1、富士胶片富士胶片 (4901 JP)首次覆盖：生首次覆盖：生物物CDMO&光刻胶优势企业，光刻胶优势企业，未来发展值得未来发展值得期待期待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 Interna

2、tional (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. Please refer to the appendixfor

3、 the Analyst Certification, Important Disclosures and Important Disclaimer.Equity Asia ResearchWei Liu 2022年年6月月13日日2投资重点投资重点成立于成立于1934年年，目前拥有四大业务目前拥有四大业务。富士胶片成立于1934年，目前拥有医疗健康、材料、商业创新、影像等四大业务板块。公司FY3/22实现营收25258亿日元，营业收入2297亿日元，目前市值3.82万亿日元。公司拟依托现有业务及技术，全面发力医疗健康领域，未来发展值得期待。拥拥有许多业界领先的生物有许多业界领先的生物CDMO

4、技术技术，受益于全球生物制品市场的持续繁荣受益于全球生物制品市场的持续繁荣。富士胶片在生物CDMO领域拥有许多业界领先的技术，如哺乳动物细胞表达技术、微生物表达技术等。根据Sullivan的预测，2021至2025年，生物制品市场将以12.2%的速度增长，2025年总市场规模将达到5400亿美元。2021年，生物CDMO的市场规模为150亿美元，预计到2025年将达到250亿美元，复合年增长率为13.6%。考虑到富士胶片拥有的领先技术及其不断增长的生产能力，我们预计该公司将在未来几年扩大其市场份额，从而实现比市场更大的增长率。人工智人工智能能赋能赋能医医疗系统业疗系统业务务。2018年，富士胶

5、片发布了其医疗AI系统“REiLI”，该系统可以提高CT和MRI生成的医学图像的质量。富士胶片的CT和MRI扫描仪针对中低端市场，但当这些设备配备了REiLI支持的应用程序时，其生成的医疗影像可与高端产品生成的影像相媲美。我们认为，在REiLI的帮助下，富士胶片可以为客户节省购买高端设备的成本，从而在医疗系统市场上获得竞争优势。具有生产半导体工具有生产半导体工业必需品光业必需品光刻胶的能力刻胶的能力。光刻胶是半导体行业不可或缺的产品，随着半导体行业的快速发展及制程的不断进步，对光刻胶的需求持续增加。根据Reporterlinker的预测，2026年总体光刻胶市场可望超过120亿美元，2019-

6、2026年的复合年增长率为6.3%，其中半导体光刻胶约占25%左右。富士胶片已经实现了ArF光刻胶（半导体行业使用的主流光刻胶）和KrF光刻胶（可用于制造3D NAND）的量产。该公司目前正在积极研发EUV光刻胶。我们预计，随着半导体行业需求的不断增长，光刻胶的销售额将继续增长。新冠疫情给公司的商业创新业务带新冠疫情给公司的商业创新业务带来了巨大的损失来了巨大的损失，随随着疫情的消退着疫情的消退，预计该业务将预计该业务将出现反弹出现反弹。富士胶片的办公解决方案业务隶属于商业创新业务板块，主要为客户提供数字多功能机（MFP）、打印机、耗材和文档的相关解决方案。由于很多企业的员工开始居家办公，企业

7、对这些办公设备的需求下降很大，因此疫情给公司该业务板块带来了很大的压力。然而，随着疫情消退，人们回到办公室，办公解决方案这一业务的销售额预计将再次增长。盈利预测与估值盈利预测与估值。我们预计 JSR 2022-2024 年营业利润分别为 2510、2750和 2920 亿日元；每股收益分别为为 467、527和 569日元。基于 DCF 估值，给定目标价 8400 日元，对应2024年 PE 为 14.8倍，给予“优于大市”评级。风险风险 ：1） 原材料价格大幅上涨；2）生物CDMO市场的竞争异常激烈；3）疫情反复For full disclosure of risks, valuation

8、methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at mXfYtNtQmRtOpOoQmP9P9RaQpNqQpNmOeRoOsMkPrQtPaQnMmMxNpOrOxNnNoR3富士胶片富士胶片：一家勇：一家勇于变革的化工公司于变革的化工公司富士胶片成立于1934年，最初致力于相机胶片业务。在胶片时代，该公司凭借其优秀的摄影相关产品成为行业领导者。然而，随着数字技术的迅速崛起，胶片市场迅速萎缩。领先的胶

