1、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)Equity Asia Research嘉友国际（嘉友国际（603871 CH）：供应链价值再探讨）：供应链价值再探讨Jiayou International:Re-Discussing

2、 the Value of Supply Chain虞楠虞楠 Nan Yu,2023年年2月月17日日2For 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 概要概要1.22年业绩佳，主焦煤业务大放异彩年业绩佳，主焦煤业务大放异彩主焦煤物贸一体化模式与价差相关性低主焦煤物贸一体化模式与价差相关性低中蒙进口持续放量公司长协锁定形成双

3、保险中蒙进口持续放量公司长协锁定形成双保险2.核心竞争力在于对核心物流节点的把控核心竞争力在于对核心物流节点的把控聚焦中蒙、中非、中亚，物流核心节点的布局聚焦中蒙、中非、中亚，物流核心节点的布局“一带一路”共建繁荣，放眼长期发展“一带一路”共建繁荣，放眼长期发展3.壁垒高筑下的供应链价值再探讨壁垒高筑下的供应链价值再探讨4.盈利预测与投资评级盈利预测与投资评级5.风险提示风险提示mWlYoYsUhZfW8XcZrUcV8O8Q8OpNpPsQmPkPrRtRfQrQyRbRnMrMwMtPoRMYnOzR3.793.533.053.383.663.129.0315.5712.212.5940.

4、2640.7839.3934.5231.938.826.0129.2928.8628.64000021 2022E2023E2024E供应链贸易服务跨境多式联运综合物流服务注：22-24年毛利率为HTI预测值3For 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 资

5、料来源：公司官网，公司公告，海通国际22年业绩佳，主焦煤业务大放异彩年业绩佳，主焦煤业务大放异彩公司专注为大宗矿产品提供一体化跨境综合物流服务、卡位核心物流运输节点，22年公司预计实现较佳业绩。根据公司2022 年年度业绩预增公告，22年公司归母净利润较21年预计增长80%-100%；22年主焦煤供应链业务的物贸一体化模式凸显明显优势；得益于1）物流服务链条向蒙古段拓展，2）蒙古段运费快速增长的红利，该业务21年毛利率已同比上涨18.12%；22年后随着蒙煤通车量的恢复，即使部分供应链节点（如短盘）收费向常态化回归有降价趋势，但公司已在核心节点形成壁垒，加之“以量换价”，收入仍有望维持高增长收

6、入仍有望维持高增长。图：公司跨境综合物流业务、供应链贸易业务毛利率情况（单位：%）供应链贸易非主焦煤供应链业务(21年新增，尚处于拓展期)中蒙-跨境综合物流跨境综合物流主焦煤供应链业务中非-跨境综合物流中亚-跨境综合物流其他刚果（金）道路与陆港业务主要业务图：公司主要业务结构4For 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

7、资料来源：South Gobi Resources，海通国际主焦煤物贸一体化模式与价差相关性低主焦煤物贸一体化模式与价差相关性低主焦煤供应链贸易是公司基于多年跨境运输物流实力进行的拓展，相较单纯的物流服务或贸易服务，物贸一体化下的主焦煤供应链贸易收入，除了物流部分还包括货值部分。业务收费包括：坑口买价汽运费用中国甘其毛都口岸港杂费（报关报检、仓储等）服务费物流路线包括：矿山坑口中盘运输蒙古端口岸短盘运输内蒙古甘其毛都口岸下游客户公司主焦煤供应链贸易VS传统大宗商品供应链贸易：货品上货品上，主焦煤量大且集中；形式上形式上，主焦煤供应链贸易中物流环节仍为主导，实质是加了贸易形式的物流服务；收益上收

8、益上，主焦煤供应链贸易中物流费用相对刚性，占整体收费40%左右，利润主要产生于物流部份，而非贸易部分；因此相较于传统供应链贸易因此相较于传统供应链贸易，主焦煤供应链贸易与货主焦煤供应链贸易与货品价差相关性低品价差相关性低，毛利率更高毛利率更高。图：主焦煤供应链贸易涉及区域及交通情况TT矿矿甘其毛都口岸甘其毛都口岸00500007080902120202019（月）5For full disclosure of risks,valuation methodologies and target price formation on

9、all HTI rated stocks,please refer to the latest full report on our website at 资料来源：国家海关总署，Mysteel，sxcoal，海通国际中蒙进口持续放量公司长协锁定形成双保险中蒙进口持续放量公司长协锁定形成双保险图：我国炼焦煤进口总量（万吨）图：我国炼焦煤进口总量-蒙古（万吨）（月）随着疫后复苏，蒙煤进口量有望强势回升：蒙煤整体进口情况：基于21年受疫情影响的低基数，22年蒙煤进口进入修复期，进口量逐月增加。根据海关总署统计数据，2022年1-11月份我国从蒙古国进口炼焦煤总量共计2160.27万吨，同比2021

10、年上升63.89%。甘其毛都口岸蒙煤进口情况：根据Mysteel统计数据，蒙古炼焦煤主要进口口岸中，22年甘其毛都口岸通关车数依然位居首位，日通关车数已接近疫情前水平，约700-800辆/日（年初日通车量仅为200-300辆）。受益于疫后的全面复苏，以及中蒙两国政策上的推动，我们预计2023年进口蒙煤通关量有望持续保持强势回升。（年）020040060080020304050607080902120202019（年）6For full disclosure of risks,valuation methodologies and target pri

