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1、海外运动品牌季报深度梳理海外运动品牌季报深度梳理In-depth analysis of quarterly reports of overseas sports brands 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 for English translation of the disclaimer)Equi
2、ty Asia Research盛开盛开Kai Sheng 梁希梁希Xi Liang 周梦轩周梦轩Mengxuan Zhou Beiyu Ding 2022年年8月月25日日2主要结论主要结论For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 【行业行业】1、4月起美国月起美国CPI增速已超越整体零售额同比增速,同期居民储蓄额已
3、回落至增速已超越整体零售额同比增速,同期居民储蓄额已回落至19年年中至今最低值,我们年年中至今最低值,我们认为,过去认为,过去2年财政刺激带动的消费意愿或将持续降低年财政刺激带动的消费意愿或将持续降低2、服装、服装CPI增速低于整体和必选消费增速低于整体和必选消费CPI增速,优质品牌可通过提价消化的能力较强增速,优质品牌可通过提价消化的能力较强3、美国服装零售库销比仍未回到、美国服装零售库销比仍未回到17-19年中枢,判断下半年短期仍存补库存需求年中枢,判断下半年短期仍存补库存需求4、品牌服饰利润端压力除了通胀,还有航运和汇率负面影响,订单能见度或降低、品牌服饰利润端压力除了通胀,还有航运和汇
4、率负面影响,订单能见度或降低【公司公司】1、净利润增速压力明显大于收入增速净利润增速压力明显大于收入增速2、盈利指标中,毛利率下滑尤为显著盈利指标中,毛利率下滑尤为显著3、欧美地区增速仍较强,但亚太区承压欧美地区增速仍较强,但亚太区承压4、经销收入增速多高于经销收入增速多高于DTC增速增速5、受前期供应链紧缺影响,短期库存额大幅增加受前期供应链紧缺影响,短期库存额大幅增加【风险提示风险提示】全球零售环境疲软,数字化渠道整合不及预期,消费偏好变化全球零售环境疲软,数字化渠道整合不及预期,消费偏好变化3For full disclosure of risks,valuation methodolo
5、gies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 6月月CPI增速仍高于零售额整体增速增速仍高于零售额整体增速美国美国CPI增速持续走高增速持续走高,2022年年5月月、6月月CPI同比增速均攀升至同比增速均攀升至8%以上以上,同时值得注意的是同时值得注意的是,同期美国整体零售总额增速同期美国整体零售总额增速、食品饮食品饮料零售额增速已分别低于整体料零售额增速已分别低于整体CPI增速增速、食品饮料食品饮料CPI增速增速,
6、我们判断价格通胀压力对部分消费品类销售量产生明显影响我们判断价格通胀压力对部分消费品类销售量产生明显影响。服装方面服装方面,2022年年6月服装月服装CPI增速增速5.2%,环比环比4月月、5月表现有所回落月表现有所回落,服装零售额增速低于服装服装零售额增速低于服装CPI涨幅涨幅。图:零售额整体增速和整体图:零售额整体增速和整体CPI增速增速图:食品饮料零售增速和食品饮料图:食品饮料零售增速和食品饮料CPI增速增速图:服装、运动商品零售增速和服装图:服装、运动商品零售增速和服装CPI增速增速图:娱乐零售增速和娱乐图:娱乐零售增速和娱乐CPI增速增速资料来源:Wind,HTI4For full
7、disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 5月个人储蓄额明显回落,消费意愿或持续承压月个人储蓄额明显回落,消费意愿或持续承压图:图:美国个人消费支出、个人可支配收入、美国个人消费支出、个人可支配收入、个人储蓄的增速个人储蓄的增速图:图:美国个人消费支出、个人可支配收入、美国个人消费支出、个人可支配收入、个人储蓄(十亿美元)个人储蓄(十亿
8、美元)美国自美国自2020年年3月实行多轮财政刺激政策月实行多轮财政刺激政策,通过发放刺激支票和失业救济带动消费通过发放刺激支票和失业救济带动消费,个人储蓄额在个人储蓄额在20年年4月月和和21年年3月均达到阶段性高值月均达到阶段性高值,分别为分别为63925亿美元亿美元、57635亿美元亿美元,带动后期个人消费增速有所攀升带动后期个人消费增速有所攀升。截至截至2022年年5月月,美国个人储蓄额回落至美国个人储蓄额回落至10062亿美元亿美元,我们判断伴随价格通胀压力持续我们判断伴随价格通胀压力持续,居民可选消费意愿或居民可选消费意愿或将持续承压将持续承压。0500000
9、0025000Jan 19Mar 19May 19Jul 19Sep 19Nov 19Jan 20Mar 20May 20Jul 20Sep 20Nov 20Jan 21Mar 21May 21Jul 21Sep 21Nov 21Jan 22Mar 22May22个人消费支出个人可支配收入个人储蓄-25%-20%-15%-10%-5%0%5%10%15%20%25%-80%-60%-40%-20%0%20%40%60%80%Jan 19Mar 19May 19Jul 19Sep 19Nov 19Jan 20Mar 20May 20Jul 20Sep 20Nov 20Jan 21Mar 21Ma