9、片制造商柯达于2012年申请破产。面对数字化浪潮，富士胶片利用在胶片业务积累的光学和化学方面的优势，将危机转化为机遇，重新将核心重点放在医疗保健、商业创新、材料和影像四个行业领域，并实现了盈利能力的稳定增长。For 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 富士胶片富士胶片：历史销售额和营历史销售额和营业利润（业利润（十亿

10、日元）十亿日元）富士胶片富士胶片：公公司司大事记大事记年份年份事件事件1934富士胶片有限公司设立1962销售日本第一台普通纸复印机1971启动内窥镜业务1975推出全彩色复印机富士施乐65001976开发了Fujicolor F-II 400，世界上第一个高速彩色底片1983推出全球首个数字X射线诊断影像系统FCR1986推出Fujicolor QuickSnap，这是世界上第一款一次性使用的可回收相机1987推出Zero Printer 100，提供打印和复印功能1988开发了FujiXDS-1P，一种全数字静态相机2000推出配备蜂窝状超级CCD传感器的FinePix 4700Z数码相机

11、2002推出了网络打印服务，可以从便利店的复印机上打印个人文件2004开发了全数字化的双球体内窥镜2009开发3D数码相机2011全面进入生物CDMO业务2017发布了Iridese生产印刷机，能够印刷各种金属颜色2018宣布AI技术品牌REiLI2019推出富士胶片 GFX100，配备1.02亿像素的大幅面传感器资料来源：公司公告，海通国际-100%-50%0%50%100%150%05001,0001,5002,0002,5003,000销售额增长率0%5%10%15%20%0500营业收入营业利润率4富士胶片富士胶片的的业务领域：四个领域有共同的基础技术业务领域：四

12、个领域有共同的基础技术在数字化的浪潮中，富士胶片失去了其核心的胶片业务，然而公司利用其在摄影胶片业务中所积累的光学、化学和电子方面的先进技术，成功建立起了现在的业务组合。公司目前有四大业务，医疗保健、材料、商业创新和影像，涵盖11个子业务领域。For 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 富士胶片富士胶片：业务领域业务

13、领域业务领域业务领域描述描述医疗健康业务医疗健康业务医疗系统、生物CDMO、生命科学材料业务材料业务电子材料、显示材料、其他高级材料、图像传输商业创新业商业创新业务务办公解决方案、商务解决方案影像业影像业务务消费者影像、专业影像资料来源：公司公告，海通国际52020财财年年富士胶片富士胶片的的业务领域业务领域For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report

14、on our website at 资料来源：公司公告，海通国际6富士胶片富士胶片：按业务领域划按业务领域划分销售额，分销售额，医疗保健业务占近三分之医疗保健业务占近三分之一一根据公司2021财年的财务报告，医疗保健业务的销售额占总销售额的32%，材料占25%，商业创新占30%，影像占13%。由于该公司的目标是在未来成为一家医疗保健公司，我们预计未来医疗保健的销售份额将更大。For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, pleas

15、e refer to the latest full report on our website at 资料来源：公司公告，海通国际FY3/21AFY3/22AFY3/23EFY3/24EFY3/25E医疗健康医疗健康26.4%31.7%32.1%32.4%32.7%材料材料25.8%24.8%25.3%25.5%25.6%商业创新商业创新34.7%30.2%29.8%29.5%29.2%影像影像13.0%13.2%12.8%12.7%12.5%各业务领域份额变动预测各业务领域份额变动预测7富士胶片富士胶片：按业务领域划分的营业利润，医疗保健占按业务领域划分的营业利润，医疗保健占44%根据20

16、21财年的财务结果，医疗保健业务占运营总额的44%，材料占30%，商业创新占25%，影像占16%。医疗保健业务的营业利润率最高，为12.5%，而商业创新业务的营业利润率最低，为7.6%。然而，由于该公司将商业创新定位为现金牛业务，我们认为未来商业创新的营业利润份额及营业利润率均会有所提高。For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our web

