公司研究/化工/石油化工華錦股份（000059）公司年報點評

證券研究報告投資要點：202404投資要點：2024041520232023461.42-5.95%；實現歸母凈利潤0.70億元，同比-86.72%。公司單季度盈利逐步改善，1Q23-4Q23公司分別實現歸母凈利潤-4.98-1.782.834.62100.14元（含稅。主要產品產銷量穩定增長。2023年，公司石化板塊產銷量分別為萬噸，分別同比增長4.26%/4.97%；化肥板塊產銷量分別為14.05%/13.57%。2023（223年毛利2.166.34（9.3（2）精細化工板塊，20230.291.58（84.5ABS（3）化肥板塊，20235.67比減少4.81億元（45.9，主要受尿素盈利下滑影響。公司、盤錦鑫城集團共同投資的精細化工及原料工程項目已正式開工建設（北方華錦持股，沙特阿美持股。根據阿美亞洲公眾號，項目包30萬桶/（1500萬噸/年165萬噸計2026年投入全面運營。盈利預測與投資評級。2024-2026EPS0.23、0.27、0.31元（原225預測為0.4、0.2元，224年BPS為9.08比公司估值水平，給予其24年1.0倍P（原為223年1.0，對應目標價9.08元（對應224年PE39倍，維持“優于大市”評級。風險提示：國際原油價格下跌、石化產品盈利不及預期等。主要財務數據及預測202220232024E2025E2026E營業收入（百萬元）4906246142485845116353887(+/-)YoY(%)26.9%-6.0%5.3%5.3%5.3%凈利潤（百萬元）52970367429499(+/-)YoY(%)-43.8%-86.7%422.3%16.7%16.5%全面攤薄EPS(元)0.330.040.230.270.31毛利率(%)16.5%14.8%15.4%15.5%15.6%凈資產收益率(%)3.7%0.5%2.5%2.9%3.3%（22222TI備注：凈利潤為歸屬母公司所有者的凈利潤財務報表分析和預測主要財務指標20232024E2025E2026E利潤表（百萬元）20232024E2025E2026E每股指標（元）營業總收入46142485845116353887每股收益0.040.230.270.31營業成本39305410944322145459每股凈資產8.939.089.269.46毛利率%14.8%15.4%15.5%15.6%每股經營現金流0.611.351.381.42營業稅金及附加4896515054235712每股股利0.010.080.090.11營業稅金率%10.6%10.6%10.6%10.6%價值評估（倍）營業費用327340358377P/E138.5626.5322.7319.52營業費用率%0.7%0.7%0.7%0.7%P/B0.680.670.660.64管理費用988102010741132P/S90.18管理費用率%2.1%2.1%2.1%2.1%EV/EBITDA5.454.303.432.60EBIT282779878990股息率%0.2%1.3%1.5%1.8%財務費用183203205207盈利能力指標（%）財務費用率%0.4%0.4%0.4%0.4%毛利率14.8%15.4%15.5%15.6%資產減值損失-198-100-100-100凈利潤率0.2%0.8%0.8%0.9%投資收益5555凈資產收益率0.5%2.5%2.9%3.3%營業利潤104526622733資產回報率0.2%1.1%1.3%1.5%營業外收支50505050投資回報率0.6%2.2%2.5%2.7%利潤總額155576672783盈利增長（%）EBITDA1934230124052523營業收入增長率-6.0%5.3%5.3%5.3%所得稅72144168196EBIT增長率-72.7%176.3%12.6%12.8%有效所得稅率%46.3%25.0%25.0%25.0%凈利潤增長率-86.7%422.3%16.7%16.5%少數股東損益13657688償債能力指標資產負債率53.0%52.9%52.8%52.5%歸屬母公司所有者凈利潤70367429499流動比率2.812.993.153.30速動比率1.431.611.771.92資產負債表（百萬元）20232024E2025E2026E現金比率1.381.561.721.87貨幣資金9429110511268614373經營效率指標應收賬款及應收票據278293308325應收賬款周轉天數1.071.301.301.30存貨5817598261976428存貨周轉天數50.0151.6850.7249.99其它流動資產3647381240074213總資產周轉率1.431.511.561.61流動資產合計19171211372319925339固定資產周轉率4.185.016.147.73長期股權投資135135135135固定資產10375901976566288在建工程68625854無形資產113710901043996現金流量表（百萬元）20232024E2025E2026E非流動資產合計127171130898948475凈利潤70367429499資產總計31889324463309333814少數股東損益13657688短期借款1001100110011001非現金支出1852162216271632應付票據及應付賬款3757392841314345非經營收益310302302301預收賬款0000營運資金變動-1275-190-233-245其它流動負債2055213822282323經營活動現金流970216622002276流動負債合計6813706773607669資產-313-63-63-63長期借款9771977197719771投資-44000其它長期負債329329329329其他5555非流動負債合計10100101001010010100投資活動現金流-351-58-58-57負債總計16913171671746017769債權募資-634000實收資本1599159915991599股權募資0000歸屬于母公司所有者權益14287145251480415128其他-595-485-507