《再鼎医药-港股公司研究报告-协同的商业化管线快速扩充2025年有望实现盈亏平衡-230213（13页）.pdf》由会员分享，可在线阅读，更多相关《再鼎医药-港股公司研究报告-协同的商业化管线快速扩充2025年有望实现盈亏平衡-230213（13页）.pdf（13页珍藏版）》请在三个皮匠报告上搜索。

1、 Table_yemei1 观点聚焦 Investment Focus Table_yejiao1 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请参阅附录。(Please see appendix for English translation of the disclaimer)研究报告 Research Report 13 Feb 2023 再鼎医药再鼎医药

2、Zai Lab(9688 HK)协同的商业化管线快速扩充，2025 年有望实现盈亏平衡 Synergistic pipelines expand rapidly and is expected to breakeven by 2025 Table_Info 维持优于大市维持优于大市Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$30.05 目标价 HK$70.73 HTI ESG 2.9-1.5-3.5 E-S-G:0-5 MSCI ESG 评级 BBB 来源:MSCI ESG Research LLC.Reproduced by permission

3、;no further distribution 市值 HK$29.42bn/US$3.75bn 日交易额(3 个月均值)US$6.08mn 发行股票数目 979.09mn 自由流通股(%)90%1 年股价最高最低值 HK$45.50-HK$17.16 注：现价 HK$30.05 为 2023 年 2 月 10 日收盘价 资料来源：Factset 1mth 3mth 12mth 绝对值-18.7%30.9%-22.6%绝对值（美元）-19.2%30.9%-23.2%相对 MSCI China-17.1%-2.5%-4.3%Table_Profit (US$mn)Dec-21E Dec-22E

4、Dec-23E Dec-24E 营业收入 144 213 303 418(+/-)195%47%42%38%净利润-704-432-372-243(+/-)n.m.n.m.n.m.n.m.全面摊薄 EPS(US$)-7.58-0.45-0.39-0.25 毛利率 63.8%64.0%65.0%65.5%净资产收益率-51.1%-45.4%-64.2%-72.0%市盈率 n.m.n.m.n.m.n.m.资料来源：公司信息,HTI (Please see APPENDIX 1 for English summary)公司差异化商业化管线处于放量期公司差异化商业化管线处于放量期：1）则乐 22Q1-

5、3 销售额 1.0亿美元，我们预计 22FY 销售额可达 1.5 亿美元（+51%）。则乐治疗 1L 卵巢癌纳入医保加速放量；随市场份额进一步提升，则乐有望成为国内卵巢癌 PARP 抑制剂治疗市场领导者。2）肿瘤电场治疗器械 Optune 具备泛癌种治疗潜力、安全性好，拥有成为创新医疗器械领域“PD-1”的潜力，已获批用于治疗胶质母细胞瘤；22Q1-3 销售额为 3510 万美元，我们预计 22FY 销售额 4735 万美元（+21%）。非小细胞肺癌 III 期临床 LUNAR 研究达到 OS 终点，公司预计 2023 年合作伙伴 Novocure 在美递交上市申请后，在中国递交上市申请。支付

6、方面，我们认为创新器械有望进入医保，利好 Optune 放量。3）擎乐（KIT/PDGFR）是晚期 GIST 4L 治疗唯一选择（中国 GIST 年新增3 万人）；纽再乐广谱抗菌、克服耐药，获批用于社区获得性肺炎及急性细菌性皮肤和皮肤结构感染，口服及静脉两种剂型为门诊及住院多元应用场景提供选择。擎乐和纽再乐均被纳入 2022 国家医保药品目录，有望加速准入、进入放量阶段。未来未来 2-3 年年 8 款新产品有望进入商业化阶段，其中不乏重磅单款新产品有望进入商业化阶段，其中不乏重磅单品品：1）TIVDAK（TF-ADC）是美国唯一批准用于化疗失败的 2L 宫颈癌治疗的 ADC 药物，中国宫颈癌适

7、应症年新增11 万人、化疗失败患者的治疗选择有限，临床需求强烈；公司计划加入 2L 宫颈癌 III 期确证性临床及联合化疗+PD-1贝伐珠单抗治疗 1L 宫颈癌III 临床。2）Adagrasib（KRAS G12C）已于 2022 年 12 月获 FDA 批准用于 KRAS G12C 突变阳性 2L NSCLC，早期数据显示在 CNS 转移患者疗效积极；中国 KRAS G12C 突变的恶性肿瘤患者年新增超 4万人，伴 KRAS G12C 突变的 NSCLC 患者在诊断时约 1/3 发生 CNS转移，尚无靶向治疗获批，亟需对 CNS 转移有效的靶向药。国内入组多个国际临床试验并预计 24H1