17、site at 营业利润（十亿日元）营业利润（十亿日元）百分比百分比医疗保健100.544%材料68.430%商业创新57.925%影像3716%公司费用和冲销-34.1-15%总计229.7100%资料来源：公司公告，海通国际8For 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 医疗保健业务9医疗保健业务：医疗系统占销售额

18、的医疗保健业务：医疗系统占销售额的67%医疗保健业务是富士胶片计划重点关注的业务领域。实际上，富士胶片希望在未来将自己转变为一家医疗保健公司。2021财年，医疗保健业务销售额为8020亿日元，同比增长38.4%。在这一业务领域，医疗系统约占销售额的67%。然而，由于该公司在开发生物CDMO方面投入了大量精力，我们认为生物CDMO在未来将做出更多贡献。总的来说，我们预计公司在2024财年医疗保健业务领域的销售额将达到8880亿日元。For full disclosure of risks, valuation methodologies and target price formation on

19、 all HTI rated stocks, please refer to the latest full report on our website at 医疗保健业务销售额（十亿日元）预期医疗保健业务销售额（十亿日元）预期2021财年医疗保健销售额细分财年医疗保健销售额细分医疗系统66%生物CDMO19%生命科学解决方案15%005006007008009001000FY2020FY2021FY2022EFY2023EFY2024E资料来源：公司公告，海通国际10富士胶片富士胶片医医疗保健业务的子部门疗保健业务的子部门For full disclosure of r

20、isks, 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11医疗保健业务：医疗保健业务：2025年全球生物制品市场预计为年全球生物制品市场预计为5400亿美元，其亿美元，其中中CDMOs为为250亿美元亿美元2021年，全球生物制品市场为3400亿美元，预计将快速增长。根据Sullivan的预测，2021至2025年，生物制品市场将以12.2%的速

21、度增长，2025年总市场规模将达到5400亿美元。2021年，CDMO的市场规模为150亿美元，预计到2025年将达到250亿美元，复合年增长率为13.6%。就2021年的销售额而言，Lonza以18%的生物CDMO市场份额位居榜首，其次是Catalent和无锡生物制品，市场份额分别为13%和11%。For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on o

22、ur website at 资料来源: Asymchem Laboratories招股说明书, PharmaProjects, EvaluatePharma, Frost&Sullivan, 海通国际生生物制品的物制品的全球市场规模全球市场规模（十亿（十亿美元）美元）生生物物CDMO的全球市场规模的全球市场规模（十亿（十亿美元）美元）0050060020202021E2022E2023E2024E2025E050202021E2022E2023E2024E2025E12医疗保健业务医疗保健业务：富士胶片富士胶片生生物物CDMO业务的发展路径业务的发展

23、路径富士胶片在孵化期通过并购进入了生物CDMO行业，并通过积极的投资和能力提升拓展了业务。For 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13医疗保健业务医疗保健业务：富士胶片富士胶片在在生物生物CDMO业务中的优势业务中的优势富士胶片认为其在生物CDMO业务方面有三大优势。第一，培养体系。富

24、士胶片拥有业界领先的哺乳动物细胞表达技术、业界最高水平的微生物表达技术等。第二，先进多样的制造设施。公司可根据客户的需要，提供具有出色灵活性的一次性生物反应器和许多其他先进设施。第三，公司培育了许多先进技术，如制造和质量控制技术，以在固定生产条件下保持恒定的产品质量。For 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 一次性

25、生物反应器一次性生物反应器资料来源：公司公告，海通国际14医疗保健业务：医疗保健业务：AI技技术助力医术助力医疗系统业务发展疗系统业务发展富士胶片的医疗系统业务包括许多产品，如诊断X射线影像、CT MRI、IVD、内窥镜等。2018年，富士胶片发布了其医疗AI系统“REiLI”，该系统可以提高CT和MRI生成的医学影像的质量。富士胶片的CT和MRI扫描仪针对中低端市场，但当这些设备配备了REiLI支持的应用程序时，其生成的医疗影像可与高端产品生成的影像相媲美。For full disclosure of risks, valuation methodologies and target pri

26、ce formation on all HTI rated stocks, please refer to the latest full report on our website at 富士胶片富士胶片生生产的医疗系统产的医疗系统部署利用人工智能技术的产品部署利用人工智能技术的产品资料来源：公司公告，海通国际15For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full rep

