星湖科技(600866)2023年扣非后净利润同比增长520.76%25公司拟建设60万吨玉米深加工及配套热电联产项目

20240520240504公司研究/化工星湖科技（600866）证券研究报告520.76%，公司拟建设60万吨玉米深加工及配套热电联产项目投资要点：投资要点：2023年扣非后归母净利润同比增长6.31亿公司223年实现营业收入73.40646.811.45%7.27520.76%。公司202211月将伊品生物纳入合并范围，因同一控制下企业合并产生的子公司期初至合并日的当期净损益属202346.454.10%1.892.6011.38%，同比增长731.40股派发每股现金红利3.80（含税金红利分配总额为6.31亿元,占2023年度归母净利润的93.13%。2024Q1扣非后净利润同比增长2024429.59%0.87%2.512.7110.9公司主要产品销售价格同比下滑，但主要产品销量同比上涨弥补了因销售价格同比下滑对销售收入的影响。公司归母净利润大幅增长主要原因系24Q1主要产品销量同比增加，主要原材料玉米及煤炭价格下降，影响营业毛利同1.49亿元。公司拟投资建设60万吨玉米深加工及配套热电联产项目。公司拟投资建设6037.1230%70%资金来源于银行项目贷款融资。项目具体建设内容包括新建60万吨玉米深加工产线，生产各类小品种氨基酸11.5万吨/年，其中主要产品为：缬氨酸、异亮氨酸、色氨酸、精氨酸，及配套生产相关副产品；配套建设办公和生产服务设施，项目建设预计2-3年。公司拟通过该项目提升小品种氨基酸的产能规模，丰富产品种类，完善产品结构，巩固公司行业地位。盈利预测。2024-202611.01、12.21EPS0.66、0.73、0.81元。参考同行业可比公司估值，给2412PE7.92元，维持优于大市的评级。风险提示。主要财务数据及预测202220232024E2025E2026E营业收入（百万元）1748617374177531876519703(+/-)YoY(%)329.5%-0.6%2.2%5.7%5.0%净利润（百万元）608678110112211354(+/-)YoY(%)299.8%11.4%62.4%10.9%10.9%全面摊薄EPS(元)0.370.410.660.730.81毛利率(%)17.6%14.0%15.6%15.9%16.3%净资产收益率(%)8.8%9.0%13.4%13.6%13.8%（22222TI备注：净利润为归属母公司所有者的净利润财务报表分析和预测主要财务指标20232024E2025E2026E利润表（百万元）20232024E2025E2026E每股指标（元）营业总收入17374177531876519703每股收益0.410.660.730.81营业成本14933149871577716485每股净资产4.554.955.395.90毛利率%14.0%15.6%15.9%16.3%每股经营现金流71.62营业税金及附加92121128134每股股利0.380.280.300.30营业税金率%0.5%0.7%0.7%0.7%价值评估（倍）营业费用321334353366P/E13.878.547.706.95营业费用率%1.8%1.9%1.9%1.9%P/B50.96管理费用640666685709P/S0.540.530.500.48管理费用率%3.7%3.8%3.7%3.6%EV/EBITDA5.134.964.343.59EBIT1197148316501828股息率%6.7%4.9%5.3%5.3%财务费用1768095103盈利能力指标（%）财务费用率%1.0%0.5%0.5%0.5%毛利率14.0%15.6%15.9%16.3%资产减值损失-120222净利润率3.9%6.2%6.5%6.9%投资收益7444净资产收益率9.0%13.4%13.6%13.8%营业利润867140615591728资产回报率4.7%6.5%6.7%6.9%营业外收支-4-4-4-4投资回报率8.0%8.9%9.0%9.2%利润总额864140315551725盈利增长（%）EBITDA2052239226082829营业收入增长率-0.6%2.2%5.7%5.0%所得税178289320355EBIT增长率-32.2%23.9%11.3%10.8%有效所得税率%20.6%20.6%20.6%20.6%净利润增长率11.4%62.4%10.9%10.9%少数股东损益8131415偿债能力指标资产负债率46.8%50.6%50.2%49.3%归属母公司所有者净利润678110112211354流动比率1.061.211.411.62速动比率0.530.580.781.03资产负债表（百万元）20232024E2025E2026E现金比率0.310.400.590.83货币资金1419238235275083经营效率指标应收账款及应收票据756804850892应收账款周转天数10.1511.5111.6811.71存货2305353935063367存货周转天数67.9170.1980.3775.05其它流动资产432496522545总资产周转率71.04流动资产合计4912722084059886固定资产周转率2.002.142.332.49长期股权投资0000固定资产8449813479867844在建工程14968910141088无形资产667649631613现金流量表（百万元）20232024E2025E2026E非流动资产合计9473967898349747净利润678110112211354资产总计14385168981823919633少数股东损益8131415短期借款1201120112011201非现金支出9869089561000应付票据及应付账款1040238424222531非经营收益23691118138预收账款0000营运资金变动118-48-25183其它流动负债2389238323502364经营活动现金流2026206422842690流动负债合计4630596859736096资产-376-1116-1116-916长期借款1757235729573357投资-492000其它长期负债338230230230其他9244非流动负债合计2095258731873587投资活动现金流-859-1114-1112-912负债总计6725855591609683债权募资-312539590415实收资本1661166116611661股权募资50000归属于母公司所有者权益7562823289559810其他-440-539-617-637少数股东权益98110124140融资活动现金流-7020-27-222负债和所有者权益合计14385168981823919633现金净流量46596311451556（4月0（）（22，TIAPPENDIX1SummaryInvestmentHighlights:In2023,netprofitattributabletoshareholdersexcludingnon-recurringitems(NPAtS)surgedby520.76%YoY.TheCompanyplanstodistributecashdividendsofapproximatelyRMB631million.RevenuereachedRMB17.37billion,aslightYoYdecreaseof0.64%,withNPAtSatRMB678million,up11.45%YoY,andNPAtSexcludingnon-recurringitemsatRMB727million,soaringby520.76%YoY.ThissignificantincreasewasmainlyduetotheconsolidationofEppenBiotechinNovember2022,withitsearningsbeforethemergerrecognizedasnon-recurring.Q42023sawRevenueofRMB4.65billion,up4.10%QoQand0.67%YoY,withNPAtSatRMB189million,down27.27%QoQbutup74.36%YoY,andNPAtSexcludingnon-recurringitemsatRMB260million,up11.38%QoQand1731.41%YoY.TheCompanyproposesacashdividendofRMB3.80per10shares,totalingRMB631million,representing93.13%ofthe2023NPAtS.ForQ12024,NPAtSexcludingnon-recurringitemsincreasedby110.94%YoY,benefitingfromlowerrawmaterialsprices.RevenuewasaboutRMB4.2billion,down9.59%QoQbutup0.87%YoY,withNPAtSatRMB251million,up33.38%QoQand108.66%YoY,andNPAtSexcludingnon-recurringitemsatRMB254million,down2.07%QoQbutup110.94%YoY.ThechangeinRevenuewasmainlyduetoaYoYdeclineinthesalesPriceofmainproducts,offsetbyanincreaseinvolume.ThesubstantialgrowthinNPAtSwasprimarilyduetoincreasedsalesvolumeandlowerpricesofcornandcoal,boostinggrossprofitbyRMB149millionYoY.TheCompanyplanstoinvestina600,000-toncorndeep-processingandcogenerationproject.ThetotalinvestmentisestimatedatRMB3.71billion,with30%self-financedandabout70%throughbankloans.Theprojectincludesanew600,000-toncorndeep-processingline,producing115,000tons/yearofvariousaminoacids,includingvaline,isoleucine,tryptophan,andarginine,alongwithrelatedby-products.Theproject,expectedtotake2-3years,aimstoenhancetheCompany’scapacityandproductrange,improvingitsindustryposition.EarningsForecast:WeprojectnetprofitsofRMB1.101billion,RMB1.221billion,andRMB1.354billionfor2024-2026,withcorrespondingEPSofRMB0.66,RMB0.73,andRMB0.81.Basedonpeervaluation,weassigna12xPEfor2024,withatargetpriceofRMB7.92,maintaininganOutperformrating.RiskWarning:Productpricevolatility,downstreamdemandweakerthanexpected.附录APPENDIX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(HTIRL)，HaitongSecuritiesIndiaPrivateLimited(HSIPL)，HaitongInternationalJapanK.K.(HTIJKK)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。IMPORTANTDISCLOSURESThisresearchreportisdistributedbyHaitongInternational,aglobalbrandnamefortheequityresearchteamsofHaitongInternationalResearchLimited(“HTIRL”),HaitongSecuritiesIndiaPrivateLimited(“HSIPL”),HaitongInternationalJapanK.K.(“HTIJKK”),HaitongInternationalSecuritiesCompanyLimited(“HTISCL”),andanyothermemberswithintheHaitongInternationalSecuritiesGroupofCompanies(“HTISG”),eachauthorizedtoengageinsecuritiesactivitiesinitsrespectivejurisdiction.HTIRL分析师认证AnalystCertification:我，刘威，在此保证（i）（ii）（包括我们的家属）（我已经告知他们）报告发布后的3I,WeiLiu,certifythat(i)theviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchand(iinopartofmycompensationwas,isorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreport;andthatI(includingmembersofmyhousehold)havenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussed.Iandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin3businessdaysaftertheresearchreportispublished.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（包括我们的家属）（我已经告知他们）3I,HuaichaoZhuang,certifythat(i)theviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchandiinopartofmycompensationwas,isorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreport;andthatI(includingmembersofmyhousehold)havenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussed.Iandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin3businessdaysaftertheresearchreportispublished.利益冲突披露ConflictofInterestDisclosures/（ERDDisclosure@htiseccom）HTIandsomeofitsaffiliatesmayengageininvestmentbankingand/orserveasamarketmakerorholdproprietarytradingpositionsofcertainstocksorcompaniesinthisresearchreport.Asfarasthisresearchreportisconcerned,thefollowingarethedisclosuremattersrelatedtosuchrelationship(Asthefollowingdisclosuredoesnotensuretimelinessandcompleteness,pleasesendanemailtoERD-Disclosure@htisec.comiftimelyandcomprehensiveinformationisneeded).评级定义（从2020年7月1日开始执行）：（“HTI）HTI的评级定义。并且HTI基于各自情况（）分析师股票评级优于大市12-1810%下中性，未来12-18FINRA/NYSE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12-1810%TOPIX,KOSPI,TAIEX,Nifty100,美–SP500;其他所有中国概念股MSCIChina.RatingsDefinitions(from1Jul2020):HaitongInternationalusesarelativeratingsystemusingOutperform,Neutral,orUnderperformforrecommendingthestockswecovertoinvestors.InvestorsshouldcarefullyreadthedefinitionsofallratingsusedinHaitongInternationalResearch.Inaddition,sinceHaitongInternationalResearchcontainsmorecompleteinformationconcerningtheanalyst'sviews,investorsshouldcarefullyreadHaitongInternationalResearch,initsentirety,andnotinferthecontentsfromtheratingalone.Inanycase,

