百融云(6608.HK)金融云業(yè)務(wù)快速增長盈利能力持續(xù)釋放

研究報告ResearchReport27Mar2024百融云Bairong(6608HK)金融云業(yè)務(wù)快速增長，盈利能力持續(xù)釋放FinancialCloudBusinessRunFast,ProfitabilitySustainedRelease觀點(diǎn)聚焦InvestmentFocus評級 優(yōu)于大市OUTPERFORM現(xiàn)價 HK$11.84目標(biāo)價 HK$20.82HTI4.0-4.0-4.0E-S-G:0-5,(PleaserefertotheAppendixforESGcomments)市值 HK$4.89bn/US$0.62bn日交易額(3個月均值) US$2.52mn發(fā)行股票數(shù)目 412.86mn自由流通股(%) 50%1年股價最高最低值 HK$14.64-HK$8.38注：現(xiàn)價HK$11.84為2024年3月26日收盤價PriceReturn MSCIChina8570Volume55VolumeMar-23 Jul-23 Nov-23資料來源：Factset

(PleaseseeAPPENDIX1forEnglishsummary)維持優(yōu)于大市MaintainOUTPERFORM金融云業(yè)務(wù)高速增長，盈利能力持續(xù)釋放。2023年，公司實(shí)現(xiàn)營業(yè)收入約26.8131%；其中，MaaS業(yè)務(wù)收入約為8.91億元人民幣，同比增長17%14%；BaaS17.90億元人民幣，同比增長38%。BaaS11.85資產(chǎn)交易規(guī)模達(dá)到約531.3093%；BaaS的保險云收入約為6.0510%，新增保費(fèi)規(guī)模維持優(yōu)于大市MaintainOUTPERFORM19.53億元人民幣，同比增長72%，續(xù)保規(guī)模13.78億元人民幣，同比增長38%。2023年，公司銷售費(fèi)用率、管理費(fèi)用率和研發(fā)費(fèi)用率分別為40.0%、9.7%和14.1%。銷售費(fèi)用率上升，與公司開拓新市場新客戶有關(guān)。管理費(fèi)用率和研發(fā)費(fèi)用率下降，除了公司降本增效的管copilot助手BR-coder等。2023年，公司毛利率為72.91%，繼續(xù)保持高毛利率水平，凈利潤增長了46.2%，達(dá)到3.35億元人民幣，凈利潤率為12.51%。業(yè)務(wù)的核心邏輯和業(yè)務(wù)的發(fā)展?jié)摿Α?023年，公司MaaS產(chǎn)品線作為基石業(yè)務(wù)，穩(wěn)定增長，核心客戶數(shù)增長的同時，絕對值1mth-3.1%3mth-6.8%12mth-5.1%過3億，通過單客戶模塊調(diào)用量提升和多客戶調(diào)用覆蓋，是MaaS絕對值（美元）-3.1%-6.8%-4.8%業(yè)務(wù)持續(xù)增長的核心邏輯。相對MSCIChina-2.9%-8.7%12.5%BaaS業(yè)務(wù)是公司高速增長的核心驅(qū)動力，特別是金融云，以交付平均收入也微漲了2.9%349絕對值1mth-3.1%3mth-6.8%12mth-5.1%過3億，通過單客戶模塊調(diào)用量提升和多客戶調(diào)用覆蓋，是MaaS絕對值（美元）-3.1%-6.8%-4.8%業(yè)務(wù)持續(xù)增長的核心邏輯。相對MSCIChina-2.9%-8.7%12.5%BaaS業(yè)務(wù)是公司高速增長的核心驅(qū)動力，特別是金融云，以交付(Rmbmn)營業(yè)收入Dec-23A2,681Dec-24E3,055Dec-25E3,610Dec-26E4,289(+/-)31%14%18%19%凈利潤340377445526(+/-)42%(Rmbmn)營業(yè)收入Dec-23A2,681Dec-24E3,055Dec-25E3,610Dec-26E4,289(+/-)31%14%18%19%凈利潤340377445526(+/-)42%11%18%18%全面攤薄EPS(Rmb)0.690.770.911.07毛利率72.9%72.7%72.9%73.0%凈資產(chǎn)收益率7.7%8.1%9.1%10.0%市盈率16141210資料來源：公司信息,HTI宋亮LiangSongong@本研究報告由海通國際分銷，海通國際是由海通國際研究有限公司，海通證券印度私人有限公司，海通國際株式會社和海通國際證券集團(tuán)其他各成員單位的證券研究團(tuán)隊所組成的全球品牌，海通國際證券集團(tuán)各成員分別在其許可的司法管轄區(qū)內(nèi)從事證translationthe百融云(6608HK) 維持優(yōu)于大市表2：可比公司估值表證券簡稱類型證券代碼市值（億）2023年凈利潤（億）22-25凈利潤C(jī)AGR2022PE2023PE2024PE2025PE2023GPM2023NPM信用評分FICO決策分析FICO.N3154.2919%8473615079% 28%反欺詐Verisk風(fēng)險評估決策分析VRSK.O3336.151%3554383467% 23%Equifax美國征信機(jī)構(gòu)EFX.N3245.4513%4759443256% 10%TransUnion美國征信機(jī)構(gòu)TRU.N152-2.0625%56-74442960% -5%Experian美國征信機(jī)構(gòu)EXPN.L4087.703%35533532/ 12%微盟集團(tuán)精準(zhǔn)營銷服務(wù)2013.HK56-5.38n.a-3-10-442659% -104%零售電商中國有贊互聯(lián)網(wǎng)支付8083.HK270.08n.a-8n.an.an.a69% -3%SaaS服務(wù)聯(lián)易融科技供應(yīng)鏈金融SaaS服務(wù)9959.HK27-2.35n.a-182-12-18-2561% -48%匯量科技移動廣告平臺移動分析SaaS平臺1860.HK501.7059%4329171121% 2%宇信科技銀行IT頭部服務(wù)商互聯(lián)網(wǎng)金融SaaS服務(wù)300674.SZ963.2337%3830191527% 6%平均48503729百融云智能風(fēng)控SaaS互金精準(zhǔn)營銷保險營銷6608.HK583.6923%2216141273%13%資料來源：wind，MarketScreener，HTI注：（1）各公司收入和市值的貨幣為各自所在上市地貨幣；（2）百融云采用海通預(yù)測數(shù)據(jù)，其他公司采用和MarketScreener一致性預(yù)期；（3）市值為2024年3月26日收盤市值272024 