創(chuàng)新奇智(2121.HK)公司主動(dòng)降速ChatX系列工業(yè)大模型應(yīng)用前景可期

研究報(bào)告ResearchReport2Apr2024創(chuàng)新奇智AInnovationTechnology(2121HK)公司主動(dòng)降速，ChatX系列工業(yè)大模型應(yīng)用前景可期SlowDownProactivelyinRevenue,ExpectedProspectsofChatXSeriesIndustrialBigModelApplications觀點(diǎn)聚焦InvestmentFocus評(píng)級(jí) 優(yōu)于大市現(xiàn)價(jià) 目標(biāo)價(jià) HTIESG E-S-G:0-5,(PleaserefertotheAppendixforESGcomments)市值 HK$4.15bn/US$0.53bn日交易額(3個(gè)月均值) 發(fā)行股票數(shù)目 自由流通股(%) 1年股價(jià)最高最低值 HK$26.00-HK$6.01注：現(xiàn)價(jià)HK$7.34為2024年3月29日收盤價(jià)PriceReturn MSCIChinolume20VolumeMar-23 Jul-23 Nov-23資料來(lái)源：Factset1mth 3mth

(PleaseseeAPPENDIX1forEnglishsummary)維持優(yōu)于大市MaintainOUTPERFORM主動(dòng)收縮導(dǎo)致收入降速，但客戶數(shù)大幅增加。2023年，公司實(shí)現(xiàn)17.5112.4%。2023年，公司出于謹(jǐn)慎考慮，對(duì)某些領(lǐng)域的大項(xiàng)目進(jìn)行了主動(dòng)收縮，主動(dòng)削減了高維持優(yōu)于大市MaintainOUTPERFORM回款風(fēng)險(xiǎn)、長(zhǎng)賬期的墊資項(xiàng)目，導(dǎo)致收入增速較往年有明顯下降。公司目前業(yè)務(wù)細(xì)分911.764億24.1%4.02億遠(yuǎn)人民幣，同比5%。2023年，增長(zhǎng)較快的是汽車裝備（+38%）、3C高科技（+27%）、工程建筑（+26%）、食品飲料&新材料（新增領(lǐng)域）和智造實(shí)訓(xùn)（新增領(lǐng)域）。202367.2%，70%。2023202236%，3978181.5%。調(diào)整后凈虧損率進(jìn)一步收窄，24年計(jì)劃進(jìn)一步大幅減虧。2023年，公司毛利率33.6%，同比提高1個(gè)百分點(diǎn)，賬面歸母凈虧損5.82億。2023年，公司股份支付費(fèi)用有較大幅度增加，且以謹(jǐn)慎原則進(jìn)行了一個(gè)較大幅度的壞賬計(jì)提，調(diào)整后的凈虧損為1.54202222窄，公司指引將在2024年繼續(xù)大幅減虧（調(diào)整后），減虧目標(biāo)50%2025年實(shí)現(xiàn)調(diào)整后盈虧平衡。2024年一季度底，PMI指標(biāo)已在榮枯線以上，行業(yè)需求有望持續(xù)改善，以及國(guó)家在AI對(duì)制造業(yè)賦能的政策推進(jìn)，我們認(rèn)為，公司業(yè)務(wù)穩(wěn)定發(fā)展，實(shí)現(xiàn)盈虧平衡的趨勢(shì)不變。750億參數(shù)大模型發(fā)布，ChatX系列大模型應(yīng)用逐步落地。公司從2023AI1.0AI2.0雙塔發(fā)展，AI2.0ChatX系列垂類大模型的應(yīng)用落地和預(yù)研，并在今年3月底發(fā)布了11.9%-21.1%-54.9%11.9%-21.2%-54.7%增加了多模態(tài)。目前ChatX已包括ChatBI，ChatDoc11.9%-21.1%-54.9%11.9%-21.2%-54.7%增加了多模態(tài)。目前ChatX已包括ChatBI，ChatDoc，Chatvision，11.1%-18.7%-36.7%ChatCAD和Chatrobot等5大主要落地產(chǎn)品。公司9大細(xì)分領(lǐng)域覆蓋公司的工業(yè)軟件，數(shù)智軟件，工業(yè)物流，智能裝備和工業(yè)可持續(xù)五大場(chǎng)景，ChatBI已在食品飲料智造領(lǐng)域的工業(yè)軟件和數(shù)智軟件絕對(duì)值絕對(duì)值（美元）相對(duì)MSCIChina(Rmbmn) Dec-23A Dec-24E Dec-25E Dec-26E(Rmb)毛利率市盈率資料來(lái)源：公司信息,HTI

作。ChatRobot是大模型驅(qū)動(dòng)工業(yè)機(jī)器人自動(dòng)任務(wù)編排，驅(qū)動(dòng)和實(shí)施工作部署，公司在大模型發(fā)布會(huì)上已做了現(xiàn)場(chǎng)演示，雖然還在預(yù)研驗(yàn)證階段，但已初步具備工業(yè)應(yīng)用的落地前景，潛力大。營(yíng)業(yè)收入1,7512,0102,3692,863場(chǎng)景規(guī)模落地，ChatDoC和營(yíng)業(yè)收入1,7512,0102,3692,863場(chǎng)景規(guī)模落地，ChatDoC和Chatvision在工業(yè)可持續(xù)場(chǎng)景規(guī)模落(+/-)12%15%18%21%地。ChatCAD在CAD工業(yè)設(shè)計(jì)領(lǐng)域想象空間更大，通過(guò)大模型可以凈利潤(rùn)-582-324-162-117改寫傳統(tǒng)CAD設(shè)計(jì)模式，通過(guò)文字，語(yǔ)言直接進(jìn)行CAD設(shè)計(jì)，大(+/-)全面攤薄EPSn.m.n.m.n.m.n.m.幅提升CAD設(shè)計(jì)效率，預(yù)計(jì)今年公司開始ChatCAD的落地實(shí)踐工-1.04-0.58-0.29-0.2133.6%34.9%36.1%37.4%-26.2%-15.4%-7.7%-5.4%n.m.n.m.n.m.n.m.宋亮LiangSong 楊林LinYangong@ lin.yang@(PleaseseeappendixforEnglishtranslationofdisclaimer)證券簡(jiǎn)稱類型證券代碼市值證券簡(jiǎn)稱類型證券代碼市值（億）2023年收入（億）22-25收入CAGR2022PS2023PS2024PS2025PS2023GPM2023NPMC3.AI企業(yè)級(jí)AI，AIoT機(jī)器學(xué)習(xí)AI.N33313%131211968%-101%Palantir企業(yè)及AI，AI決策PLTR.N5092219%2723191681%10%UiPathRPA流程機(jī)器人PATH.N1291120%141210883%-31%Cognex工業(yè)視覺檢測(cè)，AI視覺CGNX.O7382%798772%14%CrowdStrikeAI+端點(diǎn)安全防護(hù)訓(xùn)練CRWD.O7752240%5335252073%-8%?？