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 26 Apr 2023 安克创新安克创新

2、Anker Innovations Technology(300866 CH)聚焦研发降本提效，看好 23 年利润弹性 R&D Cost Efficiency to Underpin 2023 Earnings 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 Rmb61.70 目标价 Rmb85.11 市值 Rmb9.33bn/US$1.35bn 日交易额(3 个月均值)US$31.98mn 发行股票数目 151.24mn 自由流通股(%)45%1 年股价最高最低值 Rmb82.38-Rmb50.80 注：现价

3、Rmb61.70 为 2023 年 4 月 25 日收盘价 资料来源：Factset 1mth 3mth 12mth 绝对值-15.4%-2.7%8.5%绝对值（美元）-15.8%-4.4%2.0%相对 MSCI China 13.5%27.7%47.7%Table_Profit (Rmb mn)Dec-22A Dec-23E Dec-24E Dec-25E 营业收入 14,251 16,395 19,056 22,393(+/-)13%15%16%18%净利润 1,143 1,384 1,694 2,086(+/-)16%21%22%23%全面摊薄 EPS(Rmb)2.81 3.40 4.1

4、7 5.13 毛利率 38.7%40.4%40.9%41.2%净资产收益率 16.7%17.8%19.0%20.1%市盈率 22 18 15 12 资料来源：公司信息,HTI (Please see APPENDIX 1 for English summary)安克创新安克创新 4 月月 19 日公布日公布 2022 年报，年报，2022 年收入 142.51 亿元，同比增长 13.33%；归母净利润 11.43 亿元，同比增长 16.43%，扣非归母净利润 7.81 亿元，同比增长 10.39%。摊薄 EPS 为 2.81 元。2022 利润分配预案：向全体股东每 10 股派发现金红利 12

5、 元（含税）。公司拟转让全资子公司海翼电商 60.4%的股权，合计转让对价为人民币 1.56 万元，本次交易完成后，公司将剥离代运营业务，海翼电商将不再纳入公司合并报表范围。简评：简评：2022 年收入增长年收入增长 13.33%，4Q 收入增长收入增长 13.6%。2022 年收入 142.51亿元，同比增长 13.33%，其中 4Q2022 收入 47 亿元，同比增长13.6%。2022 年毛利率 38.7%，同比增长 3.0pct，其中充电/智能创新/无 线 音 频 类 产 品 毛 利 率 各 41.9%/35.4%/37.7%，各 增 长4.2/1.5/2.9pct；4Q2022 毛利

6、率 38.4%，同比增长 3.5pct。(A)分区域：2022 年北美/欧洲/日本/中东/中国大陆收入各占比50.9%/19.9%/12.6%/5.4%/3.7%。(B)分产品：充电类/智能创新/无线音频各占比 48.25%/30.82%/19.80%，同比增速各 23.84%/7.02%/-1.06%。(C)分销售渠道：线上/线下渠道各占比 66%/34%。研发费用率持续提升研发费用率持续提升。2022 年期间费用率 31.93%，其中销售/管理/研 发/财 务 费 用 率 分 别 为20.6%/3.3%/7.6%/0.5%，各 变 动+1.18/+0.28/+1.39/+0.11pct。销

7、售费用拆分来看：2022 年销售平台费增加 12.82%，占收入比 7.76%，同比减少 0.04pct；市场推广费增长 22.91%，占收入比 7.6%，同比增加 0.60pct；2022 年财务费用0.67 亿元，较 2021 年增长 0.22 亿元。2020-22 年研发费用率各6.07%、6.19%和 7.58%，截至 2022 年底研发人员 1820 人占比50%，研发投入逐年提高。归母净利润增长归母净利润增长 16.4%，营业利润增长，营业利润增长 16.7%。2022 年归母净利11.4 亿元，同比增长 16.4%；营业利润 12.74 亿元，同比增长16.7%；扣非净利润 7.

