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 12 Dec 2022 理想汽车理想汽车

2、Li Auto(2015 HK)产品迭代业绩短期承压，启动下一代高压电驱动技术的自主产业链布局 Laying out the Independent Industrial Chain of Next-generation High-voltage Electric Drive Technology Despite of Short-term Pressure from Product Iteration Table_Info 维持优于大市维持优于大市Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$94.00 目标价 HK$106.51 HTI ESG

3、4.5-1.9-3.0 MSCI ESG 评级 AA 来源:MSCI ESG Research LLC.Reproduced by permission;no further distribution 市值 HK$162.50bn/US$20.88bn 日交易额(3 个月均值)US$102.62mn 发行股票数目 1,729mn 自由流通股(%)64%1 年股价最高最低值 HK$163.30-HK$53.55 注：现价 HK$94.00 为 2022 年 12 月 9 日收盘价 资料来源：Factset 1mth 3mth 12mth 绝对值 34.4%-7.7%-23.0%绝对值（美元）35

4、.5%-6.9%-22.8%相对 MSCI China 9.2%-9.6%2.3%Table_Profit (Rmb mn)Dec-21A Dec-22E Dec-23E Dec-24E 营业收入 27,010 45,756 99,201 177,552(+/-)186%69%117%79%净利润-321-2,025-139 841(+/-)n.m.n.m.n.m.705%全面摊薄 EPS(Rmb)-0.16-0.97-0.07 0.40 毛利率 21.3%19.4%21.9%23.1%净资产收益率-0.8%-3.9%-0.3%1.6%市盈率 n.m.n.m.n.m.208 资料来源：公司信息

5、,HTI (Please see APPENDIX 1 for English summary)产品迭代产品迭代业绩短期承压业绩短期承压，四季度四季度有望重回增长快车道有望重回增长快车道。三季度理想汽车迎来理想 ONE 老款车型换代，单价更高的理想 L9 开启交付的产品迭代调整期。受此影响，单季汽车ASP显著提升，业绩有所拖累。公司 3Q22 汽车销售收入 90.5 亿人民币（下同），同比+22.5%，环比+6.6%；汽车 ASP 达 34.10 万元，较 Q2 环比大增 15.3%，得益于单价更高的理想 L9 销量快速攀升，L 系列增程式产品结构逐步完善。车辆毛利率 12%，同比-9.1pc

6、ts，环比-9.2pcts，下降主要因理想 ONE 退出产生的存货拨备及购买承诺损失影响。公司 3Q22 实现总营收 93.4 亿元，同比+20.2%，环比+7%；毛利率 12.7%，同比-10.6pcts，环比-8.8pcts。截至三季度末，公司现金储备达 558.3 亿元，经营现金流量 5.08 亿元。随着L9 逐步放量，理想 ONE 和 L8 顺利完成新老交替，我们认为公司四季度有望重回增长快车道。单季亏损源自销售成本及费用上升。单季亏损源自销售成本及费用上升。2Q22 Non-GAAP净亏损12.4亿元，同比+269.5%（3Q21 净亏损：3.36 亿元），由 2Q22 的1.83

7、亿元净亏损环比扩大，因单季销售成本及费用上升。公司3Q22 总 经 营费用 33.1 亿元，对应费 用率 35.4%，同比+10.8pcts，环比+2.7pcts。其中，公司研发投入维持增长态势，3Q22 研发费用为 18.0 亿元，对应费用率 16.8%，同比+5.4pcts，环比-0.7pcts，由于研发人员增加带来的薪酬增加，及公司新车型研发带来的费用；SG&A 费用 15.1 亿元，对应费用率 16.2%，同比+3.1pcts，环比+1.0pcts，主要由于雇员薪酬增加，及营销和推广活动的增加所致。2023 年理想汽车交付展望：年理想汽车交付展望：公司于三季度开启理想 L9 交付，在疫