-532少數股東權益689753829917融資活動現金流-1229-485-507-532負債和所有者權益合計31889324463309333814現金凈流量-611162116351687（4月5（）（22，TIAPPENDIX1SummaryInvestmentHighlights:2023earningsimprovequarterly.RevenuereachedRMB46.14billion,down5.95%YoY;netprofitattributabletoshareholderswasRMB70million,down86.72%YoY.Quarterlyprofitsimproved,withNPAtSat-RMB498million,-RMB178million,RMB283million,andRMB462millionfromQ1toQ4.AdividendofRMB0.14per10sharesisproposed.Mainproductvolumesgrewsteadily.Petrochemicalsectorvolumeswere5.59/5.59milliontons,up4.26%/4.97%YoY;fertilizersectorvolumeswere1.27/1.26milliontons,up14.05%/13.57%YoY.Grossprofitdeclinedoverall.Chemicalproductpricesfellmorethancrudeprocessingcosts,narrowingprofitmargins.PetrochemicalsectorgrossprofitwasRMB6.22billion,down9.3%YoY;finechemicalssectorgrossprofitwasRMB29million,down84.5%YoY;fertilizersectorgrossprofitwasRMB567million,down45.9%YoY,mainlyduetoweakerureaearnings.JointventurewithSaudiAramcoonamajorrefiningandchemicalproject.NorthHuajinChemicalIndustryGroup,SaudiAramco,andPanjinXinchengGroup'sfinechemicalandrawmaterialprojecthasstarted(NorthHuajinholds51%,SaudiAramco30%).AccordingtoAramcoAsia'sofficialaccount,theprojectincludesa300,000barrel/dayrefinery(15milliontons/year)anda1.65milliontons/yearsteamcracker,expectedtobefullyoperationalby2026.Earningsforecastandinvestmentrating.WepredictEPSofRMB0.23,0.27,0.31for2024-2026,with2024BPSatRMB9.08.Basedonpeervaluation,weassigna20241.0xPB,withatargetpriceofRMB9.08(39x2024PE),maintainingan'Outperform'rating.RiskWarning:Declineininternationalcrudeprices,petrochemicalprofitsweakerthanexpected.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)的證券研究團隊所組成的全球品牌，海通國際證券集團(HTISG)各成員分別在其許可的司法管轄區內從事證券活動。IMPORTANTDISCLOSURESThisresearchreportisdistributedbyHaitongInternational,aglobalbrandnamefortheequityresearchteamsofHaitongInternationalResearchLimited(“HTIRL”),HaitongSecuritiesIndiaPrivateLimited(“HSIPL”),HaitongInternationalJapanK.K.(“HTIJKK”),HaitongInternationalSecuritiesCompanyLimited(“HTISCL”),andanyothermemberswithintheHaitongInternationalSecuritiesGroupofCompanies(“HTISG”),eachauthorizedtoengageinsecuritiesactivitiesinitsrespectivejurisdiction.HTIRL分析師認證AnalystCertification:我，朱軍軍，在此保證（i）（ii）（包括我們的家屬）（我已經告知他們）3I,JunjunZhu,certifythat(i)theviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchand(ii)nopartofmycompensationwas,isorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreport;andthatI(includingmembersofmyhousehold)havenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussed.Iandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin3businessdaysaftertheresearchreportispublished.