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 6 Dec 2022 住友电木住友电木 S

2、umitomo Bakelite(4203 JP)电动汽车行业将为公司提供下一个增长动力：交接覆盖 EV industry will provide the next growth driver for the company:Transferring Coverage 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￥4,295 目标价￥5,900 市值￥212.99bn/US$1.57bn 日交易额(3 个月均值)US$3.81mn 发行股票数目 49.59mn 自由流通股(%)61%1 年股价最高最低值￥6,

3、040-￥3,960 注：现价￥4,295 为 2022 年 12 月 5 日收盘价 资料来源：Factset 1mth 3mth 12mth 绝对值 6.8%1.7%-17.6%绝对值（美元）16.0%5.1%-31.3%相对 Topix 5.1%0.7%-17.0%Table_Profit (mn)Mar-22A Mar-23E Mar-24E Mar-25E 营业收入 263,114 290,000 300,000 322,850（+/-）26%10%3%8%营业利润 23,761 28,096 32,272 37,094（+/-）57%18%15%15%摊薄每股收益()372 484

4、556 641 每股派息()110 122 138 158 净资产收益率 8.1%9.5%10.1%10.8%市盈率 12 9 8 7 资料来源：公司信息,HTI （本报告为 2022 年 12 月 6 日发布的英文报告的翻译版。以原版为准。）事件事件 我们交接覆盖了住友电木，将目标价格从 3600 日元提升至 5900 日元，维持“优于大市”评级。2022 年 3 月财年，公司实现营业收入 2631 亿日元，同比增长25.9%；营业利润 238 亿日元，同比增长 57%。根据公司对 FY3/23的业绩指引，公司预计 FY3/23 将实现营业收入 2900 亿日元，同比增长 10.2%；营业利

5、润 285 亿日元，同比增长 19.9%。点评点评 住友电木在众多细分市场中居于领先地位，并在近年不断对其市场地位进行巩固。公司业务主要分为三个板块：半导体材料、高性能塑料和医疗器械产品。在半导体材料业务方面，公司是全球最大的环氧塑封料生产商，约占全球 40%市场份额。在医疗器械业务方面，公司采血相关产品（如采血袋和采血针）约占日本市场 40%的份额，其推出式药品的包装材料约占日本市场 70%的份额。在半导体材料业务上，随着电脑、智能手机等消费电子产品整体市场需求的下降，公司半导体材料业务的收入增速有所降低，但公司拟围绕三款战略产品扩大汽车相关业务的收入。随着公司来自汽车相关业务的营收的增长，

6、我们认为半导体周期下行对公司的负面影响将较以前有所减弱。在生活质量产品业务方面，公司在努力扩大销售额的同时不断提升相关产品的利润率。我们认为公司的营业利润在未来几年将保持增长。估值估值 我们预计住友电木 FY3/23-FY3/25 的 EPS 分别为 484 日元、556 日元、641 日元。根据 DCF 估值，我们将公司目标价上移至 5900 日元，对应 FY3/25 的 P/E 为 9.2 倍，维持“优于大市”评级。风险风险 汽车相关业务收入增长不及预期；公司在汽车领域的业务扩张不及预期；医疗设备业务表现不及预期。Table_Author 刘威刘威 Wei Liu Xiangyu Guo

7、708090100110Price ReturnTopixDec-21Apr-22Aug-22Volume 6 Dec 2022 2 Table_header1 住友电木(4203 JP)维持优于大市维持优于大市 业务板块分析业务板块分析 半导体材料半导体材料 公司半导体材料业务的主要产品为环氧塑封料，是一种半导体封装材料，主要用于保护半导体和电子产品免受光、热、灰尘、物理冲击等影响，也可用作绝缘体。作为制造半导体元件的必需品，环氧塑封料近年来增长迅速。公司是全球环氧塑封料的领军企业，其份额约占全球市场的 40%。受益于近年半导体行业的高速增长，公司半导体材料业务近年也增长迅速。按应用终端市场

8、细分，公司该业务领域约 50%的收入来自智能手机和电脑等消费电子产品，30%来自于汽车，20%收入来自其他领域。公司半导体材料业务的营收对于消费电子的依赖依然较为严重。半导体材料业务 FY3/22 的销售额占公司总销售额的 29%，而营业利润则占到了公司总营业利润的 55%，是公司营业利润率最高的业务。该业务 FY3/22 营业收入同比增长 32.3%至 758 亿日元，营业利润同比增长 74.9%至 165 亿日元，利润率提高 5.3 个百分点至 21.8%。高速增长的主要原因是下游市场对半导体组件的需求，尤其是来自于汽车领域需求的不断增长。然而，最近一个季度的财务数据显示，该业务的增速已经