低暦喊卜烙?jì)算機(jī)視覺工業(yè)檢測(cè)機(jī)器人002415.SZ300189411%433342%16%科大訊飛智能語(yǔ)音識(shí)別002230.SZ112820619%654441%3%商湯科技toG計(jì)算機(jī)視覺機(jī)器學(xué)習(xí)0020.HK2384116%664444%-176%虹軟科技手機(jī)視覺算法人臉識(shí)別688088.SH132727%2520151288%11%平均171411966%-45%創(chuàng)新奇智工業(yè)大模型金融數(shù)據(jù)決策2121.HK411715%222233%-23%資料來(lái)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）創(chuàng)新奇智采用海通預(yù)測(cè)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29日收盤市值；APPENDIX1SummaryProactivecontractionledtoaslowdowninrevenue,butthenumberofcustomersincreasedsignificantly.Theadj.netlossratehasfurthernarrowed,andplantofurtherreducelossessignificantlyin2024.Thenewbigmodelwith75billionparametersreleased,andthegradualimplementationofChatXseriesbigmodelapplications.Weestimatethatthecompany'srevenuefor24-26tobeRMB2.01(-19.7%)bn,RMB2.369(-27.4%)bn,andRMB2.863bn,respectively.TherevenueCAGRfor22-25tobe15%.Duetothecompany'sproactivereductioninrevenuegrowthratein2023anditscontinuedcautiousdevelopmentstrategyin2024,welowerourrevenueexpectationsforthenextthreeyears.Takingintoaccountfactorssuchastherevenuegrowthrate,grossprofitmarginlevel,industryposition,anddifferentiatedcompetitiveadvantagesofthecompany'sindustryandstrongdemandtrack,wegivethecompanya5.5xPS(Originally8)in2024,withatargetmarketvalueofRMB11.057bn,thetargetpriceisRMB19.57/share,correspondingtoHKD21.18pershare(-29.4%),maintaininga"Outperformance"rating.ComparingthemarketvalueofAIcompaniesinHongKongandA-sharemarketshorizontally,ifwedonotconsidertheimpactofliquidityandtheliftingofrestrictionsonstockprices,andbasedonthecurrentcompany'srevenuescale,businessgrowth,breakevenexpectations,andprogressinimplementinglargemodels,webelievethatamarketvalueofaroundHKD10billionisreasonable.Risk:Theinhibitoryeffectsofliquidityandliftingrestrictionsoncompanystockprices.Theslowdowninthemanufacturingindustryaffectstheoverallrevenuegrowthrate,theintensificationofcompetitionintheindustrialqualityinspectionfieldleadstoalower-than-expectedincreaseandgrossprofitmargin,alower-than-expectedcommerciallandingoflargemodel,andoverseasrestrictionsaffectingthevaluationlevelofrelatedmarkets.財(cái)務(wù)報(bào)表分析和預(yù)測(cè)資產(chǎn)負(fù)債表（百萬(wàn)人民幣） 現(xiàn)金流量表（百萬(wàn)人民幣）項(xiàng)目/報(bào)告期項(xiàng)目/報(bào)告期2022A2023A2024E2025E2026E流動(dòng)資產(chǎn)2,6852,4932,4062,4942,657貨幣資金1,6431,3451,146980849存貨108131147166197貿(mào)易應(yīng)收賬款5346727459481,169預(yù)付款項(xiàng)及其他應(yīng)收款191219241272315其他流動(dòng)資產(chǎn)209128128128128非流動(dòng)資產(chǎn)583796808827852商譽(yù)195327327327327固定資產(chǎn)8257627183無(wú)形資產(chǎn)凈值207327327327327使用權(quán)資產(chǎn)7566707889其他非流動(dòng)資產(chǎn)2519212326資產(chǎn)總計(jì)3,2683,2893,2143,3213,509流動(dòng)負(fù)債7238659141,0131,148貿(mào)易應(yīng)付賬款280354374432512合同負(fù)債105122140165199其他流動(dòng)負(fù)債338390400416437非流動(dòng)負(fù)債186200200200200負(fù)債合計(jì)9091,0651,1141,2131,347股本559565565565565股本溢價(jià)2,5632,6322,6322,6322,632留存收益-1,266-1,848-2,172-2,334-2,451權(quán)益總額2,3592,2242,1012,1082,162非控股權(quán)益90191191191191負(fù)債和股東權(quán)益3,2683,2893,2143,3213,509利潤(rùn)表（百萬(wàn)人民幣）項(xiàng)目/報(bào)告期2022A2023A2024E2025E2026E營(yíng)業(yè)收入1,