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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 21 Mar 2023 洛阳钼业洛阳钼业
2、China Molybdenum(603993 CH)产能指引超预期,23 年铜钴产能大幅跃升 The Capacity Guidance Exceeded Expectations,and the Copper and Cobalt Capacity Jumped Significantly in 2023 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 Rmb5.37 目标价 Rmb7.80 HTI ESG 5.0-5.0-5.0 MSCI ESG 评级 A 义利评级 BBB+来源:MSCI ESG Rese
3、arch LLC,盟浪.Reproduced by permission;no further distribution 市值 Rmb109.01bn/US$15.80bn 日交易额(3 个月均值)US$116.64mn 发行股票数目 17,666mn 自由流通股(%)36%1 年股价最高最低值 Rmb6.18-Rmb4.15 注:现价 Rmb5.37 为 2023 年 3 月 17 日收盘价 资料来源:Factset 1mth 3mth 12mth 绝对值-6.9%12.1%10.4%绝对值(美元)-7.6%13.2%1.5%相对 MSCI China-0.9%12.4%21.1%Table
4、_Profit (Rmb mn)Dec-21A Dec-22A Dec-23E Dec-24E 营业收入 173,863 172,991 200,112 232,551(+/-)53.9%-0.5%15.7%16.2%净利润 5,106 6,067 11,147 14,811(+/-)119.3%18.8%83.7%32.9%全面摊薄 EPS(Rmb)0.24 0.28 0.52 0.69 毛利率 9.4%9.3%14.4%16.1%净资产收益率 12.8%11.7%17.7%19.1%市盈率 20.05 19.12 10.41 7.83 资料来源:公司信息,HTI (Please see A
5、PPENDIX 1 for English summary)多金属综合性矿业公司,打造多金属综合性矿业公司,打造“矿山矿山+贸易贸易”业务模式。业务模式。公司属于有色金属矿采选业,主要从事基本金属、稀有金属的采、选、冶等矿山采掘及加工业务和矿产贸易业务。目前公司主要业务分布于亚洲、非洲、南美洲、大洋洲和欧洲五大洲,是全球领先的钨、钴、铌、钼生产商和重要的铜生产商,亦是巴西领先的磷肥生产商,同时公司基本金属贸易业务位居全球前三。公司位居2022 福布斯全球上市公司 2000 强第 918 位,2022 全球矿业公司 40 强(市值)排行榜第 20 位。2022 年产量符合预期,利润持续增长。年产
6、量符合预期,利润持续增长。从 2022 年产量指引完成情况来看,公司产量指引较为保守,多数金属品种产量接近甚至超过指引上限。刚果(金)铜、钴产量分别为 254,286 吨和 20,286 吨,同比分别增加约 22%和 10%。我们认为,随着权益金事宜解决,待达成共识后,公司产品销量有望大幅提升,提升盈利水平。2023 年产量指引超预期,两大世界级铜钴矿即将放量。年产量指引超预期,两大世界级铜钴矿即将放量。TFM 混合矿项目:中区已完成粗碎、磨机基础施工,并开始磨机主体设备安装;东区磨机基础施工完成、浸出槽基础待防腐施工。TFM 铜钴矿于 2023 下半年投产后将增加铜年均产量 20 万吨、钴年
7、均产量 1.7 万吨。KFM 项目筹建前期各项工作顺利推进,项目各项工作按照里程碑节点顺利推进,河流改道工程基本完成,选矿厂、变电站、冶炼厂、尾矿库等工程顺利开展。KFM 项目在 2023H1 达产后,将增加铜年均产量 9 万吨、钴年均产量 3 万吨。公司铜钴产能实现大幅度提升后,洛阳钼业将成为全球最大的钴生产商。铜行业景气,铜行业景气,2023 年供需错配,或有量价齐升。年供需错配,或有量价齐升。未来经济复苏预期叠加新能源强劲转型需求,全球精炼铜需求有望在电车、光伏、风电等新能源行业发展,以及传统行业如地产等下游需求复苏的背景下持续增长,铜价有望继续走强。盈利预测与评级。盈利预测与评级。洛阳