11、ce formation on all HTI rated stocks,please refer to the latest full report on our website at 资料来源：sxcoal，公司官网，公司公告，海通国际中蒙进口持续放量公司长协锁定形成双保险中蒙进口持续放量公司长协锁定形成双保险图：公司采用集装箱双挂车运输蒙古矿能产品公司和矿山企业签署有长协，有效保证了物流规模的增长和盈利的稳定增长：公司2021年分别与蒙古博迪国际有限责任公司和 ERDENES TAVAN TOLGOI JSC（珍宝塔本陶勒盖公司）签署四年内采购签署四年内采购主焦煤主焦煤 600 万吨和五

12、年内采购万吨和五年内采购 1,500 万吨主焦煤合同万吨主焦煤合同，负责自矿山塔本陶勒盖煤矿（TT矿）提货至中国终端用户的中蒙跨境综合物流服务。根据该合同测算根据该合同测算，平均每年运量约平均每年运量约450万吨万吨，但受限于此前疫情扰动，公司21年仅完成约70万吨运量，伴随中蒙两国疫情好转，运量才同步得到恢复。我们预计23年及之后年份，随着物流的畅通，加上长协合同的保证，公司运量规模将大幅提升。图：甘其毛都口岸蒙煤运量及公司运量情况6960701602994620%5%10%15%050002500300035002021年2022年预测2023年

13、预测2024年预测甘其毛都煤炭运输量（万吨）公司运输量（万吨）公司运输量占口岸比（右轴，%）7For 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 概要概要1.22年业绩佳，主焦煤业务大放异彩年业绩佳，主焦煤业务大放异彩主焦煤物贸一体化模式与价差相关性低主焦煤物贸一体化模式与价差相关性低中蒙进口持续放量公司长协锁定形成双保险中蒙进

14、口持续放量公司长协锁定形成双保险2.核心竞争力在于对核心物流节点的把控核心竞争力在于对核心物流节点的把控聚焦中蒙、中非、中亚，物流核心节点的布局聚焦中蒙、中非、中亚，物流核心节点的布局“一带一路”共建繁荣，放眼长期发展“一带一路”共建繁荣，放眼长期发展3.壁垒高筑下的供应链价值再探讨壁垒高筑下的供应链价值再探讨4.盈利预测与投资评级盈利预测与投资评级5.风险提示风险提示8For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please re

15、fer to the latest full report on our website at 核心竞争力在于对核心物流节点的把控核心竞争力在于对核心物流节点的把控从底层逻辑看，公司业绩稳步增长的背后，是其在陆锁国核心地区投入核心物流资产所形成的较强壁垒性和可复制性：对于陆锁国，陆运陆运口岸口岸是进入该国的唯一通道是进入该国的唯一通道，但标准化服务较低，此外，大部分陆锁国尚处于发展期，对物流需求较大，可持续性强；公司对于陆运口岸的把控，有利于打通物流环节，有效保障了供应链的畅通，同时使公司实力不断巩固、利润率逐步提升；公司最初在蒙古进行这种尝试，通过在核心地区布局核心资产，打通陆运环节障碍，后

16、面逐渐将该模式与经验复制到中亚和非洲地区。图：公司在中蒙、中亚、中非区域物流资产大致分布资料来源：公司公告，海通国际9For 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 资料来源：中国海关，蒙古煤炭网，今日煤炭，海通国际聚焦中蒙、中非、中亚物流节点的布局聚焦中蒙、中非、中亚物流节点的布局图：蒙古炼焦煤主要进口口岸分布及物流流向情

17、况我国境内的蒙古炼焦煤进口口岸主要有：位于内蒙古的甘其毛都、满都拉、策克、二连浩特，以及位于新疆的塔克什肯。其中甘其毛都口岸当前炼焦煤进口运量最其中甘其毛都口岸当前炼焦煤进口运量最大，且以大大，且以大TT矿出产的主焦煤为主。矿出产的主焦煤为主。58.40%35.44%3.69%1.98%0.49%甘其毛都策克塔克什肯满都拉二连铁路图：疫情前2019年蒙古炼焦煤各口岸进口情况蒙煤运输最主要的通道，同时也是公司主要物流资产所处区域10For full disclosure of risks,valuation methodologies and target price formation on

18、all HTI rated stocks,please refer to the latest full report on our website at 资料来源：谷歌地图，公司官网，海通国际聚焦中蒙、中非、中亚物流节点的布局聚焦中蒙、中非、中亚物流节点的布局针对中蒙区域：公司物流资产主要分布在甘其毛都口岸，目前公司布局有金航保税库金航保税库、华方海关监管场所华方海关监管场所、嘉易达海关监管场嘉易达海关监管场所等核心物流资产所等核心物流资产，并拥有一定规模的国际道路运输车国际道路运输车队队。图：TT矿及甘其毛都口岸位置示意图图：甘其毛都口岸海关监管场所公司物流资产所处位置中盘路线中盘路线约约

19、220km短盘路线短盘路线约约25km中国甘其毛都口岸距蒙古南戈壁省塔本陶勒盖煤矿（TT矿）直线距离约180公里，距蒙古国奥云陶勒盖铜矿（OT矿）约70公里。TT矿储量64亿吨，包括主焦煤18亿吨，动力煤46亿吨，属优质冶金炼焦用煤。甘其毛都口岸甘其毛都口岸OT矿矿TT矿矿11For 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

