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 3 Feb 2023 步步高步步高 Bet

2、ter Life Commercial Chain Share(002251 CH)国资入场，未来可期 State-funded Entry,Future is Promising 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 Rmb6.64 目标价 Rmb8.21 市值 Rmb5.74bn/US$0.85bn 日交易额(3 个月均值)US$69.57mn 发行股票数目 863.90mn 自由流通股(%)51%1 年股价最高最低值 Rmb12.62-Rmb4.94 注：现价 Rmb6.64 为 2023 年 2

3、 月 2 日收盘价 资料来源：Factset 1mth 3mth 12mth 绝对值-7.6%29.2%2.6%绝对值（美元）-4.8%39.3%-3.1%相对 MSCI China-21.7%-17.7%13.0%Table_Profit (Rmb mn)Dec-21A Dec-22E Dec-23E Dec-24E 营业收入 13,361 9,678 8,863 9,321(+/-)-15%-28%-8%5%净利润-184-1,764 13 109(+/-)n.m.n.m.101%754%全面摊薄 EPS(Rmb)-0.21-2.04 0.01 0.13 毛利率 34.0%33.8%35.

4、0%35.3%净资产收益率-2.5%-32.1%0.2%2.0%市盈率 n.m.n.m.451 53 资料来源：公司信息,HTI (Please see APPENDIX 1 for English summary)公司公司 1 月月 16 日发布公告，日发布公告，1 月 11 日，步步高集团与湘潭产投投资签署了股份转让协议 表决权放弃协议，步步高集团将 8639万股（占公司总股本10%）以协议转让方式转让给湘潭产投投资，转让价款合计 5.18 亿元，折合每股转让价格 6 元；步步高集团将放弃其剩余所持全部 2.16 亿股（占公司总股本 24.99%）对应的表决权。权益变动完成后，湘潭产投投资

5、将成为上市公司的控股股东，湘潭市国资委将成为上市公司实际控制人。同时公司发布同时公司发布 2022 年业绩预告，年业绩预告，预计 2022 年归母净亏 13 亿元-19.5 亿元，2021 年归母净亏 1.84 亿元；预计 2022 年扣非归母净亏 12 亿元-18 亿元，2021 年扣非归母净亏 4.44 亿元。简评及投资建议。简评及投资建议。1.股份转让及表决权放弃事项意在引入国有资产及产业背景的控股股东，充分发挥上市公司与国有企业之间的资源互补和协同效应，以国有企业的产业资源背景为上市公司赋能，推进上市公司的战略性发展。交易完成后，将进一步优化步步高法人治理结构，提高公司经营及管理效率，

6、促进持续稳定发展。2.2022 年公司亏损增加主因受疫情常态化影响，居民消费复苏缓慢，加之渠道竞争激烈，公司经营内外环境面临较大压力。公司战略重大调整：除购物中心和百货店外，自 2022 年四季度开始，通过关停并转从四川市场全面退出，江西市场大幅收缩至新余、萍乡、宜春三地（临近湖南的城市）；湖南、广西两省也同步关停并转低效亏损门店。一般而言超市关闭门店将产生一次性损失，主要包括合同解约损失、装修等长期待摊费用摊余价值的一次性摊销、不可转移的固定资产净值损失、经营商户解约损失、存货损失、员工安置补偿支出等。我们认为，近年来受疫情和渠道竞争的双重冲击，公司虽经营承压，仍延续 2018 年来做减法甩

7、包袱的战略，门店调优后甩包袱，2023 年将轻装上阵，聚焦主业，低谷渐过；湘潭国资入主提升综合实力，有望优化财务状况、强化持续经营能力，助力公司把握行业复苏机遇。更新盈利预测。更新盈利预测。预计公司2022-2024年收入各96.78亿元、88.63亿元、93.21 亿元，同比增长-27.6%、-8.4%、5.2%；归母净利润各-17.64 亿元、0.13 亿元、1.09 亿元，同比增长-857.9%、100.7%、754.5%。考虑到公司重大战略调整优化业务结构，以及拟推进实控人变为湘潭国资委以提升公司综合实力等，给予 2023 年 0.8 倍PS，对应合理市值 71 亿元，目标价 8.21