8、递交 NDA 申请。3）NTRK 抑制剂 Repotrectinib 在 ROS1 阳性 NSCLC 患者中的全球注册性 1/2 期临床研究数据优异，潜在同类最佳。国内进度前三，预计 24 年获批上市。4）Bemarituzumab，为国内进度最快的 FGFR2b 单抗，有望今年加入全球 3 期临床试验 FORTITUDE-101，针对 FGFR2b 过表达的胃癌一线治疗。5）FcRn 单抗 Efgartigimod 在免疫性血小板减少症（ITP）和全身型重症肌无力（gMG）中的 3 期临床数据揭阳，国内进度最快、有望今年获批，同时还有多个适应症在研。Table_Author 孟科含孟科含 K

9、ehan Meng Yilin Yuan 406080100120Price ReturnMSCI ChinaFeb-22Jun-22Oct-22Feb-23Volume 13 Feb 2023 2 Table_header1 再鼎医药(9688 HK)维持优于大市维持优于大市 则乐验证则乐验证 License-in 模式的盈利可能，公司预计模式的盈利可能，公司预计 2025 年实现整体盈利。年实现整体盈利。则乐在 2022年已经实现单品种商业化盈利；伴随 TIVDAK 等协同管线上市，公司预计未来 3 年营业利润率提升至 40%。高效研发、协同的商业化产品管使公司有潜力在更多 license

10、-in管线实现单品种盈利。公司预计 2023 年实现商业化盈利，并有望于 2025 年实现公司整体盈利。盈利预测及估值建议：盈利预测及估值建议：根据 2022Q1-3 产品销售情况，并考虑 2022 年底疫情管控放开后影响，经模型调整，我们预计 22-24E 公司收入 2.1/3.0/4.2 亿美元（22-23E 前值：2.3/3.5 亿美元），同比+47/42/38%。22-24E 归母净利润-4.3/-3.7/-2.4 亿美元（22-23E前值：-4.6/-4.3 亿美元）。我们预计公司 2025 年实现整体盈亏平衡，收入和归母净利润分别为 5.9 亿美元和 0.06 亿美元。我们采用 D

11、CF 模型对公司进行估值，采用FY22-31 现金流进行测算，WACC 为 8.9%，永续增长率为 4.0%，假设美元兑港元汇率7.85，得到整体估值 682 亿 HKD，对应目标价为 70.73 HKD/股（前值：85.23 HKD/股），维持“优于大市”评级。风险提示：风险提示：政策变动风险，产品研发风险，销售放量不及预期风险。YUjYqVkYsV8VuMwO6MbPbRnPnNsQtQjMnNtRjMnMnR8OpPxOuOpOuMNZsPoQ 13 Feb 2023 3 Table_header1 再鼎医药(9688 HK)维持优于大市维持优于大市 表表 1.再鼎医药再鼎医药 2023

12、 年年潜在潜在催化剂催化剂 产品管线 靶点 催化事件 预计时间 Efgartigimod FcRn gMG 适应症中国获批 2023 年 CIDP ph3 数据读出 2023Q2 PV/ITP ph3 数据读出 2023H2 Optune TTF 卵巢癌 ph3 数据读出 2023H2 Repotrectinib ROS1/NTRK 国内进行 pre-NDA 会议 2023Q1 Bemarituzumab FGFR2b 加入全球 FORTITUDE-101 胃癌 ph3 2023 中旬 KarXT M1/M4 受体 开展中国桥接试验 2023Q2 Sulbactam-Dulobactam 抗生

13、素 中国获批上市 2023H1 TIVDAK TF（ADC）加入全球 2L+宫颈癌 ph3 2023Q1 ZL-1102 IL-17 开展 ph2 临床 2023H1 ZL-1218 CCR8 开展 ph1 临床 2023 年 资料来源：公司公开演示材料；HTI 表表 2.DCF 折现法估值折现法估值 资料来源：公司年报，HTI USD mnFY22EFY23EFY24EFY25EFY26EFY27EFY28EFY29EFY30EFY31E2022202320242025202620272028202920302031Forecast YearTime Factor0.0

14、0.91.92.93.94.95.96.97.98.9(fraction of year to next FY end)Sales212.6302.5418.2589.7855.71,139.71,695.12,092.02,617.43,034.0.Growth47.3%42.3%38.2%41.0%45.1%33.2%48.7%23.4%25.1%15.9%Gross Profit136.1196.7273.9412.8599.0797.81,186.61,464.41,832.12,123.8.GP Margin64.0%65.0%65.5%70.0%70.0%70.0%70.0%70.