我，胡歆，在此保證（i）本研究報告中的意見準確反映了我們對本研究中提及的任何或所有目標公司或上市公司的個人觀點，并且（ii）我的報酬中沒有任何部分與本研究報告中表達（包括我們的家屬）（我已經告知他們）報告發布后的3I,XinHu,certifythat(i)theviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchand(iinopartofmycompensationwas,isorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreport;andthatI(includingmembersofmyhousehold)havenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussed.Iandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin3businessdaysaftertheresearchreportispublished.我，李帛融，在此保證（i）本研究報告中的意見準確反映了我們對本研究中提及的任何或所有目標公司或上市公司的個人觀點，并且（ii）我的報酬中沒有任何部分與本研究報告中表（包括我們的家屬）（我已經告知他們）3I,BorongLi,certifythat(i)theviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchand(ii)nopartofmycompensationwas,isorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreport;andthatI(includingmembersofmyhousehold)havenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussed.Iandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin3businessdaysaftertheresearchreportispublished.利益沖突披露ConflictofInterestDisclosures/（ERDDisclosure@htiseccom）HTIandsomeofitsaffiliatesmayengageininvestmentbankingand/orserveasamarketmakerorholdproprietarytradingpositionsofcertainstocksorcompaniesinthisresearchreport.Asfarasthisresearchreportisconcerned,thefollowingarethedisclosuremattersrelatedtosuchrelationship(Asthefollowingdisclosuredoesnotensuretimelinessandcompleteness,pleasesendanemailtoERD-Disclosure@htisec.comiftimelyandcomprehensiveinformationisneeded).化學工業第三設計院有限公司目前或過去12個月內是海通的客戶。海通向客戶提供非投資銀行業務的證券相關業務服務。化學工業第三設計院有限公司is/wasaclientofHaitongcurrentlyorwithinthepast12months.Theclienthasbeenprovidedfornon-investment-bankingsecurities-relatedservices.海通在過去的12個月中從化學工業第三設計院有限公司獲得除投資銀行服務以外之產品或服務的報酬。Haitonghasreceivedcompensationinthepast12monthsforproductsorservicesotherthaninvestmentbankingfrom化學工業第三設計院有限公司.評級定義（從2020年7月1日開始執行）：（“HTI）HTI的評級定義。并且HTI基于各自情況（）分析師股票評級優于大市12-1810%下中性，未來12-18FINRA/NYSE的評級分布規則，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.AnalystStockRatingsOutperform:Thestock’stotalreturnoverthenext12-18monthsisexpectedtoexceedthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.Neutral:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobeinlinewiththereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.ForpurposesonlyofFINRA/NYSEratingsdistributionrules,ourNeutralratingfallsintoaholdratingcategory.Underperform:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobebelowthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.Benchmarksforeachstock’slistedregionareasfollows:Japan–TOPIX,Korea–Taiwan–TAIEX,–Nifty100,US–SP500;forallotherChina-conceptstocks–MSCIChina. 截至2024年3月31日海通國際股票研究評級分布優于大市 中性 弱于大市(持有)海通國際股票研究覆蓋率 90.4% 8.8% 0.8%投資銀行客戶* 3.3% 4.9% 0.0%*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我們當前優于大市，中性和落后大市評級。