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 17 Apr 2023 重庆百货重庆百货

2、Chongqing Department Store(600729 CH)22 年收入降 13%利润降 7%，关注 23 年复苏弹性与国改提效 2022 Revenue Down 13%Profit Down 7%,Focus on 2023 of Recovery Resilience and National Reform to Improve Efficiency 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 Rmb27.29 目标价 Rmb37.35 HTI ESG 2.0-1.8-1.5 E-S-G:

3、0-5 义利评级 市值 Rmb11.09bn/US$1.61bn 日交易额(3 个月均值)US$9.48mn 发行股票数目 406.53mn 自由流通股(%)44%1 年股价最高最低值 Rmb29.08-Rmb19.39 注：现价 Rmb27.29 为 2023 年 4 月 17 日收盘价 资料来源：Factset 1mth 3mth 12mth 绝对值 5.7%11.5%21.0%绝对值（美元）5.7%8.9%12.2%相对 MSCI China 1.9%18.7%27.2%Table_Profit (Rmb mn)Dec-22A Dec-23E Dec-24E Dec-25E 营业收入 1

4、8,304 19,114 20,413 22,103(+/-)-13%4%7%8%净利润 883 1,251 1,447 1,681(+/-)-7%42%16%16%全面摊薄 EPS(Rmb)2.17 3.08 3.56 4.13 毛利率 26.1%27.6%27.9%28.0%净资产收益率 17.1%20.5%20.1%19.8%市盈率 13 9 8 7 资料来源：公司信息,HTI (Please see APPENDIX 1 for English summary)重庆百货重庆百货 4 月月 8 日发布日发布 2022 年报。年报。2022 年实现收入 183.04 亿元，同比下降 13.

5、4%；归母净利润 8.83 亿元，同比下降 7.16%，扣非归母净利润 7.96 亿元，同比下降 13.35%。摊薄 EPS 为 2.23 元；加权平均净资产收益率 17.25%，经营性现金流净额 6.19 亿元，同比下降 44.39%。2022 年分红预案：向全体股东每 10 股派发现金红利6.80 元（含税）。简评及投资建议。简评及投资建议。1、公司公司 2022年收入年收入 183.04 亿元，同比下降亿元，同比下降 13.4%；归母净利；归母净利 8.83亿元，同比下降亿元，同比下降 7.16%；主营业务毛利率同比增加；主营业务毛利率同比增加 0.13pct 至至19.61%。全年业绩

6、下滑主因为宏观经济下行、消费市场疲软、疫情及重庆高温限电。其中，4Q 收入 38.06 亿元同比下降 20.37%，归母净利 0.43 亿元同比下降 47.25%。（A）分业态，）分业态，2022 年百货业态收入下降 23.43%至 18.52 亿元，毛利率减少 3.08 pct 至 64.25%；超市业态收入下降 3.95%至 65.44 亿元,毛利率增加 1.66 pct 至 15.47%；电器业态收入上升 1.66%至24.49 亿元；毛利率减少 2.59 pct 至 19.84%；汽车贸易收入下降23.56%至 53.74 亿元，毛利率增加 1.27 pct 至 7.29%；其他业态收

7、入下降 30.65%至 5.33 亿元。（B）分地区，）分地区，2022 年重庆收入下降 13.31%至 163.74 亿元，毛利率增加 0.13pct 至 19.09%；四川收入下降 34.43%至 3.3 亿元，毛利率增加 6.11pct 至 43.44%；贵州收入下降 28.51%至 797.8 万元；湖北收入上升 5.01%至 4033 万元。（C）分渠道，）分渠道，2022 年线上、线下收入各 27.75 亿元、297.73 亿元，销售占比各8.53%和91.47%。搭建线上线下一体化平台，建成并上线多点多业态融合 APP，线上销售同比增长 54%，百货、电器业态各增 240%、10

8、5%。2、2022 年期间费用率增加年期间费用率增加 1.27 pct 至至 21.67%。2022 年公司销售费用率同比增加 1.08 pct 至 15.42%；管理费用率同比增加 0.14 pct至 5.35%；财务费用率同比增加 0.06 pct；最终整体期间费用率增加 1.27 pct 至 21.67%。3、测算剔除马上金融投资收益，、测算剔除马上金融投资收益，2022年主业净利降年主业净利降40%。2022年公允价值变动净收益下降 69.75%至 222.5 万元，主因同期结构性存款公允价值增加；投资收益增长 36.22%至 5.96 亿元，主因马上消费股权投资收益增加；因承租项目使