8、 元，维持“优于大市”评级。风险提示：行业竞争加剧，减亏进展的不确定性，资本开支压力持续。Table_Author 汪立亭汪立亭 Liting Wang 李宏科李宏科 Hongke Li 高瑜高瑜 Yu Gao 555Price ReturnMSCI ChinaFeb-22Jun-22Oct-22Volume 4 Feb 2023 2 Table_header1 步步高(002251 CH)维持优于大市维持优于大市 步步高 2003 年成立，前身为湘潭开源商业有限公司，2008 年 IPO，截至 1H22，在湖南、广西、江西、四川等地开设门店数 367 家，其中超市 32

9、2 家（含家电）、百货 45 家，共 497 万平米。受拓展川渝、电商投入、商业地产重资本开支及副业等拖累，2016-18 年公司净利率均不超 1%、ROE 下滑至 2%左右。公司 2018 年以来同时推进加、减法，以期经营提效：做减法，2018 年以来战略反思和调整，优化管理结构，剥离电商和无效副业、推进 REITS；做加法，聚焦优势区域和核心主业，以超市为主辅以购物广场高效加密扩张。但 2020 年以来，疫情影响下居民消费倾向下降，渠道竞争激烈、社区团购冲击，公司对门店进行调整，2021 年关闭 52 家门店产生的较大闭店支出也加大了亏损压力。Table_PicPe 图图1 公司历史发展阶

10、段及对应的收入与净利率、公司历史发展阶段及对应的收入与净利率、ROE、EBITDA 净利率净利率 资料来源：Wind，公司 2009/2013/2018/2020/2021 年年报，步步高:关于公司金星路步步高广场 REITs 产品发行的公告，联商网，公司官网，HTI 公司2021年收入134亿元同比下降15.09%，归母净利润-1.8亿元同比下降265%。收入结构：分业态，超市、百货、家电、批发、物流广告和其他业务各占比 75.22%、4.47%、0.33%、0.55%、1.61%、17.82%；分地区，湖南省主营收入、外省主营收入和其他业务收入占比各55.96%、26.22%、17.82%

11、。2021年亏损主因疫情影响、社区团购冲击、闭店支出、南城百货和梅西百货商誉减值计提等因素；2022 年疫情影响和渠道竞争依旧激烈，同时由于 2021 年 REITs 项目产生投资收益，1-3Q22 归母净利 0.2 亿元同比下降 90.1%，剔除非经常损益影响后，1-3Q22 扣非归母净利-0.3 亿元同比减亏 1.3亿元。YUlWoXgUpY8VzRzR8ObP7NnPoOnPmPiNnNsQjMmMqPaQmMwOwMqNtQMYoOuN 4 Feb 2023 3 Table_header1 步步高(002251 CH)维持优于大市维持优于大市 图图2 公司总收入及增速（公司总收入及增速

12、（2005-3Q22）资料来源：wind，HTI 图图3 公司归母净利润及增速（公司归母净利润及增速（2005-3Q22）注：2021 年归母净利增速-265%，1-3Q22 归母净利增速-90%资料来源：wind，HTI 经营亏损的同时，公司流动性压力加大。2017-2021 年，公司资产负债率由59.54%增长到 76.44%，有息负债率由 21.65%增长到 44.27%；短期借款由 23.94 亿元增长到 78.88 亿元，而 2021 年公司货币资金仅 17.1 亿元，面临较大缺口。2022 年 6月，兴湘集团、湖南麓谷发展集团两家国资企业分别与步步高签订意向协议，将向步步高提供流动

13、性资金支持 20 亿元。我们认为，此次股份转让后，湘潭国资的入主，有望在资金与资源方面给予步步高有效帮助。图图4 公司资产负债率和有息负债率（公司资产负债率和有息负债率（%，2017-2021）资料来源：Wind，HTI 图图5 公司货币资金和短期负债（亿元，公司货币资金和短期负债（亿元，2017-2021）资料来源：Wind，HTI 疫情后加大门店调整力度，收缩区域布局。公司 2014 年收购广西零售龙头南城百货，成为区域第 1；2017 年收购梅西商业加强布局四川；2019 年步步高集团参与重庆商社混改；1H19 收购长沙家润多 22 家门店。公司在 2017-2019 年加速开店扩张，新

