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 华润材料华润材料

2、China Resources Chemical Innovative Materials(301090 CH)2022 年瓶片产能扩张、景气提升 Bottle Flake Production Capacity Expansion With Economic Improvement In 2022 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 Rmb9.82 目标价 Rmb11.66 市值 Rmb14.53bn/US$2.11bn 日交易额(3 个月均值)US$5.74mn 发行股票数目 1,479mn 自由

3、流通股(%)100%1 年股价最高最低值 Rmb12.19-Rmb8.65 注：现价 Rmb9.82 为 2023 年 4 月 25 日收盘价 资料来源：Factset 1mth 3mth 12mth 绝对值-9.9%-8.0%-12.5%绝对值（美元）-10.3%-9.6%-17.8%相对 MSCI China 19.0%22.4%26.6%Table_Profit (Rmb mn)Dec-22A Dec-23E Dec-24E Dec-25E 营业收入 17,327 17,243 17,355 17,585(+/-)31%0%1%1%净利润 824 786 858 940(+/-)91%-

4、5%9%10%全面摊薄 EPS(Rmb)0.56 0.53 0.58 0.64 毛利率 7.1%7.3%7.8%8.3%净资产收益率 11.9%10.3%10.3%10.3%市盈率 18 18 17 15 资料来源：公司信息,HTI (Please see APPENDIX 1 for English summary)2022 年盈利大幅增长。年盈利大幅增长。2022 年，公司实现营业收入 173.27 亿元，同比+31.16%；归母净利润 8.24 亿元，同比+90.52%。单季度看，1Q22-4Q22 公司分别实现归母净利润 2.04 亿元、2.27 亿元、2.57 亿元、1.35 亿元。

5、我们认为公司盈利提升主要由于2022 年出口需求旺盛，聚酯瓶片行业高景气。2023 年一季度，公司实现营业收入 44.35 亿元，同比+26.48%，环比+2.68%；归母净利润 1.64 亿元，同比-19.65%，环比+21.21%。2022 年出口需求旺盛，聚酯瓶片行业高景气。年出口需求旺盛，聚酯瓶片行业高景气。根据卓创资讯，2022 年，我国瓶片出口 431 万吨，同比增加 113 万吨（+35.7%）。出口需求旺盛，导致国内货源偏紧，聚酯瓶片价差扩大。2022 年聚酯瓶片平均价差 1259 元/吨，同比+50%；其中 1Q22-4Q22 平均价差分别为 1365 元/吨、1209 元/

6、吨、1639 元/吨、825 元/吨。2023 年一季度，瓶片平均价差 832 元/吨，环比小幅提升。珠海新产能投产，珠海新产能投产，2022 年产销量提升、单吨盈利提升。年产销量提升、单吨盈利提升。2022 年上半年，公司珠海 50 万吨聚酯瓶片产能投产，瓶片总产能达到 210 万吨。2022 年，公司瓶片产量 200.38 万吨，同比+12.52%；销量 201.41 万吨，同比+9.43%。根据我们测算，公司2022 年瓶片单吨归母净利润 409 元/吨，较 2018-2021 年平均约285 元/吨的水平明显抬升。“十四五十四五”加快布局化工新材料，培育新的增长动力。加快布局化工新材料

7、，培育新的增长动力。（1）PETG 项目：项目：一期 5 万吨/年于 2022 年 1 月正式投产，并在建 5万吨/年二期项目；（2）PET 泡沫材料：泡沫材料：5 万立方进口生产线已达到可连续化稳定生产状态，部分牌号获得风电、轨交、建筑材料行业销售许可；（3）高性能热塑性复合材料项目）高性能热塑性复合材料项目：目前已完成产业化建设的厂房装修和试生产阶段；（4）rPET：公司开发含 30%rPET 的 rPETG 产品，已应用于北京冬奥会和残奥会部分场馆装修，目前公司正进一步开发含 50%rPET 的 rPETG 产品。Table_Author Junjun Zhu Xin Hu 708510