15、0%70.0%70.0%SG&A-255.2-272.3-271.8-235.9-299.5-250.7-372.9-460.2-575.8-667.5 SG&A Margin120.0%90.0%65.0%40.0%35.0%22.0%22.0%22.0%22.0%22.0%Depreciation&Amortisation4.24.95.87.08.410.011.814.317.621.4EBIT-438.0-378.2-248.80.042.8296.3508.5669.4889.91077.1Add:Amortisation0.00.00.00.00.00.00.00.00.00.0

16、EBITA-438.0-378.2-248.80.042.8296.3508.5669.4889.91077.1 Margin-206.0%-125.0%-59.5%0.0%5.0%26.0%30.0%32.0%34.0%35.5%GrowthAdd:Depreciation4.24.95.87.08.410.011.814.317.621.4EBITDA-433.8-373.3-243.07.051.2306.3520.3683.8907.51,098.5 Margin-204.0%-123.4%-58.1%1.2%6.0%26.9%30.7%32.7%34.7%36.2%Less:Tax0

17、.00.00.00.0-5.9-36.3-61.7-81.1-107.5-130.0Less:Minority Interests0.00.00.00.00.00.00.00.00.00.0Less:Increase of Working Capital-31.9-30.3-41.8-59.0-68.5-79.8-101.7-104.6-130.9-151.7Less:Capex-10.6-12.1-16.7-17.7-25.7-22.8-33.9-41.8-52.3-60.7.Capex:Depreciation2.5x2.5x2.9x2.5x3.1x2.3x2.9x2.9x3.0 x2.8

18、xLess:Acquisitions-1.5-1.5-1.5-1.5-1.5-1.5-1.5-1.5-1.5-1.5Free Cash Flow-477.8-417.1-303.0-71.2-50.3166.0321.5454.8615.3754.7.FCF Growth-59.0%-12.7%-27.4%-76.5%-29.4%-430.2%93.7%41.5%35.3%22.7%PV of FCF-477.8-386.9-258.2-55.7-36.1109.6194.9253.3314.7354.5WACCOther AssumptionsDCF ValuationRisk Free R

19、ate1.5%#REF!Sum of PV of FCF12.1Market Risk Premium9.0%#REF!PV of Terminal Value7,554.2Equity Beta1.00 -206.1%Enterprise Value7,566.3Cost of Equity 10.5%Add:Net Cash FY221,119.5 Cost of Debt(Pre-tax)6.0%Equity Value8,685.8Cost of Debt(After tax)5.1%No.of Ord shares(m),fully diluted964.1Target Debt w

20、eight30.0%Target Equity weight70.0%Value per Share,USD9.01 Tax Rate15.0%FX:USD/HKD7.85 WACC8.9%Terminal Growth4.0%Value per Share,HKD$70.72 13 Feb 2023 4 Table_header1 再鼎医药(9688 HK)维持优于大市维持优于大市 表表 3.财务报表分析和预测财务报表分析和预测 备注：（1）表中计算估值指标的收盘价日期为 2023 年 2 月 10 日；（2）以上各表均为简表 资料来源：公司年报，HTI Key ratios2021A202

21、2E2023E2024EEPS(USD)-7.58-0.45-0.39-0.25BVPS(USD)14.840.990.600.35Operating cash flow per share(USD)-5.91-0.48-0.41-0.29DPS(USD)0.000.000.000.00P/E (0.51)(8.54)(9.92)(15.20)P/B 0.26 3.88 6.36 10.94P/S 25.97 17.63 12.39 8.96EV/EBITDA (5)(9)(10)(15)Dividned yield0%0%0%0%Gross margin64%64%65%66%Net mar

22、gin-488%-203%-123%-58%ROE-51%-45%-64%-72%ROA-44%-39%-50%-47%ROIC-27%-27%-45%-80%Revenue growth195%47%42%38%EBIT growth158%-38%-14%-34%Net profit growth162%-39%-14%-35%Asset/liability ratio700%753%458%284%Liquidlity ratio778%909%501%269%Quick ratio768%890%478%242%Cash ratio500%453%65%-148%AR days 120

23、 100 100 100Inventory days 132 100 100 100Total asset turnover9%19%41%80%Fixed asset turnover132%194%259%328%Cash flow(USD mn)2021A2022E2023E2024ENet profit-703-432-372-243Minority interests0000Non-cash expenses6456Non operating income-2-6-6-6Change in working capital450323042Operating cash flow-549

24、-460-398-279Assets-14-11-12-17Investment-1-1-1-1Others266000Investment cash flow250-12-14-18Increase in debts0000Proceeds from issue of shares819000Others1000Financing cash flow820000Net cash inflow521-472-411-297IS(USD mn)2021A2022E2023E2024ERevenue8COGS5277106144GPM(%)64%64%65%66%Busine

25、ss tax and surcharges0000Tax rate(%)0.0%0.0%0.0%0.0%Operating expense2Operating expense ratio(%)151.6%120.0%90.0%65.0%Administrative expenseAdministrative expense ratio(%)EBIT-706-438-378-249Financing expense0000Financing expense ratio(%)0.0%0.0%0.0%0.0%Assets impairment lossInvestment pr

26、ofit2666Operating profit-700-438-378-249Exceptional income-net0000Pre-tax profit-703-432-372-243EBITDA-699-434-373-243Taxation0000Tax rate(%)0000Minority interests0000Net income to ord equity-704-432-372-243Financial statement(USD mn)2021A2022E2023E2024ECash96449281-216Account receivable475883115Inv

27、entory19212940Other current assets470417432454Total current assets92Long-term equity investmentTangible assets73738191Construction in progressIntangible assets2222Total non-current assets8Total assets520Short-term debts0000Account payable126425879Prepayments0000Other

