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 24 Jun 2022 声光电科声光电科

2、 CETC Acoustic-Optic-Electronic Technology (600877 CH) 首次覆盖：业务战略转型发挥综效；北斗短报文应用爆发在即 Dual-focus on military and civilian use; Beidou short message application to ramp-up: Initiation Table_Info 首次覆盖优于大市首次覆盖优于大市Initiate with OUTPERFORM 评级 优于大市 OUTPERFORM 现价 Rmb10.96 目标价 Rmb14.50 市值 Rmb12.98bn / US$1.93b

3、n 日交易额 (3 个月均值) US$10.15mn 发行股票数目 1,184mn 自由流通股 (%) 74% 1 年股价最高最低值 Rmb18.75-Rmb8.75 注：现价 Rmb10.96 为 2022 年 6 月 23 日收盘价 资料来源： Factset 1mth 3mth 12mth 绝对值 6.4% -20.9% -32.7% 绝对值（美元） 5.7% -25.1% -35.1% 相对 MSCI China 26.1% 0.6% -1.3% Table_Profit (Rmb mn) Dec-20A Dec-21A Dec-22E Dec-23E 营业收入 402 1,655 2

4、,035 2,493 (+/-) 15% 311% 23% 22% 净利润 81 139 208 265 (+/-) 1% 73% 50% 27% 全面摊薄 EPS (Rmb) 0.10 0.16 0.18 0.22 毛利率 42.8% 29.7% 29.9% 30.6% 净资产收益率 21.3% 11.8% 10.3% 11.9% 市盈率 110 69 62 49 资料来源：公司信息, HTI Table_Author Xiaofei Zhang Yang Zhou (Please see APPENDIX 1 for English summary) 军民两用军民两用业务战略转型；业务战略

5、转型；聚焦硅基模拟及射频芯片聚焦硅基模拟及射频芯片：2021 年公司置换出锂离子电源资产，注入中国电科下属硅基模拟半导体芯片三家子公司，包括西南设计、芯亿达及瑞晶实业。三家子公司具备上游模拟和射频芯片与下游电源模块产品的设计与生产能力，有利于打造全产业链的生产销售平台。目前公司已布局卫星导航、5G 通信、短距离通讯、光伏保护，并有望在汽车电子领域实现突破，包含优化卫星导航定位模组、新能源汽车 BMS 芯片、电机驱动芯片、 电子开关芯片等车规级产品。 北斗芯片国产化持续突破；短报文芯片有望成为新增长北斗芯片国产化持续突破；短报文芯片有望成为新增长点：点： 2020 年以来，西南设计推出了包括多频

6、导航SoC、北斗三号高精度射频芯片以及卫星导航模组产品，已全面进入亚米级、高精度、惯导、授时等卫星导航高端应用场景，未来随着北斗三号服务的持续渗透以及应用铺开，相关芯片需求将持续增长。在短报文芯片方面，公司当前已推出第一代芯片，而后续产品迭代将提供更高集成度，以及更小的体积与功耗，将有望于手机及可穿戴等消费电子应用大规模采用。我们预期年内或有搭载北斗短报文芯片手机上市，且于 2025 年，中国短报文芯片市场有望达到 30 亿元人民币。 背靠中国电控优质体外资产，发挥协同效应背靠中国电控优质体外资产，发挥协同效应：公司控股股东重庆声光电拥有众多优质体外资产如 1) 吉芯科技：专注高性能模数混合集

7、成电路，具备领先 ADDA 研发能力，2) 集诚汽车：车用传感器与安全控制系统供应商，3) 胜普：聚焦声表滤波器的研发及生产，并具备晶圆制造及封装测试能力，及 4) 中科渝芯：拥有一条 6吋模拟集成电路专业生产线及一条8吋硅光集成电路生产线，能够为公司提供坚实的供应链保障。公司依托重庆声光电将持续把握发展机遇，同时我们也关注优质体外资产注入机会，加强和公司的协同效应。 估值与建议：估值与建议：我们预测公司21/22/23年归母净利润分别1.4/2.1/2.7亿元，同比增长 73%/50%/27%。我们给予公司 65x 2023 PE，对应目标价 14.5 元。首次覆盖给予“优于大市”评级。 风

8、险：风险：1) 北斗渗透不及预期，2) 行业竞争加剧，3）终端需求不及预期。 406080100120Price ReturnMSCI ChinaJun-21Oct-21Feb-22Jun-22Volume 24 Jun 2022 2 Table_header1 声光电科 (600877 CH) 首次覆盖优于大市首次覆盖优于大市 业务战略转型：聚焦硅基模拟及射频芯片业务战略转型：聚焦硅基模拟及射频芯片 公司简介公司简介 声光电科是中电科声光电集团旗下的唯一上市公司。公司的主要产品包括硅基模拟半导体相关芯片、器件及模组及整体解决方案和其相关的智能终端应用产品。相关产品广泛应用于物联网、绿色能源、