8、0115130Price ReturnMSCI ChinaApr-22Aug-22Dec-22Volume 26 Apr 2023 2 Table_header2 华润材料(301090 CH)维持优于大市维持优于大市 盈利预测与投资评级。盈利预测与投资评级。受聚酯瓶片产能扩张影响，影响公司盈利。我们预计公司 2023-2025 年归母净利润分别为 7.9 亿元、8.6 亿元和 9.4 亿元（前期预测：2023-2024 年归母净利润分别为 9.9 亿元和 12.6 亿元），EPS 分别为 0.53、0.58、0.64 元（前期预测：2023-2024 年 EPS 分别为 0.67、0.85

9、元），2023 年 BPS 为5.15 元（前期预测：2022 年 BPS 为 4.65 元）。参考可比公司估值，按照 2023 年22 倍 PE，给予目标价为 11.66 元，对应 2023 年 2.3 倍 PB（原目标价：14.30 元，对应 2022 年 26 倍 PE、3.1 倍 PB，下调 18.46%），维持“优于大市”评级。风险提示：风险提示：原油价格大幅波动；下游需求不及预期；在建项目投产进度低于预期；新材料项目研发及投产进度不及预期。EYdYkZmU9XiZvUqZsXaQ8QbRmOqQnPpMkPrRqMjMpNwO9PpPuNuOrNmPuOmNoN 26 Apr 20

10、23 3 Table_header2 华润材料(301090 CH)维持优于大市维持优于大市 2022 年盈利大幅增长。年盈利大幅增长。2022 年，公司实现营业收入 173.27 亿元，同比+31.16%；归母净利润 8.24 亿元，同比+90.52%。单季度看，1Q22-4Q22 公司分别实现归母净利润 2.04 亿元、2.27 亿元、2.57 亿元、1.35 亿元。我们认为公司盈利提升主要由于2022 年出口需求旺盛，聚酯瓶片行业高景气。公司拟每 10 股派发现金红利 0.83 元（含税）。1Q23 盈利环比改善。盈利环比改善。2023 年一季度，公司实现营业收入 44.35 亿元，同比

11、+26.48%，环比+2.68%；归母净利润 1.64 亿元，同比-19.65%，环比+21.21%。图图1 华润材料华润材料 2020-2022 年单季度归母净利润（百万元）年单季度归母净利润（百万元）资料来源：Wind，HTI 2022 年出口需求旺盛，聚酯瓶片行业高景气。年出口需求旺盛，聚酯瓶片行业高景气。根据卓创资讯，2022 年，我国瓶片出口 431 万吨，同比增加 113 万吨（+35.7%）。我们认为聚酯瓶片出口景气度大幅提升的主要原因包括：（1）在海外疫情常态化背景下，海外瓶片消费逐步正常化；（2）在俄乌紧张局势及欧洲能源危机等影响下，海外生产成本大幅上涨，部分装置出现减产或停

12、产；（3）人民币贬值、国内出口海运环境适度改善，叠加关税豁免和出口退税支持。2022 年，出口需求旺盛，导致国内货源偏紧，聚酯瓶片价差扩大，全年平均价差1259 元/吨，同比+50%；其中 1Q22-4Q22 平均价差分别为 1365 元/吨、1209 元/吨、1639 元/吨、825 元/吨。2023 年一季度，瓶片平均价差 832 元/吨，环比小幅提升。珠海新产能投产，珠海新产能投产，2022 年产销量提升、单吨盈利提升。年产销量提升、单吨盈利提升。2022 年上半年，公司珠海 50 万吨聚酯瓶片产能投产，瓶片总产能达到 210 万吨。2022 年，公司瓶片产量 200.38 万吨，同比+

13、12.52%；销量 201.41 万吨，同比+9.43%。根据我们测算，公司 2022 年瓶片单吨归母净利润 409 元/吨，较 2018-2021 年平均约 285 元/吨的水平明显抬升。表表 1 华润材料聚酯瓶片主要经营数据华润材料聚酯瓶片主要经营数据 项目项目 单位单位 2018 2019 2020 2021 2022 2022 年年 同比同比 产量 万吨 164.19 163.61 165.13 178.08 200.38 12.52%销量 万吨 160.62 160.02 168.75 184.05 201.41 9.43%单吨归母净利润 元/吨 274 259 373 235 40