20、资料来源：公司官网，公司招股说明书，海通国际聚焦中蒙、中非、中亚物流节点的布局聚焦中蒙、中非、中亚物流节点的布局图：甘其毛都华方煤场双挂板车及集装箱图：金航保税库现场作业场地公司凭借在甘其毛都等中国北方重要门户通道口岸的海关保税库、海关监管场所的布局，不仅保障了物流供应链的畅通，同时还拥有庞大的仓储能力庞大的仓储能力。公司位于甘其毛都口岸的海关监管场所，可提供海关监管仓储服务，年度周转能力超过300万吨；公司位于甘其毛都口岸的公用型保税库，可提供保税仓储服务，年度仓储能力超过100万吨；公司在甘其毛都口岸的仓储能力占整个口岸的公司在甘其毛都口岸的仓储能力占整个口岸的50%以上以上。图：甘其毛都

21、金航保税库图：甘其毛都华方海关监管场所12For 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 资料来源：BBC，谷歌地图，公司官网，海通国际聚焦中蒙、中非、中亚物流节点的布局聚焦中蒙、中非、中亚物流节点的布局针对中非区域：公司物流资产主要位于刚果（金）南部铜矿带，与赞比亚接壤。该区域铜钴矿资源丰富，出产的矿产可通过公司物流资产所

22、在的萨卡尼亚等边境口岸运送至赞比亚乃至全世界。图：刚果（金）铜矿带位置及铜矿出口物流流向图：刚果（金）矿产出口的大致路线公司物流资产所处位置达累斯萨拉姆-港口DAR ES SALAAM德班-港口DURBAN13For 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 资料来源：世界地图出版社，公司官网，公司公告，海通国际聚焦中蒙、中非

23、、中亚物流节点的布局聚焦中蒙、中非、中亚物流节点的布局公司在刚果（金）物流资产包括：卡松巴莱萨-萨卡尼亚路段150公里公路公里公路、4座收座收费站费站；1座萨卡尼亚边境口岸座萨卡尼亚边境口岸，1个萨卡尼亚陆港个萨卡尼亚陆港、1座莫坎博边境口岸座莫坎博边境口岸、2个现代停车场和个现代停车场和1个生活个生活区区，均分布在刚果（金）与赞比亚接壤的南部边境地区。图：刚果（金）卡萨公路示意图卡松巴莱萨卡松巴莱萨萨卡尼亚萨卡尼亚图：刚果（金）南部口岸分布图（公司运营）（公司运营）（公司运营）（公司运营）（原有口岸）（原有口岸）14For full disclosure of risks,valuation

24、 methodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 资料来源：公司官网，海通国际聚焦中蒙、中非、中亚物流节点的布局聚焦中蒙、中非、中亚物流节点的布局刚果（金）南部的运输条件有限，此前主要依靠卡松巴莱萨口岸，口岸拥堵程度较高。公司在该地区的卡松巴莱萨-莫坎博-萨卡尼亚公路、路港建成后有效打通了刚果（金）和赞比亚的国际物流通道、提高矿企通关效率、降低跨境物流成本。图：萨卡尼亚口岸建设情况、口岸监管区现场车辆

25、情况15For 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 资料来源：Wikimedia，海上丝绸之路协会，公司官网，海通国际聚焦中蒙、中非、中亚物流节点的布局聚焦中蒙、中非、中亚物流节点的布局针对中亚区域：霍尔果斯口岸是我国向西对外开放的重要窗口，“一带一路”建设的桥头堡，是连接中亚五国的重要交通枢纽。公司在霍尔果斯口岸投资建

26、设有霍尔果斯口岸投资建设有新疆嘉恒海关监管场所，占地新疆嘉恒海关监管场所，占地281亩亩。公司物流资产所处位置霍尔果斯图：中亚五国及陆上丝绸之路情况陆上丝绸之路陆上丝绸之路16For 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 资料来源：公司官网，海通国际聚焦中蒙、中非、中亚物流节点的布局聚焦中蒙、中非、中亚物流节点的布局该项目

27、是目前霍尔果斯口岸面积最大、功能最全、设施最完善的海关监管场所。该项目是公司当地兵团四师合作，致力于成为集跨境电商、仓储物流、进出口商品仓储配送、口岸作业服务等功能于一体的区域物流中心和对外开放的窗口。同时，公司也将进一步整合霍尔果斯口岸物流资源，提升公司综合物流水平，完善中亚市场战略布局，打通跨境物流新通道。图：霍尔果斯嘉友恒信物流园项目建设规划图17For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to th

28、e latest full report on our website at 资料来源：中国一带一路网，海通国际“一带一路”共建繁荣，放眼长期发展“一带一路”共建繁荣，放眼长期发展总体看，公司长期以来的业务发展紧密围绕国家“一带一路”战略布局，无论是蒙古、中亚，还是非洲，都是“一带一路”政策的重点关注区域，随着“中国步伐”的不断迈进，放眼长期，我们认为公司还将继续响应“一带一路”倡议，承接与把握更多的发展机遇。十年里程碑，“一带一路”合作硕果累累截至2023年1月，我国已累计与151个国家、32个国际组织签署了200余份共建“一带一路”合作文件，形成3000多个合作项目，投资规模近1万亿美元，

29、为构建人类命运共同体，推动全球治理体系变革和经济全球化做出中国贡献。立足新时期，“一带一路”依旧意义非凡近年以来，国际形势复杂多变，特别是中美关系，充满各种不确定性。面对复杂严峻的外部形势，我国依然坚持稳字当头、稳中求进，在国内国际双循环的发展格局下，“一带一路”战略显得更为重要，既有利于我国优势产业出海，又促进了区域间的共同繁荣与稳定，同时也保证了我国供应链、产业链的自主、安全、可控。2023年恰逢“一带一路”十周年里程碑，第三届“一带一路”国际合作高峰论坛也有望在今年举行，势必将为下一个十年注入更多动力。18For full disclosure of risks,valuation me