14、开门店业态主要以超市为主，区域布局重点深化湖南市场加密。2020 年以来，受疫情影响及自身所处发展周期，公司逐年收缩拓店规模，并在 2021 年开始加大门店调整力度，4Q22 公司战略重大调整：除购物中心和百货店外，通过关停并转从四川市场全面退出，江西市场大幅收缩；湖南、广西两省也同步关停并转低效亏损门店。4 Feb 2023 4 Table_header1 步步高(002251 CH)维持优于大市维持优于大市 图图6 公司门店数及分业态结构（家，公司门店数及分业态结构（家，2014-1H22）资料来源：公司 2014-2021 年年报，2022 半年报，HTI 图图7 公司开店及关店（家，公

15、司开店及关店（家，2014-1H22）资料来源：公司 2014-2021 年年报，2022 半年报，HTI 图图8 公司新开店分业态（家，公司新开店分业态（家，2017-1H22）资料来源：公司 2017-2021 年年报，2022 半年报，HTI 图图9 公司新开店分区域（家，公司新开店分区域（家，2017-1H22）资料来源：公司 2017-2021 年年报，2022 半年报，HTI 可比店分业态：百货坪效约为超市 90%，同店增速 2020 年超市 9.79%表现良好、百货-12.95%，百货同店大幅下降主因疫情影响 1 月下旬相继停业。可比店分区域：外省坪效约为湖南省 60%，湖南省同

16、店增速表现较为稳定，2020 年同店 2.7%较优，外省同店增速 2017-2019 年较弱、2020 年转正。表表 1 公司分业态公司分业态/分地区可比门店坪效分地区可比门店坪效/同店增速同店增速 坪效（元坪效（元/平米平米/年）年）同店增速（同店增速（%）分业态分业态 2017 2018 2019 2020 2017 2018 2019 2020 超市（含家电）14027 13222 12078 12202 超市（含家电）0.07%-1.06%0.71%9.79%百货 11877 11588 13102 10871 百货 2.24%0.50%1.02%-12.95%百货/超市 85%88%

17、108%89%超市-百货-2.17%-1.56%-0.31%22.74%分地区分地区 2017 2018 2019 2020 2017 2018 2019 2020 湖南省 15736 15356 14447 13608 湖南省 3.23%1.32%2.14%2.70%外省 9182 9174 9172 9061 外省-5.28%-5.23%-2.20%0.73%外省/湖南 58%60%63%67%湖南-外省 8.51%6.55%4.34%1.97%注：便于可比，2020 年坪效为总额法 资料来源：公司 2017-2020 年年报，HTI 4 Feb 2023 5 Table_header1

18、步步高(002251 CH)维持优于大市维持优于大市 对标同业，效率提升空间大。坪效：2017-2020 年，公司超市业态可比店坪效由1.4 万元/平米/年逐年下降至 1.2 万元/平米/年左右，下降后坪效略低于永辉、远低于家家悦。毛利率：2017-2021 年，公司超市主营毛利率由 17.4%提升至 17.94%，毛利率高于永辉、略低于家家悦，但公司生鲜占比也低于后两者。图图10 A 股超市可比店坪效对比（万元股超市可比店坪效对比（万元/平米平米/年，年，2017-1H22）资料来源：各公司 2017-2021 年年报，2022 半年报，HTI 图图11 A 股超市毛利率对比（股超市毛利率对

19、比（%，2017-1H22）资料来源：各公司 2017-2021 年年报，2022 半年报，HTI 更新盈利预测更新盈利预测。预计 2022-2024 年收入各 96.78 亿元、88.63 亿元、93.21 亿元，同比增长-27.6%、-8.4%、5.2%；归母净利润各-17.64 亿元（-155.7%）、0.13 亿元（-90.2%）、1.09 亿元，同比增长-857.9%、100.7%、754.5%。考虑到公司重大战略调整优化业务结构，以及拟推进实控人变为湘潭国资委以提升综合实力等，给予 2023年 0.8 倍 PS，对应合理市值 71 亿元（-11.5%），目标价 8.21 元（-11