14、9 74.10%资料来源：华润材料招股说明书、2022 年报，HTI 67 203 295 64 151 118 81 132 204 227 257 135 164 05003003501Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q23 26 Apr 2023 4 Table_header2 华润材料(301090 CH)维持优于大市维持优于大市 “十四五十四五”加快布局化工新材料，培育新的增长动力。加快布局化工新材料，培育新的增长动力。公司已在 PETG、高性能PET 泡沫材料、高透高亮聚酯材料、高流动聚酯材料、高

15、阻隔聚酯材料、耐热型共聚酯材料、热塑性聚酯复合材料、钛系催化剂项目和 rPET 聚酯瓶片循环再生进行立项研究，其中特种聚酯 PETG、高性能 PET 泡沫材料、高透高亮聚酯材料、高流动聚酯材料、热塑性聚酯复合材料项目已进入产业化可研阶段，其他项目也陆续进入小试、中试阶段。上述项目市场需求较大，且国产替代空间较大，我们预计有望将成为公司未来重要增长点。（1）PETG：公司拟投资 4.64 亿元用于建设珠海华润材料 10 万吨/年 PETG 特种聚酯工程，项目一期 5 万吨/年于 2022 年 1 月正式投产，生产的 PETG 共聚酯产品性能和产品质量与国外同类产品相当，并在建 5 万吨/年二期项

16、目。PETG 以 PTA、MEG、NPG 和 CHDM 为主要原料生产，产品透明度高，下游应用包括家具板材、卡基材料、化妆品包装、医疗包装等，是 PC、PMMA 材料理想的替代品。根据公司招股说明书，2018 年全球 PETG 需求 47 万吨，其中我国需求约 17 万吨，但国内自给率不足 5%，美国 Eastman 和韩国 SK 垄断我国绝大部分市场份额。项目建成后，公司将成为国内第一、世界第三的 PETG 供应商。（2）PET 泡沫材料：泡沫材料：PET 泡沫采用发泡工艺制得，是一种新型高性能绿色可回收轻量化材料，主要应用包括替代 PVC 泡沫作为风电叶片芯材等。全球最大的风电设备厂商之一

17、的 Vestas 大部分风电叶片芯材已采用 PET 泡沫。我们认为在双碳背景下，风电等新能源将迎来发展机遇，有望带动 PET 泡沫材料需求增长。目前全球生产企业主要包括瑞士 3A、Armacell、Gurit 三家企业，其全球市占率合计 80%以上，在中国市占率高达约 90%。公司年产 5 万立方进口生产线已达到可连续化稳定生产状态。公司自主开发的应用于风电叶片领域的常规 PET 泡沫产品 HP100、HP150 开发成功并完成项目产业化建设，处于可稳定生产及行业客户推广状态；应用于轨道交通领域的阻燃 PET 泡沫产品 HP150FR、HP100FR 通过德国标准 DIN5510、欧盟标准 E

18、N45545-2 测试认证，并已有小批量试生产销售；建材特种 PET 泡沫产品 HP300JP，目前已制得实验样品，根据客户反馈正进行产品优化。2023 年度风电领域 PET 泡沫产品计划进一步提高产品质量，产品成功批量推向市场，同时完善建材特种泡沫产品开发。（3）高性能热塑性复合材料：）高性能热塑性复合材料：公司成立常州华润高性能复合材料有限公司，布局高性能热塑性复合材料项目，目前已完成产业化建设的厂房装修和试生产阶段。（4）rPET：公司开发含 30%rPET 的 rPETG 产品，已应用于北京冬奥会和残奥会部分场馆装修，目前公司正进一步开发含 50%rPET 的 rPETG 产品。公司以

19、化学法生产的含 25%比例的 rPET 产品目前已通过境外客户测试，符合美国 FDA 及国标 GB4806.6-2016 标准。盈利预测与投资评级。盈利预测与投资评级。受聚酯瓶片产能扩张影响，影响公司盈利。我们预计公司2023-2025 年归母净利润分别为 7.9 亿元、8.6 亿元和 9.4 亿元（前期预测：2023-2024 年归母净利润分别为 9.9 亿元和 12.6 亿元），EPS 分别为 0.53、0.58、0.64 元（前期预测：2023-2024 年 EPS 分别为 0.67、0.85 元），2023 年 BPS 为 5.15 元（前期预测：2022 年 BPS 为 4.65 元

20、）。参考可比公司估值，按照 2023 年 22 倍 PE，给予目标价为 11.66 元，对应 2023 年 2.3 倍 PB（原目标价：14.30 元，对应 2022 年 26倍 PE、3.1 倍 PB，下调 18.46%），维持“优于大市”评级。26 Apr 2023 5 Table_header2 华润材料(301090 CH)维持优于大市维持优于大市 盈利预测主要假设：（1）聚酯瓶片：假设行业新增产能逐步投产，2023-2025年单吨毛利较2022年有所回落，但整体维持稳定；（2）其他业务：假设新材料项目逐步落地释放效益，其他业务收入、毛利率提升。表表 2 华润材料分业务盈利预测华润材料

21、分业务盈利预测 2022 2023E 2024E 2025E 聚酯瓶片聚酯瓶片 营业收入（百万元）14884 14312 13838 13364 营业成本（百万元）13744 13402 12904 12405 毛利率 7.7%6.4%6.8%7.2%其他业务其他业务 营业收入（百万元）2443 2931 3517 4221 营业成本（百万元）2344 2579 3095 3714 毛利率 4.0%12.0%12.0%12.0%合计合计 营业收入（百万元）17327 17243 17355 17585 营业成本（百万元）16088 15982 15999 16119 毛利率 7.1%7.3%7

22、.8%8.3%资料来源：Wind，HTI 表表 3 可比公司估值表可比公司估值表 代码 简称 总市值 （亿元）EPS（元）PE（倍）PB（倍）2021 2022 2023E 2021 2022 2023E 2023E 301216.SZ 万凯新材 93 1.72 2.79 3.02 15.73 9.70 8.96 1.4 002493.SZ 荣盛石化 1335 1.27 0.33 0.86 10.38 39.94 15.33 2.3 000301.SZ 东方盛虹 818 0.76 0.08 1.26 16.29 154.75 9.83 2.0 601208.SH 东材科技 111 0.38 0

23、.45 0.56 31.82 26.87 21.59 2.4 均值 1.03 0.91 1.43 18.55 57.81 13.93 2.0 注：（1）收盘价为 2023 年 4 月 24 日价格，EPS 为 Wind 一致预期。（2）原可比公司双星新材无最新一致预期，已删除，换为瓶片同行可比公司万凯新材。资料来源：Wind，HTI 风险提示：风险提示：原油价格大幅波动；下游需求不及预期；在建项目投产进度低于预期；新材料项目研发及投产进度不及预期。26 Apr 2023 6 Table_header2 华润材料(301090 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

24、 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 17327 17243 17355 17585 每股收益 0.56 0.53 0.58 0.64 营业成本 16088 15982 15999 16119 每股净资产 4.69 5.15 5.64 6.18 毛利率%7.1%7.3%7.8%8.3%每股经营现金流 0.51 0.88 0.82 0.57 营业税金及附加 25 25 25 26 每股股利 0.0

25、8 0.08 0.09 0.10 营业税金率%0.1%0.1%0.1%0.1%价值评估（倍）价值评估（倍）营业费用 77 76 76 77 P/E 18.53 19.42 17.79 16.25 营业费用率%0.4%0.4%0.4%0.4%P/B 2.20 2.01 1.83 1.67 管理费用 223 221 222 225 P/S 0.88 0.89 0.88 0.87 管理费用率%1.3%1.3%1.3%1.3%EV/EBITDA 11.31 9.96 8.37 7.23 EBIT 911 979 1072 1178 股息率%0.8%0.8%0.8%0.9%财务费用-92 5 5 5 盈