8、情导致供应链扰动的行业背景下，为交付量企稳带来新动力。公司 3Q22 汽车交付 26,524 辆，同比增长 5.6%；9M22 累计汽车交付 86,927 辆，同比增长 57.3%。公司预计四季度车辆交付量为 45,000-48,000 辆，同比增长 27.8%-36.3%，对应 12 月交付量预计 19,914-22,914 辆。根据我们测算，明年理想 L7 开启交付并完成产能爬坡后，L9/8/7 稳态月交付均有望冲击 1 万辆的里程碑，叠加超快充纯电车型有望于年中上市，我们保守预计公司2022-23 年交付量为 13.4/28.4 万辆。半导体基地启动建设，超快充纯电车型产品力可期。半导体

9、基地启动建设，超快充纯电车型产品力可期。公司公告，公司功率半导体研发及生产基地于 3Q22 在江苏省苏州高新区正式启动建设。该半导体基地建设由理想汽车及湖南三安半导体共同出资组建的苏州斯科半导体公司打造。作为理想汽车自研核心部件的战略布局之一，该基地将专注于第三代半导体碳化硅车规功率模块的自主研发及生产，投产后将作为公司自研 800V 高压电驱动系统的核心部件。我们认为，在自研第三代半导体加持下，公司 800V 高压电驱系统的综合性能有望大幅提升，并将在未来超快充纯电车型上市后实现“增程电动+超高压纯电”双轮驱动，长期成长可期。Table_Author Barney Yao Oscar Wan

10、g 4070100130160Price ReturnMSCI ChinaDec-21Apr-22Aug-22Volume 12 Dec 2022 2 Table_header2 理想汽车(2015 HK)维持优于大市维持优于大市 盈利预测与投资评级：盈利预测与投资评级：随着疫情管控逐步放开，宏观经济有望复苏，利好明年理想新产品交付和产能潜力释放，而公司明年也将面对更多增程和超级混动玩家的竞争压力。综合来看，我们预计公司2022-24年营收为457.6/992.0/1,775.5亿人民币（下调 12%/13%/1%），给予公司 2023 年 2.0 x PS，对应合理目标价 106.51 港元

11、（按 1港元=0.8936 人民币，对应 2023 年 1.8x EV/Sales，包含定增后总股本值较前次估值向下修正 5%；上期目标价 152.06 港元，基于 2023 年 2.5x PS 和 1 港元=0.8663 人民币汇率假设），维持“优于大市”评级。风险提示：风险提示：核心供应链扰动风险，高压纯电技术研发及产品销售不及预期，宏观经济下行。ZV8VoXpVeXqUtQ6M8Q9PoMrRtRsQjMpOnPlOnMsR7NqQuNvPpMvNxNoPtP 12 Dec 2022 3 Table_header2 理想汽车(2015 HK)维持优于大市维持优于大市 表表 1 可比公司估

12、值表可比公司估值表 股票代码 公司名称 市值（十亿美元）营业收入（十亿美元）PS（倍）EV/Sales（倍）2021 2022E 2023E 2021 2022E 2023E 2022E 2023E TSLA.US 特斯拉 547.68 53.82 84.78 128.12 20.88 6.57 4.72 6.40 4.60 XPEV.US 小鹏汽车 12.31 3.02 4.25 7.60 36.08 2.48 1.37 1.59 0.88 NIO.US 蔚来 23.04 5.19 7.62 14.58 23.14 3.02 1.62 2.75 1.48 均值 26.70 4.02 2.57

13、 3.58 2.32 注：PS、EV/Sales 为 Bloomberg 一致预期 资料来源：WIND，Bloomberg，海通国际 图图 1 理想汽车车型销售预测理想汽车车型销售预测 资料来源：公司公告，海通国际预测 备注：带*车型预计 2023 年上市交付 图图 2 理想汽车单季度汽车营收及增速理想汽车单季度汽车营收及增速 资料来源：公司公告，海通国际 图图 3 理想汽车单季度汽车毛利及毛利率理想汽车单季度汽车毛利及毛利率 资料来源：公司公告，海通国际 图图 4 理想汽车季度交付情况理想汽车季度交付情况 资料来源：公司公告，海通国际 图图 5 理想汽车月交付情况理想汽车月交付情况 资料来源