30、thodologies and target price formation on all HTI rated stocks,please refer to the latest full report on our website at 概要概要1.22年业绩佳，主焦煤业务大放异彩年业绩佳，主焦煤业务大放异彩主焦煤物贸一体化模式与价差相关性低主焦煤物贸一体化模式与价差相关性低中蒙进口持续放量公司长协锁定形成双保险中蒙进口持续放量公司长协锁定形成双保险2.核心竞争力在于对核心物流节点的把控核心竞争力在于对核心物流节点的把控聚焦中蒙、中非、中亚，物流核心节点的布局聚焦中蒙、中非、中亚，物流核心节

31、点的布局“一带一路”共建繁荣，放眼长期发展“一带一路”共建繁荣，放眼长期发展3.壁垒高筑下的供应链价值再探讨壁垒高筑下的供应链价值再探讨4.盈利预测与投资评级盈利预测与投资评级5.风险提示风险提示19For 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 壁垒高筑下的供应链价值再探讨壁垒高筑下的供应链价值再探讨区别于市场的观点：正如

32、前面所言，我们认为公司目前最核心的护城河在于对核心物流节点的把控。由于物流资产的先到先得性，新进入者面临较高的经验与资源壁垒，而公司则有望凭借已有壁垒优势，继而取得规模效益，不断巩固盈利能力，持续保持业绩增长。目前公司在中蒙市场的成功经验，已向中非市场和中亚市场复制，业绩渐起，未来公司的业务模式或将在更多区域得到验证。然而，市场尚未充分认知到公司供应链的价值。市场通常对大宗商品供应链相关公司给与的估值不高，认为该行业普遍收入高但毛利低，且大宗商品价格的波动会对业绩造成影响，盈利能力有限。与传统的大宗商品供应链公司不同的是，公司更能享受其业务壁垒带来的更大盈利空间，从其毛利率并不低的主焦煤供应链

33、贸易业务便可见一斑，因此，我们认为在估值上，参考密尔克卫、宏川智慧等同样拥有高壁垒、高价值的供应链物流公司，公司有望享受更高的估值水平。20For 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 资料来源：公司公告，海通国际壁垒高筑下的供应链价值再探讨壁垒高筑下的供应链价值再探讨公司 VS 密尔克卫、宏川智慧：尽管所处的细分领域并不

34、一样，但究其根本，皆因其对稀缺资源的掌控，拥有更高议价能力和成长空间，我们认为这种壁垒高筑下的供应链值得拥有更高价值。密尔克卫、宏川智慧主要受益于危化品物流行业的严监管趋势，高准入壁垒下赛道优势稳固。密尔克卫：截至2022年，公司在全国自建及管理55万平米专业危化品仓库。随着危化品物流行业监管及资质审核趋严，公司凭借物流资产形成较强壁垒性，行业龙头地位稳固。此外，公司积极布局核心枢纽城市化工业务站点，通过核心资产的收购和新建，不断完善全国物流网络。宏川智慧：公司作为液体石化仓储行业龙头，其罐容总计434.53万立方米，仓容总计6.49万平方米。此外还拥有优良的自建码头，地理位置优越，码头可靠泊

35、能力与储罐容量匹配度高，码头及储罐可最大程度地得到合理利用。在液体化工品储罐行业严监管、牌照优势的高壁垒下，竞争优势稳固，未来公司有望继续通过内生增长+外延并购的发展战略，实现产能扩张。21For 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 概要概要1.22年业绩佳，主焦煤业务大放异彩年业绩佳，主焦煤业务大放异彩主焦煤物贸一体化

36、模式与价差相关性低主焦煤物贸一体化模式与价差相关性低中蒙进口持续放量公司长协锁定形成双保险中蒙进口持续放量公司长协锁定形成双保险2.核心竞争力在于对核心物流节点的把控核心竞争力在于对核心物流节点的把控聚焦中蒙、中非、中亚，物流核心节点的布局聚焦中蒙、中非、中亚，物流核心节点的布局“一带一路”共建繁荣，放眼长期发展“一带一路”共建繁荣，放眼长期发展3.壁垒高筑下的供应链价值再探讨壁垒高筑下的供应链价值再探讨4.盈利预测与投资评级盈利预测与投资评级5.风险提示风险提示22For full disclosure of risks,valuation methodologies and target

37、price formation on all HTI rated stocks,please refer to the latest full report on our website at 盈利预测和投资评级盈利预测和投资评级。我们暂时维持对于公司2022-2024年净利润6.22、8.08和10.52亿元的预测，对应EPS分别为1.24、1.62和2.10元/股。考虑到公司持续拓展不同地区新业务，业绩处于快速提升期，给予公司一定的估值溢价。基于2023年20倍PE，对应目标价32.4元，维持“优于大市”的评级。盈利预测与投资评级盈利预测与投资评级资料来源：对应股价为2023年2月17日收

38、盘价，每股收益均为wind一致预期，海通国际代码代码简称简称收盘价收盘价(元元)EPS（元）（元）PE（倍）（倍）20212022E2023E20212022E2023E603713.CH密尔克卫127.762.633.975.3751.3432.1823.80002930.CH宏川智慧21.600.610.630.9142.4334.2123.79均值均值1.622.303.1446.8933.2023.80表：同类型公司市盈率相对估值比较表：同类型公司市盈率相对估值比较23For full disclosure of risks,valuation methodologies and ta

