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1、化工全球系列报告化工全球系列报告之十三之十三硅微粉深度报告:硅微粉深度报告:下游需下游需求持续增求持续增加,品质要求不断提高加,品质要求不断提高Both Downstream Demand and Quality Requirements are increasing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。(Pleasesee appendix f
2、or English translation of the disclaimer)Equity Asia Research刘刘威威 Wei Liu,Andy Guo,2023年年4月月6日日2投资要点投资要点 硅微粉是一类用硅微粉是一类用途广途广泛的无机非金属材料泛的无机非金属材料。硅微粉是将高纯度的石英矿通过物理或化学方法破碎、粉碎而得到的微米级别的粉末,其颗粒大小一般在1-100微米之间,常用的颗粒大小为5微米左右,而随着半导体制程的进步,1微米以下的硅微粉也逐渐得到广泛采用。硅微粉具有介电性能优异、热膨胀系数低、导热系数高、化学稳定性高、耐高温、硬度高等一系列优点,因此被广泛应用于半导体
3、、电子、化工、医药等领域。高高端领域多使用球形硅微粉端领域多使用球形硅微粉。硅微粉按照其颗粒形态一般可分为角形硅微粉和球形硅微粉,角形硅微粉又常按结晶特点分为结晶硅微粉和熔融硅微粉,球形硅微粉通常是在这两种角形硅微粉的基础上,通过火焰成球等方法进一步制备而来。同角形硅微粉相比,球形硅微粉流动性好,在树脂中的填充量较高,做成板材后内应力低、尺寸稳定、热膨胀系数低,并且具有更高的堆积密度和更均匀的应力分布,同时还可减少相关制品制造时对设备和模具的磨损,因而在对性能要求较高的高端领域得到了迅速的应用。高球化率高球化率、高纯高纯度度、超细化是球形硅微粉的未来方向超细化是球形硅微粉的未来方向。球化率是衡
4、量球形硅微粉品质的重要指标之一,球化率越高,硅微粉的流动性及分散性能就越好,在树脂中的分布就越均匀,同时对模具的磨损程度就越小;高纯度是电子产品对材料最基本的要求,在超大规模集成电路中的要求则更加严格,除了常规杂质元素含量要求低外,还要求放射性元素含量尽量低或没有,否则对电信号的传输速度及质量都会带来负面的影响;球形硅微粉的热传导率不如结晶硅微粉,而超大规模集成电路由于发热量巨大对散热性能的要求较高,超细化硅微粉由于导热性更好而能部分的解决这个问题。预期全球硅微粉市场预期全球硅微粉市场2027年将可达年将可达53.3亿美元亿美元。随着电动汽车及数据中心增长带来的对电子元器件需求的增长,我们预期
5、2027年全球硅微粉市场将有望达到53.3亿美元,年均复合增长率约为5.1%。硅微粉需求有望受益于硅微粉需求有望受益于ChatGPT的兴起的兴起。ChatGPT的部署及训练需要大量的算力及存储空间,会带来对逻辑芯片及存储芯片的大量需求,尤其是对先进制程芯片的需求。作为半导体工业中重要上游原材料的硅微粉,尤其是适用于先进制程封装的高端硅微粉,将有望受益。重点公司重点公司。国际公司目前仍在高端硅微粉市场占据主要地位,其市场份额及技术均较为领先,目前正紧跟下游产业需求,不断开发新技术及新产品,建议重点关注电化。国内公司建议关注联瑞新材、飞凯材料、雅克科技。风风险险。数据中心增速不及预期;半导体周期下
6、行时间长于预期;车载电子增速不及预期。AU8VjWlX8WiZrYtWtW6McMbRnPmMoMtQkPrRnRiNmMrObRoOuNvPrNnMMYrQsQ3 硅微粉是一类用途广泛的无机非金属材料,其介电性能优异、热膨胀系数低、导热系数高。系列产品是以纯净石英粉为原料,经一系列物理或化学工艺加工而成,常见的产品有结晶硅微粉、熔融硅微粉、球形硅微粉等。它具有白度高、颗粒细、粒度分布合理、比表面积大、悬浮性能优、纯度高等优点,广泛用于涂料、油漆、胶粘剂、硅橡胶、精密铸造、高档陶瓷、环氧树脂灌封料及普通电器、高压元器件的绝缘浇注、集成电路的塑封料和灌封料、粉末涂料、电焊条保护层及其它树脂填料等
7、。1.1 硅硅微粉微粉:用途:用途广泛广泛的无机填充料的无机填充料资料来源:龙森,海通国际图图:硅微粉产品:硅微粉产品球形硅微粉熔融硅微粉结晶硅微粉4 根据不同的分类标准,硅微粉分为不同的类型,如按照用途和纯度可分为普通硅微粉、电工级硅微粉、电子级硅微粉、半导体级硅微粉等,按照结晶特点可分为结晶硅微粉、熔融硅微粉等;按照颗粒形态可分为角形硅微粉、球形硅微粉等。目前业界常采用结晶特点以及颗粒形态两种分类方法对相关产品进行分类1.2 硅微粉:常按颗粒形态分为角形与球形硅微粉:常按颗粒形态分为角形与球形资料来源:粉体技术网,海通国际表表:硅微粉的分类与品种:硅微粉的分类与品种硅微粉的分类硅微粉的品种
8、按用途和纯度普通硅微粉(99%),电工级硅微粉(99.6%),电子级硅微粉(99.7%),半导体级硅微粉(99.9%)等按化学成分纯硅微粉,以二氧化硅为主要成分的复合硅微粉按结晶特点结晶硅微粉,熔融硅微粉等按矿物种类石英硅微粉,方石英硅微粉等按颗粒形态角形硅微粉,球形硅微粉等按粒度大小目是指每英寸(合2.54cm)筛网上的孔眼数目,如300目就是指每英寸上的孔眼是300个,每平方英寸上的孔眼则为300*300=90000个,故300目对应48m。常见的粒度大小有300目,400目,600目,800目,1000目,超细硅微粉(通常25%关注电性能,认证周期长优异介电性能IC封装40%认证时间长,
9、关注大颗粒高模量、低热膨胀系数汽车20%认证时间长,关注可靠性低热膨胀系数、高可靠性服务器25%关注成本、可靠性 提升多层板可靠性HDI25%关注模量、关注大颗粒薄型化,提高模量表表:覆铜板关注的球形硅微粉主要指标:覆铜板关注的球形硅微粉主要指标项目对覆铜板影响测试标准粒径分布薄型化GB/T 19077.1-2008比表面积填充量、流动性GB/T19587球形度填充量、流动性GB/T 32661-2016结晶型含量%介电性SJ/T 10675-2002电导率绝缘性GB/T 6908pH反应性GB/T 9724黑点绝缘性企业标准磁性物质含量绝缘性GB/T 32661-2016筛分余量薄型化GB/
10、T 印制电路板(PCB)指采用印制技术,在绝缘基材上按预定设计形成导电线路图形或含印制元件的功能板,用于实现电子元器件之间的相互连接和中继传输,是电子信息产品不可缺少的基础元器件,也是覆铜板(CCL)的重要下游应用。由于汽车电子、数据中心的持续景气,叠加消费电子的需求回暖预期,根据Prismark的预测,全球PCB市场规模有望在2026年达到1016亿美元,2021-2026年均复合增长率约4.7%。2.1 PCB:全球市场规模:全球市场规模2026年有望达到年有望达到1016亿美元亿美元数据来源:Prismark,海通国际图图:全球:全球PCB市场规模(亿美元)市场
11、规模(亿美元)0200400600800320002020212022E2026E20 从全球印制电路板(PCB)制造行业区域产值格局来看,中国大陆、中国台湾、日韩是全球PCB制造行业主要的制造基地。2021年,中国大陆产值规模达到全球产值的57%,中国台湾为12%,韩国及日本分别为10%和8%。按照生产厂商所属国家或地区来看,2021年全球市占率前十厂商中,中国台湾占据5席,市占率合计19.8%;中国大陆占据2席,市占率合计6.7%;日本占据2席,市占率合计6.3%;美国占据1席,市占率2.78%。2.1 PCB:中国大陆产值