27、ort on our website at 材料业务16材料业材料业务：务：电子材料业务占销售额的电子材料业务占销售额的23%材料是富士胶片未来计划重点关注的另一个业务领域，尤其是电子材料业务和显示材料业务。2021财年，材料销售额为6270亿日元，同比增长10.8%。在这一业务领域，电子材料占销售额的23%，展示材料占15%。由于半导体行业的高速增长，我们预计未来电子材料的销售份额将更高。For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stock

28、s, please refer to the latest full report on our website at 材料业务销售额（十亿日元）预期材料业务销售额（十亿日元）预期2021财年材料销售额细分财年材料销售额细分00500600700800FY2020FY2021FY2022EFY2023EFY2024E电子材料24%显示材料15%其他高端材料15%图像传输46%资料来源：公司公告，海通国际整理17材料业务：电子材料业务的三大产品材料业务：电子材料业务的三大产品富士胶片的电子材料业务主要有三种产品：半导体光刻胶、CMP浆料和彩色光刻胶。半导体光刻胶是半导体工业

29、制造集成电路必不可少的材料。它用于将电路图案印刷到晶圆上的过程中。CMP浆料是一种研磨材料，用于对电路结构中含有各种材料（如金属或电介质）的基材进行精确的平整化处理。彩色光刻胶，也被称为LCD抗蚀剂，是一种用于制造微型彩色滤光片的光敏着色材料，用于图像传感器。For 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

30、公告，海通国际18光刻胶市场：光刻胶市场：2026年将超年将超120亿美元，每种类别的份额大致相等亿美元，每种类别的份额大致相等根据Reportlinker在2020年发布的一份报告，2026年光刻胶市场应超过120亿美元，这意味着2019-2026年的复合年增长率为6.3%。从市场结构来看，半导体光刻胶、LCD光刻胶、PCB光刻胶等各占25%左右。目前ArF光刻胶在富士胶片销售的半导体光刻胶中占有最大的份额，其次是KrF光刻胶。富士胶片目前正在开发EUV光刻胶，一旦成功，其半导体光刻胶的销售额将会更高。For full disclosure of risks, valuation metho

31、dologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at 2019年光刻胶市场结构年光刻胶市场结构全球光刻胶市场规全球光刻胶市场规模模(十亿美金）十亿美金）资料来源：Reportlinker ，海通国际整理半导体光刻胶22%液晶光刻胶28%PCB光刻胶23%其他27%0.02.04.06.08.010.012.014.020192020E2021E2022E2023E2024E2025E2026E19材料业务：显示材料

32、的四种产品材料业务：显示材料的四种产品富士胶片显示材料的四大主要产品是：FUJITAC、WV film、VA film和IPS film。FUJITAC是一种偏振器保护装置，无论LCD模式有何差异，都会使用它。WV胶片是一种补偿胶片，可在TN模式下拓宽视角，富士胶片拥有100%的市场份额。VA胶片是在VA模式下用于偏振器的胶片，用于控制光的折射，以获得更好的视角和对比度。IPS胶片是一种用于IPS模式下偏振器的胶片，用于在斜视屏幕时抑制色调波动。富士胶片的显示材料主要用于液晶显示器，占70%左右。其余30%用于OLED等。由于液晶显示器市场仍在增长，特别是在中国，我们认为富士电影的业务在未来几

33、年可以保持稳定的增长速度。For 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 LCD中使用的显示材料中使用的显示材料资料来源：公司公告，海通国际20材料业务：图像传输三大业务材料业务：图像传输三大业务2021，富士胶片整合了图像系统部门和商业创新部的图像传输服务部门，成立了图像传输业务部门。该公司在该领域主要经营三大业务：数

34、字印刷、模拟印刷和喷墨业务。富士胶片将模拟打印业务视为现金牛，但认为其他两个领域具有巨大的增长潜力。随着需求开始从新冠疫情的影响中恢复，我们预计这一业务领域的销售额将稳定增长。For 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21For full disclosure of risks, val