9、安全电子、智能制造及智能终端等领域。其控股股东重庆声光电有限公司拥有中国电科 24 所、26 所、44 所三个国家 I 类军工骨干研究所，主要从事集成电路、光电子、微声惯性领域芯片、器件、模块技术研发与生产，是国内电子元器件重要供应商。 图图 1：公司股权结构：公司股权结构 Source: Wind, HTI 公司历经两次重大资产重组，实现了从摩托车到锂电池到半导体的业务升级。公司原为中国嘉陵工业股份有限公司，是国家摩托车定点生产企业。2019 年公司剥离摩托车相关资产，注入空间电源，力神特电两家子公司，业务转变为特种锂离子电源相关业务。2021 年公司通过第二次资产重组，以持有的空间电源、力

10、神特电股份与重庆声光等持有的西南设计、芯亿达及瑞晶实业股权进行置换，业务变更为硅基模拟半导体芯片相关业务，控股股东变为重庆声光电。未来公司将持续聚焦硅基模拟半导体，背靠中电科声光电集团，持续拓展相关业务，提高公司市场竞争力。 图图 2：公司发展沿革：公司发展沿革 Source: Wind, HTI lZlYoXbVeX8VuZsUqV7NaObRmOnNsQmOfQrRtNiNsQmQaQoPpPMYpOpPuOpNrN 24 Jun 2022 3 Table_header1 声光电科 (600877 CH) 首次覆盖优于大市首次覆盖优于大市 核心子公司及其业务核心子公司及其业务 2021 年

11、公司置换出锂离子电源资产，注入中国电科下属硅基模拟半导体芯片三家子公司，包括西南设计、芯亿达以及瑞晶实业。其中西南设计、芯亿达均采用 Fabless模式运营，专注于芯片产品的自主研发、设计与销售。三家子公司具备的上游电源管理芯片与下游电源模块产品的设计与生产能力有助于打造全产业链的电源生产销售平台。未来将持续在市场资源、产品和技术、产业链优势互补方面发挥显著协同效应。 1） 西南设计 经过多年发展，西南设计已具备了领先的射频系统集成设计能力，建立了0.35um40nm SiGe BiCMOS、RFCMOS 等工艺制程的多种 IP 库，产品面向卫星导航、5G 通信、短距离通讯、光伏保护、新能源车

12、 BMS 等细分领域。公司将持续于国内 5G基站射频发力，并加强推动无线通讯和导航领域的进展。自 2020 年以来，西南设计推出了包括多频导航 SoC、北斗三号高精度射频芯片以及卫星导航模组产品。同时公司研发的北斗三号短报文芯片，将持续和国内品牌手机客户展开合作，有望带来新的成长动力。 2） 芯亿达 芯亿达主营产品为消费及工业类功率驱动芯片，包括电机驱动系列 IC、电子开关系列 IC、玩具电控系列 IC 与人体感应系列 IC 等。公司在玩具电控市场具有较高市占率和竞争优势，未来将向汽车电子领域拓展。目前公司的高可靠性电子开关芯片已经在车载 BCM（Body Control Module）上开始

13、应用，已经和长安汽车、五菱汽车、东风汽车等多家厂商的车型展开定点。 3） 瑞晶实业 瑞晶实业主营产品包括传统类电源产品，主要应用于传统手机、机顶盒、家用电器、网关、电脑等领域；新型智能电源产品，主要应用于智能手机、消费电子和移动设备等领域。目前已与中兴通讯、创维数字、安克创新、亚马逊等众多国内外知名厂商建立合作关系。 优质体外资产，发挥协同效应优质体外资产，发挥协同效应 公司控股股东重庆声光电拥有 3 个国家类研究所（24 所专攻模拟集成电路、44所聚焦光电拥有国内唯一一条可见光 CCD 探测线、26所主攻声表滤波器），在相关领域具有领先研发能力，且其优质体外资产多和公司现有业务以及下游应用重

14、叠，可与公司现有业务产生协同效应。重庆声光电子公司包含 1) 吉芯以高性能模数混合集成电路为核心，在 ADDA 有领先研发设计能力，并拓展至 RF-SoC、微系统等；2) 集诚是车用传感器与安全控制系统解决方案提供商，依托其客户优势，有利于公司汽车电子业务推进；3) 胜普电子专注于声表滤波器的研发及生产，并具备晶圆制造及封装测试能力，将和西南设计在射频领域产生良好协同效应；4) 中科渝芯拥有一条 6 吋模拟集成电路专业生产线及一条 8 吋硅光集成电路生产线，能够为公司提供坚实的供应链保障。公司可依托重庆声光电的背景优势，把握行业发展机遇，同时我们也持续关注优质体外资产注入机会，有望扩大资产规模