3財務(wù)報表分析和預(yù)測資產(chǎn)負(fù)債表（百萬人民幣）現(xiàn)金流量表（百萬人民幣）項(xiàng)目/報告期2022A2023A2024E2025E2026E項(xiàng)目/報告期2022A2023A2024E2025E2026E流動資產(chǎn)2,5313,0843,3243,6934,181經(jīng)營活動現(xiàn)金流302339427522610貨幣資金8899141,0211,2091,477凈利潤229340377445526預(yù)付及其他流動資產(chǎn)414447489560643折舊攤銷8674606571貿(mào)易應(yīng)收賬款362519611722858股份支付6554617277其他流動資產(chǎn)8681,2031,2031,2031,203營運(yùn)資金變動-75-127-71-61-64非流動資產(chǎn)2,7362,4222,4322,4502,471其它-2-2000商譽(yù)180119119119119投資活動現(xiàn)金流-2,563-39-71-83-91固定資產(chǎn)4553556169資本支出-60-54-71-83-91無形資產(chǎn)凈值5447525864金融性投資0154000使用權(quán)資產(chǎn)6948525864其他-2,504-140000定期存款2,1221,9831,9831,9831,983籌資活動現(xiàn)金流-222-271-250-250-250其他非流動資產(chǎn)265171171171171銀行借款00000資產(chǎn)總計5,2675,5065,7566,1446,652發(fā)行股份籌款00000流動負(fù)債9111,0341,0961,2161,372償還銀行借款00000貿(mào)易應(yīng)付賬款165302334377429其他-222-271-250-250-250合同負(fù)債618292109129現(xiàn)金凈增加額-2,48229107188268其他流動負(fù)債685650671731813期初現(xiàn)金余額3,3468899141,0211,209非流動負(fù)債4523232323期末現(xiàn)金余額8899141,0211,2091,477負(fù)債合計9571,0571,1191,2391,395股本0.070.060.060.060.06主要財務(wù)比率庫存股-149-186-186-186-186項(xiàng)目/報告期2022A2023A2024E2025E2026E儲備4,4444,6254,8125,0805,433成長能力(%)權(quán)益總額4,3104,4494,6374,9045,257營業(yè)收入增長26.5%30.5%14.0%18.2%18.8%非控股權(quán)益1510101010營業(yè)利潤增長193.3%47.7%11.7%20.8%20.7%負(fù)債和股東權(quán)益5,2675,5065,7566,1446,652歸屬母公司凈利潤增長n.a42.1%10.6%18.2%18.0%獲利能力（%）利潤表（百萬人民幣）毛利率72.1%72.9%72.7%72.9%73.0%項(xiàng)目營業(yè)收入銷售成本2026E4,2891,159凈利率ROE償債能力11.7%5.6%12.7%7.7%12.3%8.1%12.3%9.1%12.3%10.0%毛利1,4811,9552,2202,6303,130資產(chǎn)負(fù)債率(%)18.2%19.2%19.4%20.2%21.0%銷售費(fèi)用7851,0731,2221,4081,630流動比率2.782.983.033.043.05管理費(fèi)用270259296350416速動比率2.322.552.592.582.58研發(fā)費(fèi)用370379467549648營運(yùn)能力營業(yè)利潤235347387468565總資產(chǎn)周轉(zhuǎn)率0.390.490.530.590.64其他收益178183153144129應(yīng)收賬款周轉(zhuǎn)率5.685.165.005.005.00財務(wù)收入/(費(fèi)用)凈額-6-11-12-14-17存貨周轉(zhuǎn)率-----優(yōu)先股的公允價值變動00000每股指標(biāo)（元）衍生工具公允價值的變動00000每股收益0.490.690.770.911.07除稅前利潤229336375454548每股經(jīng)營現(xiàn)金流0.620.690.871.061.24所得稅1-1-4-14-27每股營業(yè)收入4.195.476.237.378.75凈利潤229335371440520每股凈資產(chǎn)8.809.089.4610.0110.73少數(shù)股東損益-10-5-5-5-5估值比率歸母凈利潤240340377445526P/S2.612.001.751.481.25Non-GAAP凈利潤294389433512598P/E22.3415.7314.2112.0210.19GAAPEPS/ADR（元）EV/EBITDA14.0710.769.887.946.24資料來源：公司年報（2023），HTI注：（1）2024326日；（2）0.9227；（3）以上為簡表百融云(6608HK)APPENDIX1SummaryThefinancialcloudbusinessgrewrapidly,anditsprofitabilitycontinuesbereleased.ThecorelogicofMaaSbusinessandthedevelopmentpotentialofBaaSbusiness.Afullstacktechnicalsystemforverticalbigmodels.Weexpectthecompany'srevenuefor24-26beRMB3.055/(-7.5%)/3.610(-10.4%)/4.289bn,andthebeRMB377(-13.9%)/445(-15.7%)/526mn,respectively.Thefor22-25be23%.Thereasonforthedecreaseinrevenueandnetprofitexpectationsisduemacroeconomicfactors.Inthesecondhalfof2023,especiallyinfourthquarter,thecompany'sperformanceshowedaslowingtrendcomparedthefirsthalfoftheyear.Inthefirstquarterof2024,thereweresignsoffurtherslowdown.Therefore,haveloweredourpreviousrevenueandprofitgrowthexpectations.Butthegrossprofitmarginisstillabove72%,andthenetprofitmarginisstillabove12%.Risk:Thestandardizationofthecompany'sbigdatamanagementandtheimpactofunexpectedcausedbydatasecurityonthecompany'sreputation;Theriskoflower-than-expectedrevenueandnetprofitduecompetitivepressurefromotherFintechcompanies;Thechangeindependenceofbankcustomersonexternalprocurementservicesleadsthelossofmajorcustomers,whichinturnaffectsthecompany'sperformancerisks.APPENDIX2ESGCommentsEnvironmental:AIcaneffectivelypromoteenvironmentalcostsavingsSocial:AIcaneffectivelyreducesocialandeconomicoperatingcostsGovernance:Thecompanyhasagoodcorporategovernancestructure附錄APPENDIX重要信息披露本研究報告由海通國際分銷，海通國際是由海通國際研究有限公司(HTIRL)，HaitongSecuritiesIndiaPrivateLimited(HSIPL)，HaitongInternationalJapanK.K.(HTIJKK)和海通國際證券有限公司(HTISCL)的證券研究團(tuán)隊所組成的全球品牌，海通國際證券集團(tuán)(HTISG)各成員分別在其許可的司法管轄區(qū)內(nèi)從事證券活動。IMPORTANTDISCLOSURESThisresearchreportisdistributedbyHaitongInternational,aglobalbrandnamefortheequityresearchteamsofHaitongInternationalResearchLimited(“HTIRL”),HaitongSecuritiesIndiaPrivateLimited(“HSIPL”),HaitongInternationalJapanK.K.(“HTIJKK”),HaitongInternationalSecuritiesCompanyLimited(“HTISCL”),andanyothermemberswithintheHaitongInternationalSecuritiesGroupofCompanies(“HTISG”),eachauthorizedtoengageinsecuritiesactivitiesinitsrespectivejurisdiction.HTIRL分析師認(rèn)證AnalystCertification:我，宋亮，在此保證（i）（ii）（包括我們的家屬）（我已經(jīng)告知他們）報告發(fā)布后的3I,LiangSong,certifythat(i)theviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchand(ii)nopartofmycompensationwas,isorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreport;andthatI(includingmembersofmyhousehold)havenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussed.Iandmyhousehold,利益沖突披露ConflictofInterestDisclosures/（ERDDisclosure@htiseccom）HTIandsomeofitsaffiliatesmayengageininvestmentbankingand/orserveasamarketmakerorholdproprietarytradingpositionsofcertainstocksorcompaniesinthisresearchreport.Asfarasthisresearchreportisconcerned,thefollowingarethedisclosuremattersrelatedtosuchrelationship(Asthefollowingdisclosuredoesnotensuretimelinessandcompleteness,pleasesendanemailtoERD-Disclosure@htisec.comiftimelyandcomprehensiveinformationisneeded).海通證券股份有限公司和/或其子公司（統(tǒng)稱“海通”）在過去12個月內(nèi)參與了2013.HK的投資銀行項(xiàng)目。投資銀行項(xiàng)目包括：1、海通擔(dān)任上市前輔導(dǎo)機(jī)構(gòu)、保薦人或主承銷商的首次公開發(fā)行項(xiàng)目；2、海通作為保薦人、主承銷商或財務(wù)顧問的股權(quán)或債務(wù)再融資項(xiàng)目；3、海通作為主經(jīng)紀(jì)商的新三板上市、目標(biāo)配售和并購項(xiàng)目。HaitongSecuritiesCo.,Ltd.and/oritssubsidiaries(collectively,the"Haitong")havearoleininvestmentbankingprojectsof2013.HKwithinthepast12months.Theinvestmentbankingprojectsinclude1.IPOprojectsinwhichHaitongactedaspre-listingtutor,sponsor,orlead-underwriter;2.equityordebtrefinancingprojectsof2013.HKforwhichHaitongactedassponsor,lead-underwriterorfinancialadvisor;3.listingbyintroductioninthenewthreeboard,targetplacement,M&AprojectsinwhichHaitongactedaslead-brokeragefirm.2013.HK目前或過去12個月內(nèi)是海通的投資銀行業(yè)務(wù)客戶。2013.HKis/wasaninvestmentbankclientofHaitongcurrentlyorwithinthepast12months.北京長天宇信科技有限公司目前或過去12個月內(nèi)是海通的客戶。海通向客戶提供非投資銀行業(yè)務(wù)的證券相關(guān)業(yè)務(wù)服務(wù)。北京長天宇信科技有限公司is/wasaclientofHaitongcurrentlyorwithinthepast12months.Theclienthasbeenprovidedfornon-investment-bankingsecurities-relatedservices.