28、 current liabilities67676767Total current liabilities6Long-term debts0000Other long-term liabilities37373737Total non-current liabilities37373737Total liabilities230146162183Common stocks37Retain earnings reserves-1442-1874-2246-2489Minority interests0000Total liabilities and e

29、quities520 13 Feb 2023 5 Table_header1 再鼎医药(9688 HK)维持优于大市维持优于大市 APPENDIX 1 Summary Fast growth in sales volume from differentiated commercialized pipelines.1)Product revenue of Zejula was US$100mn for 22Q1-3.We estimate that the revenue of Zejula can achieve US$100mn for 22FY(+51%).The i

30、ndication of 1L ovarian cancer has been included in the medical insurance to accelerate the growth in volume.As the market share increases,Zejula is expected to dominate the market of PARP inhibitors in the ovarian cancer field.2)The medical device in Tumor Treating Fields-Optune has the potential t

31、o become the“PD-1”in innovative medical device field with its pan-tumor therapeutic capability and high safety.Optune has been approved for GBM and MpM treatment.The Product revenue was US$35mn for 22Q1-3 and is expected to earn US$47mn for 22FY(+21%).The primary end point of overall survival improv

32、ement has been reached in the phase 3 LUNAR study.Zai lab is expected to submit NDA in China after their partner Novocures submission in 2023 in US.On the payment site,We hold a positive view towards the growth rate in volume after Optune has been admitted into the medical insurance as a innovative

33、medical device.3)QINLOCK(KIT/PDGFR)is the only recommended 4th-line therapy for advanced GIST(30,000 new cases per year in China);NUZYRA is a new differentiated tetracycline antibiotic approved for community-acquired bacterial pneumonia(CABP)and acute bacterial skin and skin structure infections(ABS

34、SSI).The IV and oral dosages forms offer alternatives for inpatient and outpatient applications.QINLOCK and NUZYRA have been accepted into the Chinese Basic Medical Insurance in 2022 and are expected an increase in sales.Eight new products are expected to enter the commercialization stage in the nex

35、t 2-3 years,including many blockbuster products.1)TIVDAK(TF-ADC)is only ADC approved in the U.S.for the treatment of adult patients with recurrent or metastatic cervical cancer with disease progression on or after chemotherapy.China has the second largest population of cervical cancer patients in th

36、e world,with 110,000 new cases in 2020.There is no standard treatment for R/M CC patients who has progressed on or after platinum-based chemotherapy.Zai lab is planning to join the global Ph3 confirmatory study in 2L+CC and the global pivotal studies in 1L CC.2)Adagrasib(KRAS G12C)has already been a

37、pproved for adult patients with KRAS G12C mutated locally advanced or metastatic non-small cell lung cancer(NSCLC).The data from clinical trails has shown that Adagrasib has encouraging and durable CNS-specific activity.In China,there are approximately 40,000 new patients with tumors harboring KRAS

38、G12C mutation every year.CNS metastases occur in 2742%of NSCLC harboring KRAS G12C mutations.There is an urgent need for KRAS G12C inhibitors with CNS-specific activity.Zai lab is planning to submit NDA in 2024H1.3)Repotrectinib is the potential best in class targeting ROS1 and NTRK oncogenic driver

39、s of advanced solid tumors.It is expected to be approved in China in 2024.4)Bemarituzumab is a potential first-in-class FGFR2b mono-antibody:Zai Lab will initiate a registrational trial for 1L advanced GC/GEJ cancer in Greater China in 4Q2022.5)Efgartigimod(FcRn):expected to be approved for gMG and

40、ITP indications in China(potentially first-in-class).Multiple clinical trials in other indications ongoing.Zejula has demonstrated that License-in business model is profitable and Zai Lab is confident in hitting break-even in 2025.Zejula has achieved commercially profitable in 2022.With the launches

41、 of TIVDAK and other synergistic pipelines,Zai Lab is expected to increase the operating profit margin to 40%within three years.Zai Lab has announced that it will achieve commercially profitable in 2023 and overall profitable in 2025 with efficiency gain expected on R&D expenses and time-to-market.E

42、arnings forecast and valuation recommendations:Considering the product sales from 2022Q1-3 and the impacts of reopening in China on business,we adjust the companys revenue forecast.We forecast the companys 2022-2024E revenue to be US$213mn/US$303mn/US$418mn(previously 22-23E:US$230mn/US$350mn),yoy+4

43、7/42/38%.The companys net profit attributable to shareholders for 2022-2024E is-US$432mn/-US$372mn/-US$243mn(previously 22-23E:-US$460mn/-US$430mn).We expected the break-even point is in 2025 with revenue and net profit of US$590mn and US$6mn,respectively.Based on the DCF model,we adjust the target

44、price to HK$70.73(previously HK$85.23)and maintain Outperform rating.Risks:Risk of clinical development failure,risk of government regulation,risk of drug approval failure.6 Table_APPENDIX Table_disclaimer 附录附录APPENDIX 重要信息披露重要信息披露 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)，Haitong Securities India Privat