14、：公司公告，海通国际 车型车型20201Q212Q213Q214Q2120211Q222Q223Q224Q22E2022E2023EONE32,62412,57917,57525,11635,22190,49131,71628,68716,4011,02177,825-L9-10,12328,28138,40493,000L8-17,64517,645109,800L7*-63,000Whale BEV*-18,000Total32,62412,57917,57525,11635,22190,49131,71628,68726,52446,947133,874283,800-40%-20%0%

15、20%40%60%80%0204060801001201Q212Q213Q214Q211Q222Q223Q22汽车营业收入（亿人民币，左轴）营收环比增速（右轴）0%5%10%15%20%25%30%05Q212Q213Q214Q211Q222Q223Q22汽车毛利（亿人民币，左轴）毛利率（右轴）12,579 17,575 25,116 35,221 31,716 28,687 26,524-20%-10%0%10%20%30%40%50%60%050000000250003000035000400001Q212Q213Q214Q211Q222Q223

16、Q22季度销量（辆，左轴）环比增速（右轴）-100%-50%0%50%100%150%200%250%300%350%020004000600080004000160002021/032021/042021/052021/062021/072021/082021/092021/102021/112021/122022/012022/022022/032022/042022/052022/062022/072022/082022/092022/102022/11当月销量（辆）同比(右轴)环比(右轴)12 Dec 2022 4 Table_header2 理想汽车(2015

17、HK)维持优于大市维持优于大市 图图 6 理想汽车单季度理想汽车单季度 ASP 资料来源：公司公告，海通国际 图图 7 理想汽车单季度研发投入情况理想汽车单季度研发投入情况 资料来源：公司公告，海通国际 27.5 27.9 29.4 29.5 29.3 29.6 34.1-20%-15%-10%-5%0%5%10%15%20%0551Q212Q213Q214Q211Q222Q223Q22理想汽车ASP（万元，左轴）ASP变动（右轴）0%5%10%15%20%25%30%051015201Q212Q213Q214Q211Q222Q223Q22研发投入（亿人民币，左轴）环比增

18、速（右轴）12 Dec 2022 5 Table_header2 理想汽车(2015 HK)维持优于大市维持优于大市 财务报表分析及预测财务报表分析及预测 Table_ForecastInfo 主要财务指标主要财务指标 2021 2022E 2023E 2024E 利润表（百万元）利润表（百万元）2021 2022E 2023E 2024E 营业收入 27,009.78 45,756.14 99,200.67 177,551.81 主营收入 27,009.78 45,756.14 99,200.67 177,551.81 增长率(%)185.62 69.41 116.80 78.98 主营成本

19、 21,248.33 36,894.87 77,478.54 136,535.57 总股本(百万股）2,038.12 2,084.58 2,084.58 2,084.58 毛利 5,761.45 8,861.27 21,722.13 41,016.24 归属母公司净利润-321.46-2,025.32-139.12 841.06 其他收入-净额 0.00 0.00 0.00 0.00 增长率(%)59.41-530.05 93.13 704.56 营业开支 6,778.77 11,553.43 23,212.96 41,369.57 EBIT-1,017.32-2,692.16-1,490.8

20、3-353.33 其中：销售费用 1,100.77 1,898.88 4,265.63 7,634.73 增长率(%)-326.33-164.63 44.62 76.30 管理费用 2,391.62 3,935.03 7,638.45 13,671.49 EPS(元/股)-0.16-0.97-0.07 0.40 研发费用 3,286.39 5,719.52 11,308.88 20,063.35 市盈率（P/E）n.m n.m n.m 208.19 经营利润-1,017.32-2,692.16-1,490.83-353.33 市净率（P/B）5.44 3.34 3.35 3.30 加：财务收入