10、y 21Jul 21Sep 21Nov 21Jan 22Mar 22May22个人储蓄增速(%,左轴)个人消费支出增速(%,左轴)个人可支配收入增速(%,右轴)资料来源:Wind,HTI5For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 美国服装零售库销比仍处低位美国服装零售库销比仍处低位2020年年3月疫情爆发后月疫情爆发后
11、,全球供应链供给持续收缩全球供应链供给持续收缩,截至截至22年年5月月,美国零售总计库销比美国零售总计库销比1.16,仍低于仍低于18-19年年1.2以上的中以上的中枢水平枢水平,同期美国日用品库销比已攀升至近同期美国日用品库销比已攀升至近5年新高年新高,美国食品饮料库销比亦趋近于近美国食品饮料库销比亦趋近于近5年历史峰值年历史峰值。服装方面服装方面,22年年5月月美国零售库销比为美国零售库销比为2.18,仍低于仍低于2017-2019年年2.43的中枢水平的中枢水平,判断短期服装补库存需求仍存判断短期服装补库存需求仍存。20年3-5月 库销比:4.7/18.4/6.1图:美国零售总计库销比图
12、:美国零售总计库销比0.00.51.01.52.0Jan 17May 17Sep 17Jan 18May 18Sep 18Jan 19May 19Sep 19Jan 20May 20Sep 20Jan 21May 21Sep 21Jan 22May220.00.51.01.5Jan 17May 17Sep 17Jan 18May 18Sep 18Jan 19May 19Sep 19Jan 20May 20Sep 20Jan 21May 21Sep 21Jan 22May220.05.010.015.020.0Jan 17May 17Sep 17Jan 18May 18Sep 18Jan 19M
13、ay 19Sep 19Jan 20May 20Sep 20Jan 21May 21Sep 21Jan 22May220.00.20.40.60.81.0Jan 17May 17Sep 17Jan 18May 18Sep 18Jan 19May 19Sep 19Jan 20May 20Sep 20Jan 21May 21Sep 21Jan 22May22图:美国食品饮料库销比图:美国食品饮料库销比图:美国服装零售库销比图:美国服装零售库销比图:美国日用品库销比图:美国日用品库销比资料来源:Wind,HTI6For full disclosure of risks,valuation method
14、ologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 利润增速压力大于收入增速利润增速压力大于收入增速表观增速看表观增速看,除除PUMA以外以外,最新季度各家公司利润增速均低于收入增速最新季度各家公司利润增速均低于收入增速,我们认为主要由于我们认为主要由于虽然优质品牌能通过相对顺畅的虽然优质品牌能通过相对顺畅的提价消化通胀压力提价消化通胀压力,以及加强渠道管理提升费用投入的效率以及加强渠道管理提升费用投入的效率,但航运
15、但航运、原材料成本以及汇率影响较大原材料成本以及汇率影响较大,各品牌大中华区均为盈各品牌大中华区均为盈利水平最高区域利水平最高区域,疫情对其影响也使得利润增速明显受挫疫情对其影响也使得利润增速明显受挫。2019Q12019Q22019Q32019Q42020Q12020Q22020Q32020Q42021Q12021Q22021Q32021Q42022Q12022Q2Adidas收入增速6.1%4.7%9.1%11.5%-19.2%-35.0%-7.0%-5.0%20.2%51.5%3.4%-0.1%0.6%10.2%净利润增速17.1%33.8%-1.9%54.2%-95.9%-159.6%
16、-10.7%-5.4%2050.4%228.4%70.6%35.3%-11.6%-24.1%Puma收入增速16.6%16.9%19.0%20.6%-1.5%-32.3%7.2%2.8%19.2%91.2%20.0%15.8%23.5%26.0%净利润增速40.1%59.7%29.7%55.0%-61.6%-293.2%13.0%38.8%201.7%150.9%26.6%-68.0%10.8%72.5%Deckers收入增速-1.6%10.5%8.0%7.4%-4.9%2.3%15.0%14.8%49.7%78.2%15.8%10.2%31.2%21.8%净利润增速16.3%-36.4%4.
17、6%2.7%-32.9%-58.8%30.5%26.8%107.9%703.6%0.5%-8.8%105.7%-6.8%Skechers收入增速2.1%10.9%15.1%23.1%-2.9%-42.1%-3.6%-0.4%15.5%127.8%19.2%24.4%26.8%12.4%净利润增速-7.6%66.0%13.6%25.7%-54.9%-190.6%-37.6%-10.4%133.2%-337.6%60.3%655.0%18.9%-34.4%VF集团集团收入增速6.0%6.3%5.4%4.9%-10.8%-47.5%-18.0%-5.8%22.8%103.8%22.6%22.0%9.