8、钼业是全球铜钴龙头企业,我们预计公司 2022-2024 年 EPS 分别为 0.28、0.52 和 0.69。我们认为未来 2年公司 TFM 混合矿项目和 KFM 铜钴矿等将投产运营,公司净利润将迎来快速增长期,参考可比公司估值水平,给予公司 2023年 15 倍 PE 估值,目标价为 7.80 元/股,维持“优于大市”评级 风险提示。风险提示。项目建设进度不及预期,成本控制不及预期 Table_Author 吴旖婕吴旖婕 Yijie Wu 6080100120140Price ReturnMSCI ChinaMar-22Jul-22Nov-22Mar-23Volume 21 Mar 202
9、3 2 Table_header2 洛阳钼业(603993 CH)维持优于大市维持优于大市 1.多金属综合性矿业公司多金属综合性矿业公司 公司公司基本情况介绍基本情况介绍 多矿种并重,业务遍布全球。多矿种并重,业务遍布全球。洛阳栾川钼业集团股份有限公司是一家有色金属采矿公司,主要从事铜、钴、钼、钨、铌和磷的采、选、冶等矿山采掘及加工业务和矿产贸易业务。目前公司主要业务分布于亚洲、非洲、南美洲、大洋洲和欧洲五大洲,是全球最大的白钨生产商和第二大的钴、铌生产商,亦是全球前五大钼生产商和领先的铜生产商,磷肥产量位居巴西第二位,同时公司基本金属贸易业务位居全球前三。公司位居2022 福布斯全球上市公司
10、 2000 强第 918 位,2021 全球矿业公司 40 强(市值)排行榜第 15 位。以并购布局国际化资源公司。以并购布局国际化资源公司。洛阳栾川钼业集团股份有限公司成立于 1999年,2006 年完成股份制改革,公司于 2007 年和 2012 年分别在港交所和上交所上市。公司于 2013 年收购澳铜金 NPM 业务 80%权益,2016 年公司分别从自由港、英美资源处收购 TFM 铜钴矿 56%权益和巴西铌磷矿 100%股权。2017 年,洛阳钼业获得 BHR持有的 TFM 铜钴矿 24%的独家购买权,由此实现对 TFM 80%权益控股。2019 年公司成功并购世界第三大基本金属贸易商
11、 IXM,并于同年从 BHR 手中收购 TFM 铜钴矿24%权益。2020 年公司成功收购 Kisanfu 铜钴矿 95%权益。图表图表 1:洛阳钼业发展历史:洛阳钼业发展历史 资料来源:公司公告,海通国际 新能源新能源+稀缺金属多个矿种,拥有世界级优质资源稀缺金属多个矿种,拥有世界级优质资源 矿山采掘及加工。矿山采掘及加工。洛阳钼业作为有色金属采矿公司,主要从事铜、钴、钼、钨、铌和磷的采、选、冶等矿山采掘及加工业务。截至 2022 年底公司公司旗下刚果(金)TFM 铜钴矿总资源量为铜金属 3,101.04 万吨,铜品位为 2.26%;钴金属资源量为 353.74 万吨,钴品位为 0.26%。
12、刚果(金)KFM 铜钴矿铜资源量为 423.87 万吨,铜品位约 2.13%;钴金属资源量为 200.99 万吨,品位为 1.01%。1999年2004年2007年2012年2013年2014年2016年2017年2018年2019年2020年公司成立获得鸿商产业控股的投资在香港交易及结算所有限公司上市在上海证券交易所上市收购澳铜金NPM业务80%权益公司发行49亿元可转债收购巴西铌磷业务和刚果(金)铜钴业务56%权益通过非公开发行股票筹集180亿人民币收购埃柯森100%股权完成BHR股权收购,间接持有TFM 80%的权益在境外发行不超过5亿美元的可转债5.5亿美元收购刚果(金)Kisanfu
13、铜钴矿95%权益与TripleFlag贵金属公司签订国内首个矿业企业金属流协议,获得5.5亿美元的现金预付款。收购沃源控股100%股权,间接持有华越镍钴21%股权鸿商集团通过H股增持成为第一大股东fY8XaYcWeZbUaYcWaQdNaQmOpPnPmPeRmMsRkPtRpN7NnNwPvPmMwOvPtPtM 21 Mar 2023 3 Table_header2 洛阳钼业(603993 CH)维持优于大市维持优于大市 图表图表 2:洛阳钼业自有矿山资源量及储量情况:洛阳钼业自有矿山资源量及储量情况 资料来源:公司公告,海通国际 公司控股的 NPM 铜金矿资源量(探明+控制+推断)合计含
14、铜金属约 289.8 万吨,含金金属约 100.11 吨,含银金属约 985.73 吨。图表图表 3:NPM 铜金矿基本情况铜金矿基本情况 资料来源:洛阳钼业 2022 年报 2.2022 年产量符合预期,利润持续增长年产量符合预期,利润持续增长 洛阳钼业 2022 年实现营业收入 1729.9 亿元,归母净利润 60.67 亿元,同比大增18.8%,归母净利润再创历史新高。矿石量矿石量(百百万吨万吨)品味品味(%)金属量金属量矿石量矿石量(百百万吨万吨)品味品味(%)金属量金属量铜1374.92.263101.04277.52.84789.48钴1374.90.26353.74277.50.