评级分布RatingDistributionratings(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’slistedareasfollows:Japan–TOPIX,Korea–Taiwan–TAIEX,–Nifty100,US–SP500;forallotherChina-conceptstocks–MSCIChina.截至2024年3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 90.4% 8.8% 0.8%投资银行客户* 3.3% 4.9% 0.0%*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FINRA/NYSE此前的评级系统定义（直至2020年6月30日）：买入，未来1218个月内预期相对基准指数涨幅在10%中性，未来1218FINRA/NYSE卖出，未来1218个月内预期相对基准指数跌幅在10%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–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.海通国际非评级研究：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-RatedResearch:HaitongInternationalpublishesquantitative,screeningorshortreportswhichmayrankstocksaccordingtovaluationandothermetricsormaysuggestpricesbasedonpossiblevaluationmultiples.Suchrankingsorsuggestedpricesdonotpurporttobestockratingsortargetpricesorfundamentalvaluesandareforinformationonly.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（600837CH）A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-Shares:HaitongInternationalmaycoverandrateA-SharesthataresubjecttotheHongKongStockConnectschemewithShanghaiandShenzhen.HaitongSecurities(HS;600837CH),theultimateparentcompanyofHTISGbasedinShanghai,coversandpublishesresearchonthesesameA-SharesfordistributioninmainlandChina.However,theratingsystememployedbyHSdiffersfromthatusedbyHTIandasaresulttheremaybeadifferenceintheHTIandHSratingsforthesameA-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-share(Q100)Index:HTI’sQ100Indexisaquantproductthatconsistsof100ofthehighest-qualityA-sharesundercoverageatHSinShanghai.Thesestocksarecarefullyselectedthroughaquality-basedscreeningprocessincombinationwithareviewoftheHSA-shareteam’sbottom-upresearch.TheQ100constituentcompaniesarereviewedquarterly.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（FINESG）（以下简称“本公司”）（）绩表现不作为日后回报的预测。（（））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”）（571章）4（）HTISGLHaitongInternational(Japan)K.K.（“HTIJKK）HTIJKK管为投资顾问。印度证券的研究报告：SecuritiesandExchangeBoardofIndia（“SEBI”）HaitongSecuritiesIndiaPrivateLimited（“HTSIPL）BSELimited（“BSE”）NationalStockExchangeofIndiaLimited（“NSE）（）HTSIPL20161222并成为海通国际证券集团有限公司（“HTISG）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。HTIRL、HTISCL或任何其他属于海通国际证券集团有限公司（“HTISG）/HTISG任。HTISGHTISG的销售员、交易员和其他专业人士均可向HTISGHTISG一致的投资决策。但HTIRL请访问海通国际网站www.equities.htisec.com，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-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”)HTISCL是在香港有权实施第1类受规管活动（）《证券及期货条例》（香港法例第571）（以下简称“SFO”）SFO所界定的“专业投资者”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：HTIRLHSIPLHTIJKK编写。HTIRLHSIPLHTIJKKHTISG1934年“美国证券交易法”15a6（“MajorU.S.InstitutionalInvestor）资者」（”US.InstitutionalInvestors）HaitongInternationalSecurities(USA)Inc.（“HTIUSA”）HTIUSA。HTIUSA340MadisonAvenue,12thFloor,NewYork,NY10173，电话（212）351-6050。HTIUSA是在美国于US.SecuritiesandExchangeCommission（“SEC”）FinancialIndustryRegulatoryAuthority,Inc.（“FINRA”）HTIUSAHSIPLHTIRL或HTIJKKHSIPLHTIRLHTIJKKFINRAFINRA2241（包括ADR）HaitongInternationalSecurities(USA)Inc.340MadisonAvenue,12thFloorNewYork,NY10173联系人电话：(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.with