5581,7512,0102,3692,863銷售成本1,0511,1631,3091,5131,792毛利5075887018561,072銷售費(fèi)用163215201237286項(xiàng)目/報(bào)告期2021A2022A2023A2024E2025E2026E經(jīng)營(yíng)活動(dòng)現(xiàn)金流-237-283-184-100-59-14凈利潤(rùn)-635-362-582-324-162-117折舊攤銷347385879095股份支付407173290200170170營(yíng)運(yùn)資金變動(dòng)-80-166-35-64-157-162其它37-258000投資活動(dòng)現(xiàn)金流-47-502-114-98-107-117資本支出-52-264-171-98-107-117金融性投資5-23857000其他000000籌資活動(dòng)現(xiàn)金流8008740000銀行借款000001發(fā)行股份籌款8389010000償還銀行借款000001其他-38-26000-2現(xiàn)金凈增加額51189-297-198-166-131期初現(xiàn)金余額1,0431,5531,6421,3451,146980期末現(xiàn)金余額1,5531,6421,3451,146980849主要財(cái)務(wù)比率項(xiàng)目/報(bào)告期2021A2022A2023A2024E2025E2026E成長(zhǎng)能力(%)營(yíng)業(yè)收入增長(zhǎng)86.3%80.9%12.4%14.8%17.8%20.9%營(yíng)業(yè)利潤(rùn)增長(zhǎng)-117.2%37.1%-53.1%46.0%49.9%28.2%歸屬母公司凈利潤(rùn)增長(zhǎng)-76.3%43.0%-60.4%44.4%49.8%28.2%獲利能力（%）毛利率31.0%32.6%33.6%34.9%36.1%37.4%凈利率-73.9%-23.3%-33.3%-16.1%-6.9%-4.1%ROE-35.5%-15.4%-26.2%-15.4%-7.7%-5.4%償債能力資產(chǎn)負(fù)債率(%)20.7%27.8%32.4%34.6%36.5%38.4%流動(dòng)比率5.713.712.882.632.462.31管理費(fèi)用330407362237243速動(dòng)比率5.363.302.482.212.031.87研發(fā)費(fèi)用416450462545659營(yíng)運(yùn)能力營(yíng)業(yè)利潤(rùn)-392-600-324-162-117總資產(chǎn)周轉(zhuǎn)率0.380.480.530.630.710.82金融資產(chǎn)減值虧損凈額-37-87000應(yīng)收賬款周轉(zhuǎn)率2.382.912.612.702.502.45其他收益5657000存貨周轉(zhuǎn)率8.289.758.908.939.099.09財(cái)務(wù)成本-8-9000每股指標(biāo)（元）財(cái)務(wù)收益3929000每股收益-1.14-0.65-1.04-0.58-0.29-0.21除稅前利潤(rùn)-362-580-324-162-117每股經(jīng)營(yíng)現(xiàn)金流-0.42-0.51-0.33-0.18-0.11-0.03所得稅19000每股營(yíng)業(yè)收入1.542.783.133.594.245.12凈利潤(rùn)-361-570-324-162-117每股凈資產(chǎn)83.763.773.86少數(shù)股東損益212000估值比率歸母凈利潤(rùn)-363-582-324-162-117P/S4.402.442.171.891.601.32Non-GAAP凈利潤(rùn)-138-154-124853P/E-5.96-10.45-6.51-11.72-23.37-32.53GAAPEPS/ADR（元）EV/EBITDA-3.87-6.87-5.01-11.38-39.70-136.76資料來(lái)源：公司年報(bào)（2023），HTI注：（1）表中計(jì)算估值指標(biāo)的收盤價(jià)日期為2024年3月29日；（2）人民幣港幣匯率：0.924；（3）以上為簡(jiǎn)表APPENDIX2ESGCommentsEnvironmental:AImayimprovehumanenvironmentSocial:AIcanimproveoverallsocialefficiencyGovernance:Goodcorporategovermance附錄APPENDIX重要信息披露本研究報(bào)告由海通國(guó)際分銷，海通國(guó)際是由海通國(guó)際研究有限公司(HTIRL)，HaitongSecuritiesIndiaPrivateLimited(HSIPL)，HaitongInternationalJapanK.K.(HTIJKK)和海通國(guó)際證券有限公司(HTISCL)的證券研究團(tuán)隊(duì)所組成的全球品牌，海通國(guó)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(dòng)。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）本研究報(bào)告中的意見準(zhǔn)確反映了我們對(duì)本研究中提及的任何或所有目標(biāo)公司或上市公司的個(gè)人觀點(diǎn)，并且（ii）我的報(bào)酬中沒(méi)有任何部分與本研究報(bào)告中表達(dá)的具體建議或觀點(diǎn)直接或間接相關(guān)；及就此報(bào)告中所討論目標(biāo)公司的證券，我們（包括我們的家屬）在其中均不持有任何財(cái)務(wù)利益。我和我的家屬（我已經(jīng)告知他們）將不會(huì)在本研究報(bào)3個(gè)工作日內(nèi)交易此研究報(bào)告所討論目標(biāo)公司的證券。I,LiangSongcertifythat(i)theviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchandiinopartofmycompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreportandthatIincludingmembersofmyhouseholdhavenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussedIandmyhousehold,3個(gè)工作日內(nèi)交易此研究報(bào)告所討論目標(biāo)公司的證券。