9、有所放缓。FY3/23 第二季度，该业务销售额同比增长 8.1%，是过去七个季度以来增长率首次低于 10%；营业利润同比下降 2.8%，是七个季度以来增长率首次为负。业绩增长放缓的主要原因是智能手机和个人电脑需求的下降开始对公司该业务的表现产生负面影响。为了应对这种局面，公司计划围绕三种战略产品（用于固定电机的材料、用于 ECU 的直接封装材料、用于功率模组的材料）来扩展其在汽车相关业务领域的营收。此外，公司还计划开发用于汽车的下一代材料。我们对于公司向汽车行业拓展其业务相对乐观，主要有三个原因：首先，与传统燃油车相比，电动车需要更多的电子元件，电动汽车替代燃油汽车意味着汽车行业对电子元器件的

10、需求将比以往更高，这将导致对公司半导体封装材料需求的增加；其次，公司的封装材料相比传统铝材封装的电控单元具有更轻且价格更低的优势；第三，公司与全球主要汽车制造商有着良好的合作关系，汽车制造厂商对于公司产品的接受程度较高。因此，我们认为未来公司来自汽车行业收入的增加可以在一定程度上抵消消费电子产品需求下降带来的收入减少。高性能塑料高性能塑料 公司高性能塑料业务的主要产品包括工业树脂、热固性产品、飞机和汽车的模塑产品以及覆铜板。该业务销售的大多数产品都与酚醛树脂有关，住友电木是日本第一家生产酚醛树脂的公司。按应用终端市场划分，公司该业务约 50%收入来自汽车，30%收入来自电子产品，10%来自飞机

11、，10%来自其他，汽车行业的表现对公司该业务的影响最大。公司高性能塑料业务的销售额占公司 FY3/22 总销售额的 35%，营业利润占公司总体营业利润的 20%。2022 年 3 月财年，公司该业务的销售额同比增长 27.1%至 922 亿日元，营业利润同比增长 70.0%至 59 亿日元，营业利润率利润率提高 1.6 个百分点至 6.4%。增长的主要原因为中国 2021 年新冠疫情缓和带来的汽车行业的复苏。然而，由于 2022 年新冠疫情在中国的重新传播，公司该业务的表现在最近一个季度再次恶化。FY3/23 第二季度，该业务销售额同比增长 12.2%，环比下降 3.8%，营业利润则跌至 0。

12、3ZdYpWoU9YoWmP7NbPbRsQmMoMoMiNoPoMiNqQpQbRnNxOvPmPnRxNqMnM 6 Dec 2022 3 Table_header1 住友电木(4203 JP)维持优于大市维持优于大市 我们认为目前可能是公司高性能塑料业务最低迷的时刻，对公司该业务的未来表现我们并不悲观，主要原因有三个：首先，随着新冠疫情以及半导体元件短缺问题的缓和，我们认为未来汽车行业的稳步复苏是大概率事件，此外，电动汽车普及率的提高也将为汽车行业带来额外的增量；其次，住友电木多年来与主要汽车制造商保持着良好的合作关系，公司在该领域失去市场份额的风险很低。随着汽车行业的复苏，汽车制造商对

13、公司产品的需求也将增加；第三，该领域过去六个财年的平均利润率为6.75%，而今年上半年的利润率仅为 2.36%，公司目前正努力通过成本管理提高盈利能力，并通过提价来转移成本压力。随着对公司产品的需求增加以及公司不断努力提高利润率，我们相信该领域的营业利润将恢复增长。生活质量产品生活质量产品 公司在生活质量产品业务共有四个子板块：医疗器械、板材/内部产品、薄膜和片材以及防水相关产品。医疗器械产品组合包括采血套件、生物相关产品、微创手术器械等。公司目前在日本采血套件相关的医疗器械市场占有率达 40%。薄膜及片材板块产品包括推出式药物包装材料、食品保鲜膜等，公司目前在日本推出式药物包装材料市场占中占