9、用权资产变动处置损益增加实现资产处置收益 6097 万元。公司 2022 年确认资产减值损失 2.89亿元，与 2021 年基本持平。最终归母净利润下降 7.16%至 8.83 亿元，扣非净利润下降 13.35%至 7.96 亿元。我们测算，剔除马上金融投资收益，2022 年主业净利润为 3.28 亿下降 40%。Table_Author 汪立亭汪立亭 Liting Wang 李宏科李宏科 Hongke Li 高瑜高瑜 Yu Gao 6080100120140Price ReturnMSCI ChinaApr-22Aug-22Dec-22Volume 17 Apr 2023 2 Table_h

10、eader1 重庆百货(600729 CH)维持优于大市维持优于大市 4、经营调整经营调整：全面数智化转型成效明显全面数智化转型成效明显，公司建成并上线多点多业态融合 APP，实现百货、超市、电器、汽车多业态数字化融合运营，公司会员达到 2000 万人。超市业态完成 OS、物流、U 课管理系统优化，商品周转效率提升 20%；百货业态云柜台上线品牌 880 个，打造自媒体流量矩阵，线上销售同比增长 240%；电器业态优化“电器淘”，线上销售同比增长 105%；汽贸业态运用“救援大师”优化事故管控体系，引进AUTOX3 可视化车报告系统，升级商社汽贸车生活。系统性降本增效系统性降本增效：优化组织架

11、构及人员，全年存量人工成本/可控成本同比分别下降7.91%/6.44%。完成2022年限制性股票激励计划实施，增强创新激励约束。维持对公司的判断。混改激发活力，盈利稳健成长。维持对公司的判断。混改激发活力，盈利稳健成长。公司是重庆网点数和经营规模最大、竞争力最强的综合商业企业，充分享受区域复苏红利，资产价值高；集团、公司层面均已实施股权激励，正在推进整体上市，有望进一步激发机制活力；马上消费金融打造科技平台，为公司贡献充沛投资收益且有重估空间。更新盈利预测更新盈利预测：我们预计 2023-2025 年归母净利润各 12.5 亿元（+8.4%）、14.5 亿元（+8.04%）、16.8 亿元，同

12、比增长 41.6%、15.7%、16.2%。给予公司 2023 年 6.4 亿元零售主业利润 18 倍 PE，给予马上金融 6.1 亿元投资收益 6 倍 PE；分部估值给予合理市值 152 亿元（+6.3%），目标价 37.35 元（+6.5%），维持“优于大市”投资评级。风险提示风险提示：行业竞争加剧；改善不达预期；马上金融及创新业务发展的不确定性。RUkYjWVYiWhUtQtQoM8OdN6MpNqQmOsRjMqQnRjMpOyQbRoPwPxNqQuNvPsRvN 17 Apr 2023 3 Table_header1 重庆百货(600729 CH)维持优于大市维持优于大市 表表 1

13、 公司公司 2022 年主营业务分行业和分地区情况年主营业务分行业和分地区情况 分行业分行业 营业收入（亿元）营业收入（亿元）同比增长（同比增长（%）毛利率（毛利率（%）同比变动（百分点）同比变动（百分点）百货业态 18.52-23.43 64.25 3.08 超市业态 65.44-3.95 15.47 1.66 电器业态 24.49 1.66 19.84-2.59 汽贸业态 53.74-23.56 7.29 1.27 其他 5.3-30.65 38.36 5.55 合计 167.52-13.83 19.61 0.13 分地区分地区 营业收入（亿元）营业收入（亿元）同比增长（同比增长（%）毛利

14、率（毛利率（%）同比变动（百分点）同比变动（百分点）重庆地区 163.74-13.31 19.09 0.13 四川地区 3.30-34.43 43.44 6.11 贵州地区 0.08-28.51 77.89-2.88 湖北地区 0.40 5.01 21.99 0.66 合计 167.52-13.83 19.61 0.13 资料来源：公司 2022 年报，HTI 表表 2 公司单季度合并损益表分析公司单季度合并损益表分析 1Q2021 2Q2021 3Q2021 4Q2021 1Q2022 2Q2022 3Q2022 4Q2022 2021 2022 营业总收入（亿元）651087 527235