I,LinYangcertifythatitheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchandiinopartofmycompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreport;andthatI(includingmembersofmyhousehold)havenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussed.Iandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin3businessdaysaftertheresearchreportispublished.利益沖突披露ConflictofInterestDisclosures海通國(guó)際及其某些關(guān)聯(lián)公司可從事投資銀行業(yè)務(wù)和/或?qū)Ρ狙芯恐械奶囟ü善被蚬具M(jìn)行做市或持有自營(yíng)頭寸。就本研究報(bào)告而言，以下是有關(guān)該等關(guān)系的披露事項(xiàng)（以下披露不能保證及時(shí)無(wú)遺漏，如需了解及時(shí)全面信息，請(qǐng)發(fā)郵件至ERD-Disclosure@）HTIandsomeofitsaffiliatesmayengageininvestmentbankingand/orserveasamarketmakerorholdproprietarytradingpositionsofcertainstocksorcompaniesinthisresearchreport.Asfarasthisresearchreportisconcerned,thefollowingarethedisclosuremattersrelatedtosuchrelationship(Asthefollowingdisclosuredoesnotensuretimelinessandcompleteness,pleasesendanemailtoERD-Disclosure@iftimelyandcomprehensiveinformationisneeded).海通證券股份有限公司和/或其子公司（統(tǒng)稱“海通”）在過(guò)去12個(gè)月內(nèi)參與了BABA.US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(cái)務(wù)顧問(wèn)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(gòu)項(xiàng)目。HaitongSecuritiesCo.,Ltd.and/oritssubsidiaries(collectively,the"Haitong")havearoleininvestmentbankingprojectsofBABA.USwithinthepast12months.Theinvestmentbankingprojectsinclude1.IPOprojectsinwhichHaitongactedaspre-listingtutor,sponsor,orlead-underwriter;2.equityordebtrefinancingprojectsofBABA.USforwhichHaitongactedassponsor,lead-underwriterorfinancialadvisor;3.listingbyintroductioninthenewthreeboard,targetplacement,M&AprojectsinwhichHaitongactedaslead-brokeragefirm.0020.HK目前或過(guò)去12個(gè)月內(nèi)是海通的投資銀行業(yè)務(wù)客戶。0020.HKis/wasaninvestmentbankclientsofHaitongcurrentlyorwithinthepast12months.阿里巴巴（北京）軟件服務(wù)有限公司,阿里巴巴（成都）軟件技術(shù)有限公司,阿里巴巴（中國(guó)）網(wǎng)絡(luò)技術(shù)有限公司,杭州阿里巴巴創(chuàng)業(yè)投資管理有限公司,杭州阿里巴巴澤泰信息技術(shù)有限公司601995.CH0656.HK12個(gè)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)。阿里巴巴（北京）軟件服務(wù)有限公司,阿里巴巴（成都）軟件技術(shù)有限公司,阿里巴巴（中國(guó)）網(wǎng)絡(luò)技術(shù)有限公司,杭州阿里巴巴創(chuàng)業(yè)投資管理有限公司,杭州阿里巴巴澤泰信息技術(shù)有限公司,601995.CHand0656.HKare/wereaclientofHaitongcurrentlyorwithinthepast12months.Theclienthasbeenprovidedfornon-investment-bankingsecurities-relatedservices.601995.CH目前或過(guò)去12個(gè)月內(nèi)是海通的客戶。海通向客戶提供非證券業(yè)務(wù)服務(wù)。601995.CHis/wasaclientofHaitongcurrentlyorwithinthepast12months.Theclienthasbeenprovidedfornon-securitiesservices.海通預(yù)計(jì)將（或者有意向）在未來(lái)三個(gè)月內(nèi)從0020.HK及0656.HK獲得投資銀行服務(wù)報(bào)酬。Haitongexpectstoreceive,orintendstoseek,compensationforinvestmentbankingservicesinthenextthreemonthsfrom0020.HKand0656.HK.海通在過(guò)去的12個(gè)月中從阿里巴巴（北京）軟件服務(wù)有限公司,阿里巴巴（成都）軟件技術(shù)有限公司,阿里巴巴（中國(guó)）網(wǎng)絡(luò)技術(shù)有限公司,杭州阿里巴巴創(chuàng)業(yè)投資管理有限公司,杭州阿里巴巴澤泰信息技術(shù)有限公司,601995.CH及0656.HK獲得除投資銀行服務(wù)以外之產(chǎn)品或服務(wù)的報(bào)酬。Haitonghasreceivedcompensationinthepast12monthsforproductsorservicesotherthaninvestmentbankingfrom阿里巴巴（北京）軟件服務(wù)有限公司,阿里巴巴（成都）軟件技術(shù)有限公司,阿里巴巴（中國(guó)）網(wǎng)絡(luò)技術(shù)有限公司,杭州阿里巴巴創(chuàng)業(yè)投資管理有限公司,杭州阿里巴巴澤泰信息技術(shù)有限公司601995.CHand0656.HK.海通擔(dān)任0700.HK及601995.CH有關(guān)證券的做市商或流通量提供者。Haitongactsasamarketmakerorliquidityproviderinthesecuritiesof0700.HKand601995.CH.