21、 740.43 835.63 1,291.88 1,517.07 市销率（P/S）8.27 3.83 1.77 0.99 减：财务费用 63.24 259.67 266.61 349.80 加：权益性投资损益 0.00 0.00 0.00 0.00 每股净资产(元/股）20.15 25.16 25.09 25.49 其他非经营性损益 187.32 187.32 187.32 187.32 除所得税前利润-152.81-1,928.88-278.24 1,001.26 减：所得税 168.64 96.44-139.12 160.20 合并报表净利润-321.46-2,025.32-139.12

22、841.06 归属母公司净利润-321.46-2,025.32-139.12 841.06 资产负债表（百万元）资产负债表（百万元）2021 2022E 2023E 2024E 货币资金 27,854.22 43,062.78 50,568.94 64,383.44 应收账款及应收票据 120.54 206.29 360.57 573.91 存货 1,617.89 2,071.60 1,802.33 3,659.09 其它流动资产 2,638.84 3,889.27 5,952.04 8,877.59 流动资产合计 52,380.41 66,584.52 75,844.13 96,282.69

23、 长期股权投资 0.00 0.00 0.00 0.00 固定资产 4498.27 7119.04 7851.39 8813.91 无形资产 2812.95 3825.73 4455.56 5054.71 现金流量表（百万现金流量表（百万元）元）2021 2022E 2023E 2024E 其他非流动资产 2157.28 2202.61 2220.99 2244.79 净利润-321.46-2,025.32-139.12 841.06 非流动资产合计 9,468.50 13,147.38 14,527.94 16,113.41 少数股东损益 0.00 0.00 0.00 0.00 资产总计资产总

24、计 61,848.91 79,731.90 90,372.07 112,396.10 非现金支出 590.40 341.94 392.56 451.40 短期借款 37.04 1,037.04 1,667.64 2,137.20 非经营收益 1,455.52 72.35 79.29 162.48 应付票据及应付账款 9,376.05 14,427.09 20,007.81 34,606.41 营运资金变动 6,615.92 5,164.73 6,458.93 13,667.11 应交税金 0.00 0.00 0.00 0.00 经营活动现金流经营活动现金流 8,340.39 3,553.69

25、6,791.66 15,122.05 其它流动负债 2,695.16 4,804.39 7,936.05 12,428.63 资产-3,444.57-3,975.48-1,754.74-2,013.07 流动负债合计 12,108.25 20,268.53 29,611.51 49,172.24 投资-504.49 2,954.67 481.62-1,223.80 长期借款 5,960.90 4,308.93 5,745.24 7,367.48 其他-308.22 0.00 0.00 0.00 其它非流动负债 2,715.46 2,715.46 2,715.46 2,715.46 投资活动现金

26、流投资活动现金流-4,257.24-833.49-1,085.80-3,049.55 非流动负债合计 8,676.36 7,024.39 8,460.70 10,082.94 债权募资 5,703.55-1,651.97 1,436.31 1,622.24 负债总计负债总计 20,784.61 27,292.92 38,072.21 59,255.18 股权募资 11,005.99 13,400.00 0.00 0.00 普通股股本 1.41 109.08 109.08 109.08 其他 0.00 740.33 363.99 119.76 归属于母公司权益总额 41,064.30 52,43

27、8.98 52,299.86 53,140.92 融资活动现金流融资活动现金流 16,709.53 12,488.36 1,800.30 1,742.00 少数股东权益 0.00 0.00 0.00 0.00 现金净流量现金净流量 20,320.55 15,208.56 7,506.15 13,814.50 负债和所有者权益合计负债和所有者权益合计 61,848.91 79,731.90 90,372.07 112,396.10 备注：表中计算估值指标的收盘价日期为 2022 年 12 月 9 日 资料来源：公司年报（2021），海通国际 12 Dec 2022 6 Table_header2