12、规模占全球比重超过:中国大陆产值规模占全球比重超过50%数据来源:前瞻产业研究院,Prismark,海通国际图图:2021年全球年全球PCB区域产值格局区域产值格局中国大陆,57%中国台湾,12%韩国,10%日本,8%其他,13%图图:2021年全球年全球PCB行业市占率前十厂商行业市占率前十厂商臻顶科技(中国台湾),6.9%欣兴电子(中国台湾),4.7%东山精密(中国大陆),4.0%日本旗胜(日本),3.6%华通电脑(中国台湾),2.8%健鼎科技(中国台湾),2.8%讯达科技(美国),2.8%深南电路(中国大陆),2.7%揖斐电(日本),2.7%瀚宇博德(中国台湾),2.6%其他,64.5%
13、21 PCB根据技术参数大致可分为IC载板、HDI及普通PCB。随着半导体制程的不断进步,电子行业对于精度及性能的要求越来越高,叠加消费电子小型化、轻量化的发展方向,PCB中的高端品类IC载板及HDI的需求不断增加。目前中国PCB行业细分市场结构中,HDI及IC载板的占比依然比较低,未来提升空间较大。2.1 PCB:HDI及及IC载载板(封装基板)板(封装基板)是是未来发展方向未来发展方向数据来源:华经产业研究院、Prismark,海通国际表表:普普通通PCB、HDI、IC载板技术参数比较载板技术参数比较表表:2021中国中国PCB产业细分市场结构产业细分市场结构多层板,47.6%HDI,16
14、.6%IC载板,5.3%柔性板,15.0%单双面板,15.5%技术参数普通PCBHDIIC载板层数190+416210板厚0.3-17mm0.25-12mm0.08-11.2mm最小线宽/线距50-1000m40-160m10-130m最小环宽75m75m12.5-130m单位尺寸-300mm*210mm150mm*150mm制备工艺减成法半加成法/减成法减成法/半加成法22 HDI是使用微盲埋孔技术制作的一类线路分布密度比较高的印刷电路板,可实现更小的孔径、更细的线宽、更少通孔数量,节约PCB可布线面积、大幅度提高元器件密度、改善射频干扰/电磁波干扰/静电释放等,符合电子产品轻薄短小的发展方
15、向。一般来说,同普通PCB板相比,HDI的层数更高,最小线宽更小,对于曝光设备及贴合设备的需求增加,工艺相对于普通PCB板更为复杂。根据Prismark的数据,预计全球HDI市场规模有望在2026年达到150亿美元,2021-2026年均复合增长率约为4.9%。2019年全球市场占有率前十的企业中,中国仅方正占据1席,市场份额约为2.5%。2.1 PCB:全球全球HDI市市场规模场规模2026年有望达年有望达到到150亿亿美元美元数据来源:Prismark,海通国际图图:全:全球球HDI市市场规模(亿美元)场规模(亿美元)图:图:2019年年HDI产业竞争格局产业竞争格局其他,44.4%华通(
16、中国台湾),8.6%奥特斯(奥地利),8.3%迅达(美国),8.1%欣兴(中国台湾),7.8%健鼎(中国台湾),5.6%名幸(日本),5.0%臻鼎(中国台湾),4.7%永丰(韩国),2.5%方正(中国大陆),2.5%中央铭板(日本),2.5%02040608002009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2026E23 IC载板即封装基板,是一类用于承载芯片的线路板,属于PCB的一个分支,具有高密度、高精度、高性能、小型化及轻薄化的特点,可为芯片提供支撑、散热和保护的作用,同时也可为芯片
17、与PCB母板之间提供电气连接及物理支撑。封装基板产品有别于传统PCB,高加工难度与高投资门槛是封装基板的两大核心壁垒。根据Prismark的数据,预计全球IC载板市场规模有望在2025年达到162亿美元,2020-2025年均复合增长率约为9.7%,是PCB各细分市场中成长性最高的市场。2020年全球市场占有率前十的企业均为中国台湾及日韩企业,中国大陆企业暂时缺席。2.1 PCB:全:全球球IC载板市载板市场规模场规模2025年年有望达有望达到到162亿亿美元美元数据来源:Prismark,海通国际图图:全:全球球IC载板市载板市场规模(亿美元)场规模(亿美元)图:图:2020年年IC载板产业
18、竞争格局载板产业竞争格局02040608002021E2022E2023E2024E2025E其他,17%欣兴电子(中国台湾),15%揖斐电(日本),11%三星电机(韩国),10%景硕科技(中国台湾),9%南亚电路(中国台湾),9%新光电气(日本),8%信泰(韩国),7%大德(韩国),5%京瓷(日本),5%日月光(中国台湾),4%24 常见的环氧塑封料的主要组成为填充料60-90%,环氧树脂18%以下,固化剂9%以下,添加剂3%左右。现用的无机填料基本上都是硅微粉,其含量最高达90.5%。硅微粉作为填充料具有降低塑封料的热膨胀系数,增加热导,降低介电
19、常数,环保、阻燃,减小内应力,防止吸潮,增加塑封料强度,降低封装料成本等作用。2.2 环氧塑封料用硅微粉:约占总用料的环氧塑封料用硅微粉:约占总用料的60%-90%资料来源:华经产业研究院,海通国际图图:环氧塑封料中各类材料的占比:环氧塑封料中各类材料的占比表表:环氧塑封料用硅微粉关注指标:环氧塑封料用硅微粉关注指标硅微粉,60-90%环氧树脂,18%固化剂,9%添加剂,3%项目描述EMC用硅微粉主要关注指标纯度高纯度是电子产品对材料最基本的要求,在超大规模集成电路中要求更加严格,除了常规杂质元素含量要求低外,还要求放射性元素含量尽量低或没有。随着制程的进步,电子行业对硅微粉纯度的要求也越来越
20、高。粒度及均匀程度超大规模集成电路封装材料要求硅微粉粒度细、分布范围窄、均匀性好。美国用于环氧塑封料的硅微粉粒度一般为1-3m,日本平均粒径一般为3-8m。由于粒度更小的硅微粉导热性更好,随着技术的进步,1m及以下粒度的硅微粉开始越来越多的被使用。球化率高球化率是保证填充料高流动性、高分散性的前提,球化率高、球形度好的硅微粉流动性和分散性能更好,在环氧塑封料中能得到更充分的分散进而保证最佳的填充效果。目前国际主流的EMC用硅微粉球化率一般在98%以上。25 根据Mordor Intelligence的数据,2021年全球环氧塑封料市场规模约74亿美元,2027年有望成长至99亿美元,年均复合增
21、长率约5.0%。按照硅微粉占环氧塑封料的成本比例测算,2027年来自环氧塑封料行业对硅微粉的需求有望达到2.6亿美元。2.2 全球全球环环氧塑封料市场规模氧塑封料市场规模2027年有望达到年有望达到99亿美元亿美元数据来源:Mordor Intelligence、海通国际图图:全球环氧塑封料市场规模(亿美元):全球环氧塑封料市场规模(亿美元)图:全图:全球球环氧塑封料环氧塑封料对硅微粉的需求(亿美元)对硅微粉的需求(亿美元)01122332022E2023E2024E2025E2026E2027E0204060801001202022E2023E2024E2025E2026E2027E26 受
