554038298and3respectivelyThecompanysprojectsunderconstructionareallorientedtowardsnewmaterialswithsmoothproductupgradingandpredictablefuturegrowth1ThesecondbaseinJingzhouhasbeenlaidoutwiththeconstructionof1mntonsyearofsyntheticammonia1mntonsyearofurea300000tonsyearofDMFandorganicamines200000tonsyearoffoodgradeCO2and1mntonsyearofaceticacidinthefirstphaseItwillbecompletedandputintoproductionbytheendof20232Designedahigh-endnewmaterialprojectfornylon66withanannualoutputof80000tonsofhigh-endnewmaterialproductsfornylon66148000tonsofadipicacid180000tonsofnitricacidand13500tonsofby-productdicarboxylicacidItisexpectedtobeputintoproductionin20233Designeda120000taPBATdegradableplasticprojectwithanannualoutputof179500tonsofBDOand120000tonsofPBATafterproductionN-methylpyrrolidoneis50000tonsbyproductbutanolis5100tonsandtetrahydrofuranis13200tonsItisexpectedtobecompletedandputintoproductionin2023ProfitforecastandinvestmentratingThedeclineinproductpriceshasledtoadeclineingrossmarginWehaveloweredourperformanceWeestimatethecompanysEPStobeRMB279-35302-30and374newin2023-2025Referringtothevaluationofcomparablecompaniesinthesameindustrywebelievethatthereasonablevaluationis15xPEinFY23andthecorrespondingreasonablevalueis4185thelastTPwasRMB3525basedon10xPEinFY224WemaintainanOutperformratingRisksThepricesofrawmaterialsandproductsfluctuatesignificantlytheprogressofprojectconstructionandproductionislessthanexpectedthedownstreamdemandofcoalchemicalindustryislessthanexpectedandtherearerisksofsafetyproductionandenvironmentalprotectioncompliance31Mar20234TableAPPENDIX附录TabledisclaimerAPPENDIX重要信息披露本研究报告由海通国际分销海通国际是由海通国际研究有限公司HTIRLHaitongSecuritiesIndiaPrivateLimitedHSIPLHaitongInternationalJapanKKHTIJKK和海通国际证券有限公司HTISCL的证券研究团队所组成的全球品牌海通国际证券集团HTISG各成员分别在其许可的司法管辖区内从事证券活动IMPORTANTDISCLOSURESThisresearchreportisdistributedbyHaitongInternationalaglobalbrandnamefortheequityresearchteamsofHaitongInternationalResearchLimitedHTIRLHaitongSecuritiesIndiaPrivateLimitedHSIPLHaitongInternationalJapanKKHTIJKKHaitongInternationalSecuritiesCompanyLimitedHTISCLandanyothermemberswithintheHaitongInternationalSecuritiesGroupofCompaniesHTISGeachauthorizedtoengageinsecuritiesactivitiesinitsrespectivejurisdictionHTIRL分析师认证AnalystCertification我刘威在此保证i本研究报告中的意见准确反映了我们对本研究中提及的任何或所有目标公司或上市公司的个人观点并且ii我的报酬中没有任何部分与本研究报告中表达的具体建议或观点直接或间接相关及就此报告中所讨论目标公司的证券我们包括我们的家属在其中均不持有任何财务利益IWeiLiucertifythatitheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchandiinopartofmycompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreportandthatIincludingmembersofmyhouseholdhavenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussed我孙维容在此保证i本研究报告中的意见准确反映了我们对本研究中提及的任何或所有目标公司或上市公司的个人观点并且ii我的报酬中没有任何部分与本研究报告中表达的具体建议或观点直接或间接相关及就此报告中所讨论目标公司的证券我们包括我们的家属在其中均不持有任何财务利益IWeirongSuncertifythatitheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchandiinopartofmycompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreportandthatIincludingmembersofmyhouseholdhavenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussed我庄怀超在此保证i本研究报告中的意见准确反映了我们对本研究中提及的任何或所有目标公司或上市公司的个人观点并且ii我的报酬中没有任何部分与本研究报告中表达的具体建议或观点直接或间接相关及就此报告中所讨论目标公司的证券我们包括我们的家属在其中均不持有任何财务利益IHuaichaoZhuangcertifythatitheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchandiinopartofmycompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreportandthatIincludingmembersofmyhouseholdhavenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussed利益冲突披露ConflictofInterestDisclosures海通国际及其某些关联公司可从事投资银行业务和或对本研究中的特定股票或公司进行做市或持有自营头寸就本研究报告而言以下是有关该等关系的披露事项以下披露不能保证及时无遗漏如需了解及时全面信息请发邮件至ERD-DisclosurehtiseccomHTIandsomeofitsaffiliatesmayengageininvestmentbankingandorserveasamarketmakerorholdproprietarytradingpositionsofcertainstocksorcompaniesinthisresearchreportAsfarasthisresearchreportisconcernedthefollowingarethedisclosuremattersrelatedtosuchrelationshipAsthefollowingdisclosuredoesnotensuretimelinessandcompletenesspleasesendanemailtoERD-Disclosurehtiseccomiftimelyandcomprehensiveinformationisneeded评级定义从2020年7月1日开始执行评级分布RatingDistribution海通国际以下简称HTI采用相对评级系统来为投资者推荐我们覆盖的公司优于大市中性或弱于大市投资者应仔细阅读HTI的评级定义并且HTI发布分析师观点的完整信息投资者应仔细阅读全文而非仅看评级在任何情况下分析师的评级和研究都不能作为投资建议投资者的买卖股票的决策应基于各自情况比如投资者的现有持仓以及其他因素分析师股票评级优于大市未来12-18个月内预期相对基准指数涨幅在10以上基准定义如下中性未来12-18个月内预期相对基准指数变化不大基准定义如下根据FINRANYSE的评级分布规则我们会将中性评级划入持有这一类别弱于大市未来12-18个月内预期相对基准指数跌幅在10以上基准定义如下各地股票基准指数日本TOPIX韩国KOSPI台湾TAIEX印度Nifty100美国SP500其他所有中国概念股MSCIChinaRatingsDefinitionsfrom1Jul2020HaitongInternationalusesarelativeratingsystemusingOutperformNeutralorUnderperformforrecommendingthestockswecovertoinvestorsInvestorsshouldcarefullyreadthedefinitionsofallratingsusedinHaitongInternationalResearchInadditionsinceHaitongInternationalResearchcontainsmorecompleteinformationconcerningtheanalystsviewsinvestorsshouldcarefullyreadHaitongInternationalResearchinitsentiretyandnotinferthecontentsfromtheratingaloneInanycase5ratingsorresearchshouldnotbeusedorrelieduponasinvestmentadviceAninvestorsdecisiontobuyorsellastockshoulddependonindividualcircumstancessuchastheinvestorsexistingholdingsandotherconsiderationsAnalystStockRatingsOutperformThestockstotalreturnoverthenext12-18monthsisexpectedtoexceedthereturnofitsrelevantbroadmarketbenchmarkasindicatedbelowNeutralThestockstotalreturnoverthenext12-18monthsisexpectedtobeinlinewiththereturnofitsrelevantbroadmarketbenchmarkasindicatedbelowForpurposesonlyofFINRANYSEratingsdistributionrulesourNeutralratingfallsintoaholdratingcategoryUnderperformThestockstotalreturnoverthenext12-18monthsisexpectedtobebelowthereturnofitsrelevantbroadmarketbenchmarkasindicatedbelowBenchmarksforeachstockslistedregionareasfollowsJapanTOPIXKoreaKOSPITaiwanTAIEXIndiaNifty100USSP500forallotherChina-conceptstocksMSCIChina截至2022年12月31日海通国际股票研究评级分布优于大市中性弱于大市持有海通国际股票研究覆盖率8949215投资银行客户527383在每个评级类别里投资银行客户所占的百分比上述分布中的买入中性和卖出分别对应我们当前优于大市中性和落后大市评级只有根据FINRANYSE的评级分布规则我们才将中性评级划入持有这一类别请注意在上表中不包含非评级的股票此前的评级系统定义直至2020年6月30日买入未来12-18个月内预期相对基准指数涨幅在10以上基准定义如下中性未来12-18个月内预期相对基准指数变化不大基准定义如下根据FINRANYSE的评级分布规则我们会将中性评级划入持有这一类别卖出未来12-18个月内预期相对基准指数跌幅在10以上基准定义如下各地股票基准指数日本TOPIX韩国KOSPI台湾TAIEX印度Nifty100其他所有中国概念股MSCIChinaHaitongInternationalEquityResearchRatingsDistributionasofDec312022OutperformNeutralUnderperformholdHTIEquityResearchCoverage8949215IBclients527383PercentageofinvestmentbankingclientsineachratingcategoryBUYNeutralandSELLintheabovedistributioncorrespondtoourcurrentratingsofOutperformNeutralandUnderperformForpurposesonlyofFINRANYSEratingsdistributionrulesourNeutralratingfallsintoaholdratingcategoryPleasenotethatstockswithanNRdesignationarenotincludedinthetableabovePreviousratingsystemdefinitionsuntil30Jun2020BUYThestockstotalreturnoverthenext12-18monthsisexpectedtoexceedthereturnofitsrelevantbroadmarketbenchmarkasindicatedbelowNEUTRALThestockstotalreturnoverthenext12-18monthsisexpectedtobeinlinewiththereturnofitsrelevantbroadmarketbenchmarkasindicatedbelowForpurposesonlyofFINRANYSEratingsdistributionrulesourNeutralratingfallsintoaholdratingcategorySELLThestockstotalreturnoverthenext12-18monthsisexpectedtobebelowthereturnofitsrelevantbroadmarketbenchmarkasindicatedbelowBenchmarksforeachstockslistedregionareasfollowsJapanTOPIXKoreaKOSPITaiwanTAIEXIndiaNifty100forallotherChina-conceptstocksMSCIChina海通国际非评级研究海通国际发布计量筛选或短篇报告并在报告中根据估值和其他指标对股票进行排名或者基于可能的估值倍数提出建议价格这种排名或建议价格并非为了进行股票评级提出目标价格或进行基本面估值而仅供参考使用HaitongInternationalNon-RatedResearchHaitongInternationalpublishesquantitativescreeningorshortreportswhichmayrankstocksaccordingtovaluationandothermetricsormaysuggestpricesbasedonpossiblevaluationmultiplesSuchrankingsorsuggestedpricesdonotpurporttobestockratingsortargetpricesorfundamentalvaluesandareforinformationonly海通国际A股覆盖海通国际可能会就沪港通及深港通的中国A股进行覆盖及评级海通证券600837CH海通国际于上海的母公司也会于中国发布中国A股的研究报告但是海通国际使用与海通证券不同的评级系统所以海通国际与海通证券的中国A股评级可能有所不同HaitongInternationalCoverageofA-SharesHaitongInternationalmaycoverandrateA-SharesthataresubjecttotheHongKongStockConnectschemewithShanghaiandShenzhenHaitong6SecuritiesHS600837CHtheultimateparentcompanyofHTISGbasedinShanghaicoversandpublishesresearchonthesesameA-SharesfordistributioninmainlandChinaHowevertheratingsystememployedbyHSdiffersfromthatusedbyHTIandasaresulttheremaybeadifferenceintheHTIandHSratingsforthesameA-sharestocks海通国际优质100A股Q100指数海通国际Q100指数是一个包括100支由海通证券覆盖的优质中国A股的计量产品这些股票是通过基于质量的筛选过程并结合对海通证券A股团队自下而上的研究海通国际每季对Q100指数成分作出复审HaitongInternationalQuality100A-shareQ100IndexHTIsQ100Indexisaquantproductthatconsistsof100ofthehighest-qualityA-sharesundercoverageatHSinShanghaiThesestocksarecarefullyselectedthroughaquality-basedscreeningprocessincombinationwithareviewoftheHSA-shareteamsbottom-upresearchTheQ100constituentcompaniesarereviewedquarterlyMSCIESG评级免责声明条款尽管海通国际的信息供货商包括但不限于MSCIESGResearchLLC及其联属公司ESG方从其认为可靠的来源获取信息信息ESG方均不担保或保证此处任何数据的原创性准确性和或完整性并明确表示不作出任何明示或默示的担保包括可商售性和针对特定目的的适用性该信息只能供阁下内部使用不得以任何形式复制或重新传播并不得用作任何金融工具产品或指数的基础或组成部分此外信息本质上不能用于判断购买或出售何种证券或何时购买或出售该证券即使已被告知可能造成的损害ESG方均不承担与此处任何资料有关的任何错误或遗漏所引起的任何责任也不对任何直接间接特殊惩罚性附带性或任何其他损害赔偿包括利润损失承担任何责任MSCIESGDisclaimerAlthoughHaitongInternationalsinformationprovidersincludingwithoutlimitationMSCIESGResearchLLCanditsaffiliatestheESGPartiesobtaininformationtheInformationfromsourcestheyconsiderreliablenoneoftheESGPartieswarrantsorguaranteestheoriginalityaccuracyandorcompletenessofanydatahereinandexpresslydisclaimallexpressorimpliedwarrantiesincludingthoseofmerchantabilityandfitnessforaparticularpurposeTheInformationmayonlybeusedforyourinternalusemaynotbereproducedorredisseminatedinanyformandmaynotbeusedasabasisfororacomponentofanyfinancialinstrumentsorproductsorindicesFurthernoneoftheInformationcaninandofitselfbeusedtodeterminewhichsecuritiestobuyorsellorwhentobuyorsellthemNoneoftheESGPartiesshallhaveanyliabilityforanyerrorsoromissionsinconnectionwithanydatahereinoranyliabilityforanydirectindirectspecialpunitiveconsequentialoranyotherdamagesincludinglostprofitsevenifnotifiedofthepossibilityofsuchdamages盟浪义利FIN-ESG数据通免责声明条款在使用盟浪义利FIN-ESG数据之前请务必仔细阅读本条款并同意本声明第一条义利FIN-ESG数据系由盟浪可持续数字科技有限责任公司以下简称本公司基于合法取得的公开信息评估而成本公司对信息的准确性及完整性不作任何保证对公司的评估结果仅供参考并不构成对任何个人或机构投资建议也不能作为任何个人或机构购买出售或持有相关金融产品的依据本公司不对任何个人或机构投资者因使用本数据表述的评估结果造成的任何直接或间接损失负责第二条盟浪并不因收到此评估数据而将收件人视为客户收件人使用此数据时应根据自身实际情况作出自我独立判断本数据所载内容反映的是盟浪在最初发布本数据日期当日的判断盟浪有权在不发出通知的情况下更新修订与发出其他与本数据所载内容不一致或有不同结论的数据除非另行说明本数据如财务业绩数据等仅代表过往表现过往的业绩表现不作为日后回报的预测第三条本数据版权归本公司所有本公司依法保留各项权利未经本公司事先书面许可授权任何个人或机构不得将本数据中的评估结果用于任何营利性目的不得对本数据进行修改复制编译汇编再次编辑改编删减缩写节选发行出租展览表演放映广播信息网络传播摄制增加图标及说明等否则因此给盟浪或其他第三方造成损失的由用户承担相应的赔偿责任盟浪不承担责任第四条如本免责声明未约定而盟浪网站平台载明的其他协议内容如盟浪网站用户注册协议盟浪网用户服务含认证协议盟浪网隐私政策等有约定的则按其他协议的约定执行若本免责声明与其他协议约定存在冲突或不一致的则以本免责声明约定为准SusallWaveFIN-ESGDataServiceDisclaimerPleasereadthesetermsandconditionsbelowcarefullyandconfirmyouragreementandacceptancewiththesetermsbeforeusingSusallWaveFIN-ESGDataService1FIN-ESGDataisproducedbySusallWaveDigitalTechnologyCoLtdInshortSusallWavesassessmentbasedonlegalpubliclyaccessibleinformationSusallWaveshallnotberesponsibleforanyaccuracyandcompletenessoftheinformationTheassessmentresultisforreferenceonlyItisnotforanyinvestmentadviceforanyindividualorinstitutionandnotforbasisofpurchasingsellingorholdinganyrelativefinancialproductsWewillnotbeliableforanydirectorindirectlossofanyindividualorinstitutionasaresultofusingSusallWaveFIN-ESGData2SusallWavedonotconsiderrecipientsascustomersforreceivingthesedataWhenusingthedatarecipientsshallmakeyourownindependentjudgmentaccordingtoyourpracticalindividualstatusThecontentsofthedatareflectthejudgmentofusonlyonthereleasedayWehaverighttoupdateandamendthedataandreleaseotherdatathatcontainsinconsistentcontentsordifferentconclusionswithoutnotificationUnlessexpresslystatedthedataegfinancialperformancedatarepresentspastperformanceonlyandthepastperformancecannotbeviewedasthepredictionoffuturereturn3ThecopyrightofthisdatabelongstoSusallWaveandwereserveallrightsinaccordancewiththelawWithoutthepriorwrittenpermissionofourcompanynoneofindividualorinstitutioncanusethesedataforanyprofitablepurposeBesidesnoneofindividualorinstitutioncantakeactionssuchasamendmentreplicationtranslationcompilationre-editingadaptiondeletionabbreviationexcerptsissuancerentexhibitionperformanceprojectionbroadcastinformationnetworktransmissionshootingaddingiconsandinstructionsIfanylossofSusallWaveoranythird-partyiscausedbythoseactionsusersshallbearthecorrespondingcompensationliabilitySusallWaveshallnotberesponsibleforanyloss4IfanytermisnotcontainedinthisdisclaimerbutwritteninotheragreementsonourwebsiteegUserRegistrationProtocolofSusallWaveWebsiteUserServiceincludingauthenticationAgreementofSusallWaveWebsitePrivacyPolicyofSusallwaveWebsiteitshouldbeexecutedaccordingtootheragreementsIfthereisanydifferencebetweenthisdisclaimandotheragreementsthisdisclaimershallbeapplied重要免责声明非印度证券的研究报告本报告由海通国际证券集团有限公司HTISGL的全资附属公司海通国际研究有限公司HTIRL发行该公司是根据香港证券及期货条例第571章持有第4类受规管活动就证券提供意见的持牌法团该研究报告在HTISGL的全资附属公司HaitongInternationalJapanKKHTIJKK的协助下发行HTIJKK是由日本关东财务局监管为投资顾问7印度证券的研究报告本报告由从事证券交易投资银行及证券分析及受SecuritiesandExchangeBoardofIndiaSEBI监管的HaitongSecuritiesIndiaPrivateLimitedHTSIPL所发行包括制作及发布涵盖BSELimitedBSE和NationalStockExchangeofIndiaLimitedNSE上市公司统称为印度交易所的研究报告HTSIPL于2016年12月22日被收购并成为海通国际证券集团有限公司HTISG的一部分所有研究报告均以海通国际为名作为全球品牌经许可由海通国际证券股份有限公司及或海通国际证券集团的其他成员在其司法管辖区发布本文件所载信息和观点已被编译或源自可靠来源但HTIRLHTISCL或任何其他属于海通国际证券集团有限公司HTISG的成员对其准确性完整性和正确性不做任何明示或暗示的声明或保证本文件中所有观点均截至本报告日期如有更改恕不另行通知本文件仅供参考使用文件中提及的任何公司或其股票的说明并非意图展示完整的内容本文件并非不应被解释为对证券买卖的明示或暗示地出价或征价在某些司法管辖区本文件中提及的证券可能无法进行买卖如果投资产品以投资者本国货币以外的币种进行计价则汇率变化可能会对投资产生不利影响过去的表现并不一定代表将来的结果某些特定交易包括设计金融衍生工具的有产生重大风险的可能性因此并不适合所有的投资者您还应认识到本文件中的建议并非为您量身定制分析师并未考虑到您自身的财务情况如您的财务状况和风险偏好因此您必须自行分析并在适用的情况下咨询自己的法律税收会计金融和其他方面的专业顾问以期在投资之前评估该项建议是否适合于您若由于使用本文件所载的材料而产生任何直接或间接的损失HTISG及其董事雇员或代理人对此均不承担任何责任除对本文内容承担责任的分析师除外HTISG及我们的关联公司高级管理人员董事和雇员均可不时作为主事人就本文件所述的任何证券或衍生品持有长仓或短仓以及进行买卖HTISG的销售员交易员和其他专业人士均可向HTISG的相关客户和公司提供与本文件所述意见相反的口头或书面市场评论意见或交易策略HTISG可做出与本文件所述建议或意见不一致的投资决策但HTIRL没有义务来确保本文件的收件人了解到该等交易决定思路或建议请访问海通国际网站wwwequitieshtiseccom查阅更多有关海通国际为预防和避免利益冲突设立的组织和行政安排的内容信息非美国分析师披露信息本项研究首页上列明的海通国际分析师并未在FINRA进行注册或者取得相应的资格并且不受美国FINRA有关与本项研究目标公司进行沟通公开露面和自营证券交易的第2241条规则之限制IMPORTANTDISCLAIMERForresearchreportsonnon-IndiansecuritiesTheresearchreportisissuedbyHaitongInternationalResearchLimitedHTIRLawhollyownedsubsidiaryofHaitongInternationalSecuritiesGroupLimitedHTISGLandalicensedcorporationtocarryonType4regulatedactivityadvisingonsecuritiesforthepurposeoftheSecuritiesandFuturesOrdinanceCap571ofHongKongwiththeassistanceofHaitongInternationalJapanKKHTIJKKawhollyownedsubsidiaryofHTISGLandwhichisregulatedasanInvestmentAdviserbytheKantoFinanceBureauofJapanForresearchreportsonIndiansecuritiesTheresearchreportisissuedbyHaitongSecuritiesIndiaPrivateLimitedHSIPLanIndiancompanyandaSecuritiesandExchangeBoardofIndiaSEBIregisteredStockBrokerMerchantBankerandResearchAnalystthatinteraliaproducesanddistributesresearchreportscoveringlistedentitiesontheBSELimitedBSEandtheNationalStockExchangeofIndiaLimitedNSEcollectivelyreferredtoasIndianExchangesHSIPLwasacquiredandbecamepartoftheHaitongInternationalSecuritiesGroupofCompaniesHTISGon22December2016AlltheresearchreportsaregloballybrandedunderthenameHaitongInternationalandapprovedfordistributionbyHaitongInternationalSecuritiesCompanyLimitedHTISCLandoranyothermemberswithinHTISGintheirrespectivejurisdictionsTheinformationandopinionscontainedinthisresearchreporthavebeencompiledorarrivedatfromsourcesbelievedtobereliableandingoodfaithbutnorepresentationorwarrantyexpressorimpliedismadebyHTIRLHTISCLHSIPLHTIJKKoranyothermemberswithinHTISGfromwhichthisresearchreportmaybereceivedastotheiraccuracycompletenessorcorrectnessAllopinionsexpressedhereinareasofthedateofthisresearchreportandaresubjecttochangewithoutnoticeThisresearchreportisforinformationpurposeonlyDescriptionsofanycompaniesortheirsecuritiesmentionedhereinarenotintendedtobecompleteandthisresearchreportisnotandshouldnotbeconstruedexpresslyorimpliedlyasanoffertobuyorsellsecuritiesThesecuritiesreferredtointhisresearchreportmaynotbeeligibleforpurchaseorsaleinsomejurisdictionsIfaninvestmentproductisdenominatedinacurrencyotherthananinvestorshomecurrencyachangeinexchangeratesmayadverselyaffecttheinvestmentPastperformanceisnotnecessarilyindicativeoffutureresultsCertaintransactionsincludingthoseinvolvingderivativesgiverisetosubstantialriskandarenotsuitableforallinvestorsYoushouldalsobearinmindthatrecommendationsinthisresearchreportarenottailor-madeforyouTheanalysthasnottakenintoaccountyouruniquefinancialcircumstancessuchasyourfinancialsituationandriskappetiteYoumustthereforeanalyzeandshouldwhereapplicableconsultyourownlegaltaxaccountingfinancialandotherprofessionaladviserstoevaluatewhethertherecommendationssuitsyoubeforeinvestmentNeitherHTISGnoranyofitsdirectorsemployeesoragentsacceptsanyliabilitywhatsoeverforanydirectorconsequentiallossarisingfromanyuseofthematerialscontainedinthisresearchreportHTISGandouraffiliatesofficersdirectorsandemployeesexcludingtheanalystsresponsibleforthecontentofthisdocumentwillfromtimetotimehavelongorshortpositionsinactasprincipalinandbuyorsellthesecuritiesorderivativesifanyreferredtointhisresearchreportSalestradersandotherprofessionalsofHTISGmayprovideoralorwrittenmarketcommentaryortradingstrategiestotherelevantclientsandthecompanieswithinHTISGthatreflectopinionsthatarecontrarytotheopinionsexpressedinthisresearchreportHTISGmaymakeinvestmentdecisionsthatareinconsistentwiththerecommendationsorviewsexpressedinthisresearchreportHTIisundernoobligationtoensurethatsuchothertradingdecisionsideasorrecommendationsarebroughttotheattentionofanyrecipientofthisresearchreportPleaserefertoHTIswebsitewwwequitieshtiseccomforfurtherinformationonHTIsorganizationalandadministrativearrangementssetupforthepreventionandavoidanceofconflictsofinterestwithrespecttoResearchNonUSAnalystDisclosureTheHTIanalystslistedonthecoverofthisResearchisarenotregisteredorqualifiedasaresearchanalystwithFINRAandarenotsubjecttoUSFINRARule2241restrictionsoncommunicationswithcompaniesthatarethesubjectoftheResearchpublicappearancesandtradingsecuritiesbyaresearchanalyst分发和地区通知除非下文另有规定否则任何希望讨论本报告或者就本项研究中讨论的任何证券进行任何交易的收件人均应联系其所在国家或地区的海通国际销售人员香港投资者的通知事项海通国际证券股份有限公司HTISCL负责分发该研究报告HTISCL是在香港有权实施第1类受规管活动从事证券交易的持牌公司该研究报告并不构成证券及期货条例香港法例第571章以下简称SFO所界定的要约邀请证券要约或公众要约本研究报告仅提供给SFO所界定的专业投资者本研究报告未经过证券及期货事务监察委员会的审查您不应仅根据本研究报告中所载的信息做出投资决定本研究报告的收件人就研究报告中产生或与之相关的任何事宜请联系HTISCL销售人员美国投资者的通知事项本研究报告由HTIRLHSIPL或HTIJKK编写HTIRLHSIPLHTIJKK以及任何非HTISG美国联营公司均未在美国注册因此不受美国关于研究报告编制和研8究分析人员独立性规定的约束本研究报告提供给依照1934年美国证券交易法第15a-6条规定的豁免注册的美国主要机构投资者MajorUSInstitutionalInvestor和机构投资者USInstitutionalInvestors在向美国机构投资者分发研究报告时HaitongInternationalSecuritiesUSAIncHTIUSA将对报告的内容负责任何收到本研究报告的美国投资者希望根据本研究报告提供的信息进行任何证券或相关金融工具买卖的交易只能通过HTIUSAHTIUSA位于340MadisonAvenue12thFloorNewYorkNY10173电话212351-6050HTIUSA是在美国于USSecuritiesandExchangeCommissionSEC注册的经纪商也是FinancialIndustryRegulatoryAuthorityIncFINRA的成员HTIUSA不负责编写本研究报告也不负责其中包含的分析在任何情况下收到本研究报告的任何美国投资者不得直接与分析师直接联系也不得通过HSIPLHTIRL或HTIJKK直接进行买卖证券或相关金融工具的交易本研究报告中出现的HSIPLHTIRL或HTIJKK分析师没有注册或具备FINRA的研究分析师资格因此可能不受FINRA第2241条规定的与目标公司的交流公开露面和分析师账户持有的交易证券等限制投资本研究报告中讨论的任何非美国证券或相关金融工具包括ADR可能存在一定风险非美国发行的证券可能没有注册或不受美国法规的约束有关非美国证券或相关金融工具的信息可能有限制外国公司可能不受审计和汇报的标准以及与美国境内生效相符的监管要求本研究报告中以美元以外的其他货币计价的任何证券或相关金融工具的投资或收益的价值受汇率波动的影响可能对该等证券或相关金融工具的价值或收入产生正面或负面影响美国收件人的所有问询请联系HaitongInternationalSecuritiesUSAInc340MadisonAvenue12thFloorNewYorkNY10173联系人电话2123516050DISTRIBUTIONANDREGIONALNOTICESExceptasotherwiseindicatedbelowanyRecipientwishingtodiscussthisresearchreportoreffectanytransactioninanysecuritydiscussedinHTIsresearchshouldcontacttheHaitongInternationalsalespersonintheirowncountryorregionNoticetoHongKonginvestorsTheresearchreportisdistributedbyHaitongInternationalSecuritiesCompanyLimitedHTISCLwhichisalicensedcorporationtocarryonType1regulatedactivitydealinginsecuritiesinHongKongThisresearchreportdoesnotconstituteasolicitationoranofferofsecuritiesoraninvitationtothepublicwithinthemeaningoftheSFOThisresearchreportisonlytobecirculatedtoProfessionalInvestorsasdefinedintheSFOThisresearchreporthasnotbeenreviewedbytheSecuritiesandFuturesCommissionYoushouldnotmakeinvestmentdecisionssolelyonthebasisoftheinformationcontainedinthisresearchreportRecipientsofthisresearchreportaretocontactHTISCLsalespersonsinrespectofanymattersarisingfromorinconnectionwiththeresearchreportNoticetoUSinvestorsAsdescribedabovethisresearchreportwaspreparedbyHTIRLHSIPLorHTIJKKNeitherHTIRLHSIPLHTIJKKnoranyofthenonUSHTISGaffiliatesisregisteredintheUnitedStatesandthereforeisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsThisresearchreportisprovidedfordistributiontomajorUSinstitutionalinvestorsandUSinstitutionalinvestorsinrelianceontheexemptionfromregistrationprovidedbyRule15a-6oftheUSSecuritiesExchangeActof1934asamendedWhendistributingresearchreportstoUSinstitutionalinvestorsHTIUSAwillaccepttheresponsibilitiesforthecontentofthereportsAnyUSrecipientofthisresearchreportwishingtoeffectanytransactiontobuyorsellsecuritiesorrelatedfinancialinstrumentsbasedontheinformationprovidedinthisresearchreportshoulddosoonlythroughHaitongInternationalSecuritiesUSAIncHTIUSAlocatedat340MadisonAvenue12thFloorNewYorkNY10173USAtelephone2123516050HTIUSAisabroker-dealerregisteredintheUSwiththeUSSecuritiesandExchangeCommissiontheSECandamemberoftheFinancialIndustryRegulatoryAuthorityIncFINRAHTIUSAisnotresponsibleforthepreparationofthisresearchreportnorfortheanalysiscontainedthereinUndernocircumstancesshouldanyUSrecipientofthisresearchreportcontacttheanalystdirectlyoreffectanytransactiontobuyorsellsecuritiesorrelatedfinancialinstrumentsdirectlythroughHSIPLHTIRLorHTIJKKTheHSIPLHTIRLorHTIJKKanalystswhosenameappearsinthisresearchreportisnotregisteredorqualifiedasaresearchanalystwithFINRAandthereforemaynotbesubjecttoFINRARule2241restrictionsoncommunicationswithasubjectcompanypublicappearancesandtradingsecuritiesheldbyaresearchanalystaccountInvestinginanynon-USsecuritiesorrelatedfinancialinstrumentsincludingADRsdiscussedinthisresearchreportmaypresentcertainrisksThesecuritiesofnon-USissuersmaynotberegisteredwithorbesubjecttoUSregulationsInformationonsuchnon-USsecuritiesorrelatedfinancialinstrumentsmaybelimitedForeigncompaniesmaynotbesubjecttoauditandreportingstandardsandregulatoryrequirementscomparabletothoseineffectwithintheUSThevalueofanyinvestmentorincomefromanysecuritiesorrelatedfinancialinstrumentsdiscussedinthisresearchreportdenominatedinacurrencyotherthanUSdollarsissubjecttoexchangeratefluctuationsthatmayhaveapositiveoradverseeffectonthevalueoforincomefromsuchsecuritiesorrelatedfinancialinstrumentsAllinquiriesbyUSrecipientsshouldbedirectedtoHaitongInternationalSecuritiesUSAInc340MadisonAvenue12thFloorNewYorkNY10173AttnSalesDeskat2123516050中华人民共和国的通知事项在中华