關(guān)于MegviiTechnologyLimited的投資研究報(bào)告或投資建議被禁止分發(fā)或發(fā)布。TheinvestmentresearchreportorinvestmentadviceonMegviiTechnologyLimitedisblockedtobedistributedorpublished.評(píng)級(jí)定義（從2020年7月1日開始執(zhí)行）：海通國(guó)際（以下簡(jiǎn)稱“HTI”）采用相對(duì)評(píng)級(jí)系統(tǒng)來(lái)為投資者推薦我們覆蓋的公HTI的評(píng)級(jí)定義。并且HTI發(fā)布分析師觀點(diǎn)的完整信息，投資者應(yīng)仔細(xì)閱讀全文而非僅看評(píng)級(jí)。在任何情況下，分析師的評(píng)級(jí)和研究都不能作為投資建議。投資者的買賣股票的決策應(yīng)基于各自情況（比如投資者的現(xiàn)有持倉(cāng)）以及其他因素。分析師股票評(píng)級(jí)優(yōu)于大市12-1810%以上，基準(zhǔn)定義如下弱于大市12-1810%以上，基準(zhǔn)定義如下TOPIX,KOSPI,TAIEXNifty100美SP500MSCIChina.RatingsDefinitions(from1Jul2020):HaitongInternationalusesarelativeratingsystemusingOutperform,Neutral,orUnderperformforrecommendingthestockswecovertoinvestors.InvestorsshouldcarefullyreadthedefinitionsofallratingsusedinHaitongInternationalResearch.Inaddition,sinceHaitongInternationalResearchcontainsmorecompleteinformationconcerningtheanalyst'sviews,investorsshouldcarefullyreadHaitongInternationalResearch,initsentirety,andnotinferthecontentsfromtheratingalone.Inanycase,ratings(orresearch)shouldnotbeusedorrelieduponasinvestmentadvice.Aninvestor'sdecisiontobuyorsellastockshoulddependonindividualcircumstances(suchastheinvestor'sexistingholdings)andotherconsiderations.AnalystStockRatingsOutperform:Thestock’stotalreturnoverthenext12-18monthsisexpectedtoexceedthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.Neutral:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobeinlinewiththereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.ForpurposesonlyofFINRA/NYSEratingsdistributionrules,ourNeutralratingfallsintoaholdratingcategory.Underperform:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobebelowthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.Benchmarksforeachstock’slistedregionareasfollows:Japan–TOPIX,Korea–KOSPI,Taiwan–TAIEX,India–Nifty100,US–SP500;forallotherChina-conceptstocks–MSCIChina.

評(píng)級(jí)分布RatingDistribution 截至2023年12月31日海通國(guó)際股票研究評(píng)級(jí)分布優(yōu)于大市 中性 弱于大市(持有)海通國(guó)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(gè)評(píng)級(jí)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(duì)應(yīng)我們當(dāng)前優(yōu)于大市，中性和落后大市評(píng)級(jí)。只有根據(jù)FINRA/NYSE的評(píng)級(jí)分布規(guī)則，我們才將中性評(píng)級(jí)劃入持有這一類別。請(qǐng)注意在上表中不包含非評(píng)級(jí)的股票。此前的評(píng)級(jí)系統(tǒng)定義（直至2020年6月30日）：買入，未來(lái)12-18個(gè)月內(nèi)預(yù)期相對(duì)基準(zhǔn)指數(shù)漲幅在10%以上，基準(zhǔn)定義如下中性，未來(lái)12-18FINRA/NYSE的評(píng)級(jí)分布規(guī)則，我們會(huì)將中性評(píng)級(jí)劃入持有這一類別。賣出，未來(lái)12-18個(gè)月內(nèi)預(yù)期相對(duì)基準(zhǔn)指數(shù)跌幅在10%以上，基準(zhǔn)定義如下各地股票基準(zhǔn)指數(shù)：日本–TOPIX,韓國(guó)–KOSPI,臺(tái)灣–TAIEX,印度–Nifty100;其他所有中國(guó)概念股–MSCIChina.HaitongInternationalEquityResearchRatingsDistribution,asofDecember31,2023OutperformNeutralUnderperformHTIEquityResearchCoverage89.4%9.6%1.0%IBclients*3.9%5.1%5.6%*Percentageofinvestmentbankingclientsineachratingcategory.BUY,Neutral,andSELLintheabovedistributioncorrespondtoourcurrentratingsofOutperform,Neutral,andUnderperform.ForpurposesonlyofFINRA/NYSEratingsdistributionrules,ourNeutralratingfallsintoaholdratingcategory.PleasenotethatstockswithanNRdesignationarenotincludedinthetableabove.onlyofFINRA/NYSEratingsdistributionrules,ourNeutralratingfallsintoaholdratingcategory.SELL:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobebelowthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.Benchmarksforeachstock’slistedregionareasfollows:Japan–TOPIX,Korea–KOSPI,Taiwan–TAIEX,India–Nifty100;forallotherChina-conceptstocks–MSCIChina.