15、 457307 476764 527138 462410 460237 380583 2113576 1830369 同比增长（%）25.22-1.29-6.92-15.22-19.04-12.30 0.64-20.37 0.28-13.40 营业总成本（万元）607431 513520 447304 478041 493031 453832 452966 399161 2047617 1798991 营业成本（万元）494202 398342 333538 345549 382585 349405 355628 264869 1567269 1352487 毛利（万元）156885 1288

16、93 123769 131214 144553 113005 104609 115714 546307 477882 毛利率（%）24.10 24.45 27.06 27.52 27.42 24.44 22.73 30.40 25.85 26.11 营业税金及附加（万元）5785 5264 4437 5989 6238 4325 3817 4652 21474 19032 占比收入（%）0.89 1.00 0.97 1.26 1.18 0.94 0.83 1.22 1.02 1.04 销售费用（万元）74750 76613 83677 62166 71873 70289 71737 68300

17、 302993 282199 占比收入（%）11.48 14.53 18.30 13.04 13.63 15.20 15.59 17.95 14.34 15.42 管理费用（万元）24490 25074 24633 35777 23894 23648 16602 33855 110044 97999 占比收入（%）3.76 4.76 5.39 7.50 4.53 5.11 3.61 8.90 5.21 5.35 研发费用（万元）78 132 127 3447 1039 969 787 62 3784 2857 占比收入（%）0.01 0.02 0.03 0.72 0.20 0.21 0.17

18、0.02 0.18 0.16 财务费用（万元）3179.0 3749.0 3565.4 3834.4 2558.0 3539.3 3440.1 3957.8 14,328 13,495 占比收入（%）0.49 0.71 0.78 0.80 0.49 0.77 0.75 1.04 0.68 0.74 营业利润（万元）49321 21798 23514 17120 42918 23683 27592 5632 111753 99824 同比增长（%）133.87-67.40-1.10 75.59-14.13 5.44 9.11-50.52-8.01-8.51 营业外收入（万元）1490 695 1

19、409 1237 5826-3076 694-782 4831 2661 营业外支出（万元）111 156 656 2497 205 508 434 1343 3420 2491 利润总额（万元）50700 22336 24267 15861 48538 20099 27851 3507 113164 99995 同比增长（%）137.03-66.87 2.30 35.62-5.49-12.61 6.95-64.69-8.91-9.37 所得税（万元）6831 2216 1758 813 5986 1834 2180-467 11619 9533 有效所得税率（%）13.47 9.92 7.2

20、4 5.12 12.33 9.13 7.83-13.32 10.27 9.53 净利润（万元）43868 20120 22509 15048 42553 18264 25671 3974 101545 90462 同比增长（%）156.46-65.70 6.35 53.38-4.39-12.05 7.13-58.06-4.87-8.36 净利润率（%）6.74 3.82 4.92 3.16 8.07 3.95 5.58 1.04 4.80 4.94 少数股东损益（万元）950 777 569 1259 1190 856 446-368 3556 2123 归母净利润（万元）42918 1934

21、3 21939 13790 41363 17409 25225 4342 97990 88338 同比增长（%）147.49-66.65 6.49 52.28-5.03-12.89 7.87-47.25-6.68-7.16 扣非净利润（万元）40632 17673 21099 12928 36584 16286 19620 7148 92331 79638 同比增长（%）207.81-35.99 11.27-503.32-9.96-7.84-7.01-44.71 58.65-13.35 摊薄每股收益（元）0.570 0.510 0.560 0.340 1.040 1.480 2.120 2.2

22、30 2.450 2.230 资料来源：WIND，HTI 17 Apr 2023 4 Table_header1 重庆百货(600729 CH)维持优于大市维持优于大市 表表 3 重庆百货合并损益表及预测重庆百货合并损益表及预测 2021 2022 2023E 2024E 2025E 营业总收入（百万元）21136 18304 19114 20413 22103 同比增长（%）0.3%-13.4%4.4%6.8%8.3%营业总成本（百万元）营业成本（百万元）15675 13525 13842 14727 15915 毛利率（%）25.8%26.1%27.6%27.9%28.0%营业税金及附加（