35、uation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at 商业创新业务22商业创新业商业创新业务：办公解决方案占销售额的务：办公解决方案占销售额的66%富士胶片在这一领域经营着两项业务：业务解决方案和办公解决方案。2021财年，由于新冠疫情的负面影响，商业创新销售额为7640亿日元，同比增长0.2%。在这一业务领域，办公解决方案占销售额的66%，被公司定位为现金牛。我们认为，由于冠状病毒疾病影响

36、的需求复苏，该业务领域的销售额增长率将更高，预计2024财年的销售额将达到8400亿日元。For 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 商业创新业商业创新业务的销售额（十亿日元）预期务的销售额（十亿日元）预期2021财财年商业创新销年商业创新销售额细分售额细分720740760780800820840860FY2020

37、FY2021FY2022EFY2023EFY2024E办公解决方案66%商务解决方案34%资料来源：公司公告，海通国际23商业创新业商业创新业务：数字多功能机是办公解决方案的主要产品务：数字多功能机是办公解决方案的主要产品富士胶片提供数字多功能机器、打印机、耗材和文档相关解决方案，这些解决方案利用云计算和移动技术进行办公。2022年2月，该公司扩大了数字彩色多功能设备/打印机Apeos的阵容。公司计划利用新的OEM供应合作伙伴关系，加速全球扩张。随着疫情的消退，人们开始回到办公室，我们认为，今年对该公司MFP的需求将更高。For full disclosure of risks, valuat

38、ion 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24商业创新业商业创新业务务：商务解：商务解决方案专注于帮助客户实现数字化转型决方案专注于帮助客户实现数字化转型富士胶片利用多年来积累的不断发展的数字技术和与文档相关的洞察力，通过数字转换（DX）帮助客户解决通信问题，并提供基于AI和IoT等技术的解决方案和服务，以支持客户多样化的工作风格。日本业界目前对数字化转型业

39、务的需求很大，然而也有许多竞争对手可以提供类似的产品。我们认为，这一领域的机遇和挑战并存。For 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25For full disclosure of risks, valuation methodologies and target price forma

40、tion on all HTI rated stocks, please refer to the latest full report on our website at 影像业务26影像业影像业务：消费务：消费者影像业者影像业务占销售额的务占销售额的66%消费者影像和专业影像是富士胶片在影像业务领域经营的两项业务。2021财年，影像业务销售额为3330亿日元，同比增长16.9%。在这一业务领域，消费者影像业务占销售额的66%，专业影像占34%。这两个部门都被公司定位为现金牛。我们认为2021财年的销售额已经反映了疫情缓解的正向影响，因此预期该业务领域的销售额在未来几年将相当稳定。For f

41、ull 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 影像业影像业务销售额（十亿日元）预期务销售额（十亿日元）预期2021财财年影像销年影像销售额细分售额细分消费者影像66%专业影像34%资料来源：公司公告，海通国际整理2853333363253450500300350400FY2020FY2021FY2022EF

42、Y2023EFY2024E27消费消费者影像业者影像业务：包务：包括拍立得和括拍立得和打印业务打印业务富士胶片在这一领域经营着两项业务：拍立得和印刷业务。拍立得以“Instax”品牌运营。富士胶片不断推出新产品，改善消费者体验，以保持其在该业务中的竞争力。2021年推出的新产品包括4月的兼容迷你画幅的新入门机型instax mini 40，10月的instaxLink WIDE智能手机宽幅打印机和12月的旗舰机型instax mini EVO。三款新产品都很受市场欢迎，促进了销售。For full disclosure of risks, valuation methodologies and

43、 target price formation on all HTI rated stocks, please refer to the latest full report on our website at Instax拍立得拍立得印刷业务印刷业务资料来源：公司公告，海通国际28专专业影像业业影像业务：主要包括五大系列产品务：主要包括五大系列产品富士胶片在这一领域提供五大系列产品：数码相机、用于广播的电影镜头、用于监控的机器视觉镜头、投影仪和数字标牌。公司在无反光镜相机领域拥有两大支柱产品：大尺寸、1.7倍全尺寸传感器和超高图像质量的GFX系列，以及小尺寸、轻量化机身和高图像质量的X系列。

44、富士在这一领域的战略也是不断推出新产品，以满足消费者对产品不断提高的要求，从而保持其竞争力。For 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29For full disclosure of risks, valuation methodologies and target price form

45、ation on all HTI rated stocks, please refer to the latest full report on our website at 估值30按业务领域进行估算按业务领域进行估算对估计的解释：1. 对于3/23财年，该公司预计其销售额可能为26500亿日元，年增长率为4.9%。该估计基于公司95000日元/公斤的银价的假设。我们认为由于全球通货膨胀，银价将更高。因此，我们预计2022财年的总销售额将为26180亿日元，同比增长率为3.6%。公司预计医疗/材料/商业创新/影像的增长率为6.0%/6.8%/3.5%/2.0%，我们分别对它们进行了下调。2.