海通國(guó)際非評(píng)級(jí)研究：海通國(guó)際發(fā)布計(jì)量、篩選或短篇報(bào)告，并在報(bào)告中根據(jù)估值和其他指標(biāo)對(duì)股票進(jìn)行排名，或者基于可能的估值倍數(shù)提出建議價(jià)格。這種排名或建議價(jià)格并非為了進(jìn)行股票評(píng)級(jí)、提出目標(biāo)價(jià)格或進(jìn)行基本面估值，而僅供參考使用。HaitongInternationalNon-RatedResearch:HaitongInternationalpublishesquantitative,screeningorshortreportswhichmayrankstocksaccordingtovaluationandothermetricsormaysuggestpricesbasedonpossiblevaluationmultiples.Suchrankingsorsuggestedpricesdonotpurporttobestockratingsortargetpricesorfundamentalvaluesandareforinformationonly.海通國(guó)際A股覆蓋：海通國(guó)際可能會(huì)就滬港通及深港通的中國(guó)A股進(jìn)行覆蓋及評(píng)級(jí)。海通證券（600837.CH），海通國(guó)際于上海的母公司，也會(huì)于中國(guó)發(fā)布中國(guó)A股的研究報(bào)告。但是，海通國(guó)際使用與海通證券不同的評(píng)級(jí)系統(tǒng)，所以海通國(guó)際與海通證券的中國(guó)A股評(píng)級(jí)可能有所不同。HaitongInternationalCoverageofA-Shares:HaitongInternationalmaycoverandrateA-SharesthataresubjecttotheHongKongStockConnectschemewithShanghaiandShenzhen.HaitongSecurities(HS;600837CH),theultimateparentcompanyofHTISGbasedinShanghai,coversandpublishesresearchonthesesameA-SharesfordistributioninmainlandChina.However,theratingsystememployedbyHSdiffersfromthatusedbyHTIandasaresulttheremaybeadifferenceintheHTIandHSratingsforthesameA-sharestocks.海通國(guó)際優(yōu)質(zhì)100A股（Q100）指數(shù)：海通國(guó)際Q100指數(shù)是一個(gè)包括100支由海通證券覆蓋的優(yōu)質(zhì)中國(guó)A股的計(jì)量產(chǎn)品。這些股票是通過(guò)基于質(zhì)量的篩選過(guò)程，并結(jié)合對(duì)海通證券A股團(tuán)隊(duì)自下而上的研究。海通國(guó)際每季對(duì)Q100指數(shù)成分作出復(fù)審。HaitongInternationalQuality100A-share(Q100)Index:HTI’sQ100Indexisaquantproductthatconsistsof100ofthehighest-qualityA-sharesundercoverageatHSinShanghai.Thesestocksarecarefullyselectedthroughaquality-basedscreeningprocessincombinationwithareviewoftheHSA-shareteam’sbottom-upresearch.TheQ100constituentcompaniesarereviewedquarterly.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(qǐng)務(wù)必仔細(xì)閱讀本條款并同意本聲明：第一條義利（FIN-ESG）數(shù)據(jù)系由盟浪可持續(xù)數(shù)字科技有限責(zé)任公司（以下簡(jiǎn)稱“本公司”）基于合法取得的公開信息評(píng)估而成，本公司對(duì)信息的準(zhǔn)確性及完整性不作任何保證。對(duì)公司的評(píng)估結(jié)果僅供參考，并不構(gòu)成對(duì)任何個(gè)人或機(jī)構(gòu)投資建議，也不能作為任何個(gè)人或機(jī)構(gòu)購(gòu)買、出售或持有相關(guān)金融產(chǎn)品的依據(jù)。本公司不對(duì)任何個(gè)人或機(jī)構(gòu)投資者因使用本數(shù)據(jù)表述的評(píng)估結(jié)果造成的任何直接或間接損失負(fù)責(zé)。第二條盟浪并不因收到此評(píng)估數(shù)據(jù)而將收件人視為客戶，收件人使用此數(shù)據(jù)時(shí)應(yīng)根據(jù)自身實(shí)際情況作出自我獨(dú)立判斷。本數(shù)據(jù)所載內(nèi)容反映的是盟浪在最初發(fā)布本數(shù)據(jù)日期當(dāng)日的判斷，盟浪有權(quán)在不發(fā)出通知的情況下更新、修訂與發(fā)出其他與本數(shù)據(jù)所載內(nèi)容不一致或有不同結(jié)論的數(shù)據(jù)。除非另行說(shuō)明，本數(shù)據(jù)（如財(cái)務(wù)業(yè)績(jī)數(shù)據(jù)等）僅代表過(guò)往表現(xiàn)，過(guò)往的業(yè)績(jī)表現(xiàn)不作為日后回報(bào)的預(yù)測(cè)。第三條本數(shù)據(jù)版權(quán)歸本公司所有，本公司依法保留各項(xiàng)權(quán)利。未經(jīng)本公司事先書面許可授權(quán)，任何個(gè)人或機(jī)構(gòu)不得將本數(shù)據(jù)中的評(píng)估結(jié)果用于任何營(yíng)利性目的，不得對(duì)本數(shù)據(jù)進(jìn)行修改、復(fù)制、編譯、匯編、再次編輯、改編、刪減、縮寫、節(jié)選、發(fā)行、出租、展覽、表演、放映、廣播、信息網(wǎng)絡(luò)傳播、攝制、增加圖標(biāo)及說(shuō)明等，否則因此給盟浪或其他第三方造成損失的，由用戶承擔(dān)相應(yīng)的賠償責(zé)任，盟浪不承擔(dān)責(zé)任。