23、百万元）223 190 191 204 221 营业税金及附加/营业收入（%）1.1%1.0%1.0%1.0%1.0%销售费用（百万元）3,030 2,822 2,820 2,998 3,215 销售费用率（%）14.3%15.4%14.8%14.7%14.5%管理费用（百万元）1126 980 1005 1072 1150 管理费用率（%）5.3%5.4%5.3%5.2%5.2%财务费用（百万元）143 135 155 144 117 财务费用率（%）0.7%0.7%0.8%0.7%0.5%资产减值损失（百万元）299 289 280 280 280 投资收益（百万元）438 596 611

24、 672 726 营业利润（百万元）1091 998 1445 1674 1946 同比增长（%）-10.2%-8.5%44.8%15.8%16.3%营业外收入（百万元）48 27 30 30 30 营业外支出（百万元）36 25 20 20 20 利润总额（百万元）1103 1000 1455 1684 1956 同比增长（%）-11.2%-9.4%45.6%15.7%16.2%所得税费用（百万元）116 95 175 202 235 有效所得税率（%）10.5%9.5%12.0%12.0%12.0%净利润（百万元）987 905 1281 1482 1721 少数股东损益（百万元）36 2

25、1 30 35 40 归属于母公司所有者的净利润（百万元）952 883 1251 1447 1681 同比增长（%）-9.4%-7.2%41.6%15.7%16.2%净利润率（%）4.5%4.8%6.5%7.1%7.6%摊薄每股收益（元）2.34 2.17 3.08 3.56 4.13 资料来源：公司 2021-2022 年报，HTI 表表 4 公司分部估值结果公司分部估值结果 估值方法估值方法 预测指标预测指标 2023E 估值下限估值下限（倍）（倍）估值上限估值上限（倍）（倍）市值下限市值下限（亿元）（亿元）市值上限市值上限（亿元）（亿元）主业 P/E 净利润（亿元）6.4 15 18

26、96 115 马上金融 P/E 投资收益（亿元）6.1 6 6 37 37 合理市值（亿元）合理市值（亿元）133 152 合理价值（元合理价值（元/股）股）32.63 37.35 资料来源：HTI 17 Apr 2023 5 Table_header1 重庆百货(600729 CH)维持优于大市维持优于大市 表表 5 百货行业可比公司估值（倍，百货行业可比公司估值（倍，20230407）简称简称 王府井王府井 天虹股份天虹股份 合肥百货合肥百货 行业平均行业平均 PE（倍，2023E）28.90 29.53 18.63 25.68 PS（倍，2023E）2.04 0.55 0.58 1.06

27、 资料来源：WIND，HTI 表表 6 非银金融可比公司估值（倍，非银金融可比公司估值（倍，20230407）简称简称 中国平安中国平安 中航产融中航产融 国投资本国投资本 行业平均行业平均 PE（倍，2023E）7.04 11.57 10.52 9.71 PS（倍，2023E）0.68 1.86 2.50 1.68 资料来源：WIND，HTI 17 Apr 2023 6 Table_header2 重庆百货(600729 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 2022 2023E 2024E 20

28、25E 利润表（百万元）利润表（百万元）2022 2023E 2024E 2025E 每股指标（元）每股指标（元）营业总收入营业总收入 18304 19114 20413 22103 每股收益 2.17 3.08 3.56 4.13 营业成本 13525 13842 14727 15915 每股净资产 12.68 14.97 17.67 20.85 毛利率%26.1%27.6%27.9%28.0%每股经营现金流 1.52 2.10 2.58 3.14 营业税金及附加 190 191 204 221 每股股利 0.68 0.79 0.87 0.95 营业税金率%1.0%1.0%1.0%1.0%价

29、值评估（倍）价值评估（倍）营业费用 2822 2820 2998 3215 P/E 12.37 8.74 7.55 6.50 营业费用率%15.4%14.8%14.7%14.5%P/B 2.12 1.80 1.52 1.29 管理费用 980 1005 1072 1150 P/S 0.60 0.57 0.54 0.49 管理费用率%5.4%5.3%5.2%5.2%EV/EBITDA 7.84 9.41 7.40 5.53 EBIT 758 1221 1375 1563 股息率%2.5%2.9%3.2%3.5%财务费用 135 155 144 117 盈利能力指标（盈利能力指标（%）财务费用率%