18、4%3.1%净利润增速-51.0%-69.3%28.0%0.3%-475.5%-681.6%-60.6%-25.4%118.5%213.7%80.8%49.1%-9.7%-82.7%表:海外运动品牌历史单季度收入和净利润增速表:海外运动品牌历史单季度收入和净利润增速资料来源:Wind,各家公司2019Q1-2022Q2财报,HTI7For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest fu
19、ll report on our website at 毛利率下滑尤为明显毛利率下滑尤为明显海外各运动品牌海外各运动品牌22Q2毛利率均有较大程度下滑毛利率均有较大程度下滑,我们认为负面影响主要来自航运成本和美元升值带来的汇率影响我们认为负面影响主要来自航运成本和美元升值带来的汇率影响。以以Deckers为例为例,其其FY23Q1毛利率同比下降毛利率同比下降3.6pct,其中航运成本影响其中航运成本影响2.6pct,汇率影响汇率影响0.5pct。但同时值得注意的是但同时值得注意的是,优优质品牌应对通胀压力仍顺畅提升质品牌应对通胀压力仍顺畅提升ASP,以以Skechers为例为例,其其22Q2经
20、销和经销和DTC渠道渠道ASP分别提升分别提升3.1%、5.3%,销售量增速销售量增速分别为分别为14.8%和持平和持平。表:海外运动品牌历史单季度毛利率和净利率表:海外运动品牌历史单季度毛利率和净利率2019Q12019Q22019Q32019Q42020Q12020Q22020Q32020Q42021Q12021Q22021Q32021Q42022Q12022Q2Adidas毛利率53.6%53.5%52.1%49.0%49.3%51.0%50.0%48.7%51.8%51.8%50.1%49.0%49.9%50.3%净利率10.8%9.7%10.1%2.9%0.5%-8.8%9.7%2.
21、8%10.5%8.0%17.1%4.1%9.2%5.5%Puma毛利率49.0%49.3%49.7%47.3%47.6%43.9%47.0%48.0%48.5%47.5%47.4%48.2%47.2%46.5%净利率7.2%4.1%6.8%1.2%2.8%-11.5%7.2%1.6%7.1%3.1%7.6%0.4%6.3%4.2%Deckers毛利率51.6%47.0%50.4%54.1%51.5%50.3%51.2%57.0%53.2%51.6%50.9%52.3%48.7%48.0%净利率6.1%-7.0%14.4%21.5%4.3%-2.8%16.3%23.7%6.0%9.5%14.1%
22、19.6%9.4%7.3%Skechers毛利率46.3%48.5%48.2%47.9%44.1%50.5%48.1%48.9%47.8%51.4%49.6%48.6%45.3%48.1%净利率8.5%6.0%7.6%4.5%4.0%-9.3%4.9%4.0%8.0%9.7%6.6%24.4%7.5%5.7%VF集团集团毛利率50.3%56.3%54.2%57.2%53.1%52.9%50.8%54.7%52.1%52.7%53.7%56.1%52.2%54.1%净利率4.0%2.4%20.4%14.7%-23.0%-26.5%9.8%11.7%3.5%14.8%14.5%14.3%2.9%2
23、.5%资料来源:Wind,各家公司2019Q1-2022Q2财报,HTI8For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 欧美地区增速仍较强欧美地区增速仍较强各品牌北美和各品牌北美和EMEA地区收入增速在非低基数情况下地区收入增速在非低基数情况下,最新季报仍基本均实现双位数增长最新季报仍基本均实现双位数增长,其中其中Adid
24、as北美和北美和EMEA地区增速分别为双位数增长地区增速分别为双位数增长、高个位数增长;高个位数增长;Puma22Q2美美洲和洲和EMEA地区收入增速分别为地区收入增速分别为39.2%、23.4%;Deckers美国收入增速美国收入增速14.4%;Skechers美洲收入增速美洲收入增速21%,VF旗下旗下The North Face在美洲和在美洲和EMEA地区均实现双位数增长地区均实现双位数增长。行业角度看行业角度看,美国运动品行业在去年高基数情况下美国运动品行业在去年高基数情况下2022年年4月和月和5月零售额增速仍表现出较强韧性月零售额增速仍表现出较强韧性,零售额增速分别为零售额增速分别
25、为-5.7%、-1.4%(21年年4月:月:125%、5月:月:30%),优质品牌优质品牌在通过自身品牌力和渠道管理能力持续跑赢行业在通过自身品牌力和渠道管理能力持续跑赢行业。其他地区看其他地区看,主要受大中华疫情影响主要受大中华疫情影响,各品牌各品牌APAC收入增速均明显承压收入增速均明显承压,但但Puma和和Skechers该地区收入仍实现正增长该地区收入仍实现正增长。表:海外运动品牌历史单季度分地区收入增速表:海外运动品牌历史单季度分地区收入增速2019Q12019Q22019Q32019Q42020Q12020Q22020Q32020Q42021Q12021Q22021Q32021Q4
26、2022Q12022Q2AdidasNorth America11.2%12.1%15.7%13.7%3.8%-37.1%-5.4%-4.5%-0.8%72.0%6.6%-1.1%21.2%36.5%Asia-Pacific15.2%8.5%10.4%15.9%-44.6%-16.0%-10.4%-0.6%0.1%58.1%-9.6%-7.8%-16.1%3.1%Europe-3.2%0.1%3.2%15.2%-8.1%-40.6%3.2%-7.4%Russia/CIS14.5%-3.9%19.7%15.5%13.2%-39.2%-6.0%-9.2%Latin America-12.7%-3.
27、1%19.0%6.5%-9.8%-71.7%-26.9%-14.3%-2.1%238.0%53.4%8.8%41.1%47.5%Emerging Markets7.0%11.9%18.1%18.3%-11.2%-61.6%-19.1%-6.6%大中华地区-58.0%0.0%-5.0%-15.0%151.1%-16.3%-11.0%-19.4%-28.4%-28.3%EMEA3.8%97.8%8.1%17.5%9.3%8.8%PumaEMEA4.4%8.0%10.2%24.8%3.3%-31.3%14.1%5.1%10.5%85.5%22.4%16.5%23.9%23.4%Americas19.