39、rget price formation on all HTI rated stocks,please refer to the latest full report on our website at 财务报表分析和预测财务报表分析和预测资料来源：公司年报，对应股价为2023年2月17日收盘价，海通国际现金流量表现金流量表（百万元百万元）2021A2022E2023E2024E净利润343 622 808 1,052 少数股东损益0 0 0 0 非现金支出42 96 134 245 非经营收益-6-9-9-8 营运资金变动-704 170-201 329 经营活动现金流-325 879 73

40、3 1,618 资产-464-550-700-1,500 投资-42 5 2 1 其他19 10 9 9 投资活动现金流-487-536-689-1,491 债权募资0 5 5 5 股权募资578-19 0 0 其他-222 42 0 0 融资活动现金流356 27 5 5 现金净流量-460 365 43 127 资产负债表资产负债表（百万元）（百万元）2021A2022E2023E2024E货币资金1,169 1,493 1,536 1,664 应收账款及应收票据164 247 381 370 存货191 233 362 434 其它流动资产898 1,241 1,923 2,292 流动

41、资产合计2,422 3,215 4,203 4,761 长期股权投资16 16 16 16 固定资产594 854 1,226 2,287 在建工程132 132 132 132 无形资产1,079 1,274 1,469 1,664 非流动资产合计2,134 2,585 3,150 4,405 资产总计4,556 5,800 7,353 9,166 短期借款0 0 0 0 应付票据及应付账款515 803 1,147 1,684 预收账款0 0 0 0 其它流动负债421 774 1,174 1,397 流动负债合计936 1,576 2,320 3,081 长期借款0 0 0 0 其它长期

42、负债693 698 702 707 非流动负债合计693 698 702 707 负债总计1,629 2,274 3,023 3,789 实收资本317 443 443 443 归属于母公司所有者权益2,857 3,456 4,259 5,306 少数股东权益70 70 71 71 负债和所有者权益合计4,556 5,800 7,353 9,166 利润表利润表（百万元百万元）2021A2022E2023E2024E营业总收入3,888 4,750 7,304 8,856 营业成本3,398 3,815 5,947 7,164 毛利率%12.6%19.7%18.6%19.1%营业税金及附加13

43、 31 47 58 营业税金率%0.3%0.7%0.7%0.7%营业费用6 29 61 62 营业费用率%0.2%0.6%0.8%0.7%管理费用52 133 259 283 管理费用率%1.3%2.8%3.5%3.2%EBIT415 735 970 1,263 财务费用12-9 3 2 财务费用率%0.3%-0.2%0.0%0.0%资产减值损失0 0 0 0 投资收益5 10 9 9 营业利润408 750 975 1,268 营业外收支0 0 0 0 利润总额408 750 974 1,268 EBITDA456 829 1,103 1,507 所得税66 127 166 216 有效所得

44、税率%16.2%17.0%17.0%17.0%少数股东损益0 0 0 0 归属母公司所有者净利润343 622 808 1,052 24For 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 1.行业政策发生变动行业政策发生变动2.地缘政治风险地缘政治风险3.汇率波动风险汇率波动风险风险提示风险提示APPENDIX 125Summa

45、ry1.The companys performance is expected to be good in 2022,with outstanding advantages in the coking coal business.The continuous increase of coal imports from Mongolia,as well as the long-term coal association locking of the company,form a double insurance for the performance of this business in t

46、he future.2.The companys core competitiveness lies in the control of core logistics asset.In the region between China andMongolia,Central Africa and Central Asia,the company has focused on the layout of its logistics core nodes.It isconducive to the formation of strong barriers and scale advantages

47、for the business.3.With reference to Milkyway and Great River,the high-barrier supply chain of such companies is worthy of higher value.4.Earnings and valuation:we maintain the companys net profit in FY22-24E to be Rmb0.622,0.808,1.052bn and EPS tobe Rmb1.24,1.62,2.10,respectively.We assigned FY23PE

48、 of 20 x and derive the target price of Rmb32.4.MaintainOutperform rating.5.Risks:change of industry policies,geopolitical risk,exchange rate fluctuation risk,etcAPPENDIX 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

49、.(HTIJKK)和海通国际证券有限公司(HTISCL)的证券研究团队所组成的全球品牌，海通国际证券集团(HTISG)各成员分别在其许可的司法管辖区内从事证券活动。IMPORTANT DISCLOSURESThis research report is distributed by Haitong International,a global brand name for the equity research teams of Haitong International Research Limited(“HTIRL”),Haitong Securities India Private Li

50、mited(“HSIPL”),Haitong International Japan K.K.(“HTIJKK”),Haitong International Securities Company Limited(“HTISCL”),and anyother members within the Haitong International Securities Group of Companies(“HTISG”),each authorized to engage in securities activities in its respectivejurisdiction.HTIRL分析师认

51、证分析师认证Analyst Certification:我，虞楠，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,Nan Yu,certify that(i)the views expressed in this research report accurately reflect my personal views about any or all of the sub

52、ject companies orissuers referred to in this research and(ii)no part of my compensation was,is or will be directly or indirectly related to the specific recommendations or viewsexpressed in this research report;and that I(including members of my household)have no financial interest in the security o

53、r securities of the subject companiesdiscussed.26APPENDIX 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

54、 maker or hold proprietary trading positions of certain stocks orcompanies in this research report.As far as this research report is concerned,the following are the disclosure matters related to such relationship(As the followingdisclosure does not ensure timeliness and completeness,please send an e

55、mail to ERD-D if timely and comprehensive information is needed).27APPENDIX 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