22、益于电动车及数据中心用电子元器件需求的快速增长,作为半导体工业重要的上游原材料,硅微粉市场规模有望随之不断增长。根据市场研究机构Mordor Intelligence的数据,2021年全球硅微粉市场规模约为39.6亿美元,预计到2027年有望增长至53.3亿美元,年均复合增长率5.1%。2.3 全球全球硅微粉硅微粉市场规模市场规模2027年有望达到年有望达到53.3亿美元亿美元数据来源:Mordor Intelligence,海通国际图图:全球硅微粉市场规模(亿美元):全球硅微粉市场规模(亿美元)0020212022E2023E2024E2025E2026E2027E27
23、 ChatGPT的发布给受困于消费电子下行的全球半导体业带来了新的增长动能。部署ChatGPT需要大量的算力以及存储空间,而且随着模型的迭代,对算力及存储空间的需求更是呈指数级增长。GPT、GPT-2和GPT-3的预训练数据量从5GB增加到45TB,GPT-3.5在训练中的总算力消耗则达到了3640PF-days,需要1万个高性能V100 GPU组成的高性能网络集群提供算力支撑。根据Omdia的数据,AI处理器的市场规模有望在2026年达到376亿美元,相对于2019年将飙升9倍,而ChatGPT带来的对存储芯片的增量需求也非常可观。由于硅微粉是半导体工业中不可或缺的材料,预期将受益于Chat
24、GPT带来的对半导体芯片的增量需求。2.3 硅微粉产业有望受益于硅微粉产业有望受益于ChatGPT的兴起的兴起资料来源:微软、Omdia、海通国际表表:历代:历代GPT模型参数模型参数图图:AI处理器市场规模预测(亿美元)处理器市场规模预测(亿美元)模型发布时间参数量预训练数据量GPT2018年6月1.17亿约5GBGPT-22019年2月15亿40GBGPT-22020年5月1750亿45TB050030035040020022E2023E2024E2025E2026E28 全球硅微粉龙头集中于日本,日本龙森、电化、新日铁三家公司的硅微粉产品在世界
25、上占据了70%以上的市场份额,雅都玛公司则以其先进工艺在1微米以下球形硅微粉市场有着举足轻重的地位。随着世界半导体产业规模的不断扩大以及工艺制程进步对硅微粉要求的不断提高,预期上述公司硅微粉业务会有进一步的增长。2.4 硅硅微微粉市场格局:日系厂商仍占主导地位粉市场格局:日系厂商仍占主导地位资料来源:公司公告,海通国际表表:日本主要硅微粉生产企业概况:日本主要硅微粉生产企业概况公司名称简介产品举例品种平均粒径(m)下游厂商龙森专业从事二氧化硅填料的制造和销售,主要产品包括高纯结晶硅微粉、高纯熔融硅微粉、高纯球状硅微粉等。公司在日本、马来西亚、新加坡、美国等地拥有生产基地或分支机构。Kikuro
26、su MSR-04球形4.1松下电工、日立化成FLB-1熔融1.1RD-120结晶30电化全球性化学工业企业,业务涵盖无机化学品、有机化学品和电子材料、医药等领域,旗下设有尖端功能材料部、电子部件材料部、多功能薄膜部和胶粘剂综合方案部,其中熔融硅微粉、球形硅微粉及球形氧化铝等产品由尖端功能材料部负责。FB-1 SD球形1.5松下电工、日立化成、住友电木SFP-10X球形0.3SFP-30M球形0.3FB-5SDX球形4.4FB-1SDX球形0.5新日铁纳米社致力于半导体封装材料的研发、生产和供应,产品应用于大规模、超大规模集成电路封装及电子元器件、高压电器件的绝缘浇注、高级橡胶轮胎、高档油墨、
27、涂料等领域。HS-104球形27-HS-106球形19.5HS-202球形16HS-205球形8.5HS-305球形85HS-301球形2.5雅都玛主要生产和销售球形硅微粉、球形氧化铝及相关衍生品,产品应用于超薄半导体塑封料、LCD和PDP等的平板显示设备的隔膜密封材、汽车零部件为主的工程塑料、食品和医疗用品的包装薄膜等。SE1050熔融-京瓷化学、日立化成、松下电工、三菱瓦斯化学、住友电木S0-25H球形0.5S0-C2球形0.5S0-C3球形0.8S0-25R球形0.5S0-32R球形1.5293.1 全全球重球重点相关公点相关公司汇总司汇总公司21年收入(亿元)相关产品营收占比总市值EB
28、ITDA(亿元)EV/EBITDA(亿元)2022120222023电化200-13529.933.232.08.86.65.9联瑞新材6.247188%85.852.082.123.4437.0536.4622.45飞凯材料26.27107%115.836.337.098.0417.2715.4213.59雅克科技37.82316.%272.756.089.0912.1443.6429.2021.86数据来源:公司公告、彭博、海通国际30 电化(4061.JP)是一家跨国化工企业,成立于1915年,总部位于日本东京都。电化的主要业务领域涵盖高性能材料、电子材料、化学品和
29、电子设备等。目前电化公司的硅微粉业务在全球的市场份额约30%左右,位列全球第一。2022年3月财年,公司营业收入为3848亿日元,同比增长8.6%;营业利润401亿日元,同比增长15.5%,营业利润率为10.4%。公司预计,2023年3月财年营收为4100亿日元,同比增加6.5%,营业利润330亿日元,同比减少17.8%,营业利润率8.0%。3.1.1 电化电化:全全球硅微粉龙头企球硅微粉龙头企业业数据来源:公司公告、彭博、海通国际图:营收及增长率图:营收及增长率图:营业利润及营业利润率图:营业利润及营业利润率-10%-5%0%5%10%0500300350400450F
30、Y3/17FY3/18FY3/19FY3/20FY3/21FY3/22FY3/23E营业收入(十亿日元)YoY0%2%4%6%8%10%12%0554045FY3/17FY3/18FY3/19FY3/20FY3/21FY3/22FY3/23E营业利润(十亿日元)OPM31 电化目前将其事业划分为四个部门:电子/尖端产品、生活创新、高性能橡胶/基础建设综合方案、高分子综合方案。电化的硅微粉业务隶属于电子/尖端产品部门,2022年3月财年该部门营收占公司营业收入的比例为23%。按地域划分,电化目前营收主要还是来自日本,占比57%;来自亚洲其他地区的营收占比26%,排行第二;除
31、此之外的其他地区营收占比16%。3.1.1 电化:全球硅微粉龙头企业电化:全球硅微粉龙头企业数据来源:公司公告、彭博、海通国际图:营业收入按业务划分(图:营业收入按业务划分(FY3/22)图:营业收入按地域划分(图:营业收入按地域划分(FY3/22)高分子综合方案,32.9%高性能橡胶/基础建设综合方案,27.8%电子/尖端产品,23.4%生活创新,12.0%其他,3.9%日本,57.2%亚洲,26.4%其他地区,16.4%32 公司电子/尖端产品部门2022年3月财年营收902亿日元,同比上一财年增长了15.9%;营业利润187亿日元,同比上一财年增长31.3%,主要原因是2022年10月份
32、之前公司相关产品供不应求,尽管能源价格上涨幅度较大,公司成功的转移了成本上涨的压力。公司该业务板块营收2017-2022的年均复合增长率为14.3%,营业利润的年均复合增长率约21.4%,成长性较好。3.1.1 电化:全球硅微粉龙头企业电化:全球硅微粉龙头企业数据来源:公司公告、彭博、海通国际图图:电子:电子/尖端产品部门营业收入及增长率尖端产品部门营业收入及增长率图:电子图:电子/尖端产品部门营尖端产品部门营业利润及营业利润率业利润及营业利润率0%5%10%15%20%25%30%35%40%020406080100FY3/17FY3/18FY3/19FY3/20FY3/21FY3/22营业