30、0.7%0.8%0.7%0.5%毛利率 26.1%27.6%27.9%28.0%资产减值损失-289-280-280-280 净利润率 4.8%6.5%7.1%7.6%投资收益 596 611 672 726 净资产收益率 17.1%20.5%20.1%19.8%营业利润营业利润 998 1445 1674 1946 资产回报率 5.1%7.1%7.7%8.3%营业外收支 2 10 10 10 投资回报率 6.8%10.2%10.6%11.2%利润总额利润总额 1000 1455 1684 1956 盈利增长（盈利增长（%）EBITDA 1525 1281 1437 1626 营业收入增长率-

31、13.4%4.4%6.8%8.3%所得税 95 175 202 235 EBIT 增长率-27.4%61.2%12.6%13.6%有效所得税率%9.5%12.0%12.0%12.0%净利润增长率-7.2%41.6%15.7%16.2%少数股东损益 21 30 35 40 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 883 1251 1447 1681 资产负债率 69.5%64.6%61.1%57.2%流动比率 0.75 0.85 0.99 1.14 速动比率 0.36 0.47 0.60 0.73 资产负债表（百万元）资产负债表（百万元）2022 2023E 20

32、24E 2025E 现金比率 0.29 0.41 0.53 0.66 货币资金 2421 3246 4336 5556 经营效率指标经营效率指标 应收账款及应收票据 241 168 209 216 应收帐款周转天数 4.81 3.21 3.74 3.56 存货 2297 2351 2421 2645 存货周转天数 61.98 62.00 60.00 60.67 其它流动资产 1320 983 1159 1186 总资产周转率 1.06 1.09 1.08 1.09 流动资产合计 6279 6748 8126 9603 固定资产周转率 5.59 5.78 6.08 6.46 长期股权投资 304

33、1 3041 3041 3041 固定资产 3277 3307 3356 3423 在建工程 6 11 21 31 无形资产 183 173 163 151 现金流量表（百万元）现金流量表（百万元）2022 2023E 2024E 2025E 非流动资产合计 10925 10800 10713 10658 净利润 883 1251 1447 1681 资产总计资产总计 17204 17548 18839 20261 少数股东损益 21 30 35 40 短期借款 1155 955 755 455 非现金支出 1077 340 342 344 应付票据及应付账款 3127 3110 3349 3

34、604 非经营收益-503-627-697-762 预收账款 21 15 18 19 营运资金变动-859-140-78-28 其它流动负债 4114 3882 4092 4313 经营活动现金流经营活动现金流 619 853 1048 1275 流动负债合计 8418 7962 8215 8392 资产-212-37-59-76 长期借款 0 0 0 0 投资-486 0 0 0 其它长期负债 3542 3381 3289 3200 其他 375 761 807 847 非流动负债合计 3542 3381 3289 3200 投资活动现金流投资活动现金流-323 724 748 771 负债

35、总计负债总计 11960 11343 11504 11592 债权募资 1616-200-200-421 实收资本 407 407 407 407 股权募资 61 0 0 0 归属于母公司所有者权益 5157 6087 7182 8476 其他-2856-553-505-405 少数股东权益 88 118 153 193 融资活动现金流融资活动现金流-1179-753-705-827 负债和所有者权益合计负债和所有者权益合计 17204 17548 18839 20261 现金净流量现金净流量-882 825 1090 1220 备注：（1）表中计算估值指标的收盘价日期为 04 月 07 日；

36、（2）以上各表均为简表 资料来源：公司年报（2022），HTI 17 Apr 2023 7 Table_header2 重庆百货(600729 CH)维持优于大市维持优于大市 APPENDIX 1 Summary In 2022,company achieved revenue of Rmb18.304bn,down 13.4%YoY;NP attributable to shareholders of Rmb883mn,down 7.16%YoY,with diluted EPS of Rmb2.23;weighted average ROE of 17.25%.Updated earnin

37、gs forecast:We estimate NP attributed to shareholders of Rmb1.25bn(+8.4%),1.45bn(+8.04%)and 1.68bn in 2023-2025,up 41.6%,15.7%and 16.2%YoY.The company was given 18 X PE of Rmb640mn of retail profit in 2023,and 6 X PE of Rmb610mn of investment income of immediate finance;the segment valuation gave a