56、来12-18个月内预期相对基准指数涨幅在10%以上，基准定义如下中性中性，未来12-18个月内预期相对基准指数变化不大，基准定义如下。根据FINRA/NYSE的评级分布规则，我们会将中性评级划入持有这一类别。弱于大市弱于大市，未来12-18个月内预期相对基准指数跌幅在10%以上，基准定义如下各地股票基准指数：日本各地股票基准指数：日本 TOPIX,韩国韩国 KOSPI,台湾台湾 TAIEX,印度印度 Nifty100,美国美国 SP500;其他所有中国概念股其他所有中国概念股 MSCI China.Ratings Definitions(from 1 Jul 2020):Haitong Int

57、ernational 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 comp

58、leteinformation 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 s

59、tock should depend on individualcircumstances(such as the investors existing holdings)and other considerations.Analyst Stock RatingsOutperform:The stocks total return over the next 12-18 months is expected to exceed the return of its relevant broad market benchmark,as indicated below.Neutral:The sto

60、cks total return over the next 12-18 months is expected to be in line with the return of its relevant broad market benchmark,as indicated below.Forpurposes only of FINRA/NYSE ratings distribution rules,our Neutral rating falls into a hold rating category.Underperform:The stocks total return over the

61、 next 12-18 months is expected to be below the return of its relevant broad market benchmark,as indicated below.Benchmarks for each stocks listed region are as follows:Japan TOPIX,Korea KOSPI,Taiwan TAIEX,India Nifty100,US SP500;for all other China-conceptstocks MSCI China.28APPENDIX 2评级分布评级分布Rating

62、 Distribution29APPENDIX 2截至截至2022年年12月月31日日海通国际股票研究评级分布海通国际股票研究评级分布优于大市优于大市中性中性弱于大市弱于大市(持有持有)海通国际股票研究覆盖率89.4%9.2%1.5%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。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12-1

63、8个月内预期相对基准指数涨幅在10%以上，基准定义如下中性中性，未来12-18个月内预期相对基准指数变化不大，基准定义如下。根据FINRA/NYSE的评级分布规则，我们会将中性评级划入持有这一类别。卖出卖出，未来12-18个月内预期相对基准指数跌幅在10%以上，基准定义如下各地股票基准指数：日本各地股票基准指数：日本 TOPIX,韩国韩国 KOSPI,台湾台湾 TAIEX,印度印度 Nifty100;其他所有中国概念股其他所有中国概念股 MSCI China.Haitong InternationalEquity Research Ratings Distribution,as of Dec

64、31,2022OutperformNeutralUnderperform(hold)HTI Equity Research Coverage89.4%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 distribution correspond to our current ratings of Outperform,Neutral,and Underperform.For purp

65、oses only of FINRA/NYSE ratings distribution rules,our Neutral rating falls into a hold rating category.Please note that stocks with an NR designation are notincluded in the table above.Previous rating system definitions(until 30 Jun 2020):BUY:The stocks total return over the next 12-18 months is ex

66、pected 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 ratings distribution ru

67、les,our Neutral rating falls into a hold rating category.SELL:The stocks total return over the next 12-18 months is expected to be below the return of its relevant broad market benchmark,as indicated below.Benchmarks for each stocks listed region are as follows:Japan TOPIX,Korea KOSPI,Taiwan TAIEX,I

68、ndia Nifty100;for all other China-concept stocks MSCIChina.30APPENDIX 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 repo

69、rts which may rank stocks according to valuation andother metrics or may suggest prices based on possible valuation multiples.Such rankings or suggested prices do not purport to be stock ratings or target prices orfundamental values and are for information only.海通国际海通国际A股覆盖股覆盖：海通国际可能会就沪港通及深港通的中国A股进行

70、覆盖及评级。海通证券（600837.CH），海通国际于上海的母公司，也会于中国发布中国A股的研究报告。但是，海通国际使用与海通证券不同的评级系统，所以海通国际与海通证券的中国A股评级可能有所不同。Haitong International Coverage of A-Shares:Haitong International may cover and rate A-Shares that are subject to the Hong Kong Stock Connect scheme withShanghai and Shenzhen.Haitong Securities(HS;600837

71、 CH),the ultimate parent company of HTISG based in Shanghai,covers and publishes research on these sameA-Shares for distribution in mainland China.However,the rating system employed by HS differs from that used by HTI and as a result there may be a difference in theHTI and HS ratings for the same A-

72、share stocks.海通国际海通国际优质优质100 A股股（Q100）指数指数：海通国际Q100指数是一个包括100支由海通证券覆盖的优质中国A股的计量产品。这些股票是通过基于质量的筛选过程，并结合对海通证券A股团队自下而上的研究。海通国际每季对Q100指数成分作出复审。Haitong International Quality 100 A-share(Q100)Index:HTIs Q100 Index is a quant product that consists of 100 of the highest-quality A-shares under coverage atHS

73、in Shanghai.These stocks are carefully selected through a quality-based screening process in combination with a review of the HS A-share teams bottom-upresearch.The Q100 constituent companies are reviewed quarterly.31APPENDIX 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（

74、ESG方）从其认为可靠的来源获取信息（信息）,ESG方均不担保或保证此处任何数据的原创性，准确性和/或完整性，并明确表示不作出任何明示或默示的担保，包括可商售性和针对特定目的的适用性。该信息只能供阁下内部使用，不得以任何形式复制或重新传播，并不得用作任何金融工具、产品或指数的基础或组成部分。此外，信息本质上不能用于判断购买或出售何种证券,或何时购买或出售该证券。即使已被告知可能造成的损害,ESG方均不承担与此处任何资料有关的任何错误或遗漏所引起的任何责任，也不对任何直接、间接、特殊、惩罚性、附带性或任何其他损害赔偿（包括利润损失）承担任何责任。MSCI ESG Disclaimer:Altho