45、e Limited(HSIPL)，Haitong International Japan K.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。IMPORTANT DISCLOSURES This research report is distributed by Haitong International,a global brand name for the equity research teams of Haitong International Research Lim

46、ited(“HTIRL”),Haitong Securities India Private Limited(“HSIPL”),Haitong International Japan K.K.(“HTIJKK”),Haitong International Securities Company Limited(“HTISCL”),and any other members within the Haitong International Securities Group of Companies(“HTISG”),each authorized to engage in securities

47、activities in its respective jurisdiction.HTIRL分析师认证分析师认证Analyst Certification:我，孟科含，在此保证（i）本研究报告中的意见准确反映了我们对本研究中提及的任何或所有目标公司或上市公司的个人观点，并且（ii）我的报酬中没有任何部分与本研究报告中表达的具体建议或观点直接或间接相关；及就此报告中所讨论目标公司的证券，我们（包括我们的家属）在其中均不持有任何财务利益。I,Kehan Meng,certify that(i)the views expressed in this research report accurate

48、ly reflect my personal views about any or all of the subject companies or issuers referred to in this research and(ii)no part of my compensation was,is or will be directly or indirectly related to the specific recommendations or views expressed in this research report;and that I(including members of

49、 my household)have no financial interest in the security or securities of the subject companies discussed.我，Yilin Yuan，在此保证（i）本研究报告中的意见准确反映了我们对本研究中提及的任何或所有目标公司或上市公司的个人观点，并且（ii）我的报酬中没有任何部分与本研究报告中表达的具体建议或观点直接或间接相关；及就此报告中所讨论目标公司的证券，我们（包括我们的家属）在其中均不持有任何财务利益。I,Yilin Yuan,certify that(i)the views expresse

50、d in this research report accurately reflect my personal views about any or all of the subject companies or issuers referred to in this research and(ii)no part of my compensation was,is or will be directly or indirectly related to the specific recommendations or views expressed in this research repo

51、rt;and that I(including members of my household)have no financial interest in the security or securities of the subject companies discussed.利益冲突披露利益冲突披露Conflict of Interest Disclosures 海通国际及其某些关联公司可从事投资银行业务和/或对本研究中的特定股票或公司进行做市或持有自营头寸。就本研究报告而言，以下是有关该等关系的披露事项（以下披露不能保证及时无遗漏，如需了解及时全面信息，请发邮件至ERD-D）HTI an

52、d some of its affiliates may engage in investment banking and/or serve as a market maker or hold proprietary trading positions of certain stocks or companies in this research report.As far as this research report is concerned,the following are the disclosure matters related to such relationship(As t

53、he following disclosure does not ensure timeliness and completeness,please send an email to ERD-D if timely and comprehensive information is needed).海通证券股份有限公司和/或其子公司（统称“海通”）在过去12个月内参与了9688.HK的投资银行项目。投资银行项目包括：1、海通担任上市前辅导机构、保荐人或主承销商的首次公开发行项目；2、海通作为保荐人、主承销商或财务顾问的股权或债务再融资项目；3、海通作为主经纪商的新三板上市、目标配售和并购项目。H

54、aitong Securities Co.,Ltd.and/or its subsidiaries(collectively,the Haitong)have a role in investment banking projects of 9688.HK within the past 12 months.The investment banking projects include 1.IPO projects in which Haitong acted as pre-listing tutor,sponsor,or lead-underwriter;2.equity or debt r

55、efinancing projects of 9688.HK for which Haitong acted as sponsor,lead-underwriter or financial advisor;3.listing by introduction in the new three board,target placement,M&A projects in which Haitong acted as lead-brokerage firm.9688.HK目前或过去12个月内是海通的投资银行业务客户。9688.HK is/was an investment bank clients

56、 of Haitong currently or within the past 12 months.海通预计将（或者有意向）在未来三个月内从9688.HK获得投资银行服务报酬。Haitong expects to receive,or intends to seek,compensation for investment banking services in the next three months from 9688.HK.7 评级定义评级定义（从（从2020年年7月月1日开始执行）日开始执行）：海通国际（以下简称“HTI”）采用相对评级系统来为投资者推荐我们覆盖的公司：优于大市、中性

57、或弱于大市。投资者应仔细阅读HTI的评级定义。并且HTI发布分析师观点的完整信息，投资者应仔细阅读全文而非仅看评级。在任何情况下，分析师的评级和研究都不能作为投资建议。投资者的买卖股票的决策应基于各自情况（比如投资者的现有持仓）以及其他因素。分析师股票评级分析师股票评级 优于大市优于大市，未来12-18个月内预期相对基准指数涨幅在10%以上，基准定义如下 中性中性，未来12-18个月内预期相对基准指数变化不大，基准定义如下。根据FINRA/NYSE的评级分布规则，我们会将中性评级划入持有这一类别。弱于大市弱于大市，未来12-18个月内预期相对基准指数跌幅在10%以上，基准定义如下 各地股票基准