46、 对于3/24财年，我们认为由于市场竞争日益激烈，医疗保健的增长率会降低，同时由于EUV光刻技术和OLED的普及，材料业务的增长率也会降低。关于业务创新，我们认为考虑到业务结构，其增长率将相当稳定。对于影像业务，我们认为其增长率将高于2022年，因为我们认为2021年的销售反弹已经透支了疫情缓和的利好消息，这导致2022年的增长率较低。3. 对于3/25财年，我们认为医疗保健和材料的增长率将比3/24财年更低，原因与上一段所述相同，而商业创新和成像将保持其增长率。4. 随着公司继续提高其管理效率，我们预计其OPM将逐步得到改善。由此，我们建立了一个5年的DCF模型，得出了8400日元的目标价和

47、 “优于大市 ”的评级。以下是我们对各业务领域销售额和营业利润的估计。For 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 按业务领域估算按业务领域估算的的销售额销售额和和营业收入（营业收入（10亿日亿日元）元）FY3/21AFY3/22AFY3/23EFY3/24EFY3/25E医疗健康销售额579802840876910销

48、售额增长率-38.4%4.7%4.3%3.9%营业利润56100.5113119125营业利润率9.7%12.5%13.5%13.6%13.7%材料销售额566627662688713销售额增长率-10.8%5.5%4.0%3.6%营业利润5168738793营业利润率9.1%10.9%11.0%12.6%13.0%商业创新销售额762764780797813销售额增长率-0.2%2.2%2.1%2.1%营业利润7358727683营业利润率9.6%7.6%9.2%9.6%10.2%影像销售额285333336343349销售额增长率-16.9%0.7%2.0%2.0%营业利润16373738

49、40营业利润率5.5%11.1%11.0%11.2%11.4%公司费用和冲销营业利润-31-34-44-45-48总计销售额227042786销售额增长率-15.2%3.6%3.3%3.0%营业利润5292营业利润率7.5%9.1%9.6%10.2%10.5%资料来源：公司公告、海通国际31DCF 估值估值关键假设：1. FY3/23E/24E/25E的销售额增长率为5%/3%/3%；2. FY3/23E/24E/25E的营业利润率为10%/10%/11%；3. 富士胶片可以维持其运营效率。For full disclosure of risks,

50、valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at DCF 估值（百万日元）估值（百万日元）FY3/23EFY3/24EFY3/25EFY3/26EFY3/27EFCF36,702 133,377 139,756 185,956 273,967 PV of FCF33,675 112,281 107,947 131,784 3,038,441 永续增长率（%）2.6%WACC (%)

51、9.0%商业价值3,424,128 商业价值外资产486,328 企业价值3,910,456 有息债务535,556 隐含流通市值3,374,900 流通股400.39目标价(JPY)8400资料来源：公司公告、海通国际32财务报表分析和预测财务报表分析和预测For 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 Source:

52、 Bloomberg, HTI estimatesFY3/22AFY3/23EFY3/24EFY3/25E每股指标每股指标 (JPY)每股收益520467527569每股账面净值6244664170387473每股经营现金流807643880949每股股利9估值比率估值比率市盈率12.9714.9612.9711.97市净率1.081.050.970.91市销率1.071.060.990.95EV/EBITDA7.597.216.375.76股息支付率（%）20%24%23%23%盈利能力（盈利能力（%）毛利率40.9%41.2%41.6%41.7%净利率8.2%7.1%

53、7.6%7.9%净资产收益率8.8%7.2%7.7%7.8%总资产收益率5.6%7.2%7.7%7.8%投入资本回报率7.0%7.1%7.5%7.8%盈利增长（盈利增长（%）销售增长15.2%3.6%3.3%3.0%EBIT 增长61.6%9.8%9.2%6.1%净利润增长58.6%-10.7%11.2%6.4%偿债比率偿债比率资产负债率36.2%34.1%33.5%32.9%流动比率1.762.082.122.17速动比率1.251.531.581.62现金比率0.500.560.600.64运营效率运营效率应收账款周转天数87879090存货周转天数4总资产周转率0.