28、8%22.7%20.3%19.6%2.4%-45.1%9.7%-3.3%25.2%165.7%28.0%32.8%52.8%39.2%Asia/Pacific32.5%23.0%32.7%17.5%-11.5%-14.8%-6.1%8.3%24.6%27.2%3.9%-2.9%-12.5%4.1%DeckersAmerica1.2%18.1%14.9%12.7%-8.4%10.2%19.4%19.3%64.3%82.4%20.4%3.3%37.4%14.4%International-6.3%0.6%-3.2%-2.6%1.4%9.7%6.5%4.8%26.2%70.5%5.7%27.5%18
29、.2%36.4%SkechersAmericas7.0%165.6%28.4%15.0%30.5%20.9%EMEA-10.3%178.5%14.1%93.0%49.3%7.6%APAC71.9%60.8%8.9%14.4%4.4%0.2%China174.4%50.9%10.0%8.6%9.0%-19.6%VF集团集团Americas6.0%U.S.8.0%9.0%7.0%3.0%-10.0%-54.0%-21.0%-11.0%25.0%125.0%27.0%24.0%12.2%Americas(non-U.S.)13.0%5.0%11.0%9.0%-8.0%-71.0%-38.0%-17.
30、0%-15.0%175.0%29.0%27.0%17.0%EMEA-1.0%-5.0%-1.0%4.0%-7.0%-48.0%-16.0%1.0%11.0%126.0%19.0%26.0%15.1%10.1%APAC6.0%13.0%14.0%14.0%-23.0%-12.0%2.0%6.0%71.0%32.0%13.0%5.0%-11.4%-20.1%China14.0%21.0%20.0%30.0%-33.0%0.0%16.0%18.0%81.0%19.0%9.0%-6.0%资料来源:Wind,各家公司2019Q1-2022Q2财报,HTI9For full disclosure of r
31、isks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 亚太地区多承压,大中华区为主要原因亚太地区多承压,大中华区为主要原因图:近图:近3 3年年Adidas/SkechersAdidas/Skechers大中华收入占比大中华收入占比图:大中华区国产和海外品牌图:大中华区国产和海外品牌22Q222Q2收入收入/流水增速流水增速2020年疫情后年疫情后,除除Deckers外外,各品
32、牌各品牌APAC收入增速持续低于本土增速收入增速持续低于本土增速,使得收入占比近年亦有所下滑使得收入占比近年亦有所下滑,我们我们认为主要由于认为主要由于美国多轮财政刺激提振消费意愿和能力美国多轮财政刺激提振消费意愿和能力,海外防疫政策放宽使得线下客流回暖海外防疫政策放宽使得线下客流回暖、大型运动赛大型运动赛事回归事回归,从而推动运动消费走强从而推动运动消费走强。但值得注意的是但值得注意的是,虽大中华受疫情持续扰动虽大中华受疫情持续扰动,但国产品牌但国产品牌22Q2流水增速仍高流水增速仍高于同期海外品牌在大中华的表现于同期海外品牌在大中华的表现,我们认为我们认为2021年新疆棉事件有力推动国产消
33、费热情年新疆棉事件有力推动国产消费热情,但优质企业不断加深的但优质企业不断加深的品牌影响力品牌影响力,和不断加强的运营能力则是其延续这一事件红利的基石和不断加强的运营能力则是其延续这一事件红利的基石。中双位数低双位数负中单位数负高单位数-20%-28%-35%-30%-25%-20%-15%-10%-5%0%5%10%15%20%特步361安踏FILASkechersAdidas22Q2收入增速0%5%10%15%20%25%AdidasSkechers201920202021资料来源:Wind,各家公司2019Q1-2022Q2财报,HTI10For full disclosure of r
34、isks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 经销收入增速强于经销收入增速强于DTC渠道方面渠道方面,PUMA、VF、Deckers和和Skechers最新财季经销收入增速基本均高于最新财季经销收入增速基本均高于DTC收入增速收入增速,我们认为主要由于我们认为主要由于供应链紧张供应链紧张相对逐步缓解相对逐步缓解,经销商到货率增加经销商到货率增加,且仍存一定补库存需求且仍
35、存一定补库存需求,Nike与与Footlocker等头部渠道商合作减弱等头部渠道商合作减弱,也使得其他品牌有也使得其他品牌有机会获得更多优质渠资源机会获得更多优质渠资源,亚太地区拖累亚太地区拖累DTC增速增速,尤其疫情对大中华地区实体客流和电商产生较大负面影响尤其疫情对大中华地区实体客流和电商产生较大负面影响。表:海外运动品牌历史单季度分渠道收入增速表:海外运动品牌历史单季度分渠道收入增速2019Q12019Q22019Q32019Q42020Q12020Q22020Q32020Q42021Q12021Q22021Q32021Q42022Q12022Q2Adidas年度年度年度年度年度年度Wh
36、olesale-20.2%-26.2%4.5%12.5%-2.4%8.5%DTC18%24.1%4.1%31%-15.6%-0.8%6.6%13.2%E-com40%37%14%34%35%93%51%53%43%-14%8%4%2%13%own retailPumaWholesale13.8%14.5%15.0%-17.5%12.3%4.6%24.3%114.2%22.6%16.5%23.3%22.6%DTC21.5%21.3%22.0%-8.5%16.7%19.3%31.3%54.7%13.3%9.7%7.1%5.5%DeckersWholesale6.4%10.7%8.7%8.9%-2.