75、ugh Haitong Internationals information providers,including without limitation,MSCI ESG Research LLC and its affiliates(the“ESGParties”),obtain information(the“Information”)from sources they consider reliable,none of the ESG Parties warrants or guarantees the originality,accuracy and/orcompleteness,o

76、f any data herein and expressly disclaim all express or implied warranties,including those of merchantability and fitness for a particular purpose.TheInformation may only be used for your internal use,may not be reproduced or redisseminated in any form and may not be used as a basis for,or a compone

77、nt of,anyfinancial instruments or products or indices.Further,none of the Information can in and of itself be used to determine which securities to buy or sell or when to buyor sell them.None of the ESG Parties shall have any liability for any errors or omissions in connection with any data herein,o

78、r any liability for any direct,indirect,special,punitive,consequential or any other damages(including lost profits)even if notified of the possibility of such damages.32APPENDIX 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

79、于合法取得的公开信息评估而成，本公司对信息的准确性及完整性不作任何保证。对公司的评估结果仅供参考，并不构成对任何个人或机构投资建议，也不能作为任何个人或机构购买、出售或持有相关金融产品的依据。本公司不对任何个人或机构投资者因使用本数据表述的评估结果造成的任何直接或间接损失负责。第二条 盟浪并不因收到此评估数据而将收件人视为客户，收件人使用此数据时应根据自身实际情况作出自我独立判断。本数据所载内容反映的是盟浪在最初发布本数据日期当日的判断，盟浪有权在不发出通知的情况下更新、修订与发出其他与本数据所载内容不一致或有不同结论的数据。除非另行说明，本数据（如财务业绩数据等）仅代表过往表现，过往的业绩表

80、现不作为日后回报的预测。第三条 本数据版权归本公司所有，本公司依法保留各项权利。未经本公司事先书面许可授权，任何个人或机构不得将本数据中的评估结果用于任何营利性目的，不得对本数据进行修改、复制、编译、汇编、再次编辑、改编、删减、缩写、节选、发行、出租、展览、表演、放映、广播、信息网络传播、摄制、增加图标及说明等，否则因此给盟浪或其他第三方造成损失的，由用户承担相应的赔偿责任，盟浪不承担责任。第四条 如本免责声明未约定，而盟浪网站平台载明的其他协议内容（如盟浪网站用户注册协议盟浪网用户服务（含认证）协议盟浪网隐私政策等）有约定的，则按其他协议的约定执行；若本免责声明与其他协议约定存在冲突或不一致

81、的，则以本免责声明约定为准。SusallWave FIN-ESG Data Service Disclaimer:Please read these terms and conditions below carefully and confirm your agreement and acceptance with these termsbefore using SusallWave FIN-ESG Data Service.1.FIN-ESG Data is produced by SusallWave Digital Technology Co.,Ltd.(In short,SusallW

82、ave)s assessment based on legal publicly accessible information.SusallWaveshall not be responsible for any accuracy and completeness of the information.The assessment result is for reference only.It is not for any investment advice for anyindividual or institution and not for basis of purchasing,sel

83、ling or holding any relative financial products.We will not be liable for any direct or indirect loss of anyindividual or institution as a result of using SusallWave FIN-ESG Data.2.SusallWave do not consider recipients as customers for receiving these data.When using the data,recipients shall make y

84、our own independent judgment accordingto your practical individual status.The contents of the data reflect the judgment of us only on the release day.We have right to update and amend the data andrelease other data that contains inconsistent contents or different conclusions without notification.Unl

85、ess expressly stated,the data(e.g.,financial performance data)represents past performance only and the past performance cannot be viewed as the prediction of future return.3.The copyright of this data belongs to SusallWave,and we reserve all rights in accordance with the law.Without the prior writte

86、n permission of our company,noneof individual or institution can use these data for any profitable purpose.Besides,none of individual or institution can take actions such as amendment,replication,translation,compilation,re-editing,adaption,deletion,abbreviation,excerpts,issuance,rent,exhibition,perf

87、ormance,projection,broadcast,information networktransmission,shooting,adding icons and instructions.If any loss of SusallWave or any third-party is caused by those actions,users shall bear the correspondingcompensation liability.SusallWave shall not be responsible for any loss.4.If any term is not c

88、ontained in this disclaimer but written in other agreements on our website(e.g.User Registration Protocol of SusallWave Website,User Service(including authentication)Agreement of SusallWave Website,Privacy Policy of Susallwave Website),it should be executed according to other agreements.If there isa

89、ny difference between this disclaim and other agreements,this disclaimer shall be applied.33APPENDIX 2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”）

90、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 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

91、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声明或保证。本文件中所有观点均截至本报告日期，如有更改，恕不另行通知。本文件仅供参考使用。文件中提及的任何公司或其股票的说明并非意图展示完整的内容，本文件并非/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

92、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

93、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

94、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。34APPENDIX 2IMPORTANT DISCLAIMERFor research reports on non-Indian securities:The research report is issued by Haitong International Research Limited(“HTIRL”),a wholly owned subsidiary ofHaitong International Securities Group Limited(“HTISGL”)and a licen

95、sed corporation to carry on Type 4 regulated activity(advising on securities)for the purpose ofthe Securities and Futures Ordinance(Cap.571)of Hong Kong,with the assistance of Haitong International(Japan)K.K.(“HTIJKK”),a wholly owned subsidiary ofHTISGL and which is regulated as an Investment Advise