15、382.26铜1992.13423.8766.52.91193.52钴1991.01200.9966.51.1979.14巴西矿区一巴西矿区一铌1431.01145.0940.060.9738.983.312年巴西矿区二巴西矿区二铌168.80.3457.3833.760.517.03巴西矿区二巴西矿区二磷791.7510.358191.42191.3312.622415.07钼295.720.08725.7351.30.15.13钨69.110.16811.6117.260.1893.26钼445.490.13961.9426.960.1995.36铁20.8219.33402.451.35
16、30.0140.51东戈壁钼矿东戈壁钼矿钼4410.11550.72141.580.13919.68038年22年5.15.3年11年根据目前正在修订的巴西采矿法,采矿特许权没有到期日24年5.535年12.64.1年3个月许可证许可证/采矿权有采矿权有效期效期刚果刚果(金金)TFM TFM 铜钴矿铜钴矿刚果刚果(金金)KFM KFM 铜钴矿铜钴矿三道庄钼钨三道庄钼钨矿矿上房沟钼矿上房沟钼矿8.8331.4年3-12年010年资源量资源量储量储量矿山名称矿山名称主要品主要品种种矿石处理量矿石处理量(百万吨百万吨)资源剩余可资源剩余可开采年份开采年份铜(%)铜(%)金(g/t)金(g/t)银(g
17、/t)银(g/t)探明255.90.560.221.99控制213.40.530.161.77推断57.50.570.191.7总计526.90.550.191.87铜(%)铜(%)金(g/t)金(g/t)银(g/t)银(g/t)证实28.10.480.311.25可信73.20.540.262.11证实及可信101.40.530.271.876-14年资源剩余可资源剩余可开采年份开采年份许可证/采许可证/采矿权有效期矿权有效期类别类别资源量(百万吨)资源量(百万吨)品味品味处理量(百处理量(百万吨)万吨)类别类别资源量(百万吨)资源量(百万吨)品味品味6.8414.82 21 Mar 202
18、3 4 Table_header2 洛阳钼业(603993 CH)维持优于大市维持优于大市 图表图表 4:公司营业收入持续增长公司营业收入持续增长 资料来源:洛阳钼业公告,海通国际 图表图表 5:公司盈利能力持续增长公司盈利能力持续增长 资料来源:洛阳钼业公告,海通国际 从 2022 年产量指引完成情况来看,2022 年公司产量符合预期,多数金属品种产量接近甚至超过指引上限。公司 2022 年铜钴铌磷产量均超过年初制定计划中值,钼钨超过年初指引的上限,均超额完成目标。2022 公司矿产铜 25.4 万吨(较上年增加 21.6%),钴 2.03 万吨(较上年增加 9.65%),铌 0.92 万吨
19、(较上年增加7.29%),磷肥 114.0 万吨(较上年增加 0.91%),钼 1.5 万吨(较上年减少 7.76%),钨 0.75 万吨(较上年减少 13%)。图表图表 6:2022 年洛阳钼业金属品种生产情况年洛阳钼业金属品种生产情况 资料来源:公司公告,海通国际 3.2023 年产量指引超预期,年产量指引超预期,TFM 混合矿和混合矿和 KFM 铜钴矿项铜钴矿项目建设任务稳步推进目建设任务稳步推进 公司重点项目建设提速,公司重点项目建设提速,TFM 混合矿和混合矿和 KFM 铜钴矿项目建设任务稳步推铜钴矿项目建设任务稳步推进。进。KFM 项目:项目:KFM 项目(氧化矿、混合矿)(一期)
20、建设投资 18.26 亿美元,资金来源为企业自有和企业自筹;项目自 2021 年 3 月开始筹备,目前筹建前期各项工作顺利推进,项目各项工作按照里程碑节点顺利推进,河流改道工程基本完成,选矿厂、变电站、冶炼厂、尾矿库等工程顺利开展。KFM 项目在 2023H1 达产后,将增加铜年均产量 9 万吨、钴年均产量 3 万吨。公司铜钴产能实现大幅度提升后,洛阳钼业将成为全球最大的钴生产商。-500500002018年2019年2020年2021年2022年营业总收入(左轴,亿元)营业总收入增速(右轴,%)-002040608020
21、19年2020年2021年2022年归母净利润(左轴,亿元)归母净利润增速(右轴,%)主要产品业务板块2021年全年产量2022年全年产量2022产量增速2023年生产指引2023年生产计划中值2023年计划中值较2022年产量增速铜金属(吨)刚果(金)铜钴业务209.60%0053.4%钴金属(吨)刚果(金)铜钴业务.65%144.0%钼金属(吨)中国钼钨业务1638515114-7.76%-10.7%钨金属(吨)中国钼钨业务86587509-13.2
22、7%-6.8%磷肥(HA+LA)巴西铌磷业务0000.91%100000.9%铌产量(吨)巴西铌磷业务858692127.29%-0.1%NPM 黄金(80%权益,盎司)澳洲铜金业务1994816221-18.68%60.3%21 Mar 2023 5 Table_header2 洛阳钼业(603993 CH)维持优于大市维持优于大市 TFM 混合矿项目:混合矿项目:投资资金 25.1 亿美元,资金来源为企业自筹和银行贷款。项目规划建设 3 条生产线,分
23、别为 350 万吨/年的混合矿生产线、330 万吨/年的氧化矿生产线和 560 万吨/年的混合矿生产线,计划于 2023 年建成投产。TFM 铜钴矿于2023 年下半年投产后将增加铜年均产量 20 万吨、钴年均产量 1.7 万吨。2023 年产量指引超预期:年产量指引超预期:TFM 混合矿建成后将新增 20 万吨铜金属量、1.7 万吨钴金属量产能,KFM 铜钴矿建成后将新增 9 万吨铜金属量、3 万吨钴金属量产能。根据公司发布的 2023 年产量指引,2023 年公司刚果(金)铜金项目产能将在未来两年内得到大量释放,按产量指引的中值计算,2023 年刚果(金)项目铜金属、钴金属产量将分别达到
24、39 万吨(同增 53.37%)和 4.95 万吨(同增 144%)。图表图表 7:公司刚果(金)铜业务产量及增速公司刚果(金)铜业务产量及增速 资料来源:洛阳钼业,海通国际 图表图表 8:公司刚果(金)钴业务产量及增速:公司刚果(金)钴业务产量及增速 资料来源:洛阳钼业,海通国际 4.铜价格景气,铜价格景气,2023 年或迎量价齐升。年或迎量价齐升。铜:库存历史低位叠加紧供需错配,铜价或高位运行。铜:库存历史低位叠加紧供需错配,铜价或高位运行。目前全球铜显性库存处于十年来历史低位,铜历史资本开支不足限制供给端放目前全球铜显性库存处于十年来历史低位,铜历史资本开支不足限制供给端放量量。2015
25、 年左右铜价下跌削弱矿企资本开支意愿,而铜矿项目投产时间较长,2016 年之后资本开支明显下滑将阻碍未来供给端增长。疫情过后,经济复苏预期叠加新能源强劲转型需求,铜价有望走强。疫情过后,经济复苏预期叠加新能源强劲转型需求,铜价有望走强。地产复苏,建筑用铜有望快速回升。地产复苏,建筑用铜有望快速回升。2020 年疫情对建筑地产冲击较大,全年地产新开工面积和竣工面积均同比有所下降;2021 年以来各房企加快项目结转以回流资金,带动地产竣工面积同比大幅增长,地产用铝需求回升。从长期来看,“房住不炒”、“租购并举”及“第三支箭”等政策有利地产市场稳定发展,政策整体将逐步向好,同时,央行于 2022 年
26、 12 月 5 日降低金融机构存款准备金率 0.25%(不含已执行 5%存款准备金率的金融机构),启动了第六轮的第四次全面降准。本次下调后,金融机构加权平均存款准备金率约为 7.8%。这一举措推动了房企融资环境的改善,对未来行业资金面和销售有望产生一定积极影响,有利于促进行业逐步复苏,进而推动建筑用铜的上升。按照国家标准与行业普遍使用的线缆规则(电缆为平均 B 类80 平方毫米以上线材,电力线为平均 VV 类 10 平方毫米以下线材),房地产强电布线每平方米用线量约为 0.003 吨,而弱电部分综合每平方米用线量约为 0.0006 吨(弱电线缆平均以 SYV 类 4 平方毫米线材计算)。随着地