20、.6%），维持“优于大市”投资评级。表表 2 步步高收入分项预测（百万元，步步高收入分项预测（百万元，2019-2024E）2019 2020 2021 2022E 2023E 2024E 总收入（百万元）19725 15736 13361 9678 8863 9321 yoy 6.88%-20.23%-15.09%-27.56%-8.42%5.17%毛利率（%）24.35%30.58%34.02%33.81%35.04%35.29%利息收入 64 98 105 110 115 121 其他业务 收 入（百 万元）2359 2165 2362 1852 1693 1781 yoy 21.66%

21、-8.22%9.11%-21.59%-8.57%5.17%毛利率（%）83.72%88.58%90.29%80.00%82.00%82.00%主营业务 收 入（百 万元）17303 13473 10894 7716 7055 7420 yoy 5.13%-22.13%-19.14%-29.17%-8.57%5.17%主 营 毛 利 率（%）15.98%20.76%21.19%21.79%22.71%23.02%资料来源：公司 2019-2021 年年报，HTI 4 Feb 2023 6 Table_header1 步步高(002251 CH)维持优于大市维持优于大市 表表 3 可比公司估值（倍

22、）可比公司估值（倍）简称 永辉超市 家家悦 红旗连锁 中百集团 PE（倍，2023E）46 20 13 2585 PS（倍，2023E）0.31 0.36 0.67 0.28 资料来源：股价选取日期为 2023.1.31，盈利预测取 Wind 一致预期，HTI 4 Feb 2023 7 Table_header2 步步高(002251 CH)维持优于大市维持优于大市 财务报表分析和预测财务报表分析和预测 Table_ForecastInfo 主要财务指标主要财务指标 2021A 2022E 2023E 2024E 利润表（百万元）利润表（百万元）2021A 2022E 2023E 2024E

23、每股指标（元）每股指标（元）营业总收入营业总收入 13361 9678 8863 9321 每股收益-0.21-2.04 0.01 0.13 营业成本 8820 6406 5758 6032 每股净资产 8.41 6.37 6.28 6.31 毛利率%34.0%33.8%35.0%35.3%每股经营现金流 3.79-0.26 0.24 1.58 营业税金及附加 162 97 89 93 每股股利 0.10 0.00 0.10 0.10 营业税金率%1.2%1.0%1.0%1.0%价值评估（倍）价值评估（倍）营业费用 3696 3072 2395 2464 P/E n.m.n.m.407.83

24、47.73 营业费用率%27.7%31.7%27.0%26.4%P/B 0.71 0.94 0.96 0.95 管理费用 370 311 233 247 P/S 0.39 0.54 0.59 0.56 管理费用率%2.8%3.2%2.6%2.7%EV/EBITDA 11.84 18.41 13.03 12.68 EBIT 329-231 371 472 股息率%1.7%0.0%1.7%1.7%财务费用 538 573 507 486 盈利能力指标（盈利能力指标（%）财务费用率%4.0%5.9%5.7%5.2%毛利率 34.0%33.8%35.0%35.3%资产减值损失-77-300 0 0 净

25、利润率-1.4%-18.2%0.1%1.2%投资收益 392 3 3 3 净资产收益率-2.5%-32.1%0.2%2.0%营业利润营业利润 196-1007-4 123 资产回报率-0.6%-5.9%0.0%0.4%营业外收支-222-10 20 20 投资回报率 9.5%-1.9%1.5%1.8%利润总额利润总额-26-1017 16 143 盈利增长（盈利增长（%）EBITDA 1563 1083 1443 1451 营业收入增长率-15.1%-27.6%-8.4%5.2%所得税 140 712 2 29 EBIT 增长率-42.9%-170.3%260.7%27.1%有效所得税率%-5

26、35.0%-70.0%15.0%20.0%净利润增长率-264.8%-857.9%100.7%754.5%少数股东损益 18 35 1 6 偿债能力指标偿债能力指标 归属母公司所有者净利润归属母公司所有者净利润-184-1764 13 109 资产负债率 76.4%80.3%79.6%79.6%流动比率 0.27 0.17 0.25 0.28 速动比率 0.17 0.12 0.18 0.20 资产负债表（百万元）资产负债表（百万元）2021A 2022E 2023E 2024E 现金比率 0.09 0.02 0.08 0.09 货币资金 1710 351 1182 1345 经营效率指标经营效