第四條如本免責(zé)聲明未約定，而盟浪網(wǎng)站平臺(tái)載明的其他協(xié)議內(nèi)容（如《盟浪網(wǎng)站用戶注冊(cè)協(xié)議》《盟浪網(wǎng)用戶服務(wù)（含認(rèn)證）協(xié)議》《盟浪網(wǎng)隱私政策》等）有約定的，則按其他協(xié)議的約定執(zhí)行；若本免責(zé)聲明與其他協(xié)議約定存在沖突或不一致的，則以本免責(zé)聲明約定為準(zhǔn)。SusallWaveFIN-ESGDataServiceDisclaimer:PleasereadthesetermsandconditionsbelowcarefullyandconfirmyouragreementandacceptancewiththesetermsbeforeusingSusallWaveFIN-ESGDataService.FIN-ESGDataisproducedbySusallWaveDigitalTechnologyCo.,Ltd.(Inshort,SusallWave)’sassessmentbasedonlegalpubliclyaccessibleinformation.SusallWaveshallnotberesponsibleforanyaccuracyandcompletenessoftheinformation.Theassessmentresultisforreferenceonly.Itisnotforanyinvestmentadviceforanyindividualorinstitutionandnotforbasisofpurchasing,sellingorholdinganyrelativefinancialproducts.WewillnotbeliableforanydirectorindirectlossofanyindividualorinstitutionasaresultofusingSusallWaveFIN-ESGData.SusallWavedonotconsiderrecipientsascustomersforreceivingthesedata.Whenusingthedata,recipientsshallmakeyourownindependentjudgmentaccordingtoyourpracticalindividualstatus.Thecontentsofthedatareflectthejudgmentofusonlyonthereleaseday.Wehaverighttoupdateandamendthedataandreleaseotherdatathatcontainsinconsistentcontentsordifferentconclusionswithoutnotification.Unlessexpresslystated,thedata(e.g.,financialperformancedata)representspastperformanceonlyandthepastperformancecannotbeviewedasthepredictionoffuturereturn.TheofthisdatabelongstoSusallWave,andwereserveallrightsinaccordancewiththelaw.Withoutthepriorwrittenpermissionofourcompany,noneofindividualorinstitutioncanusethesedataforanyprofitablepurpose.Besides,noneofindividualorinstitutioncantakeactionssuchasamendment,replication,translation,compilation,re-editing,adaption,deletion,abbreviation,excerpts,issuance,rent,exhibition,performance,projection,broadcast,informationnetworktransmission,shooting,addingiconsandinstructions.IfanylossofSusallWaveoranythird-partyiscausedbythoseactions,usersshallbearthecorrespondingcompensationliability.SusallWaveshallnotberesponsibleforanyloss.Ifanytermisnotcontainedinthisdisclaimerbutwritteninotheragreementsonourwebsite(e.g.UserRegistrationProtocolofSusallWaveWebsite,UserService(includingauthentication)AgreementofSusallWaveWebsite,PrivacyPolicyofSusallwaveWebsite),itshouldbeexecutedaccordingtootheragreements.Ifthereisanydifferencebetweenthisdisclaimandotheragreements,thisdisclaimershallbeapplied.有第4類受規(guī)管活動(dòng)（就證券提供意見）HTISGLHaitongInternational(JapanK.K.（“HTIJKK”）的協(xié)助下發(fā)行，HTIJKK是由日本關(guān)東財(cái)務(wù)局監(jiān)管為投資顧問(wèn)。印度證券的研究報(bào)告：SecuritiesandExchangeBoardofIndia（“SEBI”）監(jiān)管的HaitongSecuritiesIndiaPrivateLimited（“HTSIPL”）所發(fā)BSELimited（“BSE”）和NationalStockExchangeofIndiaLimited（“NSE”）上市公司（統(tǒng)稱為「印度交易所」）的研究報(bào)告。HTSIPL于2016年1222日被收購(gòu)并成為海通國(guó)際證券集團(tuán)有限公司（“HTISG”）的一部分。所有研究報(bào)告均以海通國(guó)際為名作為全球品牌，經(jīng)許可由海通國(guó)際證券股份有限公司及/或海通國(guó)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(lái)源，但HTIRL、HTISCL或任何其他屬于海通國(guó)際證券集團(tuán)有限公司（“HTISG”）的成員對(duì)其準(zhǔn)確性、完整性和正確性不做任何明示或暗示的聲明或保證。本文件中所有觀點(diǎn)均截至本報(bào)告日期，如有更改，恕不另行通知。本文件僅供參考使用。