27、产基建等行业的复苏,地产用铜需求有望快速回升。另一方面。据国际铜业协会(ICA)统计,仅空调生产所消耗的铜就已占到家电行业整体铜消耗的 70%。一台家用空调单机用铜大约为 0.01吨左右,商用空调更高一些。随着地产等行业的复苏,以空调为代表的家用电器消费等必然增加,导致间接用铜需求的上升。3900005440000.0020.0040.0060.000200000400000600000200222023E 2024E刚果(金)铜业务产量(左轴,吨)增速(右轴,%)4950067800-50.000.0050.00100.00150.00200.0002000040000
28、600008000020022 2023E 2024E刚果(金)钴业务产量(吨)增速(右轴,%)21 Mar 2023 6 Table_header2 洛阳钼业(603993 CH)维持优于大市维持优于大市 新能源汽车发展迅速,单车用铜量持续上升。新能源汽车发展迅速,单车用铜量持续上升。铜是很好的导体,而且比同是导体的金或银便宜,加上它的耐腐蚀性、延展性、延展性,使其成为理想的电线材料,这使得新能源汽车铜使用量在传统内燃机汽车的基础上将是全方位的增加,其电机内部需要大量使用线组,目前市面上的绝大多数厂商的新能源汽车选择使用PMSM(永磁同步电机),该类型电机每 kW 用铜
29、量在 0.1kg 左右,而市售新能源汽车功率普遍在 100kW 以上,仅电机一项用铜量就超过 10kg。再加上电池以及充电功能等需要大量用铜,整体用铜量将大幅增加。此外,家用汽车充电器和公共充电站也需要更多的铜。图表图表 9:中国汽车产销量:中国汽车产销量 数据来源:中汽协,海通国际 图表图表 10:中国新能源汽车产销量:中国新能源汽车产销量 数据来源:中汽协,海通国际 光伏产业快速发展,成为铜需求端新增长点。光伏产业快速发展,成为铜需求端新增长点。根据国家铜业协会发布的研究数据显示,可再生能源系统中的平均用铜量超过传统发电系统的 812 倍。可再生能源系统中风力发电机组每兆瓦用铜量约为 6
30、吨,太阳能光伏发电每兆瓦使用约 4 吨铜。根据 Wood Mackenzie 报告和星展银行的数据进行预测,海上风电平均每 GW 装机需要消耗 12650 吨铜,陆上风电每 GW 装机需要消耗 4700 吨铜,光伏系统每 GW装机需要消耗 5250 吨铜。截止 2022 年 11 月,全球光伏发电新增装机量容量呈现上升的良好态势。其中,中国自 2015 年起新增装机量容量多年稳居世界首位,2021年为 54.88GW,占全球增量的 38.7%;近三年增量增长率均超 30%5.盈利预测与估值盈利预测与估值 洛阳钼业是全球铜钴龙头企业,我们认为公司 TFM 混合矿项目及 KFM 项目有望顺利投产达
31、产,铜、钴产量有望在 2023-2025 年持续上升。此外,全球精炼铜需求有望在电车、光伏、风电等新能源行业发展,以及传统行业如地产等下游需求复苏的背景下持续增长。公司其他小金属产品,包括钴、钼钨、磷铌等产品,我们认为随着我国经济在疫情后复苏,全球需求有望保持增长,金属价格有望稳中有升。至于盈利预测,根据公司未来的产能规划情况,我们预计 2022-2024 年公司20222024 年的归母净利润约 60.67、112.77 和 146.13 亿元。我们预计公司 2022-2024 年 EPS 分别为 0.28 元、0.52 元、0.69 元。基于 2023 年EPS,参考可比公司估值水平,给予
32、 2023 年 15 倍 PE 估值,目标价 7.80 元,维持“优于大市”评级。0500025003000200212022汽车工业产业产量(万辆)汽车工业产业销量(万辆)0200400600800200212022中国新能源汽车产量(万辆)中国新能源汽车销量(万辆)21 Mar 2023 7 Table_header2 洛阳钼业(603993 CH)维持优于大市维持优于大市 图表图表 11 可比公司估值表可比公司估值表 代码 简称 总市值 (亿元)EPS(元)PE(倍)2021 2022 2023E 2021 2022 20
33、23E 600549 厦门钨业 291 0.83 1.03 1.63 27.19 19.01 12.61 600988 赤峰黄金 324 0.35 0.50 0.87 42.56 38.53 22.42 600362 江西铜业 670 1.63 1.60 1.60 13.72 12.12 12.10 601899 紫金矿业 3142.84 0.60 0.81 0.95 16.30 15.06 12.83 均值 0.85 0.99 1.26 24.94 21.18 14.99 注:收盘价为 2023 年 3 月 13 日价格,EPS 为 Wind 一致预期 数据来源:Wind,海通国际 6.风险
34、提示风险提示 项目建设不及预期,成本控制不及预期。21 Mar 2023 8 Table_header2 洛阳钼业(603993 CH)维持优于大市维持优于大市 财务报表分析和预测财务报表分析和预测 Table_ForecastInfo 主要财务指标主要财务指标 2021A 2022A 2023E 2024E 利润表(百万元)利润表(百万元)2021A 2022A 2023E 2024E 每股指标(元)每股指标(元)营业总收入营业总收入 173,863 172,991 200,112 232,551 每股收益 0.24 0.28 0.52 0.69 营业成本 157,540 156,926 1
35、71,242 195,042 每股净资产 1.84 2.39 2.91 3.59 毛利率%9.4%9.3%14.4%16.1%每股经营现金流 0.29 0.72 1.58 0.22 营业税金及附加 1,256 1,235 1,460 1,682 每股股利 0.07 0.00 0.00 0.00 营业税金率%0.7%0.7%0.7%0.7%价值评估(倍)价值评估(倍)营业费用 90 97 112 1,651 P/E 20.05 19.12 10.41 7.83 营业费用率%0.1%0.1%0.1%0.7%P/B 2.57 2.24 1.85 1.49 管理费用 1,556 1,791 2,762
36、 3,535 P/S 0.59 0.13 0.12 0.10 管理费用率%0.9%1.0%1.4%1.5%EV/EBITDA 8.17 6.65 3.81 3.49 EBIT 13,206 12,608 24,276 30,364 股息率%1.5%0.0%0.0%0.0%财务费用 1,095 1,808 2,177 2,176 盈利能力指标(盈利能力指标(%)财务费用率%0.6%1.0%1.1%0.9%毛利率 9.4%9.3%14.4%16.1%资产减值损失-61 -65 -150 -150 净利润率 2.9%3.5%5.6%6.4%投资收益 110 726 583 689 净资产收益率 12
37、.8%11.7%17.7%19.1%营业利润营业利润 8,789 9,889 21,006 28,707 资产回报率 3.7%3.7%6.1%7.1%营业外收支-33 -85 -98 -138 投资回报率 8.6%8.4%11.5%12.1%利润总额利润总额 8,755 9,804 20,908 28,569 盈利增长(盈利增长(%)EBITDA 17,501 17,139 30,374 36,797 营业收入增长率 53.9%-0.5%15.7%16.2%所得税 3,328 2,613 7,947 11,145 EBIT 增长率 119.4%-4.3%92.5%25.1%有效所得税率%38.
38、0%26.6%38.0%39.0%净利润增长率 119.3%18.8%83.7%32.9%少数股东损益 322 1,125 1,815 2,614 偿债能力指标偿债能力指标 归属母公司所有者净利润归属母公司所有者净利润 5,106 6,067 11,147 14,811 资产负债率 64.9%62.4%59.2%56.0%流动比率 1.40 1.71 1.69 1.74 速动比率 0.73 0.90 1.13 0.95 资产负债表(百万元)资产负债表(百万元)2021A 2022A 2023E 2024E 现金比率 0.48 0.65 1.01 0.74 货币资金 24,318 32,648