54、670.660.670.66固定资产周转率3.293.062.942.8533财务报表分析和预测财务报表分析和预测For 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 Source: Bloomberg, HTI estimates利润表利润表 (JPY mn)FY3/22AFY3/23EFY3/24EFY3/25E营业收入营

55、业收入2,525,7732,617,6002,703,5002,785,700销售成本-1,492,549-1,538,809-1,578,466-1,624,871毛利润1,033,2241,078,7911,125,0341,160,829销售及一般管理费用-803,522-826,577-849,727-868,693营业利润营业利润229,702252,215275,307292,136EBITDA362,701400,547430,512460,268折旧和摊销22非经营性损益26291646税前净利润税前净利润255

56、,993259,261286,532303,782税收-55,765-61,039-67,459-71,521少数股东权益5265867986798679净利润净利润208,091185,752206,602219,791现金流量表(JPY mn)FY3/22AFY3/23EFY3/24EFY3/25E营业利润229,702252,215275,307292,136经营活动现金流经营活动现金流323,934256,297345,897367,442投资活动现金流--融资活动现金流融资活动现金流-105,184-75,192-86,096-89

57、,539期初现金486,328447,838495,119545,337本期现金产生数本期现金产生数91,533-38,49047,28250,218期末现金577,861409,348542,401595,555自由现金流自由现金流197,88036,702133,377139,756资产负债表资产负债表(JPY mn)FY3/22AFY3/23EFY3/24EFY3/25E现金及其等价物486,328447,838495,119545,337存货504,467443,894454,090468,720应收账款596,280655,414675,073697,504流动资产流动资产1,724

58、,7291,679,5811,761,0631,852,501固定资产820,228891,491948,8061,008,360其他非流动资产1,410,3231,410,3231,410,3231,410,323非流动资产非流动资产2,230,5512,301,8142,359,1292,418,683总资产总资产3,955,2803,981,3954,120,1924,271,184短期负债2347642152131应付账款251,315235,480242,115249,035流动负债流动负债979,575806,492829,473854,702长期负债3039

59、674055157非流动负债450,765551,955551,955551,955总负债总负债1,430,3401,358,4471,381,4281,406,657普通股40,36340,36340,36340,363其他股东权益2,502,6572,622,9482,738,7642,864,527少数股东权益22283-所有者权益所有者权益2,524,9402,622,9482,738,7642,864,527负债及所有者权益负债及所有者权益3,955,2803,981,3954,120,1924,271,184APPENDIX 2重要信息披露重要信息披露本研究报

60、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 DISCLOSURESThis research report is distributed by Haitong International, a global brand name fo

61、r 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 anyother members within the Haitong International Securiti

62、es Group of Companies (“HTISG”), each authorized to engage in securities activities in its respectivejurisdiction.HTIRL分析师认证分析师认证Analyst Certification:我，刘威，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, Wei Li

63、u, certify that (i) the views expressed in this research report accurately reflect my personal views about any or all of the subject 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

64、or viewsexpressed in this research report; and that I (including members of my household) have no financial interest in the security or securities of the subject companiesdiscussed.34APPENDIX 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

65、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 orcompanies in this research report. As far as this research report is concerned, the following are t

66、he disclosure matters related to such relationship (As the followingdisclosure does not ensure timeliness and completeness, please send an email to ERD-D if timely and comprehensive information is needed).海通担任2269.HK有关证券的做市商或流通量提供者。Haitong acts as a market maker or liquidity provider in the securiti

67、es of 2269.HK.35APPENDIX 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

68、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 International uses a relative rating system usin

69、g 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 completeinformation concerning the analysts

70、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 stock should depend on individual

71、circumstances (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 stocks total return over the ne

72、xt 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 next 12-18 months is exp

73、ected 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.36APPENDIX 2评级分布评级分布Rating Distribution37APP