8、8 亿元，同比增长 10.39%。4Q 归母净利润同比下降 6.95%。2022年计提存货跌价准备产生资产减值损失近 1.16亿元、少数股东损益 4186 万元。Table_Author 汪立亭汪立亭 Liting Wang 李宏科李宏科 Hongke Li 高瑜高瑜 Yu Gao 700Price ReturnMSCI ChinaApr-22Aug-22Dec-22Volume 26 Apr 2023 2 Table_header1 安克创新(300866 CH)维持优于大市维持优于大市 优化经营活动现金流管理。优化经营活动现金流管理。2022 年经营活动现金流量净额

9、14.2 亿元，同比增长217.10%，主要系优化经营活动现金流管理所致；投资活动产生的现金流量净额-18.9亿元，同比下降 584.07%，主要系本期购买理财产品以及支付购建固定资产、无形资产和其他长期资产的现金所致。维持对公司的判断。维持对公司的判断。我们认为公司为全球领先的消费电子品牌，加速布局户外+户用储能赛道，有望推动 Anker 主品牌战略升级，夯实全球充电第一品牌的领先地位。聚焦研发降本提效：2022 年研发投入 10.8 亿元同比增长 38.8%，占比营业总收入7.58%。产品持续创新：推出马赫（MACH）无线蒸汽洗地机、eufy Security 双摄门铃、Capsule3

10、Lase 便携激光投影仪、消费级 3D 打印机 AnkerMake、AnkerPowerHouse 757/767 户外电源等新品，预计将于 2023 年下半年逐步推出户用储能产品。全渠道提升品牌力：线上依托亚马逊等平台进驻更多新兴市场；2022 年六大独立站合计收入6.76亿元人民币，同比增长71.75%；线下入驻北美地区沃尔玛、百思买、塔吉特和7-11 等零售连锁。更新盈利预测与估值：更新盈利预测与估值：预计 2023-2025 年收入各 164 亿元（-4.2%）、191 亿元（-7.2%）、224 亿元，同比增长 15%、16%、18%，归母净利润各 13.84 亿元（+1.5%）、1

11、6.94 亿元（+2.5%）、20.86 亿元，给予 2023 年 25 倍 PE（无变化），对应合理市值 346 亿元（+1.5%），目标价 85.11 元/股（+2.1%），维持“优于大市”评级。风险提示：风险提示：市场需求变化，存货管理风险，全球经济和政治环境的不确定性等。OXiWlYPWlZiXsRsRmO6M9R9PmOoOpNsRlOnNrNlOoMqP7NrQnNuOpPwPMYqRpM 26 Apr 2023 3 Table_header1 安克创新(300866 CH)维持优于大市维持优于大市 表表 1 公司公司 2022 分品类收入变动情况（百万元）分品类收入变动情况（百万

12、元）2021 2022 同比增长（同比增长（%）充电类产品 5552.48 6876.26 23.84%智能创新类产品 4103.52 4391.49 7.02%无线音频类产品 2852.15 2821.92-1.06%资料来源：公司 2022 年年报，HTI 表表 2 公司公司 2022 分地区收入增长情况（百万元）分地区收入增长情况（百万元）地区地区 2022 2021 同比变动同比变动 收入收入 占比占比 收入收入 占比占比 北美 7253.18 50.90%6340.82 50.43%14.39%欧洲 2828.98 19.85%2542.37 20.22%11.27%日本 1795.

13、60 12.60%1731.99 13.77%3.67%中东 761.82 5.35%561.37 4.46%35.71%中国大陆 521.14 3.66%419.57 3.34%24.21%其他 1089.79 7.64%978.08 7.78%11.42%合计合计 14250.52 100.00%12574.20 100.00%13.33%资料来源：公司 2022 年年报，HTI 26 Apr 2023 4 Table_header1 安克创新(300866 CH)维持优于大市维持优于大市 表表 3 公司公司 2022 年主要销售与管理费用分项分析（百万元）年主要销售与管理费用分项分析（百

14、万元）费用额费用额 占比收入占比收入 费用率变动费用率变动 2021 2022 2021 2022 销售费用销售费用 销售平台费用 979.69 1105.23 7.79%7.76%-0.04 pct 市场推广费 885.47 1088.36 7.04%7.64%0.60 pct 工资薪酬 434.91 549.12 3.46%3.85%0.39 pct 折旧及摊销费 28.11 34.61 0.22%0.24%0.02 pct 仓储及租赁费 40.34 48.32 0.32%0.34%0.02 pct 交通及差旅费 12.57 13.93 0.10%0.10%0.00 pct 劳务费 11.