33、收入(十亿日元)YoY0%5%10%15%20%25%05101520FY3/17FY3/18FY3/19FY3/20FY3/21FY3/22营业利润(十亿日元)OPM33 公司在球形硅微粉业务的未来战略方向主要有两个:其一是聚焦半导体等高端市场,切实扩大公司产品在该领域中的应用。随着半导体制程的进步,半导体行业对硅微粉的纯度等要求也越来越高。公司目前正致力于开发新技术,以紧跟行业需求。其二是扩大产能。尽管近期需求有所减弱,但公司前年以及去年上半年,产品一直处于供不应求的状态。公司产能虽然一直在满负荷运转,但仍无法满足市场需求,因此丧失了进一步扩大市场份额的机会,公司未来想避免这种情况的再次发
34、生。其三是公司拟紧跟市场发展方向,不断推出新产品。公司已经开始制作并同客户一起评估5G、6G所需的新产品。3.1.1 电化:全球硅微粉龙头企业电化:全球硅微粉龙头企业数据来源:公司公告、海通国际表表:电化电子:电化电子/尖端产品业尖端产品业务务SWOT分析分析图图:电化球状填料的历程:电化球状填料的历程描述优势(S)通过丰富的产品线,满足客户多样化的需求;较高产品市场份额所带来的信息优势;高温控制技术、氮化技术、球状化技术、烧制技术等各方面的关键技术劣势(W)市场技术扩大带来的设备投资负担的增加机会(O)IoT和自动驾驶等通信领域对重要性和高速性不断提升的要求;xEV化等国家环保政策所带来的新
35、商业机会威胁(T)新材料所带来的市场洗牌的可能性;环保政策等因素导致的技术开发趋势的大转换;以新兴国企业为首的竞争对手的增加34 联瑞新材(688300.SH)前身硅微粉厂成立于1984年,经三十多年的发展成为国内领先的硅微粉企业。公司产品作为一种性能优异的功能性陶瓷粉体填料,具有高纯度、高填充、高耐热、高绝缘、低线性膨胀系数、导热性好、介电损耗(Df)低等优良特性,产品应用于电子电路基板、芯片封装材料、新型绝缘制品、导热界面材料、胶粘剂、蜂窝陶瓷等行业。2022年公司营业收入为6.62亿元,同比增长6%;净利润1.88亿元,同比增长9%。3.1.2 联瑞新材:深耕硅微粉行业,持续扩产强化竞争
36、联瑞新材:深耕硅微粉行业,持续扩产强化竞争优势优势数据来源:公司公告、海通国际图图:营收及增长率营收及增长率图图:净利润及增长率:净利润及增长率0%10%20%30%40%50%60%00500600700200212022年收入(百万元,左轴)同比增长(%,右轴)0%10%20%30%40%50%60%0500212022归母净利润(百万元,左轴)同比增长(%,右轴)35 球形硅微粉盈利占比持续提升。从收入结构来看,球形硅微粉2019-2022年收入分别为0.90、1.45、3、3.54亿元,营业收入占比
37、从28.69%增长至53.49%;从毛利的结构看,球形硅微粉2019-2022年毛利分别为0.40、0.66、1.24、1.52亿元,毛利占比从27.64%增长至58.76%。3.1.2 联联瑞新材:深耕硅微粉行业,持续扩产强化竞争瑞新材:深耕硅微粉行业,持续扩产强化竞争优势优势数据来源:海通国际整理图:营业收入按产品划分(图:营业收入按产品划分(2018-2022年年)图:毛利润按产品划分(图:毛利润按产品划分(2018-2022年年)0%10%20%30%40%50%60%70%80%00.511.522.533.54200212022角形硅微粉(亿元,左轴)球形硅微
38、粉(亿元,左轴)其他产品(亿元,左轴)角形硅微粉占比(%,右轴)球形硅微粉占比(%,右轴)其他产品占比(%,右轴)00.511.522.53200212022角形硅微粉(亿元)球形硅微粉(亿元)其他产品(亿元)36 公司布局高端球形硅微粉产品,快速扩张球形产品产能。公司应用于高频高速覆铜板需求的降低Df值的系列球形硅微粉、高端芯片封装需求的Low球形硅微粉、高导热环氧塑封料需求的Low球形氧化铝等产品销量持续提升。2022年全资子公司电子级新型功能性材料项目产线顺利运行、年产15000吨高端芯片封装用球形粉体生产线建设项目于2022年四季度顺利调试。3.1.2 联瑞新材联
39、瑞新材:深耕硅微粉行业,持续扩产强化竞争优势:深耕硅微粉行业,持续扩产强化竞争优势数据来源:海通国际整理项目投资总额主要产品硅微粉基地建设项目1.1亿元7200电子级新型功能性材料项目2.3亿元生产球形氧化铝及液态填料9500吨/年年产15000 吨高端芯片封装用球形 粉体生产线 建设项目2.3亿元1500037 飞凯材料(300398)成立于2002年,公司主要从事电子化工材料的研发、生产和销售。公司四大主营产品分属屏幕显示材料、半导体材料、紫外固化材料以及有机合成材料四个应用领域。公司2017年收购昆山兴凯(长兴电子材料)60%股权。2022年飞凯材料的营业收入为29.07亿元,同比增长1
40、0.65%;净利润4.35亿元,同比增长12.62%。3.1.3 飞凯材料飞凯材料:收购长兴电子材料进军半导体封装材料领域:收购长兴电子材料进军半导体封装材料领域数据来源:公司公告、海通国际图图:2018-2022年公司年公司营收及增长率营收及增长率图图:2018-2022年公司净利润及增长率年公司净利润及增长率0%10%20%30%40%50%60%70%80%90%05001,0001,5002,0002,5003,0003,500200212022年收入(百万元,左轴)同比增长(%,右轴)-50%0%50%100%150%200%250%300%0501001502
41、00250300350400450500200212022净利润(百万元,左轴)同比增长(%,右轴)38 昆山兴凯长期致力于开发中高端器件及IC封装所需的材料,主要专业生产应用于半导体器件、集成电路等封装所需的环氧塑封料,可提供标准型、低应力型和高导热型等系列产品。2019-2022年昆山兴凯分别实现营业收入1.08、1.49、2.33、2.07亿元,同比增长2.75%、38.32%、56.62%、-11%;实现净利润208、862、2041、859万元,同比增长33%、314%、137%、-57.91%、。3.1.3 飞凯材料飞凯材料:收购长兴电子材料进军半导体封装材料
42、领域:收购长兴电子材料进军半导体封装材料领域数据来源:公司公告、海通国际图图:昆山兴凯净利润及增长率:昆山兴凯净利润及增长率图图:昆山兴凯营业收入及增长率:昆山兴凯营业收入及增长率-20%-10%0%10%20%30%40%50%60%70%0500200212022营业收入(百万元,左轴)同比增长(%,右轴)-100%-50%0%50%100%150%200%250%300%350%05820022归母净利润(百万元,左轴)同比增长(%,右轴)39 雅克科技(002409)成立于1997年,公司产品主要包
43、括电子材料、LNG保温绝热板材和阻燃剂。2016年12月,公司完成收购华飞电子100%股权,华飞电子主要从事电子封装用二氧化硅填料的生产、销售。2022年Q1-3公司实现营业收入31.67亿元,同比增长17.63%;实现净利润4.63亿元,同比增长18.88%。3.1.3 雅克科技雅克科技:收购华飞电子布局半导体封装用硅微粉产品:收购华飞电子布局半导体封装用硅微粉产品数据来源:公司公告、海通国际图:雅克科技图:雅克科技营收及增长率营收及增长率图:雅克科技净利润及增长率图:雅克科技净利润及增长率-50%0%50%100%150%200%250%300%350%0050020