39、56,675 47,850 经营效率指标经营效率指标 应收账款及应收票据 746 800 837 1,102 应收账款周转天数 1.50 1.61 1.49 1.53 存货 26,960 32,255 23,122 42,664 存货周转天数 54.99 67.92 58.37 60.99 其它流动资产 18,932 19,979 14,227 20,717 总资产周转率 1.34 1.14 1.15 1.18 流动资产合计 70,956 85,682 94,861 112,332 固定资产周转率 7.20 6.53 6.96 7.75 长期股权投资 1,249 1,934 2,468 2,9
40、47 固定资产 24,959 28,056 29,445 30,566 在建工程 3,882 13,659 18,463 24,112 无形资产 19,399 19,448 22,363 23,492 现金流量表(百万元)现金流量表(百万元)2021A 2022A 2023E 2024E 非流动资产合计 66,494 79,337 89,052 97,422 净利润 5,106 6,067 11,147 14,811 资产总计资产总计 137,450 165,019 183,913 209,754 少数股东损益 322 1,125 1,815 2,614 短期借款 26,912 20,108
41、28,108 32,108 非现金支出 4,356 4,596 6,268 6,602 应付票据及应付账款 4,166 3,957 2,941 5,523 非经营收益 5,079 3,825 3,830 2,739 预收账款 0 0 0 0 营运资金变动-8,671 -159 11,124 -22,036 其它流动负债 19,582 25,997 24,959 26,807 经营活动现金流经营活动现金流 6,191 15,454 34,184 4,730 流动负债合计 50,660 50,061 56,007 64,437 资产-4,260 -10,470 -15,363 -14,442 长期
42、借款 13,611 18,975 18,975 18,975 投资 174 1,804 966 -479 其它长期负债 24,915 33,946 33,946 33,946 其他-805 1,294 -917 689 非流动负债合计 38,525 52,921 52,921 52,921 投资活动现金流投资活动现金流-4,892 -7,372 -15,314 -14,232 负债总计负债总计 89,186 102,982 108,928 117,358 债权募资 203 -1,876 8,000 4,000 实收资本 4,320 4,320 4,320 4,320 股权募资 1,005 99
43、7 0 0 归属于母公司所有者权益 39,845 51,699 62,832 77,629 其他 6,681 -1,217 -2,830 -3,310 少数股东权益 8,419 10,339 12,153 14,767 融资活动现金流融资活动现金流 7,889 -2,097 5,170 690 负债和所有者权益合计负债和所有者权益合计 137,450 165,019 183,913 209,754 现金净流量现金净流量 8,944 8,653 24,027 -8,825 备注:(1)表中计算估值指标的收盘价日期为 2023 年 3 月 13 日;(2)以上各表均为简表 资料来源:公司年报,海通
44、国际 21 Mar 2023 9 Table_header2 洛阳钼业(603993 CH)维持优于大市维持优于大市 APPENDIX 1 Summary Multi-metal comprehensive mining company,creating a mining+trade business model.The company belongs to the mining and dressing industry of nonferrous metals,and is mainly engaged in the mining,dressing,smelting and other m
45、ining and processing businesses of basic metals and rare metals and mineral trade businesses.At present,the companys main business is distributed in Asia,Africa,South America,Oceania and Europe.It is the worlds leading producer of tungsten,cobalt,niobium and molybdenum and an important copper produc
46、er.It is also the leading producer of phosphate fertilizer in Brazil.At the same time,the companys base metal trade business ranks among the top three in the world.The company ranks 918 in the 2022 Forbes Global Top 2000 Listed Companies and 15th in the 2021 Global Mining Companies Top 40(market val
47、ue)list.In 2022,the output met expectations and profits continued to grow.Judging from the completion of the production guidance in 2022,the companys production guidance is relatively conservative,with the production of most metal varieties approaching or even exceeding the upper limit of the guidan
48、ce.The production of copper and cobalt in the Democratic Republic of Congo was 254286 tons and 20286 tons,respectively,with a year-on-year increase of about 22%and 10%.We believe that with the settlement of the equity fund issue,after reaching a consensus,the companys product sales are expected to s
49、ignificantly increase,improving the profitability level.The output guidance in 2023 is higher than expected,and the two world-class copper and cobalt mines will be released soon.TFM mixed ore project:the construction of coarse crushing and mill foundation has been completed in the central area,and t