28、 理想汽车(2015 HK)维持优于大市维持优于大市 APPENDIX 1 Summary Product iteration to put performance under short-term pressure,and we expect the Company to return to fast growth lane in Q4.In 3Q22,Li Auto ushered in the replacement of the old-gen Li ONE,and Li L9 with a higher MSRP started the product iteration adjus

29、tment period for delivery.Affected by this,the auto ASP in a single quarter increased significantly,and the performance has been dragged down.The Companys 3Q22 auto sales revenue reported Rmb9.05bn,+22.5%YoY/+6.6%QoQ.auto ASP reached Rmb341k,+15.3%QoQ.Thanks to the rapid rise in sales of premium-pri

30、ced Li L9,the product structure of the L series EREVs has been gradually improved.The auto GPM reported 12%,-9.1pcts YoY/-9.2pcts QoQ.The decrease was mainly due to the impact of inventory provision and loss of purchase commitments related to Li ONE exit.The Company achieved total revenue of Rmb9.34

31、 billion in 3Q22,+20.2%YoY and+7%QoQ;total GPM reported 12.7%,-10.6pcts YoY,and-8.8pcts QoQ.By the end of 3Q22,the Company reported cash reserves of Rmb55.83 billion and an operating cash flow of Rmb508 million.With the gradual increase in L9 delivery and the successful transition from Li ONE to L8,

32、we believe that the Company is expected to return to the fast growth track in Q4.The Q3 loss resulted from the higher cost of sales and expenses.3Q22 non-GAAP net loss reported Rmb1.24 billion,+269.5%YoY(3Q21 net loss:Rmb336 million),up from a net loss of Rmb183 million in 2Q22,due to higher cost of

33、 sales and expenses in Q3.The Companys total operating expenses in 3Q22 were Rmb3.31 billion,corresponding to an expense ratio of 35.4%,+10.8pcts YoY and+2.7pcts QoQ,of which the Companys R&D investment maintained its growth trend,with R&D expenses in 3Q22 amounting to Rmb1.80 billion,corresponding

34、to an R&D expense ratio of 16.8%,+5.4pcts YoY and-0.7pcts QoQ,due to the increase in salaries brought about by the increase in R&D staff and the increase in expenses by the development of new models.SG&A expenses reported Rmb1.51 billion,corresponding to an SG&A expense ratio of 16.2%,+3.1pcts YoY,a

35、nd+1.0pcts QoQ,mainly due to an increase in employee compensation and an increase in marketing and promotional activities.2023 Li Auto Delivery Outlook:The Company kicked off Li L9 deliveries in 3Q22,bringing new momentum to stabilize deliveries against an industry backdrop of supply chain disruptio

36、ns due to the epidemic.The Company delivered 26,524 vehicles in 3Q22,+5.6%YoY,and 86,927 vehicles in 9M22 cumulatively,+57.3%YoY.The Company expects to deliver 45,000-48,000 vehicles in 4Q22,+27.8%-36.3%YoY,corresponding to an estimated 19,914-22,914 vehicles delivered in December.According to our f

37、orecast,after Li L7 starts delivery next year and completes the ramp-up of production capacity,the steady-state monthly delivery of L9/8/7 are all expected to hit the milestone of 10,000 vehicles respectively,and a super-fast charging BEV model is expected to be launched in the middle of the year.We

38、 conservatively estimate that the Companys delivery volume in 2022-23 will be 134k/284k vehicles.The semiconductor base starts construction,and ultra-fast charging BEV product specifications can be expected.The Company announced that the construction of its power semiconductor R&D and production bas

39、e was officially launched in Suzhou High-tech Zone,Jiangsu Province,in 3Q22.The semiconductor base is being built by Suzhou Sko Semiconductor,a joint venture between Li Auto and Hunan Sanan Semiconductor.As part of the strategic layout of Li Autos self-developed core components,the base will focus o

40、n the independent development and production of third-generation semiconductor silicon carbide(SiC)automotive power modules,which will serve as the core components of the companys self-developed 800V high-voltage electric drive system after production.We believe that,with the support of the self-res