15、08 5.39 0.09%0.04%-0.05 pct 保险费 10.51 10.26 0.08%0.07%-0.01 pct 包装材料费 2.85 4.45 0.02%0.03%0.01 pct 专业服务费 2.57 15.20 0.02%0.11%0.09 pct 办公费 1.42 6.16 0.01%0.04%0.03 pct 股份支付费用 1.17 4.31 0.01%0.03%0.02 pct 商标使用权费 0.61 2.45 0.00%0.02%0.01 pct 其他 33.26 50.03 0.26%0.35%0.09 pct 合计合计 2444.57 2937.80 19.44

16、%20.62%1.17 pct 管理费用管理费用 工资薪酬 219.34 271.24 1.74%1.90%0.16 pct 专业服务费 45.30 65.51 0.36%0.46%0.10 pct 折旧费及摊销 45.38 56.09 0.36%0.39%0.03 pct 招聘费 13.27 12.20 0.11%0.09%-0.02 pct 租赁费 3.88 0.77 0.03%0.01%-0.03 pct 办公费 9.83 10.19 0.08%0.07%-0.01 pct 劳务费 7.12 8.77 0.06%0.06%0.00 pct 水电费 4.37 6.02 0.03%0.04%

17、0.01 pct 交通及差旅费 3.78 4.09 0.03%0.03%0.00 pct 股份支付费用 0.75 9.36 0.01%0.07%0.06 pct 其他 21.14 21.02 0.17%0.15%-0.02 pct 合计合计 374.16 465.27 2.98%3.26%0.29 pct 资料来源：公司 2022 年年报，HTI 26 Apr 2023 5 Table_header1 安克创新(300866 CH)维持优于大市维持优于大市 表表 4 公司单季度合并损益表分析公司单季度合并损益表分析(1Q2021-4Q2022)1Q2021 2Q2021 3Q2021 4Q20

18、21 2021 1Q2022 2Q2022 3Q2022 4Q2022 2022 营业总收入（万元）242687 294370 305461 414901 1257420 286471 302267 364915 471399 1425052 同比增长（%）57.94 47.84 22.63 24.44 34.45 18.04 2.68 19.46 13.62 13.33 营业总成本（万元）223271 280647 284792 394903 1183613 269029 289286 337421 445922 1341658 营业成本（万元）152782 184314 201137 27

19、0000 808232 177153 179790 225966 290191 873099 毛利率（%）37.05 37.39 34.15 34.92 35.72 38.16 40.52 38.08 38.44 38.73 营业税金及附加（万元）102 122 147 146 517 112 124 212 216 665 营业税金及附加/营业收入（%）0.04 0.04 0.05 0.04 0.04 0.04 0.04 0.06 0.05 0.05 销售费用（万元）47901 56235 54661 85661 244457 58627 61822 74748 98582 293780 销

20、售费用/营业收入（%）19.74 19.10 17.89 20.65 19.44 20.47 20.45 20.48 20.91 20.62 管理费用（万元）7849 11057 7955 10555 37416 9592 10928 11709 14298 46527 管理费用/营业收入（%）3.23 3.76 2.60 2.54 2.98 3.35 3.62 3.21 3.03 3.26 研发费用（万元）12238 20371 17291 27943 77843 20743 24085 25080 38137 108046 研发费用/营业收入（%）5.04 6.92 5.66 6.73 6

21、.19 7.24 7.97 6.87 8.09 7.58 财务费用（万元）799 936 835 1988 4559 487 1226-639 5637 6711 财务费用/营业收入（%）0.33 0.32 0.27 0.48 0.36 0.17 0.41-0.18 1.20 0.47 营业利润（万元）25639 20936 26029 36628 109232 22870 40097 31577 32909 127453 同比增长（%）45.40 35.37-20.62 5.25 8.48-10.80 91.52 21.31-10.15 16.68 营业外收入（万元）115 424 84 1

22、17 740 18 31 179 127 356 营业外支出（万元）275 318-153 1048 1489 128 85 1162-347 1029 利润总额（万元）25479 21041 26266 35697 108483 22759 40043 30594 33383 126780 同比增长（%）49.09 35.88-19.61 5.90 9.63-10.67 90.31 16.48-6.48 16.87 所得税费用（万元）4088-494 1950 496 6040 2553 2195 3543 3 8294 有效所得税率（%）16.05-2.35 7.43 1.39 5.57