14、有 70%份额。公司该领域的销售额占公司 FY3/22 总销售额的 36%，营业利润占 25%。2022 年 3 月财年，公司该业务销售额同比增长 20.2%至 944 亿日元，营业收入同比增长 12.3%至 74 亿日元人民币，营业利润率下降 0.6 个百分点至 7.9%。FY3/23 第二季度，公司该业务销售额增长 7.2%至 260 亿日元，营业利润增长 14.9%至 24 亿日元，营业利润率提高 0.9 个百分点至 9.2%。我们相信公司该业务的营业收入会稳步增长，利润率也会逐渐提升，原因主要有三个：首先，公司在 2020 年 10 月收购日本医疗器械公司 Kawasumi labor

15、atories（现“SB-Kawasumi”）后，将其销售额从 100 亿日元增长到 300 亿日元。下一步，公司计划提升将其销售额扩大至 400 亿日元，并提升其营业利润率至 15%。随着收购的协同效应逐渐显现，我们认为公司可以实现这一目标；第二，虽然公司去年该业务的营业利润率有所下降，但我们发现公司过去六个财年的利润率的趋势是总体向上的，这意味着公司为提高盈利能力所做的努力正在取得成果；第三，随着老龄化社会的到来，未来市场对药品的需求将会上升，由于公司在推出式药物包装材料市场中占有最大的份额，公司将从这一趋势中获益良多。6 Dec 2022 4 Table_header1 住友电木(420

16、3 JP)维持优于大市维持优于大市 公司各细分业务盈利预测公司各细分业务盈利预测 1对于半导体材料业务，我们认为公司未来收入增长将会减缓，由于半导体周期下行，预期公司未来该业务利润率也会有所下降；2对于高性能塑料业务，由于公司努力降低成本且新冠疫情逐渐缓解，我们相信公司在该领域的利润率未来将逐渐回升；3对于生活质量产品业务，基于公司战略布局及该领域发展的战略，我们认为公司未来销售收入将稳步增长，利润率会逐渐提升。住友电木：各细分业务收入及盈利预测（日元：十亿）住友电木：各细分业务收入及盈利预测（日元：十亿）FY3/21A FY3/22A FY3/23E FY3/24E FY3/25E 半导体材

17、料 营业收入 57 76 81 84 91 营收增长率-32.3%6.7%3.9%8.1%营业利润 9 17 17 17 17 营业利润率 16.5%21.8%20.9%19.7%18.6%高性能塑料 营业收入 73 92 107 112 122 营收增长率-27.1%15.8%5.1%8.5%营业利润 3 6 6 7 10 营业利润率 4.8%6.4%5.3%6.6%7.9%生活质量产品 营业收入 79 94 102 104 110 营收增长率-20.2%7.6%2.1%2.1%营业利润 7 7 10 11 13 营业利润率 8.4%7.9%9.7%10.9%11.7%调整 营业利润-4-6

18、-4-3-2 总计 营业收入 209 263 290 300 323 营收增长率-25.9%10.2%3.4%7.6%营业利润 15 24 28 32 37 营业利润率 7.2%9.0%9.7%10.8%11.5%来源:彭博,海通国际 6 Dec 2022 5 Table_header1 住友电木(4203 JP)维持优于大市维持优于大市 DCF 估计估计 我们预计在预测期内的营收增长率和营业利润率如下：1.FY3/23E/24E/25E 营业收入增长率分别为 10%/3%/8%；2.FY3/23E/24E/25E 营业利润率分别为 10%/11%/12%；3.我们认为住友电木可以保持运营效率

19、。基于公司 DCF 估值模型，我们将公司目标价提升至 5900 日元，对应 FY3/25 的 P/E 为9.2 倍，维持“优于大市”评级。DCF 估值估值(日元：百万日元：百万)FY3/23 FY3/24 FY3/25 FY3/26 FY3/27 FCF 12,598 27,089 22,739 23,700 18,594 FCF 折现值 11,327 21,899 16,528 15,489 159,477 永续增长率(%)3.6%WACC(%)11.2%业务价值 224,720 业务价值外资产 109,264 企业价值 333,984 有息债务 58,621 隐含流通市值 275,363

20、流通股 47.06 目标价(日元/股)5,900 来源:彭博,海通国际 6 Dec 2022 6 Table_header1 住友电木(4203 JP)维持优于大市维持优于大市 关键比率关键比率 FY3/22 FY3/23E FY3/24E FY3/25E 每股指标每股指标(日元日元)每股收益 372 484 556 641 每股账面净值 4883 5295 5713 6197 每股经营现金流 593 686 900 807 每股股利 110 122 138 158 估值比率估值比率 市盈率 12.00 9.00 8.00 7.00 市净率 0.91 0.82 0.78 0.72 市销率 0.