41、earched third-generation semiconductor,the comprehensive performance of the companys 800V high-voltage electric drive system is expected to be significantly improved and will realize the EREV+ultra-high voltage BEV double-wheel drive after ultra-fast charging BEV models are launched.The long-term pe

42、rformance growth of Li Auto is promising.Earnings forecast and investment rating:With the gradual relaxation of Covid-19 control,the macro economy is expected to recover,which will benefit the delivery of Li Autos new products and capacity potential release next year,whereas the Company is also expe

43、cted to face the competitive pressure of more EREV and super-hybrid players next year.To sum up the impacts,we expect the companys revenue in 2022-24 to be Rmb45.76/99.2/177.55bn(cut 12%/13%/1%).We value the Company at 2.0 x PS in 2023,corresponding to target price of HK$106.51(at HK$1=Rmb0.8936,cor

44、responding to 1.8x EV/Sales for 2023;previous target price of HK$152.06,down 30%;based on FY23E PSR of 2.5x and HK$1=Rmb0.8663 exchange rate assumption).We maintain“OUTPERFORM”rating.Risks:The risk of core supply chain disruption,high-voltage charging technology R&D progress and product sales are no

45、t as expected,macroeconomic downturn.7 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。IMPOR

46、TANT 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”),Haitong International Japan K.K.(“HTIJKK”),Haitong International Securi

47、ties 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 Certification:我，Barney Yao，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

48、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,Barney Yao,certify that(i)the views expressed in this research report accurately reflect my personal views about any or all of the subject companies or issuers referred to in this research and(ii)no part of

49、 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 securities of the subject companies discussed.我，Oscar Wang，在此保证（i）本研

50、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,Oscar Wang,certify that(i)the views expressed in this research report accurately reflect my personal views about any or all of the subject companies or issuers referred to

51、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 securities of the subject companie

52、s 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 market maker or hold proprietary trading positions o

53、f 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 send an email to ERD-D if timely and comprehensive in

54、formation 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

55、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,Neutral,or Underperfo

56、rm 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 should carefully read

57、 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 评级分布评级分布Rating Distribution 8 individual circumstances

58、(such as the 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

59、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 total return over the next 12-18 months is expected to be below

60、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2022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

61、)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 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

62、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 Equity Research Coverage 89.4%9.2%1.4%IB clients*5.5%6.8%4.5%*Perce

63、ntage 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 rating category.Please n

64、ote 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.NEUTRAL:The stocks total

65、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 the next 12-18 month

66、s 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、筛选或短篇报告，并在报告中根据估值和其他指标

67、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 possible valuation multi

68、ples.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。Haitong International

69、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 same A-Shares for di

70、stribution 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.9 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

71、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 combination with a r

72、eview 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，不得以任何形式复制或重新传播，并不得用

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88、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（“SEBI”）监管的Haitong Se

89、curities 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 10 并成为海通国际证券集团有限公司（“HTISG”）的一部分。所有研究报告均以海通国际为名作为全球品牌，经许可由海通国际证券股份有限公司及/或海通国际证券集团的其他成员在其司法管辖区发布。本文件所载信息和观点已被编译或源自可靠来源，但HTIRL、HTISCL或任何其他属于海通

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

91、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

92、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 securities:The research report is issued by Haitong International Research Limited(“HTIRL”),a wholly ow

93、ned 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 Futures Ordinance(Cap.571)of Hong Kong,with the assistance of Haitong International(Japan)K.K.(“HTIJ

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153、pany 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 National Stock Exchange of 13 India Limited(“NSE”)(collectively re

154、ferred to as“Indian Exchanges”).This research report is intended for the recipients only and may not be reproduced or redistributed without the written consent of an authorized signatory of HTISG.Copyright:Haitong International Securities Group Limited 2019.All rights reserved.http:/ Recommendation Chart Table_RecommendationChart Source:Company data Bloomberg,HTI estimates