23、11.22 5.48 11.58 0.01 6.54 净利润（万元）21391 21536 24316 35201 102443 20207 37848 27051 33380 118486 同比增长（%）54.28 56.60-14.83 5.64 14.48-5.53 75.74 11.25-5.17 15.66 净利润率（%）8.81 7.32 7.96 8.48 8.15 7.05 12.52 7.41 7.08 8.31 少数股东损益（万元）946 1150 591 1583 4270 323 155 1609 2098 4186 归母净利润（万元）20444 20386 23725

24、 33618 98173 19883 37692 25443 31282 114300 同比增长（%）47.27 48.00-7.40 4.03 14.70-2.74 84.90 7.24-6.95 16.43 资料来源：公司 1Q2021-4Q2022 定期报告，WIND，HTI 表表 5 可比公司估值表（倍）可比公司估值表（倍）可比公司 石头科技 科沃斯 VESYNC 平均 PE 19.97 21.07 10.23 17.09 PS 3.53 2.25 5.00 3.59 资料来源：股价选取日期为 2023.04.21 Wind 一致预期，HTI 26 Apr 2023 6 Table_h

25、eader2 安克创新(300866 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 2025E 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 14251 16395 19056 22393 每股收益 2.81 3.40 4.17 5.13 营业成本 8731 9779 11254 13172 每股净资产 16.84 19.11 21.96 25.56 毛利率%38.7%40.4%40.9%41

26、.2%每股经营现金流 3.50 1.81 1.64 2.83 营业税金及附加 7 7 8 9 每股股利 1.20 1.20 1.40 1.60 营业税金率%0.0%0.0%0.0%0.0%价值评估（倍）价值评估（倍）营业费用 2938 3413 3862 4444 P/E 22.81 18.84 15.39 12.50 营业费用率%20.6%20.8%20.3%19.8%P/B 3.81 3.36 2.92 2.51 管理费用 465 572 666 726 P/S 1.83 1.59 1.37 1.16 管理费用率%3.3%3.5%3.5%3.2%EV/EBITDA 18.63 18.88

27、14.53 11.49 EBIT 1183 1271 1673 2101 股息率%1.9%1.9%2.2%2.5%财务费用 67 53 50 50 盈利能力指标（盈利能力指标（%）财务费用率%0.5%0.3%0.3%0.2%毛利率 38.7%40.4%40.9%41.2%资产减值损失-122-130-135-140 净利润率 8.0%8.4%8.9%9.3%投资收益 118 148 162 179 净资产收益率 16.7%17.8%19.0%20.1%营业利润营业利润 1275 1536 1900 2340 资产回报率 11.3%12.0%13.0%14.1%营业外收支-7-2-2-2 投资回

28、报率 13.9%13.2%15.0%16.3%利润总额利润总额 1268 1534 1898 2338 盈利增长（盈利增长（%）EBITDA 1295 1375 1786 2221 营业收入增长率 13.3%15.1%16.2%17.5%所得税 83 107 152 187 EBIT 增长率 17.1%7.5%31.7%25.6%有效所得税率%6.5%7.0%8.0%8.0%净利润增长率 16.4%21.0%22.4%23.2%少数股东损益 42 43 52 65 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 1143 1384 1694 2086 资产负债率 31.

29、5%31.4%29.7%28.2%流动比率 3.27 3.22 3.43 3.64 速动比率 1.84 1.65 1.87 1.95 资产负债表（百万元）资产负债表（百万元）2022 2023E 2024E 2025E 现金比率 0.44 0.44 0.44 0.56 货币资金 946 1144 1238 1741 经营效率指标经营效率指标 应收账款及应收票据 1222 1055 1698 1786 应收账款周转天数 29.23 25.00 26.00 28.00 存货 1480 2332 2465 3174 存货周转天数 73.00 72.00 80.00 80.00 其它流动资产 3361