21、80 0.71 0.70 0.65 EV/EBITDA 4.31 3.51 2.82 2.29 股息支付率（%）24%25%25%24%盈利能力（盈利能力（%）毛利率 30.6%29.7%30.7%31.3%净利率 6.7%7.9%8.7%9.3%净资产收益率 8.1%9.5%10.1%10.8%总资产收益率 4.9%9.5%10.1%10.8%投入资本回报率 9.5%11.7%13.5%15.0%盈利增长（盈利增长（%）销售增长 25.9%10.2%3.4%7.6%EBIT 增长 57.0%18.2%14.9%14.9%净利润增长 71.5%30.0%14.9%15.3%偿债比率偿债比率 资

22、产负债率 37.4%36.4%35.6%34.6%流动比率 2.30 2.36 2.46 2.58 速动比率 1.78 1.86 1.98 2.09 现金比率 1.13 1.15 1.29 1.38 运营效率运营效率 应收账款周转天数 74 75 79 77 存货周转天数 90 90 90 88 总资产周转率 0.73 0.76 0.74 0.75 固定资产周转率 2.46 2.61 2.61 2.79 来源:彭博,海通国际 6 Dec 2022 7 Table_header1 住友电木(4203 JP)维持优于大市维持优于大市 利润表利润表 (日元：百万日元：百万)FY3/22 FY3/23

23、E FY3/24E FY3/25E 营业收入营业收入 263,114 290,000 300,000 322,850 销售成本-182,708-204,015-207,900-221,959 毛利润 80,406 85,985 92,100 100,891 销售及一般管理费用-56,795-57,889-59,828-63,797 营业利润营业利润 23,761 28,096 32,272 37,094 EBITDA 36,982 41,996 46,472 51,444 折旧和摊销 13,221 13,900 14,200 14,350 非经营性损益 993 608 669 853 税前净利

24、润税前净利润 24,754 28,704 32,941 37,947 税收-6,875-5,765-6,616-7,621 少数股东权益 361 160 160 160 净利润净利润 17,518 22,780 26,166 30,166 来源:彭博,海通国际 资产负债表资产负债表(日元：百万日元：百万)FY3/22 FY3/23E FY3/24E FY3/25E 现金及其等价物 109,264 116,310 138,125 156,237 存货 50,276 50,706 51,530 55,166 应收账款 56,127 63,558 65,571 70,758 流动资产流动资产 223

25、,291 238,251 263,167 290,707 固定资产 108,419 114,219 115,269 116,169 其他非流动资产 39,126 39,126 39,126 39,126 非流动资产非流动资产 147,545 153,345 154,395 155,295 总资产总资产 370,836 391,596 417,562 446,002 短期负债 35,154 35,343 36,562 39,346 应付账款 38,148 39,357 43,827 44,784 流动负债流动负债 97,110 100,832 107,125 112,811 长期负债 23,46

26、7 23,467 23,467 23,467 非流动负债 41,590 41,590 41,590 41,590 总负债总负债 138,700 142,422 148,715 154,401 普通股 72,280 72,280 72,280 72,280 其他股东权益 229,784 249,175 268,847 291,602 少数股东权益 2,352 -所有者权益所有者权益 232,136 249,175 268,847 291,602 负债及所有者权益负债及所有者权益 370,836 391,596 417,562 446,002 来源:彭博,海通国际 6 Dec 2022 8 Tab

27、le_header1 住友电木(4203 JP)维持优于大市维持优于大市 现金流量表现金流量表(日元：百万日元：百万)FY3/22 FY3/23E FY3/24E FY3/25E 营业利润 23,761 28,096 32,272 37,094 经营活动现金流经营活动现金流 27,920 32,298 42,339 37,989 投资活动现金流-10,468-19,700-15,250-15,250 融资活动现金流融资活动现金流-19,307-5,552-5,275-4,627 期初现金 103,224 109,264 116,310 138,125 本期现金产生数本期现金产生数 6,040