海通在過去12個月中獲得對2013.HK提供投資銀行服務(wù)的報酬。Haitongreceivedinthepast12monthscompensationforinvestmentbankingservicesprovidedto2013.HK.海通預(yù)計將（或者有意向）在未來三個月內(nèi)從2013.HK獲得投資銀行服務(wù)報酬。Haitongexpectstoreceive,orintendstoseek,compensationforinvestmentbankingservicesinthenextthreemonthsfrom2013.HK.評級定義（從2020年7月1日開始執(zhí)行）：（“HTI）HTI的評級定義。并且HTI基于各自情況（）分析師股票評級優(yōu)于大市12-1810%下中性，未來12-18FINRA/NYSE的評級分布規(guī)則，我們會將中性評級劃入持有這一類別。弱于大市12-1810%

評級分布RatingDistributionTOPIX,KOSPI,TAIEX,Nifty100,美–SP500;其他所有中國概念股MSCIChina.RatingsDefinitions(from1Jul2020):HaitongInternationalusesarelativeratingsystemusingOutperform,Neutral,orUnderperformforrecommendingthestockswecovertoinvestors.InvestorsshouldcarefullyreadthedefinitionsofallratingsusedinHaitongInternationalResearch.Inaddition,sinceHaitongInternationalResearchcontainsmorecompleteinformationconcerningtheanalyst'sviews,investorsshouldcarefullyreadHaitongInternationalResearch,initsentirety,andnotinferthecontentsfromtheratingalone.Inanycase,ratings(orresearch)shouldnotbeusedorrelieduponasinvestmentadvice.Aninvestor'sdecisiontobuyorsellastockshoulddependonindividualcircumstances(suchastheinvestor'sexistingholdings)andotherconsiderations.AnalystStockRatingsNeutral:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobeinlinewiththereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.ForpurposesonlyofFINRA/NYSEratingsdistributionrules,ourNeutralratingfallsintoaholdratingcategory.Underperform:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobebelowthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.Benchmarksforeachstock’slistedareasfollows:Japan–TOPIX,Korea–Taiwan–TAIEX,–Nifty100,US–SP500;forallotherChina-conceptstocks–MSCIChina. 截至20231231日海通國際股票研究評級分布優(yōu)于大市中性弱于大市(持有)海通國際股票研究覆蓋率 89.4%9.6%1.0%投資銀行客戶* 3.9%5.1%5.6%*在每個評級類別里投資銀行客戶所占的百分比。上述分布中的買入，中性和賣出分別對應(yīng)我們當(dāng)前優(yōu)于大市，中性和落后大市評級。只有根據(jù)FINRA/NYSE此前的評級系統(tǒng)定義（直至2020年6月30日）：買入，未來1218個月內(nèi)預(yù)期相對基準(zhǔn)指數(shù)漲幅在10%中性，未來1218FINRA/NYSE賣出，未來1218個月內(nèi)預(yù)期相對基準(zhǔn)指數(shù)跌幅在10%各地股票基準(zhǔn)指數(shù)：日本–TOPIX,韓國–KOSPI,臺灣–TAIEX,印度–Nifty100;其他所有中國概念股–MSCIChina.HaitongInternationalEquityResearchRatingsDistribution,asofDecember31,2023Outperform Neutral Underperform(hold)HTIEquityResearchCoverage 89.4% 9.6% 1.0%IBclients* 3.9% 5.1% 5.6%*Percentageofinvestmentbankingclientsineachratingcategory.BUY,Neutral,andSELLintheabovedistributioncorrespondtoourcurrentratingsofOutperform,Neutral,andUnderperform.ForpurposesonlyofFINRA/NYSEratingsdistributionrules,ourNeutralratingfallsintoaholdratingcategory.PleasenotethatstockswithanNRdesignationarenotincludedinthetableabove.Previousratingsystemdefinitions(until30Jun2020):BUY:Thestock’stotalreturnoverthenext12-18monthsisexpectedtoexceedthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.NEUTRAL:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobeinlinewiththereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.ForpurposesonlyofFINRA/NYSEratingsdistributionrules,ourNeutralratingfallsintoaholdratingcategory.SELL:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobebelowthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow. Benchmarksforeachstock’slistedregionareasfollows:Japan–TOPIX,Korea–Taiwan–TAIEX,–Nifty100;forallotherChina-conceptstocks–MSCIChina.