50、he installation of mill main equipment has started;The mill foundation construction in the east area has been completed,and the leaching tank foundation is to be constructed for corrosion prevention.After TFM copper-cobalt mine is put into operation in the second half of 2023,the annual output of co
51、pper and cobalt will increase by 200000 tons and 17000 tons respectively.In the early stage of the preparation for the construction of the KFM project,all the work of the project was carried out smoothly according to the milestone nodes,the river diversion project was basically completed,and the con
52、centrator,substation,smelter,tailings pond and other projects were carried out smoothly.When the KFM project reaches its capacity in 2023H1,it will increase the annual output of copper by 90000 tons and the annual output of cobalt by 30000 tons.After the companys copper and cobalt production capacit
53、y has been significantly improved,Luoyang Molybdenum will become the worlds largest cobalt producer.The copper industry is booming.In 2023,the supply and demand will be mismatched,and the contingent volume and price will rise.The future economic recovery is expected to superimpose on the strong tran
54、sformation demand of new energy.The global demand for refined copper is expected to continue to grow under the background of the development of new energy industries such as tram,photovoltaic,wind power,and the recovery of downstream demand in traditional industries such as real estate,and the coppe
55、r price is expected to continue to strengthen.Profit forecast and rating.Luoyang Molybdenum Industry is a leading global copper and cobalt enterprise.We estimate that the EPS of the company in 2022-2024 will be 0.28,0.52 and 0.69 respectively.We believe that the companys TFM mixed ore project and KF
56、M copper-cobalt mine will be put into operation in the next two years,and the companys net profit will usher in a period of rapid growth.With reference to the valuation level of comparable companies,the company will be given a PE valuation of 15 times in 2023,with a target price of 7.80 yuan/share,m
57、aintaining the OUTPERFORM rating.Risk warning.The project construction progress is less than expected,and the cost control is less than expected.10 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 Private Limited(HSIPL),Haitong International Ja
58、pan 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 Limited(“HTIRL”),Haitong Securities India Pr
59、ivate 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 activities in its respective jurisdiction
60、.HTIRL分析师认证分析师认证Analyst Certification:我,吴旖婕,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,Yijie Wu,certify that(i)the views expressed in this research report accurately reflect my personal views about any or a
61、ll 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 my household)have no financial interest in
62、 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 and some of its affiliates may engage in investment banking and/or serve as a m
63、arket 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 the following disclosure does not ensure timeliness and completeness,please se
64、nd 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600988.CH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。Haitong Securities Co.,Ltd.and/or its subsidiaries(collectively,the Haitong)
65、have a role in investment banking projects of 600988.CH 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 refinancing projects of 600988.CH for which Haitong acted as sponsor,lead-