只有根據FINRA/NYSE此前的評級系統定義（直至2020年6月30日）：買入，未來1218個月內預期相對基準指數漲幅在10%中性，未來1218FINRA/NYSE賣出，未來1218個月內預期相對基準指數跌幅在10%各地股票基準指數：日本–TOPIX,韓國–KOSPI,臺灣–TAIEX,印度–Nifty100;其他所有中國概念股–MSCIChina.HaitongInternationalEquityResearchRatingsDistribution,asofMarch31,2024Outperform Neutral Underperform(hold)HTIEquityResearchCoverage 90.4% 8.8% 0.8%IBclients* 3.3% 4.9% 0.0%*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：了進行股票評級、提出目標價格或進行基本面估值，而僅供參考使用。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，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.海通國際優質100A股（Q100）指數：海通國際Q100指數是一個包括100支由海通證券覆蓋的優質中國A股的計量產品。這些股票是通過基于質量的篩選過程，并結合對海通證券A股團隊自下而上的研究。海通國際每季對Q100指數成分作出復審。HaitongInternationalQuality100A-share(Q100)Index:HTI’sQ100Indexisaquantproductthatconsistsof100ofthehighest-qualityA-sharesundercoverageatHSinShanghai.Thesestocksarecarefullyselectedthroughaquality-basedscreeningprocessincombinationwithareviewoftheHSA-shareteam’sbottom-upresearch.TheQ100constituentcompaniesarereviewedquarterly.盟浪義利（FIN-ESG）數據通免責聲明條款：在使用盟浪義利（FIN-ESG）數據之前，請務必仔細閱讀本條款并同意本聲明：第一條義利（FINESG）（以下簡稱“本公司”）（）績表現不作為日后回報的預測。（（））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.重要免責聲明：非印度證券的研究報告：本報告由海通國際證券集團有限公司（“HTISGL”）的全資附屬公司海通國際研究有限公司（“HTIRL”）發行，該公司是根據香港證券及期貨條例（第571章）持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”）監管的HaitongSecuritiesIndiaPrivateLimited（“HTSIPL”）所發BSELimited（“BSE”）NationalStockExchangeofIndiaLimited（“NSE）（）HTSIPL20161222并成為海通國際證券集團有限公司（“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的其他成員在其司法管轄區發布。HTIRL、HTISCL或任何其他屬于海通國際證券集團有限公司（“HTISG）/HTISG任。HTISGHTISG的銷售員、交易員和其他專業人士均可向HTISGHTISG一致的投資決策。但HTIRL請訪問海通國際網站www.equities.htisec.com，查閱更多有關海通國際為預防和避免利益沖突設立的組織和行政安排的內容信息。非美國分析師披露信息：本項研究首頁上列明的海通國際分析師并未在FINRA進行注冊或者取得相應的資格，并且不受美國FINRA有關與本項研究目標公司進行溝通、公開露面和自營證券交易的第2241條規則之限制。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.分發和地區通知：除非下文另有規定，否則任何希望討論本報告或者就本項研究中討論的任何證券進行任何交易的收件人均應聯系其所在國家或地區的海通國際銷售人員。香港投資者的通知事項：海通國際證券股份有限公司(“HTISCL”)負責分發該研究報告，HTISCL是在香港有權實施第1類受規管活動（從事證券交易）的持牌公司。該研究報告并不構成《證券及期貨條例》（香港法例第571章）（以下簡稱“SFO”）所界定的要約邀請，證券要約或公眾要約。本研究報告僅提供給SFO所界定的“專業投資者”。本研究報告未經過證券及期貨事務監察委員會的審查。您不應僅根據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生或與之相關的任何事宜請聯系HTISCL銷售人員。美國投資者的通知事項：本研究報告由HTIRL，HSIPL或HTIJKK編寫。HTIRL，HSIPL，HTIJKK以及任何非HTISG美國聯營公司，均未在美國注冊，因此不受美國關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HTIJKKHSIPLHTIRLHTIJKKFINRAFINRA2241（包括ADR）HaitongInternationalSecurities(USA)Inc.340MadisonAvenue,12thFloorNewYork,NY10173聯系人電話：(212)3516050DISTRIBUTIONANDREGIONALNOTICESExceptasotherwiseindicatedbelow,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.Foreigncompanie