海通國際非評級研究：HaitongInternationalNon-RatedResearch:HaitongInternationalpublishesquantitative,screeningorshortreportswhichmayrankstocksaccordingtovaluationandothermetricsormaysuggestpricesbasedonpossiblevaluationmultiples.Suchrankingsorsuggestedpricesdonotpurporttobestockratingsortargetpricesorfundamentalvaluesandareforinformationonly.海通國際A股覆蓋：海通國際可能會就滬港通及深港通的中國A（600837CH）A是，海通國際使用與海通證券不同的評級系統(tǒng)，所以海通國際與海通證券的中國A股評級可能有所不同。HaitongInternationalCoverageofA-Shares:HaitongInternationalmaycoverandrateA-SharesthataresubjecttotheHongKongStockConnectschemewithShanghaiandShenzhen.HaitongSecurities(HS;600837CH),theultimateparentcompanyofHTISGbasedinShanghai,coversandpublishesresearchonthesesameA-SharesfordistributioninmainlandChina.However,theratingsystememployedbyHSdiffersfromthatusedbyHTIandasaresulttheremaybeadifferenceintheHTIandHSratingsforthesameA-sharestocks.海通國際優(yōu)質(zhì)100A股（Q100）指數(shù)：海通國際Q100指數(shù)是一個包括100支由海通證券覆蓋的優(yōu)質(zhì)中國A股的計量產(chǎn)品。這些股票是通過基于質(zhì)量的篩選過程，并結(jié)合對海通證券A股團(tuán)隊自下而上的研究。海通國際每季對Q100指數(shù)成分作出復(fù)審。HaitongInternationalQuality100A-share(Q100)Index:HTI’sQ100Indexisaquantproductthatconsistsof100ofthehighest-qualityA-sharesundercoverageatHSinShanghai.Thesestocksare盟浪義利（FIN-ESG）數(shù)據(jù)通免責(zé)聲明條款：在使用盟浪義利（FIN-ESG）數(shù)據(jù)之前，請務(wù)必仔細(xì)閱讀本條款并同意本聲明：第一條義利（FINESG）（以下簡稱“本公司”）（）績表現(xiàn)不作為日后回報的預(yù)測。（（））SusallWaveFIN-ESGDataServiceDisclaimer:PleasereadthesetermsandconditionsbelowcarefullyandconfirmyouragreementandacceptancewiththesetermsbeforeusingSusallWaveFIN-ESGDataService.FIN-ESGDataisproducedbySusallWaveDigitalTechnologyCo.,Ltd.(Inshort,SusallWave)’sassessmentbasedonlegalpubliclyaccessibleinformation.SusallWaveshallnotberesponsibleforanyaccuracyandcompletenessoftheinformation.Theassessmentresultisforreferenceonly.Itisnotforanyinvestmentadviceforanyindividualorinstitutionandnotforbasisofpurchasing,sellingorholdinganyrelativefinancialproducts.WewillnotbeliableforanydirectorindirectlossofanyindividualorinstitutionasaresultofusingSusallWaFIN-ESGData.SusallWadonotconsiderrecipientsascustomersforreceivingthesedata.Whenusingthedata,recipientsshallmakeyourownindependentjudgmentaccordingtoyourpracticalindividualstatus.Thecontentsofthedatareflectthejudgmentofusonlyonthereleaseday.Wehaverighttoupdateandamendthedataandreleaseotherdatathatcontainsinconsistentcontentsordifferentconclusionswithoutnotification.Unlessexpresslystated,thedata(e.g.,financialperformancedata)representspastperformanceonlyandthepastperformancecannotbeviewedasthepredictionoffuturereturn.ThecopyrightofthisdatabelongstoSusallWa,andreserveallrightsinaccordancewiththelaw.Withoutthepriorwrittenpermissionofourcompany,noneofindividualorinstitutioncanusethesedataforanyprofitablepurpose.Besides,noneofindividualorinstitutioncantakeactionssuchasamendment,replication,translation,compilation,re