27、率指标 应收账款及应收票据 292 318 259 284 应收账款周转天数 7.97 12.00 10.66 11.10 存货 1575 526 789 992 存货周转天数 65.19 30.00 50.00 60.00 其它流动资产 1418 1617 1648 1830 总资产周转率 0.41 0.32 0.31 0.33 流动资产合计 4994 2813 3877 4450 固定资产周转率 4.79 1.87 1.46 1.46 长期股权投资 22 20 20 20 固定资产 2790 5166 6083 6390 在建工程 3906 1562 705 362 无形资产 2651 1

28、547 1476 1404 现金流量表（百万元）现金流量表（百万元）2021A 2022E 2023E 2024E 非流动资产合计 27349 27152 24670 24181 净利润-184-1764 13 109 资产总计资产总计 32343 29965 28547 28631 少数股东损益 18 35 1 6 短期借款 7888 7388 7388 7388 非现金支出 1330 1614 1072 979 应付票据及应付账款 4227 3334 2951 3108 非经营收益 288 495 400 382 预收账款 0 0 0 0 营运资金变动 1819-606-1279-114

29、其它流动负债 6211 5674 5013 5152 经营活动现金流经营活动现金流 3271-226 207 1361 流动负债合计 18326 16397 15353 15648 资产-2570 440-491-387 长期借款 1571 2351 2351 2351 投资 314-1817 2010 10 其它长期负债 4826 5326 5026 4786 其他 93 3 3 3 非流动负债合计 6397 7677 7377 7137 投资活动现金流投资活动现金流-2163-1374 1521-374 负债总计负债总计 24724 24075 22730 22785 债权募资-503 7

30、80-300-240 实收资本 864 864 864 864 股权募资 0 0 0 0 归属于母公司所有者权益 7263 5499 5426 5448 其他-475-538-597-584 少数股东权益 356 391 392 397 融资活动现金流融资活动现金流-977 242-897-824 负债和所有者权益合计负债和所有者权益合计 32343 29965 28547 28631 现金净流量现金净流量 130-1358 830 163 备注：（1）表中计算估值指标的收盘价日期为 01 月 31 日；（2）以上各表均为简表 资料来源：公司年报（2021A），HTI 4 Feb 2023 8

31、 Table_header2 步步高(002251 CH)维持优于大市维持优于大市 APPENDIX 1 Summary We believe that in recent years by the double impact of the epidemic and channel competition,although the company is operating under pressure,but still continue the strategy of subtracting and dumping the burden in 2018,the stores are adju

32、sted to optimize the dumping of the burden,2023 will be light,focus on the main business,the trough gradually passed;Xiangtan state-owned capital to enhance the comprehensive strength,is expected to optimize the financial situation,strengthen the ability to continue operating,help the company to gra

33、sp the industry recovery opportunities.We estimate 2022-2024 revenues of Rmb9.678bn,8.863bn and 9.321bn each,up-27.6%,-8.4%and 5.2%YoY;NP attributable to shareholders of Rmb-1.764bn(-155.7%),0.13bn(-90.2%)and 109mn,up-857.9%,100.7%and 754.5%.Considering the companys major strategic adjustment to opt

34、imize its business structure,and the proposed change of beneficial owner to Xiangtan State-owned Assets Supervision and Administration Commission to enhance comprehensive strength,we assign the company 0.8X PS in 2023,corresponding to a reasonable market value of Rmb7.1bn(-11.5%),and a TP of Rmb8.21

35、(-11.6%).We maintain an“Outperform”rating.Risks:Continued pressure on capital expenditures as industry competition intensifies and uncertainty over the progress of loss reduction.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

36、 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 DISCLOSURES This research report is distributed by Haitong International,a global brand name for the equity research teams of Haitong International Resea

37、rch Limited(“HTIRL”),Haitong Securities India Private Limited(“HSIPL”),Haitong International Japan K.K.(“HTIJKK”),Haitong International Securities Company Limited(“HTISCL”),and any other members within the Haitong International Securities Group of Companies(“HTISG”),each authorized to engage in secu

38、rities activities in its respective jurisdiction.HTIRL分析师认证分析师认证Analyst Certification:我，汪立亭，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,Liting Wang,certify that(i)the views expressed in this research report

39、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 was,is or will be directly or indirectly related to the specific recommendations or views expressed in this research report;and that I(including me