66、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.600988.CH目前或过去12个月内是海通的投资银行业务客户。600988.CH is/was an investment bank clients of Haitong currently or within the past 12 months.603993.CH 及 6009
67、88.CH目前或过去12个月内是海通的客户。海通向客户提供非投资银行业务的证券相关业务服务。603993.CH and 600988.CH are/were a client of Haitong currently or within the past 12 months.The client has been provided for non-investment-banking securities-related services.海通担任603993.CH有关证券的做市商或流通量提供者。Haitong acts as a market maker or liquidity provi
68、der in the securities of 603993.CH.11 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
69、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,Neut
70、ral,or Underperform for recommending the stocks we cover to investors.Investors should carefully read the definitions of all ratings used in Haitong International Research.In addition,since Haitong International Research contains more complete information concerning the analysts views,investors shou
71、ld carefully read Haitong International Research,in its entirety,and not infer the contents from the rating alone.In any 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
72、investors existing holdings)and other considerations.Analyst Stock Ratings Outperform: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 t
73、o be in line with the return of its relevant broad market benchmark,as indicated below.For purposes only of FINRA/NYSE 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
74、 its relevant broad market benchmark,as indicated below.Benchmarks for each stocks listed region are as follows:Japan 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
75、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
76、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 MSCI China.12 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
77、*5.2%7.3%8.3%*Percentage of investment banking clients in each rating category.BUY,Neutral,and SELL in the above distribution 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 ratin
78、g category.Please note that stocks with an NR designation are not included in the table above.Previous rating system definitions(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.NEUTRA
79、L: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 ratings distribution rules,our Neutral rating falls into a hold rating category.SELL:The stocks total return over t
80、he 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 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
81、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 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 possi
82、ble valuation multiples.Such rankings or suggested prices do not purport to be stock ratings or target prices or fundamental 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。Hai
83、tong International Coverage of A-Shares:Haitong International may cover and rate A-Shares that are subject to the Hong 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 s
84、ame A-Shares for distribution in mainland China.However,the rating system employed by HS differs from that used by HTI 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
85、,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 quant 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 com
86、bination with a review of the HS A-share teams bottom-up research.The Q100 constituent companies are reviewed quarterly.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
87、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