58、指数：日本 TOPIX,韩国 KOSPI,台湾 TAIEX,印度 Nifty100,美国 SP500;其他所有中国概念股 MSCI China.Ratings Definitions(from 1 Jul 2020):Haitong International uses a relative rating system using Outperform,Neutral,or Underperform for recommending the stocks we cover to investors.Investors should carefully read the definitions

59、of all ratings used in Haitong International Research.In addition,since Haitong International Research contains more complete information concerning the analysts views,investors should carefully read Haitong International Research,in its entirety,and not infer the contents from the rating alone.In a

60、ny case,ratings(or research)should not be used or relied upon as investment advice.An investors decision to buy or sell a stock should depend on individual circumstances(such as the investors existing holdings)and other considerations.Analyst Stock Ratings Outperform:The stocks total return over the

61、 next 12-18 months is expected to exceed the return of its relevant broad market benchmark,as indicated below.Neutral:The stocks total return over the next 12-18 months is expected to be in line with the return of its relevant broad market benchmark,as indicated below.For purposes only of FINRA/NYSE

62、 ratings distribution rules,our Neutral rating falls into a hold rating category.Underperform:The stocks total return over the next 12-18 months is expected to be below the return of its relevant broad market benchmark,as indicated below.Benchmarks for each stocks listed region are as follows:Japan

63、TOPIX,Korea KOSPI,Taiwan TAIEX,India Nifty100,US SP500;for all other China-concept stocks MSCI China.评级分布评级分布Rating Distribution 截至截至2022年年12月月31日海通国际股票研究评级分布日海通国际股票研究评级分布 优于大市优于大市 中性中性 弱于大市弱于大市 (持有)海通国际股票研究覆盖率 89.4%9.2%1.5%投资银行客户*5.2%7.3%8.3%*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

64、级。只有根据FINRA/NYSE的评级分布规则，我们才将中性评级划入持有这一类别。请注意在上表中不包含非评级的股票。此前的评级系统定义（直至此前的评级系统定义（直至2020年年6月月30日）：日）：买入，未来12-18个月内预期相对基准指数涨幅在10%以上，基准定义如下 中性，未来12-18个月内预期相对基准指数变化不大，基准定义如下。根据FINRA/NYSE的评级分布规则，我们会将中性评级划入持有这一类别。卖出，未来12-18个月内预期相对基准指数跌幅在10%以上，基准定义如下 各地股票基准指数：日本 TOPIX,韩国 KOSPI,台湾 TAIEX,印度 Nifty100;其他所有中国概念股

65、 MSCI China.8 Haitong International Equity Research Ratings Distribution,as of Dec 31,2022 Outperform Neutral Underperform (hold)HTI Equity Research Coverage 89.4%9.2%1.5%IB clients*5.2%7.3%8.3%*Percentage of investment banking clients in each rating category.BUY,Neutral,and SELL in the above distri

66、bution correspond to our current ratings of Outperform,Neutral,and Underperform.For purposes only of FINRA/NYSE ratings distribution rules,our Neutral rating falls into a hold rating category.Please note that stocks with an NR designation are not included in the table above.Previous rating system de

67、finitions(until 30 Jun 2020):BUY:The stocks total return over the next 12-18 months is expected to exceed the return of its relevant broad market benchmark,as indicated below.NEUTRAL:The stocks total return over the next 12-18 months is expected to be in line with the return of its relevant broad ma

68、rket benchmark,as indicated below.For purposes only of FINRA/NYSE ratings distribution rules,our Neutral rating falls into a hold rating category.SELL:The stocks total return over the next 12-18 months is expected to be below the return of its relevant broad market benchmark,as indicated below.Bench

69、marks for each stocks listed region are as follows:Japan TOPIX,Korea KOSPI,Taiwan TAIEX,India Nifty100;for all other China-concept stocks MSCI China.海通国际非评级研究：海通国际非评级研究：海通国际发布计量、筛选或短篇报告，并在报告中根据估值和其他指标对股票进行排名，或者基于可能的估值倍数提出建议价格。这种排名或建议价格并非为了进行股票评级、提出目标价格或进行基本面估值，而仅供参考使用。Haitong International Non-Rated

70、 Research:Haitong International publishes quantitative,screening or short reports which may rank stocks according to valuation and other metrics or may suggest prices based on possible valuation multiples.Such rankings or suggested prices do not purport to be stock ratings or target prices or fundam

71、ental values and are for information only.海通国际海通国际A股覆盖股覆盖：海通国际可能会就沪港通及深港通的中国A股进行覆盖及评级。海通证券（600837.CH），海通国际于上海的母公司，也会于中国发布中国A股的研究报告。但是，海通国际使用与海通证券不同的评级系统，所以海通国际与海通证券的中国A股评级可能有所不同。Haitong International Coverage of A-Shares:Haitong International may cover and rate A-Shares that are subject to the Hong