40、mbers of my household)have no financial interest in the security or securities of the subject companies discussed.我，李宏科，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,Hongke Li,certify that(i)the views expresse

41、d 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 my compensation was,is or will be directly or indirectly related to the specific recommendations or views expressed in this research repo

42、rt;and that I(including members of my household)have no financial interest in the security or securities of the subject companies discussed.我，高瑜，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,Yu Gao,certify tha

43、t(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 my compensation was,is or will be directly or indirectly related to the specific recommendations or views expressed

44、 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.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

45、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 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

46、such relationship(As the following disclosure does not ensure timeliness and completeness,please send an email to ERD-D if timely and comprehensive information is needed).海通证券股份有限公司和/或其子公司（统称“海通”）在过去12个月内参与了601888.CH的投资银行项目。投资银行项目包括：1、海通担任上市前辅导机构、保荐人或主承销商的首次公开发行项目；2、海通作为保荐人、主承销商或财务顾问的股权或债务再融资项目；3、海通

47、作为主经纪商的新三板上市、目标配售和并购项目。Haitong Securities Co.,Ltd.and/or its subsidiaries(collectively,the Haitong)have a role in investment banking projects of 601888.CH within the past 12 months.The investment banking projects include 1.IPO projects in which Haitong acted as pre-listing tutor,sponsor,or lead-unde

48、rwriter;2.equity or debt refinancing projects of 601888.CH for which Haitong acted as sponsor,lead-underwriter or financial advisor;3.listing by introduction in the new three board,target placement,M&A projects in which Haitong acted as lead-brokerage firm.601888.CH目前或过去12个月内是海通的投资银行业务客户。601888.CH i

49、s/was an investment bank clients of Haitong currently or within the past 12 months.中国国旅集团有限公司,002251.CH,北京东方宝辰国际投资有限公司,北京东方华晟投资管理有限公司,北京东方顺泰金属制品有限公司,北京东方蜗牛投资管理有限公司,北京东方蜗牛投资管理有限公司东方蜗牛复合策略一号基金,北京东方蜗牛投资管理有限公司东方蜗牛积极进取二号私募基金,北京东方蜗牛投资管理有限公司东方蜗牛稳健回报三号私募基金,北京东方引擎投资管理有限公司引擎资本基业长青混合私募证券投资基金,北京东方雨虹防水技术股份有限公司,北

50、京东方雨虹防水技术股份有限公司回购专用证券账户,北京东海长基投资基金管理有限公司,北京东世佳商贸有限公司,北京东泰阳光纺织品有限公司,北京京东绿谷农业科技有限公司,南京东宇汽车集团有限公司 及上海京东工贸商行目前或过去12个月内是海通的客户。海通向客户提供非投资银行业务的证券相关业务服务。中国国旅集团有限公司,002251.CH,北京东方宝辰国际投资有限公司,北京东方华晟投资管理有限公司,北京东方顺泰金属制品有限公司,北京东方蜗牛投资管理有限公司,北京东方蜗牛投资管理有限公司东方蜗牛复合策略一号基金,北京东方蜗牛投资管理有限公司东方蜗牛积极进取二号私募基金,北京东方蜗牛投资管理有限公司东方蜗牛

51、稳健回报三号私募基金,北京东方引擎投资管理有限公司引擎资本基业长青混合私募证券投资基金,北京东方雨虹防水技术股份有限公司,北京东方雨虹防水技术股份有限公司回购专用证券账户,北京东海长基投资基金管理有限公司,北京东世佳商贸有限公司,北京东泰阳光纺织品有限公司,北京京东绿谷农业科技有限公司,南京东宇汽车集团有限公司 and上海京东工贸商行 are/were a client of Haitong currently or within the past 12 months.The client has been provided for non-investment-banking securit

52、ies-related services.海通预计将（或者有意向）在未来三个月内从601888.CH,002251.CH 及 JD.US获得投资银行服务报酬。Haitong expects to receive,or intends to seek,compensation for investment banking services in the next three months from 601888.CH,002251.CH and JD.US.10 海通在过去的12个月中从002251.CH,北京东方宝辰国际投资有限公司,北京东方华晟投资管理有限公司,北京东方顺泰金属制品有限公司,