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89、lity and fitness for a particular purpose.The Information may only be used for your internal use,may not be reproduced 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 its
90、elf be used to determine which securities to buy or sell or when to buy or sell them.None of the ESG Parties shall have 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
91、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)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
92、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的情况下更新、修订与发出其他与本数据所载内容不一致或有不同结论的数据。除非另行说明,本数据(如财务业绩数据等)仅代表过往表现,过往的业绩表现不作为日后回报的预测。第三条 本数据版权归本公司所有,本公司依法保留各项权利。未经本公司事先书面许可授权,任何个人或机构不得将本数据中的评估结果用于任何营利性目的,不得对本数据进行修改、复制、编译、汇编、再次编辑、改编、删
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102、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(
103、“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 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
104、、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
105、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
106、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 securiti
107、es:The research report is issued by Haitong International Research Limited(“HTIRL”),a wholly owned subsidiary of Haitong 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 Futur
108、es Ordinance(Cap.571)of Hong Kong,with the assistance of Haitong International(Japan)K.K.(“HTIJKK”),a wholly owned subsidiary 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 Hait
109、ong Securities India Private Limited(“HSIPL”),an Indian company and a Securities and Exchange Board of India(“SEBI”)registered 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 Nationa
110、l Stock Exchange of India Limited(“NSE”)(collectively referred to as“Indian Exchanges”).HSIPL was acquired and became part 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 app
111、roved for distribution by Haitong International Securities Company Limited(“HTISCL”)and/or any other members within HTISG 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
112、 faith but no representation or warranty,express or implied,is made by HTIRL,HTISCL,HSIPL,HTIJKK or any other members within 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
113、 and are subject to change without notice.This research report is for information purpose only.Descriptions of any companies 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 s
114、ell securities.The securities 14 referred to in this research report may not be eligible for purchase or sale in some jurisdictions.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 performa
115、nce is not necessarily indicative of future results.Certain transactions,including those involving derivatives,give rise 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 no
116、t taken into account your unique financial circumstances,such as your financial situation and risk appetite.You must,therefore,analyze and should,where applicable,consult your own legal,tax,accounting,financial and other professional advisers to evaluate whether the recommendations suits you before
117、investment.Neither HTISG nor any of its directors,employees or agents accepts any liability whatsoever for any direct or consequential loss arising from any use of the materials contained in this research report.HTISG and our affiliates,officers,directors,and employees,excluding the analysts respons
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