30、 3770 4253 4714 总资产周转率 1.53 1.51 1.55 1.61 流动资产合计 7009 8300 9653 11415 固定资产周转率 156.18 156.61 174.36 210.02 长期股权投资 366 450 538 624 固定资产 100 109 110 104 在建工程 0 0 0 0 无形资产 20 25 30 34 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 3123 3237 3327 3416 净利润 1143 1384 1694 2086 资产总计资产总计 10132 11537 129

31、81 14831 少数股东损益 42 43 52 65 短期借款 159 213 288 356 非现金支出 241 234 248 260 应付票据及应付账款 785 1076 1066 1221 非经营收益-393-414-377-392 预收账款 0 0 0 0 营运资金变动 391-510-953-867 其它流动负债 1199 1292 1463 1559 经营活动现金流经营活动现金流 1424 737 665 1152 流动负债合计 2144 2581 2817 3136 资产-1144-136-116-122 长期借款 611 611 611 611 投资-162-385-340

32、-338 其它长期负债 433 433 433 433 其他-586 448 412 429 非流动负债合计 1044 1044 1044 1044 投资活动现金流投资活动现金流-1892-73-43-31 负债总计负债总计 3188 3625 3861 4180 债权募资 687 54 75 68 实收资本 406 406 406 406 股权募资 0 0 0 0 归属于母公司所有者权益 6843 7769 8923 10389 其他-490-519-602-685 少数股东权益 101 144 196 261 融资活动现金流融资活动现金流 197-465-528-617 负债和所有者权益合

33、计负债和所有者权益合计 10132 11537 12981 14831 现金净流量现金净流量-219 198 94 503 备注：（1）表中计算估值指标的收盘价日期为 04 月 21 日；（2）以上各表均为简表 资料来源：公司年报（2022），HTI 26 Apr 2023 7 Table_header2 安克创新(300866 CH)维持优于大市维持优于大市 APPENDIX 1 Summary Companys 2022 revenue was Rmb14.251bn,up 13.33%YoY;NP attributable to shareholders of Rmb1.143bn,up

34、 16.43%YoY,diluted EPS of Rmb2.81.2022 profit distribution proposal:cash dividends of Rmb12/10 shares(tax included)to all shareholders.Updated earnings forecast and valuation:We estimate revenue of 2023-2025 to be Rmb16.4bn(-4.2%),19.1bn(-7.2%),22.4bn,up 15%,16%,18%YoY,NP attributable to shareholder

35、s of Rmb1.384bn(+1.5%),1.694bn(+2.5%),2.086bn,giving 25 X 2023 PE(unchanged),corresponding to a reasonable market value of Rmb34.6bn(+1.5%),a TP of Rmb85.11/share(+2.1%),maintaining outperform rating.Risks:Changes in market demand,inventory management risks,uncertainties in the global economic and p

36、olitical environment,etc.8 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。IMPORTANT DISCLOS

37、URES 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 Securities Company

38、 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，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

39、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

40、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

41、s discussed.I and my household,whom I have already notified 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

42、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)

43、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 companies discussed.I and my hou

44、sehold,whom I have already notified 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，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

45、，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 w

46、as,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.I and my household,whom I have already n

47、otified 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.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

48、，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 such

49、 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).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

50、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 TOPIX,韩国 KOSPI,台湾 TAIEX,印度 Nifty100,美国 SP500

51、;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 all ratings used in Haitong International Resea

52、rch.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 case,ratings(or research)should not be used or

53、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 12-18 months is expected to exceed the retur

54、n 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 rating fal

55、ls 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,Korea KOSPI,Taiwan TAIEX,India Nifty100,US S

56、P500;for all other China-concept stocks MSCI China.评级分布评级分布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

57、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 10 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 Researc

58、h Ratings Distribution,as of Mar 31,2023 Outperform Neutral 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 Outper

59、form,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 definitions(until 30 Jun 2020):BUY:The stocks total

60、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 benchmark,as indicated below.For purposes onl

61、y 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.Benchmarks for each stocks listed region are as follows

62、: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 Research:Haitong International publishes quantita

63、tive,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 fundamental values and are for information only.海通国际海通国际

64、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 Kong Stock Connect scheme with Shanghai and Shenz

65、hen.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 as a result there may be a difference in the

66、HTI and HS ratings for the same A-share stocks.海通国际优质海通国际优质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

67、-quality A-shares under coverage at HS 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-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

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