-editing,adaption,deletion,abbreviation,excerpts,issuance,rent,exhibition,performance,projection,broadcast,informationnetworktransmission,shooting,addingiconsandinstructions.IfanylossofSusallWaoranythird-partyiscausedbythoseactions,usersshallbearthecorrespondingcompensationliability.SusallWaveshallnotberesponsibleforanyloss.Ifanytermisnotcontainedinthisdisclaimerbutwritteninotheragreementsonourwebsite(e.g.UserRegistrationProtocolofSusallWaWebsite,UserService(includingauthentication)AgreementofSusallWaveWebsite,PrivacyPolicyofSusallwaveWebsite),itshouldbeexecutedaccordingtootheragreements.Ifthereisanydifferencebetweenthisdisclaimandotheragreements,thisdisclaimershallbeapplied.重要免責(zé)聲明：非印度證券的研究報告：本報告由海通國際證券集團(tuán)有限公司（“HTISGL”）的全資附屬公司海通國際研究有限公司（“HTIRL”）（571章）4（）HTISGLHaitongInternational(Japan)K.K.（“HTIJKK）HTIJKK管為投資顧問。印度證券的研究報告：本報告由從事證券交易、投資銀行及證券分析及受SecuritiesandExchangeBoardofIndia（“SEBI”）監(jiān)管的HaitongSecuritiesIndiaPrivateLimited（“HTSIPL”）所發(fā)BSELimited（“BSE”）NationalStockExchangeofIndiaLimited（“NSE）（）HTSIPL20161222并成為海通國際證券集團(tuán)有限公司（“HTISG）所有研究報告均以海通國際為名作為全球品牌，經(jīng)許可由海通國際證券股份有限公司及/或海通國際證券集團(tuán)的其他成員在其司法管轄區(qū)發(fā)布。本文件所載信息和觀點(diǎn)已被編譯或源自可靠來源，但HTIRL、HTISCL或任何其他屬于海通國際證券集團(tuán)有限公司（“HTISG”）的成員對其準(zhǔn)確性、完整性和正確性不做任何明示或暗示的/HTISG任。HTISGHTISG的銷售員、交易員和其他專業(yè)人士均可向HTISGHTISG一致的投資決策。但HTIRL請訪問海通國際網(wǎng)站 ，查閱更多有關(guān)海通國際為預(yù)防和避免利益沖突設(shè)立的組織和行政安排的內(nèi)容信息。IMPORTANTDISCLAIMERForresearchreportsonnon-Indiansecurities:TheresearchreportisissuedbyHaitongInternationalResearchLimited(“HTIRL”),awhollyownedsubsidiaryofHaitongInternationalSecuritiesGroupLimited(“HTISGL”)andalicensedcorporationtocarryonType4regulatedactivity(advisingonsecurities)forthepurposeoftheSecuritiesandFuturesOrdinance(Cap.571)ofHongKong,withtheassistanceofHaitongInternational(Japan)K.K.(“HTIJKK”),awhollyownedsubsidiaryofHTISGLandwhichisregulatedasanInvestmentAdviserbytheKantoFinanceBureauofJapan.ForresearchreportsonIndiansecurities:TheresearchreportisissuedbyHaitongSecuritiesIndiaPrivateLimited(“HSIPL”),anIndiancompanyandaSecuritiesandExchangeBoardofIndia(“SEBI”)registeredStockBroker,MerchantBankerandResearchAnalystthat,interalia,producesanddistributesresearchreportscoveringlistedentitiesontheBSELimited(“BSE”)andtheNationalStockExchangeofIndiaLimited(“NSE”)(collectivelyreferredtoas“IndianExchanges”).HSIPLwasacquiredandbecamepartoftheHaitongInternationalSecuritiesGroupofCompanies(“HTISG”)on22December2016.AlltheresearchreportsaregloballybrandedunderthenameHaitongInternationalandapprovedfordistributionbyHaitongInternationalSecuritiesCompanyLimited(“HTISCL”)and/oranyothermemberswithinHTISGintheirrespectivejurisdictions.Theinformationandopinionscontainedinthisresearchreporthavebeencompiledorarrivedatfromsourcesbelievedtobereliableandingoodfaithbutnorepresentationorwarranty,expressorimplied,ismadebyHTIRL,HTISCL,HSIPL,HTIJKKoranyothermemberswithinHTISGfromwhichthisresearchreportmaybereceived,astotheiraccuracy,completenessorcorrectness.Allopinionsexpressedhereinareasofthedateofthisresearchreportandaresubjecttochangewithoutnotice.Thisresearchreportisforinformationpurposeonly.Descriptionsofanycompaniesortheirsecuritiesmentionedhereinarenotintendedtobecompleteandthisresearchreportisnot,andshouldnotbeconstruedexpresslyorimpliedlyas,anoffertobuyorsellsecurities.Thesecuritiesreferredtointhisresearchreportmaynotbeeligibleforpurchaseorsaleinsomejurisdictions.Ifaninvestmentproductisdenominatedinacurrencyotherthananinvestor'shomecurrency,achangeinexchangeratesmayadverselyaffecttheinvestment.Pastperformanceisnotnecessarilyindicativeoffutureresults.Certaintransactions,includingthoseinvolvingderivatives,giverisetosubstantialriskandarenotsuitableforallinvestors.Youshouldalsobearinmindthatrecommendationsinthisresearchreportarenottailor-madeforyou.Theanalysthasnottakenintoaccountyouruniquefinancialcircumstances,suchasyourfinancialsituationandriskappetite.Youmust,therefore,analyzeandshould,whereapplicable,consultyourownlegal,tax,accounting,financialandotherprofessionaladviserstoevaluatewhethertherecommendationssuitsyoubeforeinvestment.NeitherHTISGnoranyofitsdirectors,employeesoragentsacceptsanyliabilitywhatsoeverforanydirectorconsequentiallossarisingfromanyuseofthematerialscontainedinthisresearchreport.HTISGandouraffiliates,officers,directors,andemployees,excludingtheanalystsresponsibleforthecontentofthisdocument,willfromtimetotimehavelongorshortpositionsin,actasprincipalin,andbuyorsell,thesecuritiesorderivatives,ifany,referredtointhisresearchreport.Sales,traders,andotherprofessionalsofHTISGmayprovideoralorwrittenmarketcommentaryortradingstrategiestotherelevantclientsandthecompanieswithinHTISGthatreflectopinionsthatarecontrarytotheopinionsexpressedinthisresearchreport.HTISGmaymakeinvestmentdecisionsthatareinconsistentwiththerecommendationsorviewsexpressedinthisresearchreport.HTIisundernoobligationtoensurethatsuchothertradingdecisions,ideasorrecommendationsarebroughttotheattentionofanyrecipientofthisresearchreport.PleaserefertoHTI’swebsiteforfurtherinformationonHTI’sorganizationalandadministrativearrangementssetupforthepreventionandavoidanceofconflictsofinterestwithrespecttoResearch.NonU.S.AnalystDisclosure:TheHTIanalyst(s)listedonthecoverofthisResearchis(are)notregisteredorqualifiedasaresearchanalystwithFINRAandarenotsubjecttoU.S.FINRARule2241restrictionsoncommunicationswithcompaniesthatarethesubjectoftheResearch;publicappearances;andtradingsecuritiesbyaresearchanalyst.分發(fā)和地區(qū)通知：除非下文另有規(guī)定，否則任何希望討論本報告或者就本項(xiàng)研究中討論的任何證券進(jìn)行任何交易的收件人均應(yīng)聯(lián)系其所在國家或地區(qū)的海通國際銷售人員。香港投資者的通知事項(xiàng)：海通國際證券股份有限公司(“HTISCL”)HTISCL是在香港有權(quán)實(shí)施第1類受規(guī)管活動（從事證券交易）《證券及期貨條例》（香港法例第571）（以下簡稱“SFO”）SFO所界定的“專業(yè)投資者”期貨事務(wù)監(jiān)察委員會的審查。您不應(yīng)僅根據(jù)本研究報告中所載的信息做出投資決定。本研究報告的收件人就研究報告中產(chǎn)生或與之相關(guān)的任何事宜請聯(lián)系HTISCL銷售人員。美國投資者的通知事項(xiàng)：本研究報告由HTIRL，HSIPL或HTIJKK編寫。HTIRL，HSIPL，HTIJKK以及任何非HTISG美國聯(lián)營公司，均未在美國注冊，因此不受美國關(guān)于研究報告編制和研1934年“美國證券交易法”15a6（“MajorU.S.InstitutionalInvestor）資者」（”US.InstitutionalInvestors）HaitongInternationalSecurities(USA)Inc.（“HTIUSA”）HTIUSA。HTIUSA340MadisonAvenue,12thFloor,NewYork,NY10173，電話（212）351-6050。