74、ENDIX 2截至截至2022年年3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88.9%9.5%1.6%投资银行客户*6.8%5.8%0.0%*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12-18个月内预期相对基准指数涨幅在10%以

75、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 International Equity Research Ratings Distribution, as of Mar 31, 2022Outpe

76、rformNeutralUnderperform(hold)HTI Equity Research Coverage88.9%9.5%1.6%IB clients*6.8%5.8%0.0%*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 onl

77、y 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 expect

78、ed 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

79、es, 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 TA

80、IEX, India Nifty100; for all other China-concept stocks MSCIChina.38APPENDIX 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 s

81、hort reports 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

82、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 withShanghai and Shenzhen. Haitong Securiti

83、es (HS; 600837 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 ratin

84、gs 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 of 100 of the highest-quality A-shares

85、 under coverage atHS 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.39APPENDIX 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

86、ESG Research LLC及其联属公司（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

87、。MSCI ESG Disclaimer: Although 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 origi

88、nality, accuracy and/orcompleteness, of 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 ma

89、y not be used as a basis for, or a component 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

90、omissions in connection with any data herein, or 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.40APPENDIX 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

91、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

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94、usallWave Digital Technology Co., Ltd. (In short, SusallWave)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 anyi

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96、eceiving these data. When using the data, recipients shall make your 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 inco

97、nsistent contents or different conclusions without notification. Unless 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

98、we reserve all rights in accordance with the law. Without the prior written 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,

99、re-editing, adaption, deletion, abbreviation, excerpts, issuance, rent, exhibition, performance, 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 correspondin

100、gcompensation liability.SusallWave shall not be responsible for any loss.4. If any term is not contained 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, P

101、rivacy Policy of Susallwave Website), it should be executed according to other agreements. If there isany difference between this disclaim and other agreements, this disclaimer shall be applied.41APPENDIX 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

102、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”）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（

103、“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

104、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

105、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

106、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。42APPENDIX 2IMPORTANT DISCLAIMERFor research reports on non-Indian securities: The research report is issued by Haitong International Research Limite

107、d (“HTIRL”), a wholly owned subsidiary ofHaitong International Securities Group Limited (“HTISGL”) and a licensed 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

108、International (Japan) K.K. (“HTIJKK”), a wholly owned subsidiary ofHTISGL and which is regulated as an Investment Adviser 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 com

109、pany and a Securitiesand Exchange Board of India (“SEBI”) registered Stock Broker, Merchant Banker and Research Analyst that, inter alia, produces and distributes research reportscovering listed entities on the BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”) (collectivel

110、y referred to as “Indian Exchanges”). HSIPLwas acquired and became part of the Haitong International Securities Group of Companies (“HTISG”) on 22 December 2016.All the research reports are globally branded under the name Haitong International and approved for distribution by Haitong International S

111、ecurities CompanyLimited (“HTISCL”) and/or any other members within HTISG in their respective jurisdictions.The information and opinions contained 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

112、 or implied, is made by HTIRL, HTISCL, HSIPL, HTIJKK or any other members within HTISG from which this research report maybe received, as to their accuracy, completeness or correctness. All opinions expressed herein are as of the date of this research report and are subject to changewithout notice.

113、This research report is for information purpose only. Descriptions of any companies or their securities mentioned herein are not intended to becomplete 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

114、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 than an investors homecurrency, a change in exchange rates may adversely affect the investment. Past performance is not necessarily indicative of futu

115、re results. Certain transactions,including those involving derivatives, give rise to substantial risk and are not suitable for all investors. You should also bear in mind that recommendations in thisresearch report are not tailor-made for you. The analyst has not taken into account your unique finan

116、cial circumstances, such as your financial situation and riskappetite. You must, therefore, analyze and should, where applicable, consult your own legal, tax, accounting, financial and other professional advisers to evaluatewhether the recommendations suits you before investment. Neither HTISG nor a

117、ny 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 research report.43APPENDIX 2HTISG and our affiliates, officers, directors, and employees, excluding the analysts responsible for the c

118、ontent 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 research report. Sales, traders, and other professionals ofHTISG may provide oral or written market commentary or trading s

119、trategies 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 decisions that are inconsistent with the recommendations or viewsexpressed in this research report. HTI is under no obl

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