37、9%-27.1%1.8%6.2%41.4%140.3%20.7%7.3%37.6%24.7%DTC-11.8%10.0%5.1%5.6%-7.9%74.2%74.2%25.7%63.0%14.7%2.8%13.4%22.2%15.4%SkechersWholesale24.8%-9.1%-54.9%-10.9%-22.9%6.4%149.9%12.1%25.9%32.7%18.3%Wholesale dom-10.9%-3.8%5%Wholesale inter8.7%18.2%21.7%DTC14.4%13.3%19.40%19.7%-14.2%13.1%53.7%35.9%101.5%33
38、.1%22.8%15.7%4.3%VF集团集团Wholesale5.0%2.0%3.0%3.0%-11.0%-55.0%-19.0%-10.0%14.0%111.0%17.0%14.0%16.0%12.6%DTC8.0%14.0%11.0%7.0%-11.0%-37.0%-17.0%-2.0%36.0%97.0%32.0%30.0%1.1%-6.9%资料来源:Wind,各家公司2019Q1-2022Q2财报,HTI11For full disclosure of risks,valuation methodologies and target price formation on all HT
39、I rated stocks,please refer to the latest full report on our website at 短期运输拥挤导致库存大幅增加短期运输拥挤导致库存大幅增加我们认为主要由于我们认为主要由于21H1全球供应链紧张全球供应链紧张,供给端明显收缩供给端明显收缩,而需求端而需求端,财政刺激叠加健康意识进一步增强推动体育消费持续走强财政刺激叠加健康意识进一步增强推动体育消费持续走强,体育用品供不应求体育用品供不应求,使得企业库存额处于使得企业库存额处于低位低位,21H1 Adidas、VF集团库存额同比均有所下滑集团库存额同比均有所下滑,Puma、Decker
40、s、Skechers则同比仅中高则同比仅中高个位数个位数增长增长,货物运输仍紧张货物运输仍紧张,在途库存高速增长在途库存高速增长。我们判断我们判断补库存阶段逐补库存阶段逐步进入尾声步进入尾声,但短期企业仍有加大备货需求但短期企业仍有加大备货需求,面对供应链压力面对供应链压力,公司运营差异在于产品全程运输数据跟踪的效率公司运营差异在于产品全程运输数据跟踪的效率,以及相应上架产品组合调整的精准度以及相应上架产品组合调整的精准度。2017H120172018H120182019H120192020H120202021H120212022H1Adidas库存额(亿欧元)36.44 36.92 34.2
41、5 34.44 35.79 40.85 52.13 43.97 40.54 40.09 54.8库存同比增速3.7%-2.0%-6.0%-6.7%4.5%18.6%45.7%7.6%-22.2%-8.8%35.25%库存周转天数6364575757634Puma库存额(亿欧元)8.51 7.78 8.91 9.15 10.63 11.10 12.89 11.38 13.89 14.92 19.84 库存同比增速10.8%8.3%4.7%17.6%19.4%21.3%21.2%2.5%7.7%31.1%42.9%库存周转天数786974727674De
42、ckers库存额(亿美元)5.56 3.00 5.15 2.79 4.73 3.66 4.35 3.13 4.58 5.51 8.40 库存同比增速-3.8%0.4%-7.4%-7.0%-8.1%31.2%-8.1%-14.5%5.2%76.0%83.4%库存周转天数28623Skechers库存额(亿美元)6.70 8.73 8.22 8.63 8.56 10.70 10.28 10.17 10.57 14.71 15.64 库存同比增速13.4%24.6%22.8%-1.1%4.0%23.9%20.1%-5.0%2.9%44.7%47.9%库存周
43、转天数587762686577VF集团集团库存额(亿美元)17.13 17.05 19.94 18.66 16.65 15.65 14.03 10.76 12.17 12.87 23.41 库存同比增速2.70%19.65%16.40%9.44%-16.5%-16.1%-15.8%-31.2%-13.3%19.6%92.4%库存周转天数63 52 62 50 55 47 80 45 46 40 83 资料来源:Wind,各家公司2019Q1-2022Q2财报,HTI表:海外运动品牌历史库存情况表:海外运动品牌历史库存情况12For full disclosure of r
44、isks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 表现突出品牌表现突出品牌HOKA图:图:HOKAHOKA历史单季度收入增速历史单季度收入增速图:图:HOKAHOKA历史收入占比(历史收入占比(20172017-2022Q12022Q1)图:图:Deckers Deckers 历史广告费用率历史广告费用率HOKA FY23Q1收入规模收入规模3.3亿美元亿美元,同比高增同比
45、高增55%,其其FY19-22单季度基本均保持单季度基本均保持30%以上收入增速以上收入增速,显示强劲的成长势能显示强劲的成长势能,并于并于FY23Q1占到公司收入比重占到公司收入比重50%以上以上,成为最重要的第一增长曲线成为最重要的第一增长曲线。我们认为我们认为,HOKA作为高性能跑鞋品牌作为高性能跑鞋品牌,在国际地区在国际地区拓展上仍有较大空间拓展上仍有较大空间,也有望覆盖更大的客户群体也有望覆盖更大的客户群体,FY23Q1 HOKA国际业务受国际业务受EMEA地区带动地区带动,收入同比增长收入同比增长66%,同期品同期品牌牌DTC新客户同比增长新客户同比增长48%,留存客户同比增长留存
46、客户同比增长58%,其中其中18-34岁消费者增速领先岁消费者增速领先,发展动力强劲且均衡发展动力强劲且均衡。值得注意的是值得注意的是,公司近年广告和营销费用率逐步提高公司近年广告和营销费用率逐步提高,但仍低于包括但仍低于包括Adidas、Nike等在内的诸多运动品牌公司等在内的诸多运动品牌公司,我们认为我们认为,伴随伴随FLY HUMANFLY全球营销活动开启全球营销活动开启,公司成长动能将进一步提升公司成长动能将进一步提升。0%20%40%60%80%100%120%2019Q12019Q22019Q32019Q42020Q12020Q22020Q32020Q42021Q12021Q220
47、21Q32021Q42022Q12022Q2HOKA收入增速(%)8.1%11.0%16.5%22.4%28.3%53.7%0%10%20%30%40%50%60%FY18FY19FY20FY21FY22FY23Q1HOKA收入占比(%)6.1%5.9%5.9%6.8%7.4%8.1%0%5%10%15%FY2017FY2018FY2019FY2020FY2021FY2022Deckers广告和促销费用率资料来源:Wind,Deckers 2019Q1-2022Q2公司公告,HTI13For full disclosure of risks,valuation methodologies an
48、d target price formation on all HTI rated stocks,please refer to the latest full report on our website at 表现突出品牌表现突出品牌PUMAPUMA在在2021年就已年就已2次上调全年业绩预期次上调全年业绩预期,我们认为其品牌强劲势能并非一蹴而就我们认为其品牌强劲势能并非一蹴而就,主要原因包括主要原因包括2018年品牌宣布重回篮球领域后年品牌宣布重回篮球领域后,在同年签约在同年签约NBA前前16新秀中的新秀中的5名名,强势突围过去由强势突围过去由Nike和和Adidas主导的主导的NBA球星
49、赞助资源球星赞助资源。而而PUMA最具影响力的签约运动员之一最具影响力的签约运动员之一,LeMelo Ball亦亦在在2021年被选为年被选为NBA年度最年度最佳新秀佳新秀,并在并在2022年的下个赛季入选年的下个赛季入选NBA全明星东部替补阵容全明星东部替补阵容,篮球领域的再度破圈也促进了篮球领域的再度破圈也促进了PUMA美洲业绩的上涨美洲业绩的上涨,新疆棉事件影响下新疆棉事件影响下,PUMA大中华地大中华地区所受影响相对有限区所受影响相对有限,21H1大中华收入同比增长大中华收入同比增长16%。202020212022单位:百万欧元实际取得业绩实际取得业绩原始指引原始指引第一次上调第一次上