44、0212022Q1-3归母净利润(百万元,左轴)同比增长(%,右轴)0%10%20%30%40%50%60%70%0500025003000350040002018年2019年2020年2021年2022年Q1-3年收入(百万元,左轴)同比增长(%,右轴)40 华飞电子是国内领先的球形硅微粉生产商,华飞电子球形硅微粉主要销售给如住友电木、台湾义典、日立化成、德国汉高、松下电工等全球领先的塑封料生产企业。2021年华飞电子实现营业收入2.32亿元,同比增长30.50%;实现净利润0.41亿元,同比增长41.37%。3.1.3 雅克科技雅克科技:收购华飞
45、电子布局半导体封装用硅微粉:收购华飞电子布局半导体封装用硅微粉产品产品数据来源:公司公告、海通国际图图:华飞电子:华飞电子营收及增长率营收及增长率图图:华飞电子净利润及增长率:华飞电子净利润及增长率-5%0%5%10%15%20%25%30%35%050020021年收入(百万元,左轴)同比增长(%,右轴)-10%0%10%20%30%40%50%055404520021归母净利润(百万元,左轴)同比增长(%,右轴)APPENDIX 141 Silica powder is a versatile clas
46、s of inorganic non-metallic materials.Silica powder is a micron-sized powder obtained by physically or chemically crushing high-purity quartz ore,withparticle size generally ranging from 1 to 100 microns.Silicon powder has excellent dielectric properties,low coefficient of thermal expansion,high the
47、rmal conductivity,high chemicalstability,high temperature resistance,high hardness,etc.Therefore,it is widely used in semiconductor,electronics,chemical and pharmaceutical fields.Spherical silica powder are mostly used in high-end fields.Silica powder are generally classified into angular silica pow
48、der and spherical silica powder according to their particlemorphology,and angular silica powder are often classified into crystalline silica powder and fused silica powder according to their crystallization characteristics,and spherical silicapowder are usually further prepared on the basis of these
49、 two types of angular silica powder by flame balling and other methods.Compared with angular silica powder,spherical silicapowder have better fluidity,higher filling in resin,lower internal stress,dimensional stability,lower coefficient of thermal expansion,and higher packing density and more unifor
50、m stressdistribution,as well as reduced wear and tear on equipment and molds during the manufacturing of related products,thus gaining rapid application in high-end fields with higherperformance requirements.High sphericity,high purity and ultra-fine are the future direction of spherical silica powd
51、er.The higher the sphericity,the better the fluidity and dispersion of the powder,the moreuniform the distribution in the resin,and the less the wear and tear on the mold.High purity is the most basic requirement for materials in electronic products,and the requirements inultra-large scale integrate
52、d circuits are even more stringent.In addition to the low content of conventional impurity elements,it is also required that the content of radioactive elementsbe as low or absent as possible,otherwise the transmission speed and quality of electrical signals will be negatively affected.The thermal c
53、onductivity of spherical silicon powder is not asgood as crystalline silicon powder,and the heat dissipation performance of ultra-large-scale integrated circuits is high due to the huge heat generation,and the ultra-fine siliconmicronized powder can partially solve this problem due to better thermal