96、r by the Kanto Finance Bureau of Japan.For research reports on Indian securities:The research report is issued by Haitong Securities India Private Limited(“HSIPL”),an Indian company and a Securitiesand Exchange Board of India(“SEBI”)registered Stock Broker,Merchant Banker and Research Analyst that,i

97、nter alia,produces and distributes research reportscovering listed entities on the BSE Limited(“BSE”)and the National Stock Exchange of India Limited(“NSE”)(collectively referred to as“Indian Exchanges”).HSIPLwas acquired and became part of the Haitong International Securities Group of Companies(“HT

98、ISG”)on 22 December 2016.All the research reports are globally branded under the name Haitong International and approved for distribution by Haitong International Securities CompanyLimited(“HTISCL”)and/or any other members within HTISG in their respective jurisdictions.The information and opinions c

99、ontained in this research report have been compiled or arrived at from sources believed to be reliable and in good faith but norepresentation or warranty,express or implied,is made by HTIRL,HTISCL,HSIPL,HTIJKK or any other members within HTISG from which this research report maybe received,as to the

100、ir accuracy,completeness or correctness.All opinions expressed herein are as of the date of this research report and are subject to changewithout notice.This research report is for information purpose only.Descriptions of any companies or their securities mentioned herein are not intended to becompl

101、ete and this research report is not,and should not be construed expressly or impliedly as,an offer to buy or sell securities.The securities referred to in thisresearch report may not be eligible for purchase or sale in some jurisdictions.If an investment product is denominated in a currency other th

102、an an investors homecurrency,a change in exchange rates may adversely affect the investment.Past performance is not necessarily indicative of future results.Certain transactions,including those involving derivatives,give rise to substantial risk and are not suitable for all investors.You should also

103、 bear in mind that recommendations in thisresearch report are not tailor-made for you.The analyst has not taken into account your unique financial circumstances,such as your financial situation and riskappetite.You must,therefore,analyze and should,where applicable,consult your own legal,tax,account

104、ing,financial and other professional advisers to evaluatewhether the recommendations suits you before investment.Neither HTISG nor any of its directors,employees or agents accepts any liability whatsoever for anydirect or consequential loss arising from any use of the materials contained in this res

105、earch report.35APPENDIX 2HTISG and our affiliates,officers,directors,and employees,excluding the analysts responsible for the content of this document,will from time to time have long orshort positions in,act as principal in,and buy or sell,the securities or derivatives,if any,referred to in this re

106、search report.Sales,traders,and other professionals ofHTISG may provide oral or written market commentary or trading strategies to the relevant clients and the companies within HTISG that reflect opinions that arecontrary to the opinions expressed in this research report.HTISG may make investment de

107、cisions that are inconsistent with the recommendations or viewsexpressed in this research report.HTI is under no obligation to ensure that such other trading decisions,ideas or recommendations are brought to the attention ofany recipient of this research report.Please refer to HTIs website for furth

108、er information on HTIs organizational and administrative arrangements set up for the preventionand avoidance of conflicts of interest with respect to Research.Non U.S.Analyst Disclosure:The HTI analyst(s)listed on the cover of this Research is(are)not registered or qualified as a research analyst wi

109、th FINRA and are notsubject to U.S.FINRA Rule 2241 restrictions on communications with companies that are the subject of the Research;public appearances;and trading securities bya research analyst.36APPENDIX 2分发和地区通知：分发和地区通知：除非下文另有规定，否则任何希望讨论本报告或者就本项研究中讨论的任何证券进行任何交易的收件人均应联系其所在国家或地区的海通国际销售人员。香港投资者的通知

110、事项：香港投资者的通知事项：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

111、。HTIRL，HSIPL，HTIJKK以及任何非HTISG美国联营公司，均未在美国注册，因此不受美国关于研究报告编制和研究分析人员独立性规定的约束。本研究报告提供给依照1934年“美国证券交易法”第15a-6条规定的豁免注册的美国主要机构投资者（“Major U.S.Institutional Investor”）和机构投资者（”U.S.Institutional Investors”）。在向美国机构投资者分发研究报告时，HaitongInternational Securities(USA)Inc.（“HTI USA”）将对报告的内容负责。任何收到本研究报告的美国投资者，希望根据本研究报告提

112、供的信息进行任何证券或相关金融工具买卖的交易，只能通过HTI USA。HTI USA位于340 Madison Avenue,12th Floor,New York,NY 10173，电话（212）351-6050。HTI USA是在美国于U.S.Securities and Exchange Commission（“SEC”）注册的经纪商，也是Financial Industry Regulatory Authority,Inc.（“FINRA”）的成员。HTIUSA不负责编写本研究报告，也不负责其中包含的分析。在任何情况下，收到本研究报告的任何美国投资者，不得直接与分析师直接联系，也不得通

113、过HSIPL，HTIRL或HTIJKK直接进行买卖证券或相关金融工具的交易。本研究报告中出现的HSIPL，HTIRL或HTIJKK分析师没有注册或具备FINRA的研究分析师资格，因此可能不受FINRA第2241条规定的与目标公司的交流，公开露面和分析师账户持有的交易证券等限制。投资本研究报告中讨论的任何非美国证券或相关金融工具（包括ADR）可能存在一定风险。非美国发行的证券可能没有注册，或不受美国法规的约束。有关非美国证券或相关金融工具的信息可能有限制。外国公司可能不受审计和汇报的标准以及与美国境内生效相符的监管要求。本研究报告中以美元以外的其他货币计价的任何证券或相关金融工具的投资或收益的价

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