文件中提及的任何公司或其股票的說(shuō)明并非意圖展示完整的內(nèi)容，本文件并非/不應(yīng)被解釋為對(duì)證券買賣的明示或暗示地出價(jià)或征價(jià)。在某些司法管轄區(qū)，本文件中提及的證券可能無(wú)法進(jìn)行買賣。如果投資產(chǎn)品以投資者本國(guó)貨幣以外的幣種進(jìn)行計(jì)價(jià)，則匯率變化可能會(huì)對(duì)投資產(chǎn)生不利影響。過(guò)去的表現(xiàn)并不一定代表將來(lái)的結(jié)果。某些特定交易，包括設(shè)計(jì)金融衍生工具的，有產(chǎn)生重大風(fēng)險(xiǎn)的可能性，因此并不適合所有的投資者。您還應(yīng)認(rèn)識(shí)到本文件中的建議并非為您量身定制。分析師并未考慮到您自身的財(cái)務(wù)情況，如您的財(cái)務(wù)狀況和風(fēng)險(xiǎn)偏好。因此您必須自行分析并在適用的情況下咨詢自己的法律、稅收、會(huì)計(jì)、金融和其他方面的專業(yè)顧問(wèn)，以期在投資之前評(píng)估該項(xiàng)建議是否適合于您。若由于使用本文件所載的材料而產(chǎn)生任何直接或間接的損失，HTISG及其董事、雇員或代理人對(duì)此均不承擔(dān)任何責(zé)任。除對(duì)本文內(nèi)容承擔(dān)責(zé)任的分析師除外，HTISG及我們的關(guān)聯(lián)公司、高級(jí)管理人員、董事和雇員，均可不時(shí)作為主事人就本文件所述的任何證券或衍生品持有長(zhǎng)倉(cāng)或短倉(cāng)以及進(jìn)行買賣。HTISG的銷售員、交易員和其他專業(yè)人士均可向HTISG的相關(guān)客戶和公司提供與本文件所述意見相反的口頭或書面市場(chǎng)評(píng)論意見或交易策略。HTISG可做出與本文件所述建議或意見不一致的投資決策。但HTIRL沒(méi)有義務(wù)來(lái)確保本文件的收件人了解到該等交易決定、思路或建議。請(qǐng)?jiān)L問(wèn)海通國(guó)際網(wǎng)站，查閱更多有關(guān)海通國(guó)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。非美國(guó)分析師披露信息：FINRA進(jìn)行注冊(cè)或者取得相應(yīng)的資格，并且不受美國(guó)FINRA有關(guān)與本項(xiàng)研究目標(biāo)公司進(jìn)行溝通、公開露面和自營(yíng)2241條規(guī)則之限制。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：期貨事務(wù)監(jiān)察委員會(huì)的審查。您不應(yīng)僅根據(jù)本研究報(bào)告中所載的信息做出投資決定。本研究報(bào)告的收件人就研究報(bào)告中產(chǎn)生或與之相關(guān)的任何事宜請(qǐng)聯(lián)系HTISCL銷售人員。美國(guó)投資者的通知事項(xiàng)：HTIRL，HSIPLHTIJKKHTIRL，HSIPL，HTIJKKHTISG美國(guó)聯(lián)營(yíng)公司，均未在美國(guó)注冊(cè)，因此不受美國(guó)關(guān)于研究報(bào)告編制和研1934年“美國(guó)證券交易法”第15a-6條規(guī)定的豁免注冊(cè)的「美國(guó)主要機(jī)構(gòu)投資者」（“MajorU.SInstitutionalInvestor”）和「機(jī)構(gòu)投資者」（”U.SInstitutionalInvestors”）。在向美國(guó)機(jī)構(gòu)投資者分發(fā)研究報(bào)告時(shí)，HaitongInternationalSecuritiesUSAInc（“HTIUSA”）HTIUSA。HTIUSA340MadisonAvenue,12thFloorNewYorkNY10173，電話（212）351-6050HTIUSAU.SSecuritiesandExchangeCommission（“SEC”）FinancialIndustryRegulatoryAuthorityInc.（“FINRA”）HTIUSA不負(fù)責(zé)編寫HSIPL，HTIRLHTIJKK直接進(jìn)行買賣證券或相HSIPL，HTIRLHTIJKKFINRAFINRA2241條規(guī)定的與目標(biāo)公司的交流，公開露面和分析師賬戶持有的交易證券等限制。投資本研究報(bào)告中討論的任何非美國(guó)證券或相關(guān)金融工具（包括ADR）可能存在一定風(fēng)險(xiǎn)。非美國(guó)發(fā)行的證券可能沒(méi)有注冊(cè)，或不受美國(guó)法規(guī)的約束。有關(guān)非美國(guó)證券或相關(guān)金融工具的信息可能有限制。外國(guó)公司可能不受審計(jì)和匯報(bào)的標(biāo)準(zhǔn)以及與美國(guó)境內(nèi)生效相符的監(jiān)管要求。本研究報(bào)告中以美元以外的其他貨幣計(jì)價(jià)的任何證券或相關(guān)金融工具的投資或收益的價(jià)值受匯率波動(dòng)的影響，可能對(duì)該等證券或相關(guān)金融工具的價(jià)值或收入產(chǎn)生正面或負(fù)面影響。美國(guó)收件人的所有問(wèn)詢請(qǐng)聯(lián)系：HaitongInternationalSecurities(USA)Inc.340MadisonAvenue,12thFloorNewYork,NY10173聯(lián)系人電話：(212)3516050DISTRIBUTIONANDREGIONALNOTICESExceptasotherwiseindicatedbelow,anyRecipientwishingtodiscussthisresearchreportoreffectanytransactioninanysecuritydiscussedinHTI’sresearchshouldcontacttheHaitongInternationalsalespersonintheirowncountryorregion.NoticetoHongKonginvestors:TheresearchreportisdistributedbyHaitongInternationalSecuritiesCompanyLimited(“HTISCL”),whichisalicensedcorporationtocarryonType1regulatedactivity(dealinginsecurities)inHongKong.ThisresearchreportdoesnotconstituteasolicitationoranofferofsecuritiesoraninvitationtothepublicwithinthemeaningoftheSFO.Thisresearchreportisonlytobecirculatedto"ProfessionalInvestors"asdef