54、 conductivity.The global silicon powder market is expected to reach$5.3 billion by 2027.With the growing demand for electronic components due to the growth of electric vehicles and data centers,weexpect the global silicon powder market to reach$5.3billion in 2027,growing at a CAGR of approximately 5
55、.1%.Demand for silicon powder is expected to benefit from the rise of ChatGPT,which requires a large amount of computing power and storage space for deployment and training,resulting ina large demand for logic chips and storage chips,especially for advanced process chips.As an important upstream raw
56、 material in the semiconductor industry,silicon powder,especiallythe high-end spherical silicon powder suitable for advanced process packaging,is expected to benefit.Key companies.International companies still occupy a major position in the high-end silicon powder market,its market share and technol
57、ogy are more advanced,is now closely followingthe needs of the downstream industry,and continue to develop new technologies and new products.We recommend to focus on Denka.For Chinese companies,we recommend to focuson Novoray Corporation,Phichem Corporation,and Jiangsu Yoke Technology.Risks.Growth r
58、ate of data center is less than expected;time of semiconductor cyclical downturn is longer than expected;Ggrowth rate of electronics for EV is less than expected.APPENDIX 2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 Japan K.K
59、.(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 DISCLOSURESThis 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 Private Li
60、mited(“HSIPL”),Haitong International Japan K.K.(“HTIJKK”),Haitong International Securities Company Limited(“HTISCL”),and anyother members within the Haitong International Securities Group of Companies(“HTISG”),each authorized to engage in securities activities in its respectivejurisdiction.HTIRL分析师认
61、证分析师认证Analyst Certification:我,刘威,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,Wei Liu,certify that(i)the views expressed in this research report accurately reflect my personal views about any or all of the su
62、bject companies orissuers 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 viewsexpressed in this research report;and that I(including members of my household)have no financial interest in the security
63、or securities of the subject companiesdiscussed.我,Andy Guo,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,Andy Guo,certify that(i)the views expressed in this research report accurately reflect my personal views
64、 about any or all of the subjectcompanies 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 recommendationsor views expressed in this research report;and that I(including members of my household)have no financia
65、l interest in the security or securities of the subjectcompanies discussed.42APPENDIX 2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 bank
66、ing and/or serve as a market maker or hold proprietary trading positions of certain stocks orcompanies in this research report.As far as this research report is concerned,the following are the disclosure matters related to such relationship(As the followingdisclosure does not ensure timeliness and c