38、reasonable market value of Rmb15.2bn(+6.3%)and a TP of Rmb37.35(+6.5%),maintaining outperform rating.Risks:Increased competition in the industry;improvements that do not meet expectations;uncertainty in the development of immediate financial and innovative businesses.8 Table_APPENDIX Table_disclaime

39、r 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。IMPORTANT DISCLOSURES This research report is distributed by Haitong Inter

40、national,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 Securities Company Limited(“HTISCL”),and any other members within the Haito

41、ng 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，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

42、属）在其中均不持有任何财务利益。我和我的家属（我已经告知他们）将不会在本研究报告发布后的3个工作日内交易此研究报告所讨论目标公司的证券。I,Liting 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 in this research and(ii)no part of my compensation was,is

43、 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.I and my household,whom I have already notifi

44、ed of this,will not deal in or trade any securities in respect of the issuer that I review within 3 business days after the research report is published.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。我和我的家属

45、（我已经告知他们）将不会在本研究报告发布后的3个工作日内交易此研究报告所讨论目标公司的证券。I,Hongke Li,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 my compensation was,is or will be directly or

46、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.I and my household,whom I have already notified of this,will not deal

47、 in or trade any securities in respect of the issuer that I review within 3 business days after the research report is published.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。我和我的家属（我已经告知他们）将不会在本研究报告发布后的3个工

48、作日内交易此研究报告所讨论目标公司的证券。I,Yu Gao,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 my compensation was,is or will be directly or indirectly related to the sp

49、ecific 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.I and my household,whom I have already notified of this,will not deal in or trade any securities

50、in respect of the issuer that I review within 3 business days after the research report is published.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

51、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 such relationship(As the following disclosure does not ensure

52、 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002419.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

53、subsidiaries(collectively,the Haitong)have a role in investment banking projects of 002419.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-underwriter;2.equity or debt refinancing projects of 002419.CH fo

54、r 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.002419.CH目前或过去12个月内是海通的投资银行业务客户。002419.CH is/was an investment bank clients of Haitong currently or with

55、in the past 12 months.平安资产管理有限责任公司目前或过去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。平安资产管理有限责任公司 is/was a client of Haitong currently or within the past 12 months.The client has been provided for non-investment-banking securities-related services.海通在过去的12个月中从平安资产管理有限责任公司获得除投资银行服务以外之产品或服务的报酬。Haitong has recei

56、ved compensation in the past 12 months for products or services other than investment banking from 平安资产管理有限责任公司.9 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。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

57、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 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 20

58、20):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 all ratings used in Haitong International Research.In addition,since Haitong International Research co

59、ntains 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 case,ratings(or research)should not be used or relied upon as investment advice.An investors decision

60、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 12-18 months is expected to exceed the return of its relevant broad market benchmark,as indicated b

61、elow.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

62、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,US SP500;for all other China-concept stocks MSCI China.评级分布

63、评级分布Rating Distribution 截至截至2023年年3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 89.6%9.2%1.2%投资银行客户*5.2%6.4%9.5%*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

64、-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 MSCI China.10 Haitong International Equity Research Ratings Distribution,as of Mar 31,2023 Outperform Neu

65、tral Underperform (hold)HTI Equity Research Coverage 89.6%9.2%1.2%IB clients*5.2%6.4%9.5%*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 FINR

66、A/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 definitions(until 30 Jun 2020):BUY:The stocks total return over the next 12-18 months is expected to exceed

67、 the return of its relevant broad market benchmark,as indicated below.NEUTRAL:The stocks total return over the next 12-18 months is expected to be in line with the return of its relevant broad market benchmark,as indicated below.For purposes only of FINRA/NYSE ratings distribution rules,our Neutral

68、rating falls into a hold rating category.SELL:The stocks total return over the next 12-18 months is expected to be below the return of its relevant broad market benchmark,as indicated below.Benchmarks for each stocks listed region are as follows:Japan TOPIX,Korea KOSPI,Taiwan TAIEX,India Nifty100;fo

69、r 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 Research:Haitong International publishes quantitative,screening or short reports which may rank stocks a

70、ccording 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 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

71、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 with Shanghai and Shenzhen.Haitong Securities(HS;600837 CH),the ultimate paren

72、t 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 as a result there may be a difference in the HTI and HS ratings for the same A-share stocks.海通国际优质海通

73、国际优质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 at HS in Shanghai.Thes

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