26、利能力指标（盈利能力指标（%）财务费用率%-0.5%0.0%0.0%0.0%毛利率 7.1%7.3%7.8%8.3%资产减值损失-40-10-10-10 净利润率 4.8%4.6%4.9%5.3%投资收益 52 52 52 53 净资产收益率 11.9%10.3%10.3%10.3%营业利润营业利润 1056 1016 1110 1216 资产回报率 7.9%7.4%7.2%7.7%营业外收支 6 5 5 5 投资回报率 10.1%9.9%9.9%9.9%利润总额利润总额 1061 1021 1115 1221 盈利增长（盈利增长（%）EBITDA 1091 1164 1262 1372 营业

27、收入增长率 31.2%-0.5%0.7%1.3%所得税 239 235 256 281 EBIT 增长率 64.4%7.4%9.5%9.8%有效所得税率%22.5%23.0%23.0%23.0%净利润增长率 90.5%-4.6%9.2%9.5%少数股东损益-1 0 0 0 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 824 786 858 940 资产负债率 33.5%28.3%29.6%25.0%流动比率 2.45 2.98 2.92 3.56 速动比率 1.06 1.64 1.74 2.23 资产负债表（百万元）资产负债表（百万元）2022 2023E 2024

28、E 2025E 现金比率 0.79 1.35 1.46 1.93 货币资金 2567 3696 4731 5369 经营效率指标经营效率指标 应收账款及应收票据 741 696 750 715 应收账款周转天数 15.58 15.00 15.00 15.00 存货 2263 1456 1634 1480 存货周转天数 42.31 42.00 35.00 35.00 其它流动资产 2350 2313 2347 2318 总资产周转率 1.79 1.64 1.54 1.46 流动资产合计 7921 8162 9462 9882 固定资产周转率 7.85 7.98 8.30 8.72 长期股权投资

29、0 0 0 0 固定资产 2192 2127 2056 1979 在建工程 19 13 9 6 无形资产 247 254 261 268 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 2532 2463 2388 2309 净利润 824 786 858 940 资产总计资产总计 10453 10624 11850 12192 少数股东损益-1 0 0 0 短期借款 7 7 7 7 非现金支出 222 195 199 204 应付票据及应付账款 2154 1664 2158 1692 非经营收益-91-57-58-58 预收账款 0 0

30、0 0 营运资金变动-204 380 220-249 其它流动负债 1076 1069 1071 1079 经营活动现金流经营活动现金流 750 1304 1220 836 流动负债合计 3237 2740 3236 2778 资产-92-109-109-109 长期借款 0 0 0 0 投资 554 0 0 0 其它长期负债 267 267 267 267 其他 13 52 52 53 非流动负债合计 267 267 267 267 投资活动现金流投资活动现金流 474-58-57-57 负债总计负债总计 3504 3006 3503 3045 债权募资 1 0 0 0 实收资本 1479

31、1479 1479 1479 股权募资 2 0 0 0 归属于母公司所有者权益 6945 7613 8342 9141 其他-78-118-129-141 少数股东权益 4 5 5 6 融资活动现金流融资活动现金流-75-118-129-141 负债和所有者权益合计负债和所有者权益合计 10453 10624 11850 12192 现金净流量现金净流量 1207 1129 1034 639 备注：（1）表中计算估值指标的收盘价日期为 04 月 24 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 华润材料(30109

32、0 CH)维持优于大市维持优于大市 APPENDIX 1 Summary Significant profit growth in 2022.In 2022,the company realized revenue of Rmb17.327bn,+31.16%YoY;realized NPAtS of Rmb824mn,+90.52%YoY.On a quarterly basis,the NPAtS for 1Q22-4Q22 was Rmb204/227/257/135mn respectively.We believe that the companys profit improveme

33、nt in 2022 was mainly due to strong export demand and a high level of prosperity in the polyester bottle flake manufacturing industry.In Q1 2023,the company realized revenue of Rmb4.435bn,+26.48%YoY,+2.68%QoQ;realized NPAtS of Rmb164mn,-19.65%YoY,+21.21%QoQ.Profit forecast and investment rating.Affe