67、ompleteness,please send an email to ERD-D if timely and comprehensive information is needed).43APPENDIX 2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
68、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指数:日本各地股票基准指数:日本 TOPIX,韩国韩国 KOSPI,台湾台湾 TAIEX,印度印度 Nifty100,美国美国 SP500;其他所有中国概念股其他所有中国概念股 MSCI China.Ratings Definitions(
69、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 shouldcarefully read the definitions of all ratings used in Haitong International Research.In addition,since Haitong International
70、 Research contains more completeinformation concerning the analysts views,investors should carefully read Haitong International Research,in its entirety,and not infer the contents from the ratingalone.In any case,ratings(or research)should not be used or relied upon as investment advice.An investors
71、 decision to buy or sell a stock should depend on individualcircumstances(such as the investors existing holdings)and other considerations.Analyst Stock RatingsOutperform:The stocks total return over the next 12-18 months is expected to exceed the return of its relevant broad market benchmark,as ind
72、icated 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.Forpurposes only of FINRA/NYSE ratings distribution rules,our Neutral rating falls into a hold rating category.Underperform:The
73、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 TOPIX,Korea KOSPI,Taiwan TAIEX,India Nifty100,US SP500;for all other China-conceptstocks MSCI Chin
74、a.44APPENDIX 2评级分布评级分布Rating Distribution45APPENDIX 2截至截至2022年年9月月30日日海通国际股票研究评级分布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(持有持有)海通国际股票研究覆盖率89.4%9.2%1.4%投资银行客户*5.5%6.8%4.5%*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此前的评级系统定义(直至直
75、至2020年年6月月30日日):买入买入,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:日本各地股票基准指数:日本 TOPIX,韩国韩国 KOSPI,台湾台湾 TAIEX,印度印度 Nifty100;其他所有中国概念股其他所有中国概念股 MSCI China.Haitong International Equity Research Rat
76、ings Distribution,as of Sep 30,2022OutperformNeutralUnderperform(hold)HTI Equity Research Coverage89.4%9.2%1.4%IB clients*5.5%6.8%4.5%*Percentage of investment banking clients in each rating category.BUY,Neutral,and SELL in the above distribution correspond to our current ratings of Outperform,Neutr
77、al,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 notincluded in the table above.Previous rating system definitions(until 30 Jun 2020):BUY:The stocks total return over
78、 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 market benchmark,as indicated below.For purposes only of FINRA/
79、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.Benchmarks for each stocks listed region are as follows:Japan TOPI
80、X,Korea KOSPI,Taiwan TAIEX,India Nifty100;for all other China-concept stocks MSCIChina.46APPENDIX 2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 Research:Haitong International publishes quantita
81、tive,screening or short reports which may rank stocks according to valuation andother 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 orfundamental values and are for information only.海通国际海通国际A股