50、调第二次上调第二次上调实际取得业绩实际取得业绩原始指引原始指引第一次上调第一次上调Net Sales5234中双位数增长(货币调整后)至少增长20%(货币调整后)至少增长25%(货币调整后)6805(+31.7%)至少增长10%(货币调整后)中双位数增长(货币调整后)Gross Margin47%无指引无指引无指引47.9%无指引无指引OPEX2265无指引无指引无指引2725无指引无指引EBIT209显著改善-500-700NBA球星球星签约球队签约球队近年成就近年成就马文 巴格利(Marvin Bagley III)底特律活塞队2018年NBA
51、选秀中首轮第2顺位被萨克拉门托国王队选中,同年11月拿到个人职业生涯首个两双,2019年入选NBA新秀最佳阵容一阵,2022年被国王队交易至底特律活塞,同年7月以3年3750万美元续约活塞队。德安德烈 艾顿(DeAndre Ayton)菲尼克斯太阳队2018年NBA选秀中于首轮第一顺位被菲尼克斯太阳队选中,2019年入选最佳新秀第一阵容,2021年获得生涯第100场两双,生涯篮板总数突破2000,2022年以4年1.33亿续约太阳队。扎伊尔 史密斯(Zhaire Smith)2018年NBA选秀中首轮第16位被菲尼克斯太阳队选中,随机被交易至费城76人队,2020年被交易至底特律活塞队,同年被
52、活塞队裁员。小迈克尔 波特(Michael Porter Jr.)丹佛掘金队2018年NBA选秀中于首轮第14顺位被丹佛掘金队选中,2019年完成个人NBA职业生涯首次首发出场,2020年入选NBA最佳阵容二队,2021年与掘金达成5年2.07亿美元的顶薪续约合同。凯文 诺克斯(Kevin Knox)底特律活塞队2018年NBA选秀中于首轮第9顺位被纽约尼克斯队选中,同年成为史上第二位在20岁前单场常规赛得到至少25分和15篮板的NBA球员,2022年与活塞队达成为期2年总价为600万美元的合同。表:表:PumaPuma去年和今年业绩指引上调历程去年和今年业绩指引上调历程表:表:NBANBA篮
53、球资源(篮球资源(20182018年年 NBA top16NBA top16新秀中签约新秀中签约5 5名)名)资料来源:Puma官网,百度百科,球迷屋网站,HTI14For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 全年业绩指引梳理全年业绩指引梳理各家公司针对各家公司针对2022年年/FY2023财报指引财报指引,均做了不同程
54、均做了不同程度调整度调整,其中其中Adidas全面下调收入和利润预期全面下调收入和利润预期、Puma调增收入预期调增收入预期、Deckers调增调增HOKA收入和整体收入和整体EPS预期预期、Skechers调减调减EPS预期预期、VF集团调减毛利率集团调减毛利率、营业利营业利润率和润率和EPS预期预期。收入方面收入方面,北美运动消费需求仍稳定北美运动消费需求仍稳定,自身具备成长自身具备成长逻辑的品牌有能力保持高速增长逻辑的品牌有能力保持高速增长,而大中华区的恢复而大中华区的恢复是整体收入增速能进一步向上的重要基石是整体收入增速能进一步向上的重要基石。利润方面利润方面,我们认为各家全年利润增速
55、压力仍大于收我们认为各家全年利润增速压力仍大于收入端入端,主要原因为持续高企的航运成本主要原因为持续高企的航运成本、汇率负面影汇率负面影响响,以及全球宏观经济发展不确定性以及全球宏观经济发展不确定性。资料来源:WIND,各公司2019Q1-2022Q2财报,各公司官网,HTI15For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at
56、 投资建议投资建议品牌服饰:国内零售表现前期受疫情扰动品牌服饰:国内零售表现前期受疫情扰动,但国产运动品牌上半年流水增速仍明显高于国际品但国产运动品牌上半年流水增速仍明显高于国际品牌表现牌表现,伴随伴随22Q2业绩筑底业绩筑底,我们看好优质国产品牌持续提升市占率的发展趋势我们看好优质国产品牌持续提升市占率的发展趋势,建议关注李建议关注李宁宁、特步国际特步国际、安踏体育安踏体育、波司登波司登、比音勒芬比音勒芬。优质制造:从海外各家业绩指引看优质制造:从海外各家业绩指引看,Puma和和Deckers旗下旗下HOKA上调全年收入预期上调全年收入预期,Adidas上调上调北美收入预期北美收入预期,北美
57、运动消费需求仍稳定北美运动消费需求仍稳定,但考虑到利润端承压明显但考虑到利润端承压明显,短期订单能见度或降低短期订单能见度或降低,建议关注具备充分规模优势和较强品牌合作粘性的龙头企业华利集团建议关注具备充分规模优势和较强品牌合作粘性的龙头企业华利集团、申洲国际申洲国际,以及处细分以及处细分领域成长赛道的内衣制造商维珍妮领域成长赛道的内衣制造商维珍妮。16For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to th
58、e latest full report on our website at 风险提示风险提示全球零售环境疲软全球零售环境疲软数字化渠道整合不及预期数字化渠道整合不及预期消费偏好变化消费偏好变化APPENDIX 117SummaryIndustry1.Since April,the growth rate of the US CPI has surpassed the year-on-year growth rate of overall retail sales,and the household savings amount has fallen to the lowest level s
59、ince mid-2019.We believe that the consumption willingness driven by fiscal stimulus in the past two years may continue to decline.2.The growth rate of clothing CPI is lower than that of overall and compulsory consumption CPI,and high-quality brands have strong ability to digest through price increas
60、e.3.The retail stock-to-sales ratio of United States clothing has not returned to the center of 2017-2019.We believe that there exists short-term demand of inventory replenishment in the second half of the year.4.In addition to inflation,shipping and exchange rate will also have negative impacts on
61、the profit of brand clothing,and order visibility may be reduced.Company 1.The pressure of the growth of net profit is obviously greater than that of the growth rate of income.2.Among the profit indicators,the decline of gross profit rate is particularly significant.3.The growth rate in Europe and A
62、merica is still strong,but the Asia-Pacific region is under pressure.4.The growth rate of distribution income is much higher than that of DTC.5.Affected by the shortage of supply chain in the early stage,the short-term inventory has increased significantly RiskWeak global retail environment,lower-th
63、an-expected digital channel integration,consumer preferences changes.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.(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 D