28、7,046 21,814 18,113 期末现金 109,264 116,310 138,125 156,237 自由现金流自由现金流 15,511 12,598 27,089 22,739 来源:彭博,海通国际 9 Table_APPENDIX Table_disclaimer 附录附录APPENDIX 重要信息披露重要信息披露 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司(HTIRL)，Haitong Securities India Private Limited(HSIPL)，Haitong International Japan K.K.(HTIJKK)和海通国际证券有

29、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 Private Limited(“HSIPL”),H

30、aitong 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.HTIRL分析师认证分析师认证Analyst

31、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 subject companie

32、s 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 the security or securitie

33、s of the subject companies discussed.我，Xiangyu 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,Xiangyu Guo,certify that(i)the views expressed in this research report accurately reflect my personal views abou

34、t any or all of the subject companies or issuers referred to in this research and(ii)no part of my compensation was,is or will be directly or indirectly related to the specific recommendations or views expressed in this research report;and that I(including members of my household)have no financial i

35、nterest in the security or securities of the subject companies discussed.利益冲突披露利益冲突披露Conflict of Interest Disclosures 海通国际及其某些关联公司可从事投资银行业务和/或对本研究中的特定股票或公司进行做市或持有自营头寸。就本研究报告而言，以下是有关该等关系的披露事项（以下披露不能保证及时无遗漏，如需了解及时全面信息，请发邮件至ERD-D）HTI and some of its affiliates may engage in investment banking and/or se

36、rve as a market maker or hold proprietary trading positions of certain stocks or companies in this research report.As far as this research report is concerned,the following are the disclosure matters related to such relationship(As the following disclosure does not ensure timeliness and completeness

37、,please send an email to ERD-D if timely and comprehensive information is needed).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

38、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 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

39、relative rating system using Outperform,Neutral,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

40、concerning the analysts views,investors should 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 dep

41、end on individual circumstances(such as the investors existing holdings)and other considerations.评级分布评级分布Rating Distribution 10 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 bel

42、ow.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 Neutral rating falls into a hold rating category.Underperform:The stocks to

43、tal 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-concept stocks MSCI China.截至截至20

44、22年年9月月30日海通国际股票研究评级分布日海通国际股票研究评级分布 优于大市优于大市 中性中性 弱于大市弱于大市 (持有)海通国际股票研究覆盖率 89.4%9.2%1.4%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（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

45、中性，未来12-18个月内预期相对基准指数变化不大，基准定义如下。根据FINRA/NYSE的评级分布规则，我们会将中性评级划入持有这一类别。卖出，未来12-18个月内预期相对基准指数跌幅在10%以上，基准定义如下 各地股票基准指数：日本 TOPIX,韩国 KOSPI,台湾 TAIEX,印度 Nifty100;其他所有中国概念股 MSCI China.Haitong International Equity Research Ratings Distribution,as of Sep 30,2022 Outperform Neutral Underperform (hold)HTI Equit

46、y Research Coverage 89.4%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,Neutral,and Underperform.For purposes only of FINRA/NYSE ratings distribution rules

47、,our Neutral rating falls into a hold rating category.Please note that stocks with an NR designation are not included in the table above.Previous rating system 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

48、 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 Neutral rating falls into a hold rating c

49、ategory.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 Nifty100;for all other China-concept stocks

50、MSCI China.海通国际非评级研究：海通国际非评级研究：海通国际发布计量、筛选或短篇报告，并在报告中根据估值和其他指标对股票进行排名，或者基于可能的估值倍数提出建议价格。这种排名或建议价格并非为了进行股票评级、提出目标价格或进行基本面估值，而仅供参考使用。Haitong International Non-Rated Research:Haitong International publishes quantitative,screening or short reports which may rank stocks according to valuation and other m

51、etrics or may suggest prices based on possible valuation multiples.Such rankings or suggested prices do not purport to be stock ratings or target prices or 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

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53、ai,covers and publishes research on these same A-Shares for distribution in mainland China.However,the rating system employed by HS differs from that used by HTI 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

54、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。11 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 th

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71、,this disclaimer shall be applied.重要免责声明：重要免责声明：非印度证券的研究报告非印度证券的研究报告：本报告由海通国际证券集团有限公司（“HTISGL”）的全资附属公司海通国际研究有限公司（“HTIRL”）发行，该公司是根据香港证券及期货条例（第571章）持有第4类受规管活动（就证券提供意见）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

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