72、Kong Stock Connect scheme with Shanghai and Shenzhen.Haitong Securities(HS;600837 CH),the ultimate parent company of HTISG based in Shanghai,covers and publishes research on these same A-Shares for distribution in mainland China.However,the rating system employed by HS differs from that used by HTI

73、and as a result there may be a difference in the HTI and HS ratings for the same A-share stocks.海通国际海通国际优质优质100 A股股（Q100）指数指数：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。Haitong International Quality 100 A-share(Q100)Index:HTIs Q100 Index is a qua

74、nt product that consists of 100 of the highest-quality A-shares under coverage at HS in Shanghai.These stocks are carefully selected through a quality-based screening process in combination with a review of the HS A-share teams bottom-up research.The Q100 constituent companies are reviewed quarterly

75、.MSCI ESG评级免责声明条款：评级免责声明条款：尽管海通国际的信息供货商（包括但不限于MSCI ESG Research LLC及其联属公司（ESG方）从其认为可靠的来源获取信息（信息）,ESG方均不担保或保证此处任何数据的原创性，准确性和/或完整性，并明确表示不作出任何明示或默示的担保，包括可商售性和针对特定目的的适用性。该信息只能供阁下内部使用，不得以任何形式复制或重新传播，并不得用作任何金融工具、产品或指数的基础或组成部分。此外，信息本质上不能用于判断购买或出售何种证券,或何时购买或出售该证券。即使已被告知可能造成的损害,ESG方均不承担与此处任何资料有关的任何错误或遗漏所引起的任

76、何责任，也不对任何直接、间接、特殊、惩罚性、附带性或任何其他损害赔偿（包括利润损失）承担任何责任。MSCI ESG Disclaimer:Although Haitong Internationals information providers,including without limitation,MSCI ESG Research LLC and its affiliates(the“ESG Parties”),obtain information(the“Information”)from sources they consider reliable,none of the ESG P

77、arties warrants or guarantees the originality,accuracy and/or completeness,of any data herein and expressly disclaim all express or implied warranties,including those of merchantability and fitness for a particular purpose.The Information may only be used for your internal use,may not be reproduced

78、or redisseminated in any form and may not be used as a basis for,or a component of,any financial instruments or products or indices.Further,none of the Information can in and of itself be used to determine which securities to buy or sell or when to buy or sell them.None of the ESG Parties shall have

79、 any liability for any errors or omissions in connection with any data herein,or any liability for any direct,indirect,special,punitive,consequential or any other damages(including lost profits)even if notified of the possibility of such damages.盟浪义利（盟浪义利（FIN-ESG）数据通免责声明条款：）数据通免责声明条款：在使用盟浪义利（FIN-ESG

80、）数据之前，请务必仔细阅读本条款并同意本声明：第一条 义利（FIN-ESG）数据系由盟浪可持续数字科技有限责任公司（以下简称“本公司”）基于合法取得的公开信息评估而成，本公司对信息的准确性及完整性不作任何保证。对公司的评估结果仅供参考，并不构成对任何个人或机构投资建议，也不能作为任何个人或机构购买、出售或持有相关金融产品的依据。本公司不对任何个人或机构投资者因使用本数据表述的评估结果造成的任何直接或间接损失负责。第二条 盟浪并不因收到此评估数据而将收件人视为客户，收件人使用此数据时应根据自身实际情况作出自我独立判断。本数据所载内容反映的是盟浪在最初发布本数据日期当日的判断，盟浪有权在不发出通知

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83、ta is produced by SusallWave Digital Technology Co.,Ltd.(In short,SusallWave)s assessment based on legal publicly accessible information.SusallWave shall not be responsible for any accuracy and completeness of the information.The assessment result is for reference only.It is not for any investment a

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88、e-editing,adaption,deletion,abbreviation,excerpts,issuance,rent,exhibition,performance,projection,broadcast,information network transmission,shooting,adding icons and instructions.If any loss of SusallWave or any third-party is caused by those actions,users shall bear the corresponding compensation

89、liability.SusallWave shall not be responsible for any loss.4.If any term is not contained in this disclaimer but written in other agreements on our website(e.g.User Registration Protocol of SusallWave Website,User Service(including authentication)Agreement of SusallWave Website,Privacy Policy of Sus

90、allwave Website),it should be executed according to other agreements.If there is any difference between this disclaim and other agreements,this disclaimer shall be applied.重要免责声明：重要免责声明：非印度证券的研究报告非印度证券的研究报告：本报告由海通国际证券集团有限公司（“HTISGL”）的全资附属公司海通国际研究有限公司（“HTIRL”）发行，该公司是根据香港证券及期货条例（第571章）持有第4类受规管活动（就证券提供

91、意见）的持牌法团。该研究报告在HTISGL的全资附属公司Haitong International(Japan)K.K.（“HTIJKK”）的协助下发行，HTIJKK是由日本关东财务局监管为投资顾问。印度证券的研究报告：印度证券的研究报告：本报告由从事证券交易、投资银行及证券分析及受Securities and Exchange Board of India（“SEBI”）监管的Haitong Securities India Private Limited（“HTSIPL”）所发行，包括制作及发布涵盖BSE Limited（“BSE”）和National Stock Exchange of