64、ISCLOSURESThis research report is distributed by Haitong International,a global brand name for the equity research teams of Haitong International Research Limited(“HTIRL”),Haitong SecuritiesIndia Private Limited(“HSIPL”),Haitong International Japan K.K.(“HTIJKK”),Haitong International Securities Com
65、pany Limited(“HTISCL”),and any other members within the HaitongInternational Securities Group of Companies(“HTISG”),each authorized to engage in securities activities in its respective jurisdiction.HTIRL分析师认证分析师认证Analyst Certification:我,盛开,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
66、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,Kai Sheng,certify that(i)the views expressed in this researchreport 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 wa
67、s,is or will be directly or indirectly relatedto the specific recommendations or views expressed in this research report;and that I(including members of my household)have no financial interest in the security or securities of the subject companiesdiscussed.我,梁希,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
68、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,Xi Liang,certify that(i)the views expressed in this research reportaccurately reflect my personal views about any or all of the subject companies or issuers referred to in this research and(ii)no part
69、of my compensation was,is or will be directly or indirectly related to thespecific recommendations or views expressed in this research report;and that I(including members of my household)have no financial interest in the security or securities of the subject companiesdiscussed.我,周梦轩,在此保证(i)本研究报告中的意见
70、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,Mengxuan Zhou,certify that(i)the views expressed in thisresearch report accurately reflect my personal views about any or all of the subject companies or issuers referred to in th
71、is research and(ii)no part of my compensation was,is or will be directly orindirectly 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 the security or securities of thesubject companies discu
72、ssed.我,Beiyu Ding,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,Beiyu Ding,certify that(i)the views expressed in thisresearch report accurately reflect my personal views about any or all of the subject compani
73、es or issuers referred to in this research and(ii)no part of my compensation was,is or will be directly orindirectly 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 the security or securitie
74、s of thesubject companies discussed.18APPENDIX 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 banking and/or serve as a market maker or h
75、old 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 completeness,please send an email to ERD
76、-D if timely and comprehensive information is needed).19APPENDIX 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
77、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(from 1 Jul 2020):Haitong International
78、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 Research contains more completeinforma
79、tion 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 decision to buy or sell a stock should
80、 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 indicated below.Neutral:The stocks total r
81、eturn 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 stocks total return over the next 12-18
82、 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 China.20APPENDIX 2评级分布评级分布Rating Distributi
83、on21APPENDIX 2截至截至2022年年6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89.5%9.2%1.3%投资银行客户*5.9%5.6%5.0%*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
84、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 Ratings Distribution,as of Jun 30,2022Outp