人民共和国下称中国就本报告目的而言不包括香港特别行政区澳门特别行政区和台湾只有根据适用的中国法律法规而收到该材料的人员方可使用该材料并且根据相关法律法规该材料中的信息并不构成在中国从事生产经营活动本文件在中国并不构成相关证券的公共发售或认购无论根据法律规定或其他任何规定在取得中国政府所有的批准或许可之前任何法人或自然人均不得直接或间接地购买本材料中的任何证券或任何实益权益接收本文件的人员须遵守上述限制性规定加拿大投资者的通知事项在任何情况下该等材料均不得被解释为在任何加拿大的司法管辖区内出售证券的要约或认购证券的要约邀请本材料中所述证券在加拿大的任何要约或出售行为均只能在豁免向有关加拿大证券监管机构提交招股说明书的前提下由HaitongInternationalSecuritiesUSAIncHTIUSA予以实施该公司是一家根据NationalInstrument31-103RegistrationRequirementsExemptionsandOngoingRegistrantObligationsNI31-103的规定得到国际交易商豁免InternationalDealerExemption的交易商位于艾伯塔省不列颠哥伦比亚省安大略省和魁北克省在加拿大该等材料在任何情况下均不得被解释为任何证券的招股说明书发行备忘录广告或公开发行加拿大的任何证券委员会或类似的监管机构均未审查或以任何方式批准该等材料其中所载的信息或所述证券的优点任何与此相反的声明即属违法在收到该等材料时每个加拿大的收件人均将被视为属于NationalInstrument45-106ProspectusExemptions第11节或者SecuritiesActOntario第7331节所规定的认可投资者AccreditedInvestor或者在适用情况下NationalInstrument31-103第11节所规定的许可投资者PermittedInvestor新加坡投资者的通知事项本研究报告由HaitongInternationalSecuritiesSingaporePteLtdHTISSPL公司注册编号201311400G于新加坡提供HTISSPL是符合财务顾问法第110章FAA定义的豁免财务顾问可a提供关于证券集体投资计划的部分交易所衍生品合约和场外衍生品合约的建议b发行或公布有关证券交易所衍生品合约和场外衍生品合约的研究分析或研究报告本研究报告仅提供给符合证券及期货法第289章第4A条项下规定的机构投资者对于因本研究报告而产生的或与之相关的任何问9题本研究报告的收件人应通过以下信息与HTISSPL联系HaitongInternationalSecuritiesSingaporePteLtd50RafflesPlace33-03SingaporeLandTowerSingapore048623电话6565361920日本投资者的通知事项本研究报告由海通国际证券有限公司所发布旨在分发给从事投资管理的金融服务提供商或注册金融机构根据日本金融机构和交易法FIEL第611条第17-111条的执行及相关条款英国及欧盟投资者的通知事项本报告由从事投资顾问的HaitongInternationalSecuritiesCompanyLimited所发布本报告只面向有投资相关经验的专业客户发布任何投资或与本报告相关的投资行为只面对此类专业客户没有投资经验或相关投资经验的客户不得依赖本报告HaitongInternationalSecuritiesCompanyLimited的分支机构的净长期或短期金融权益可能超过本研究报告中提及的实体已发行股本总额的05特别提醒有些英文报告有可能此前已经通过中文或其它语言完成发布澳大利亚投资者的通知事项HaitongInternationalSecuritiesSingaporePteLtdHaitongInternationalSecuritiesCompanyLimited和HaitongInternationalSecuritiesUKLimited分别根据澳大利亚证券和投资委员会以下简称ASIC公司废除及过度性文书第2016396号规章在澳大利亚分发本项研究该等规章免除了根据2001年公司法在澳大利亚为批发客户提供金融服务时海通国际需持有澳大利亚金融服务许可的要求ASIC的规章副本可在以下网站获取wwwlegislationgovau海通国际提供的金融服务受外国法律法规规定的管制该等法律与在澳大利亚所适用的法律存在差异印度投资者的通知事项本报告由从事证券交易投资银行及证券分析及受SecuritiesandExchangeBoardofIndiaSEBI监管的HaitongSecuritiesIndiaPrivateLimitedHTSIPL所发布包括制作及发布涵盖BSELimitedBSE和NationalStockExchangeofIndiaLimitedNSE统称为印度交易所研究报告本项研究仅供收件人使用未经海通国际的书面同意不得予以复制和再次分发版权所有海通国际证券集团有限公司2019年保留所有权利PeoplesRepublicofChinaPRCInthePRCtheresearchreportisdirectedforthesoleuseofthosewhoreceivetheresearchreportinaccordancewiththeapplicablePRClawsandregulationsFurthertheinformationontheresearchreportdoesnotconstituteproductionandbusinessactivitiesinthePRCunderrelevantPRClawsThisresearchreportdoesnotconstituteapublicofferofthesecuritywhetherbysaleorsubscriptioninthePRCFurthernolegalornaturalpersonsofthePRCmaydirectlyorindirectlypurchaseanyofthesecurityoranybeneficialinterestthereinwithoutobtainingallpriorPRCgovernmentapprovalsorlicensesthatarerequiredwhetherstatutorilyorotherwisePersonswhocomeintopossessionofthisresearcharerequiredtoobservetheserestrictionsNoticetoCanadianInvestorsUndernocircumstancesisthisresearchreporttobeconstruedasanoffertosellsecuritiesorasasolicitationofanoffertobuysecuritiesinanyjurisdictionofCanadaAnyofferorsaleofthesecuritiesdescribedhereininCanadawillbemadeonlyunderanexemptionfromtherequirementstofileaprospectuswiththerelevantCanadiansecuritiesregulatorsandonlybyHaitongInternationalSecuritiesUSAIncadealerrelyingontheinternationaldealerexemptionunderNationalInstrument31-103RegistrationRequirementsExemptionsandOngoingRegistrantObligationsNI31-103inAlbertaBritishColumbiaOntarioandQuebecThisresearchreportisnotandundernocircumstancesshouldbeconstruedasaprospectusanofferingmemorandumanadvertisementorapublicofferingofanysecuritiesinCanadaNosecuritiescommissionorsimilarregulatoryauthorityinCanadahasreviewedorinanywaypasseduponthisresearchreporttheinformationcontainedhereinorthemeritsofthesecuritiesdescribedhereinandanyrepresentationtothecontraryisanoffenceUponreceiptofthisresearchreporteachCanadianrecipientwillbedeemedtohaverepresentedthattheinvestorisanaccreditedinvestorassuchtermisdefinedinsection11ofNationalInstrument45-106ProspectusExemptionsorinOntarioinsection7331oftheSecuritiesActOntarioasapplicableandapermittedclientassuchtermisdefinedinsection11ofNI31-103respectivelyNoticetoSingaporeinvestorsThisresearchreportisprovidedinSingaporebyorthroughHaitongInternationalSecuritiesSingaporePteLtdHTISSPLCoRegNo201311400GHTISSPLisanExemptFinancialAdviserundertheFinancialAdvisersActCap110FAAtoaadviseonsecuritiesunitsinacollectiveinvestmentschemeexchange-tradedderivativescontractsandover-the-counterderivativescontractsandbissueorpromulgateresearchanalysesorresearchreportsonsecuritiesexchange-tradedderivativescontractsandover-the-counterderivativescontractsThisresearchreportisonlyprovidedtoinstitutionalinvestorswithinthemeaningofSection4AoftheSecuritiesandFuturesActCap289RecipientsofthisresearchreportaretocontactHTISSPLviathedetailsbelowinrespectofanymattersarisingfromorinconnectionwiththeresearchreportHaitongInternationalSecuritiesSingaporePteLtd10CollyerQuay19-01-19-05OceanFinancialCentreSingapore049315Telephone6565361920NoticetoJapaneseinvestorsThisresearchreportisdistributedbyHaitongInternationalSecuritiesCompanyLimitedandintendedtobedistributedtoFinancialServicesProvidersorRegisteredFinancialInstitutionsengagedininvestmentmanagementasdefinedintheJapanFinancialInstrumentsandExchangeActFIELArt611OrderforEnforcementofFIELArt17-111andrelatedarticlesNoticetoUKandEuropeanUnioninvestorsThisresearchreportisdistributedbyHaitongInternationalSecuritiesCompanyLimitedThisresearchisdirectedatpersonshavingprofessionalexperienceinmattersrelatingtoinvestmentsAnyinvestmentorinvestmentactivitytowhichthisresearchrelatesisavailableonlytosuchpersonsorwillbeengagedinonlywithsuchpersonsPersonswhodonothaveprofessionalexperienceinmattersrelatingtoinvestmentsshouldnotrelyonthisresearchHaitongInternationalSecuritiesCompanyLimitedsaffiliatesmayhaveanetlongorshortfinancialinterestinexcessof05ofthetotalissuedsharecapitaloftheentitiesmentionedinthisresearchreportPleasebeawarethatanyreportinEnglishmayhavebeenpublishedpreviouslyinChineseoranotherlanguageNoticetoAustralianinvestorsTheresearchreportisdistributedinAustraliabyHaitongInternationalSecuritiesSingaporePteLtdHaitongInternationalSecuritiesCompanyLimitedandHaitongInternationalSecuritiesUKLimitedinrelianceonASICCorporationsRepealandTransitionalInstrument2016396whichexemptsthoseHTISGentitiesfromtherequirementtoholdanAustralianfinancialserviceslicenseundertheCorporationsAct2001inrespectofthefinancialservicesitprovidestowholesaleclientsinAustraliaAcopyoftheASICClassOrdersmaybeobtainedatthefollowingwebsitewwwlegislationgovauFinancialservicesprovidedbyHaitongInternationalSecuritiesSingaporePteLtdHaitongInternationalSecuritiesCompanyLimitedandHaitongInternationalSecuritiesUKLimitedareregulatedunderforeignlawsandregulatoryrequirementswhicharedifferentfromthelawsapplyinginAustralia10NoticetoIndianinvestorsTheresearchreportisdistributedbyHaitongSecuritiesIndiaPrivateLimitedHSIPLanIndiancompanyandaSecuritiesandExchangeBoardofIndiaSEBIregisteredStockBrokerMerchantBankerandResearchAnalystthatinteraliaproducesanddistributesresearchreportscoveringlistedentitiesontheBSELimitedBSEandtheNationalStockExchangeofIndiaLimitedNSEcollectivelyreferredtoasIndianExchangesThisresearchreportisintendedfortherecipientsonlyandmaynotbereproducedorredistributedwithoutthewrittenconsentofanauthorizedsignatoryofHTISGCopyrightHaitongInternationalSecuritiesGroupLimited2019AllrightsreservedhttpequitieshtiseccomxlegalhtmlRecommendationChartTableRecommendationChartSourceCompanydataBloombergHTIestimates11