92、India Limited（“NSE”）上市公司（统称为印度交易所）的研究报告。HTSIPL于2016年12月22日被收购并成为海通国际证券集团有限公司（“HTISG”）的一部分。所有研究报告均以海通国际为名作为全球品牌，经许可由海通国际证券股份有限公司及/或海通国际证券集团的其他成员在其司法管辖区发布。本文件所载信息和观点已被编译或源自可靠来源，但HTIRL、HTISCL或任何其他属于海通国际证券集团有限公司（“HTISG”）的成员对其准确性、完整性和正确性不做任何明示或暗示的声明或保证。本文件中所有观点均截至本报告日期，如有更改，恕不另行通知。本文件仅供参考使用。文件中提及的任何公司或其股

93、票的说明并非意图展示完整的内容，本文件并非/不应被解释为对证券买卖的明示或暗示地出价或征价。在某些司法管辖区，本文件中提及的证券可能无法进行买卖。如果投资产品以投资者本国货币以外的币种进行计价，则汇率变化可能会对投资产生不利影响。过去的表现并不一定代表将来的结果。某些特定交易，包括设计金融衍生工具的，有产生重大风险的可能性，因此并不适合所有的投资者。您还应认识到本文件中的建议并非为您量身定制。分析师并未考虑到您自身的财务情况，如您的财务状况和风险偏好。因此您必须自行分析并在适用的情况下咨询自己的法律、税收、会计、金融和其他方面的专业顾问，以期在投资之前评估该项建议是否适合于您。若由于使用本文件

94、所载的材料而产生任何直接或间接的损失，HTISG及其董事、雇员或代理人对此均不承担任何责任。除对本文内容承担责任的分析师除外，HTISG及我们的关联公司、高级管理人员、董事和雇员，均可不时作为主事人就本文件所述的任何证券或衍生品持有长仓或短仓以及进行买卖。HTISG的销售员、交易员和其他专业人士均可向HTISG的相关客户和公司提供与本文件所述意见相反的口头或书面市场评论意见或交易策略。HTISG可做出与本文件所述建议或意见不一致的投资决策。但HTIRL没有义务来确保本文件的收件人了解到该等交易决定、思路或建议。请访问海通国际网站 ，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

95、内容信息。非美国分析师披露信息：非美国分析师披露信息：本项研究上海品茶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。IMPORTANT DISCLAIMER For research reports on non-Indian securities:The research report is issued by Haitong International Research Limited(“HTIRL”),a wholly owned subsidiary of Haiton

96、g International Securities Group Limited(“HTISGL”)and a licensed corporation to carry on Type 4 regulated activity(advising on securities)for the purpose of the Securities and Futures Ordinance(Cap.571)of Hong Kong,with the assistance of Haitong International(Japan)K.K.(“HTIJKK”),a wholly owned subs

97、idiary of HTISGL and which is regulated as an Investment Adviser by the Kanto Finance Bureau of Japan.For research reports on Indian securities:The research report is issued by Haitong Securities India Private Limited(“HSIPL”),an Indian company and a Securities and Exchange Board of India(“SEBI”)reg

98、istered Stock Broker,Merchant Banker and Research Analyst that,inter alia,produces and distributes research reports covering listed entities on the BSE Limited(“BSE”)and the National Stock Exchange of India Limited(“NSE”)(collectively referred to as“Indian Exchanges”).HSIPL was acquired and became p

99、art of the Haitong International Securities Group of Companies(“HTISG”)on 22 December 2016.All the research reports are globally branded under the name Haitong International and approved for distribution by Haitong International Securities Company Limited(“HTISCL”)and/or any other members within HTI

100、SG in their respective jurisdictions.The information and opinions contained in this research report have been compiled or arrived at from sources believed to be reliable and in good faith but no representation or warranty,express or implied,is made by HTIRL,HTISCL,HSIPL,HTIJKK or any other members w

101、ithin HTISG from which this research report may be received,as to their accuracy,completeness or correctness.All opinions expressed herein are as of the date of this research report and are subject to change without notice.This research report is for information purpose only.Descriptions of any comp

102、anies 10 or their securities mentioned herein are not intended to be complete and this research report is not,and should not be construed expressly or impliedly as,an offer to buy or sell securities.The securities referred to in this research report may not be eligible for purchase or sale in some j

103、urisdictions.If an investment product is denominated in a currency other than an investors home currency,a change in exchange rates may adversely affect the investment.Past performance is not necessarily indicative of future results.Certain transactions,including those involving derivatives,give ris

104、e to substantial risk and are not suitable for all investors.You should also bear in mind that recommendations in this research report are not tailor-made for you.The analyst has not taken into account your unique financial circumstances,such as your financial situation and risk appetite.You must,th

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