53、北京东方蜗牛投资管理有限公司,北京东方蜗牛投资管理有限公司东方蜗牛复合策略一号基金,北京东方蜗牛投资管理有限公司东方蜗牛积极进取二号私募基金,北京东方蜗牛投资管理有限公司东方蜗牛稳健回报三号私募基金,北京东方引擎投资管理有限公司引擎资本基业长青混合私募证券投资基金,北京东方雨虹防水技术股份有限公司,北京东方雨虹防水技术股份有限公司回购专用证券账户,北京东海长基投资基金管理有限公司,北京东世佳商贸有限公司,北京东泰阳光纺织品有限公司,北京京东绿谷农业科技有限公司,南京东宇汽车集团有限公司 及上海京东工贸商行获得除投资银行服务以外之产品或服务的报酬。Haitong has received com

54、pensation in the past 12 months for products or services other than investment banking from 002251.CH,北京东方宝辰国际投资有限公司,北京东方华晟投资管理有限公司,北京东方顺泰金属制品有限公司,北京东方蜗牛投资管理有限公司,北京东方蜗牛投资管理有限公司东方蜗牛复合策略一号基金,北京东方蜗牛投资管理有限公司东方蜗牛积极进取二号私募基金,北京东方蜗牛投资管理有限公司东方蜗牛稳健回报三号私募基金,北京东方引擎投资管理有限公司引擎资本基业长青混合私募证券投资基金,北京东方雨虹防水技术股份有限公司,北京东

55、方雨虹防水技术股份有限公司回购专用证券账户,北京东海长基投资基金管理有限公司,北京东世佳商贸有限公司,北京东泰阳光纺织品有限公司,北京京东绿谷农业科技有限公司,南京东宇汽车集团有限公司 and上海京东工贸商行.海通担任0700.HK有关证券的做市商或流通量提供者。Haitong acts as a market maker or liquidity provider in the securities of 0700.HK.评级定义（从评级定义（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

56、。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

57、 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 Underperform for recommending the stocks we cover to investors.Investors should carefully read the definitions of al

58、l ratings used in Haitong International Research.In addition,since Haitong International Research contains more complete information 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 ca

59、se,ratings(or research)should not be used or relied upon as investment advice.An investors decision to buy or sell a stock should depend on individual circumstances(such as the investors existing holdings)and other considerations.Analyst Stock Ratings Outperform:The stocks total return over the next

60、 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/NYSE rati

61、ngs distribution rules,our Neutral rating falls into a hold rating category.Underperform:The stocks total return over the next 12-18 months is expected to be below the return of its relevant broad market benchmark,as indicated below.Benchmarks for each stocks listed region are as follows:Japan TOPIX

62、,评级分布评级分布Rating Distribution 11 Korea KOSPI,Taiwan TAIEX,India Nifty100,US SP500;for all other China-concept stocks MSCI China.截至截至2022年年12月月31日海通国际股票研究评级分布日海通国际股票研究评级分布 优于大市优于大市 中性中性 弱于大市弱于大市 (持有)海通国际股票研究覆盖率 89.4%9.2%1.5%投资银行客户*5.2%7.3%8.3%*在每个评级类别里投资银行客户所占的百分比。上述分布中的买入，中性和卖出分别对应我们当前优于大市，中性和落后大市评级。

63、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 M

64、SCI China.Haitong International Equity Research Ratings Distribution,as of Dec 31,2022 Outperform Neutral Underperform (hold)HTI Equity Research Coverage 89.4%9.2%1.5%IB clients*5.2%7.3%8.3%*Percentage of investment banking clients in each rating category.BUY,Neutral,and SELL in the above distributi

65、on 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 note that stocks with an NR designation are not included in the table above.Previous rating system defini

66、tions(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 return over the next 12-18 months is expected to be in line with the return of its relevant broad market

67、 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 months is expected to be below the return of its relevant broad market benchmark,as indicated below.Benchmark

68、s 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 Res

69、earch: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 multiples.Such rankings or suggested prices do not purport to be stock ratings or target prices or fundamenta

70、l 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 Coverage of A-Shares:Haitong International may cover and rate A-Shares that are subject to the Hong Kon

71、g 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 distribution in mainland China.However,the rating system employed by HS differs from that used by HTI and

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