82、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 Kong Stock Connect scheme withShanghai and Shenzhen.
83、Haitong Securities(HS;600837 CH),the ultimate parent company of HTISG based in Shanghai,covers and publishes research on these sameA-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 theHTI an
84、d 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 quant product that consists of 100 of the highest-quality A
85、-shares under coverage atHS 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-upresearch.The Q100 constituent companies are reviewed quarterly.47APPENDIX 2MSCI 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
86、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
87、责任。MSCI ESG Disclaimer:Although Haitong Internationals information providers,including without limitation,MSCI ESG Research LLC and its affiliates(the“ESGParties”),obtain information(the“Information”)from sources they consider reliable,none of the ESG Parties warrants or guarantees the originality,a
88、ccuracy and/orcompleteness,of any data herein and expressly disclaim all express or implied warranties,including those of merchantability and fitness for a particular purpose.TheInformation may only be used for your internal use,may not be reproduced or redisseminated in any form and may not be used
89、 as a basis for,or a component of,anyfinancial 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 buyor sell them.None of the ESG Parties shall have any liability for any errors or omissions in conne
90、ction 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.48APPENDIX 2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
91、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
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124、将对报告的内容负责。任何收到本研究报告的美国投资者,希望根据本研究报告提供的信息进行任何证券或相关金融工具买卖的交易,只能通过HTI USA。HTI USA位于340 Madison Avenue,12th Floor,New York,NY 10173,电话(212)351-6050。HTI USA是在美国于U.S.Securities and Exchange Commission(“SEC”)注册的经纪商,也是Financial Industry Regulatory Authority,Inc.(“FINRA”)的成员。HTIUSA不负责编写本研究报告,也不负责其中包含的分析。在任何情
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126、究报告中以美元以外的其他货币计价的任何证券或相关金融工具的投资或收益的价值受汇率波动的影响,可能对该等证券或相关金融工具的价值或收入产生正面或负面影响。美国收件人的所有问询请联系:Haitong International Securities(USA)Inc.340 Madison Avenue,12th FloorNew York,NY 10173联系人电话:(212)351 605053APPENDIX 2DISTRIBUTION AND REGIONAL NOTICESExcept as otherwise indicated below,any Recipient wishing t
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140、事项:中华人民共和国的通知事项:在中华人民共和国(下称“中国”,就本报告目的而言,不包括香港特别行政区、澳门特别行政区和台湾)只有根据适用的中国法律法规而收到该材料的人员方可使用该材料。并且根据相关法律法规,该材料中的信息并不构成“在中国从事生产、经营活动”。本文件在中国并不构成相关证券的公共发售或认购。无论根据法律规定或其他任何规定,在取得中国政府所有的批准或许可之前,任何法人或自然人均不得直接或间接地购买本材料中的任何证券或任何实益权益。接收本文件的人员须遵守上述限制性规定。加拿大投资者的通知事项:加拿大投资者的通知事项:在任何情况下该等材料均不得被解释为在任何加拿大的司法管辖区内出售证券
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143、nt 31-103第1.1节所规定的许可投资者(“Permitted Investor”)。新加坡投资者的通知事项:新加坡投资者的通知事项:本研究报告由Haitong International Securities(Singapore)Pte Ltd(“HTISSPL”)公司注册编号201311400G 于新加坡提供。HTISSPL是符合财务顾问法(第110章)(“FAA”)定义的豁免财务顾问,可(a)提供关于证券,集体投资计划的部分,交易所衍生品合约和场外衍生品合约的建议(b)发行或公布有关证券、交易所衍生品合约和场外衍生品合约的研究分析或研究报告。本研究报告仅提供给符合证券及期货法(第2
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