HTIUSA是在美國于US.SecuritiesandExchangeCommission（“SEC”）FinancialIndustryRegulatoryAuthority,Inc.（“FINRA”）HTIUSAHSIPLHTIRL或HTIJKK直接進(jìn)行買賣證券或相HSIPLHTIRLHTIJKKFINRAFINRA2241（包括ADR）HaitongInternationalSecurities(USA)Inc.340MadisonAvenue,12thFloorNewYork,NY10173聯(lián)系人電話：(212)3516050Exceptasotherwiseindicatedbelow,anyRecipientwishingtodiscussthisresearchreportoreffectanytransactioninanysecuritydiscussedinHTI’sresearchshouldcontacttheHaitongInternationalsalespersonintheirowncountryorregion.NoticetoHongKonginvestors:TheresearchreportisdistributedbyHaitongInternationalSecuritiesCompanyLimited(“HTISCL”),whichisalicensedcorporationtocarryonType1regulatedactivity(dealinginsecurities)inHongKong.ThisresearchreportdoesnotconstituteasolicitationoranofferofsecuritiesoraninvitationtothepublicwithinthemeaningoftheSFO.Thisresearchreportisonlytobecirculatedto"ProfessionalInvestors"asdefinedintheSFO.ThisresearchreporthasnotbeenreviewedbytheSecuritiesandFuturesCommission.Youshouldnotmakeinvestmentdecisionssolelyonthebasisoftheinformationcontainedinthisresearchreport.RecipientsofthisresearchreportaretocontactHTISCLsalespersonsinrespectofanymattersarisingfrom,orinconnectionwith,theresearchreport.NoticetoU.S.investors:Asdescribedabove,thisresearchreportwaspreparedbyHTIRL,HSIPLorHTIJKK.NeitherHTIRL,HSIPL,HTIJKK,noranyofthenonU.S.HTISGaffiliatesisregisteredintheUnitedStatesand,therefore,isnotsubjecttoU.S.rulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalysts.Thisresearchreportisprovidedfordistributionto“majorU.S.institutionalinvestors”and“U.S.institutionalinvestors”inrelianceontheexemptionfromregistrationprovidedbyRule15a-6oftheU.S.SecuritiesExchangeActof1934,asamended.Whendistributingresearchreportsto“U.S.institutionalinvestors,”HTIUSAwillaccepttheresponsibilitiesforthecontentofthereports.AnyU.S.recipientofthisresearchreportwishingtoeffectanytransactiontobuyorsellsecuritiesorrelatedfinancialinstrumentsbasedontheinformationprovidedinthisresearchreportshoulddosoonlythroughHaitongInternationalSecurities(USA)Inc.(“HTIUSA”),locatedat340MadisonAvenue,12thFloor,NewYork,NY10173,USA;telephone(212)3516050.HTIUSAisabroker-dealerregisteredintheU.S.withtheU.S.SecuritiesandExchangeCommission(the“SEC”)andamemberoftheFinancialIndustryRegulatoryAuthority,Inc.(“FINRA”).HTIUSAisnotresponsibleforthepreparationofthisresearchreportnorfortheanalysiscontainedtherein.UndernocircumstancesshouldanyU.S.recipientofthisresearchreportcontacttheanalystdirectlyoreffectanytransactiontobuyorsellsecuritiesorrelatedfinancialinstrumentsdirectlythroughHSIPL,HTIRLorHTIJKK.TheHSIPL,HTIRLorHTIJKKanalyst(s)whosenameappearsinthisresearchreportisnotregisteredorqualifiedasaresearchanalystwithFINRAand,therefore,maynotbesubjecttoFINRARule2241restrictionsoncommunicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalystaccount.Investinginanynon-U.S.securitiesorrelatedfinancialinstruments(includingADRs)discussedinthisresearchreportmaypresentcertainrisks.Thesecuritiesofnon-U.S.issuersmaynotberegisteredwith,orbesubjecttoU.S.regulations.Informationonsuchnon-U.S.securitiesorrelatedfinancialinstrumentsmaybelimited.