85、erformNeutralUnderperform(hold)HTI Equity Research Coverage89.5%9.2%1.3%IB clients*5.9%5.6%5.0%*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 o
86、f 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 the next 12-18 months is expected to e
87、xceed 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 ratings distribution rules,our Neu
88、tral 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 TOPIX,Korea KOSPI,Taiwan TAIEX,India Nifty1
89、00;for all other China-concept stocks MSCIChina.22APPENDIX 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 quantitative,screening or short reports which m
90、ay 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(
91、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.Haitong Securities(HS;600837 CH),the ul
92、timate 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 and HS ratings for the same A-share stock
93、s.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-shares under coverage atHS in Shanghai
94、.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.23APPENDIX 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MSCI ESG Research LLC及其联属公司(ESG方)从其认为可靠
95、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)承担任何责任。MSCI ESG Disclaimer:Although Haitong
96、 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,accuracy and/orcompleteness,of any data
97、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 as a basis for,or a component of,anyfi
98、nancial 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 connection with any data herein,or any liabi
99、lity for any direct,indirect,special,punitive,consequential or any other damages(including lost profits)even if notified of the possibility of such damages.24APPENDIX 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
100、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,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
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111、KK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 IndiaPrivate 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(“HTIS
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131、事项:海通国际证券股份有限公司(“HTISCL”)负责分发该研究报告,HTISCL是在香港有权实施第1类受规管活动(从事证券交易)的持牌公司。该研究报告并不构成证券及期货条例(香港法例第571章)(以下简称“SFO”)所界定的要约邀请,证券要约或公众要约。本研究报告仅提供给SFO所界定的“专业投资者”。本研究报告未经过证券及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:美国投资者的通知事项:本研究报告由HTIRL,HSIPL或HTIJKK编写。HTIRL,HSIP
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152、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289章)第4A条项下规定的机构投资者。对于因本研究报告而产生的或与之相关的任何问题,本研究报告
153、的收件人应通过以下信息与HTISSPL联系:Haitong International Securities(Singapore)Pte.Ltd50 Raffles Place,#33-03 Singapore Land Tower,Singapore 048623电话:(65)6536 192031APPENDIX 2日本投资者的通知事项:日本投资者的通知事项:本研究报告由海通国际证券有限公司所发布,旨在分发给从事投资管理的金融服务提供商或注册金融机构(根据日本金融机构和交易法(“FIEL”)第61(1)条,第17-11(1)条的执行及相关条款)。英国及欧盟投资者的通知事项:英国及欧盟投资者
154、的通知事项:本报告由从事投资顾问的Haitong International Securities Company Limited所发布,本报告只面向有投资相关经验的专业客户发布。任何投资或与本报告相关的投资行为只面对此类专业客户。没有投资经验或相关投资经验的客户不得依赖本报告。Haitong International SecuritiesCompany Limited的分支机构的净长期或短期金融权益可能超过本研究报告中提及的实体已发行股本总额的0.5。特别提醒有些英文报告有可能此前已经通过中文或其它语言完成发布。澳大利亚投资者的通知事项:澳大利亚投资者的通知事项:Haitong Inter
155、national Securities(Singapore)Pte Ltd,Haitong International Securities Company Limited和Haitong InternationalSecurities(UK)Limited分别根据澳大利亚证券和投资委员会(以下简称“ASIC”)第03/1102、03/1103或03/1099号规章在澳大利亚分发本项研究,该等规章免除了根据2001年公司法在澳大利亚为批发客户提供金融服务时海通国际需持有澳大利亚金融服务许可的要求。ASIC的规章副本可在以下网站获取:www.legislation.gov.au。海通国际提供的金
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157、复制和再次分发。版权所有:海通国际证券集团有限公司2019年。保留所有权利。32APPENDIX 2Peoples Republic of China(PRC):In the PRC,the research report is directed for the sole use of those who receive the research report in accordance with theapplicable PRC laws and regulations.Further,the information on the research report does not cons
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