34、cted by the expansion of polyester bottle flake production capacity,the companys profitability is affected.We estimate that the NPAtS company in 2023-2025 will be Rmb0.79/0.86/0.94bn respectively(Rmb0.82/0.99/1.26bn respectively from 2022 to 2024 previously).We revise our EPS of Rmb0.53/0.58/0.64 re

35、spectively from 2023-2025(EPS of Rmb0.55/0.67/0.85 respectively from 2022 to 2024 previously),and BPS of Rmb5.15 in 2023(BPS of Rmb4.65 previously in 2022).Referring to the target prices of comparable companies,we give a target price of Rmb11.66 based on 2.3xPB in 2023,with 22x2023PE(we gave a targe

36、t price of Rmb14.30 based on 3.1xPB,with 26xPE in 2022 previously,-18.46%).We maintain OUTPERFORM rating.Risks warning.Crude oil prices experienced significant fluctuations.Downstream demand fell short of expectations.Progress of projects under construction lagged behind expectations.Research and de

37、velopment as well as production progress of new materials projects were below expectations.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

38、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 Research Limited(“HTIRL”),Haitong Securities India Private Limited(“HSIPL”),Haitong Internati

39、onal 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 securities activities in its respective jurisdiction.HTIRL分析师认证分析师认证Analyst Certification:我，

40、Junjun Zhu，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个工作日内交易此研究报告所讨论目标公司的证券。I,Junjun Zhu,certify that(i)the views expressed in this research report accurately reflect my personal

41、 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 members of my household)have no

42、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 in respect of the issuer that I review within 3 business days after the research report is published.我，Xin Hu，在此保证（i）本研

43、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个工作日内交易此研究报告所讨论目标公司的证券。I,Xin Hu,certify that(i)the views expressed in this research report accurately reflect my personal views about any or all

44、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 members of my household)have no financial interest in th

45、e 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 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 Disclosur

46、es 海通国际及其某些关联公司可从事投资银行业务和/或对本研究中的特定股票或公司进行做市或持有自营头寸。就本研究报告而言，以下是有关该等关系的披露事项（以下披露不能保证及时无遗漏，如需了解及时全面信息，请发邮件至ERD-D）HTI and some of its affiliates may engage in investment banking and/or serve as a market maker or hold proprietary trading positions of certain stocks or companies in this research report.

47、As far as this research report is concerned,the following are the disclosure matters related to such relationship(As the following disclosure does not ensure timeliness and completeness,please send an email to ERD-D if timely and comprehensive information is needed).香港华润(集团)有限公司上海代表处目前或过去12个月内是海通的客户

48、。海通向客户提供非投资银行业务的证券相关业务服务。香港华润(集团)有限公司上海代表处 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.9 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

49、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 TOPIX,韩国 KOSPI,台湾 T

50、AIEX,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 all ratings used in Ha

51、itong 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 case,ratings(or resear

52、ch)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 12-18 months is exp

53、ected 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 rul

54、es,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,Korea KOSPI,Taiwan

55、TAIEX,India Nifty100,US SP500;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

56、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 MSCI China.10 Haitong Int

57、ernational Equity Research 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

58、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 definitions(until 30 Jun 20

59、20):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 benchmark,as indicat

60、ed 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.Benchmarks for each stocks lis

61、ted 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 Research:Haitong Interna

62、tional 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 fundamental values and are for

63、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 Kong Stock Connect scheme

64、 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 as a result there may

65、 be a difference in the HTI and HS ratings for the same A-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

66、of 100 of the highest-quality A-shares under coverage at HS in Shanghai.These stocks are carefully selected through a quality-based screening process in combination with a 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

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148、ia(“SEBI”)registered Stock Broker,Merchant Banker and Research Analyst that,inter alia,produces and distributes research reports covering listed entities on the BSE Limited(“BSE”)and the National Stock Exchange of India Limited(“NSE”)(collectively referred to as“Indian Exchanges”).This research repo

149、rt is intended for the recipients only and may not be reproduced or redistributed without the written consent of an authorized signatory of HTISG.Copyright:Haitong International Securities Group Limited 2019.All rights reserved.http:/ 15 Recommendation Chart Table_RecommendationChart Source:Company data Bloomberg,HTI estimates