15、，加强和公司的协同效应。 24 Jun 2022 4 Table_header1 声光电科 (600877 CH) 首次覆盖优于大市首次覆盖优于大市 表表 1：重庆声光电核心事业公司及业务：重庆声光电核心事业公司及业务 Source: 公司官网, Wind, HTI 西南设计西南设计-北斗应用爆发，产品放量在即北斗应用爆发，产品放量在即 北斗加速组网，军民两用打开上游千亿市场空间北斗加速组网，军民两用打开上游千亿市场空间 2020 年北斗组网完毕后，持续开展新技术试验验证，同时北斗应用产业化相关内容已被正式写入中华人民共和国国民经济和社会发展第十四个五年规划和 2035 年远景目标纲要。根据中

16、国卫星导航定位协会中国卫星导航与位置服务产业发展白皮书显示，2021 年我国卫星导航与位置服务产业总体产值达 4,690 亿元人民币，同比增长 16%，预估到 2025 年，总产值将达到 1 万亿元，而 2035 年则有望突破 3 万亿元，年复合增长率超 14%。其中上游零部件和半导体生产及销售环节占比约 910%， 2021 年市场规模达 437 亿，并有望于 2025 年突破千亿元。 图图 3：北斗发展历程：北斗发展历程 Source:HTI 整理 24 Jun 2022 5 Table_header1 声光电科 (600877 CH) 首次覆盖优于大市首次覆盖优于大市 图图 4: 201

17、2-2025 年我国年我国 GNSS 市场空间市场空间(亿元亿元) Source: GLAC 预测, HTI 整理 图图 5: 北斗产业链解析北斗产业链解析 Source: Wind, HTI 2021 年国内卫星导航定位终端产品（包含 GPS, 北斗等导航定位产品）总销量超5.1 亿台，其中具有卫星导航定位功能的智能手机出货量达到 3.43 亿台，汽车导航前后装市场终端销量达到 1158 万台，各类监控终端销量达到 317 万台。而截至 2021 年底，国产北斗兼容型芯片及模块销量已超过 2 亿片，季度出货量突破 1000 万片。结合北斗二号的应用基础，我们认为北斗三号将继续围绕“军用、行业

18、、大众”三大核心领域，持续推进相关产业链发展，并有望于 22/23 年全面爆发： 1） 军用： 2020 年我国单兵北斗系统装配率接近 80%，但较美国等军事强国 100%的装配率还有一定差距，同时北斗三号更强的性能也将带来相关产品的更新迭代。另一方面我国国防预算支出持续增长，2021 年达 1.36 万亿人民币，同比增长7%，而装备支出占比超 40%，北斗产业链有望受益。 10,000 810 1,040 1,343 1,735 2,118 2,550 3,016 3,450 4,033 4,690 0%5%10%15%20%25%30%35%02,0004,0006,0008,00010,

19、00020000212025上游中游下游YoY 24 Jun 2022 6 Table_header1 声光电科 (600877 CH) 首次覆盖优于大市首次覆盖优于大市 2） 行业市场：2021 年，我国卫星导航与位置服务的行业应用市场保持快速增长，在交通、能源等基础设施，以及智能交通、智慧能源、智慧农业等重点领域落地进一步扩大。 3） 车载：伴随汽车智能化趋势，车载系统的应用量不断提升。根据 GAS 预测，2019-2029 年，全球车载 GNSS 系统出货量将以 6%的复合增速增长。另一方面，随着智能驾驶从 L2 向 L4

20、 甚至 L5 推进，对导航、定位精准度的要求也逐步提高，这将进一步推动车载应用发展。目前北斗芯片在车载市场的渗透率仍低，具备较大增长空间。 4） 消费电子：根据国家发改委的数据，2021 年国内智能手机出货量中支持北斗的已达3.24亿部，占国内智能手机总出货量的 94.5%。国内华为、VIVO、小米等大品牌多已全面支持北斗功能。而北斗三号短报文通信业务也即将面市，将重新定义手机应用功能。 图图 6: 北斗应用市场及场景北斗应用市场及场景 Source: GLAC, HTI 图图 7: 国内北斗产业链厂商国内北斗产业链厂商 Source: Wind, HTI 24 Jun 2022 7 Tabl

21、e_header1 声光电科 (600877 CH) 首次覆盖优于大市首次覆盖优于大市 短报文芯片有望成为新增长点短报文芯片有望成为新增长点 北斗三号持续开展新技术试验验证，实现产业化落地，向消费类等大众市场持续推进。其中短报文服务作为北斗的核心功能之一，也不断迭代升级。首批支持北斗短报文通信功能的手机产品预期将于年内上市。北斗三号短报文通信服务在北斗二号RDSS（Radio Determination Satellite Service）的基础上，额外加入了 RNSS（Radio Navigation Satellite System，GPS 为 RNSS 系统）频点，通过 RNSS+RDS

22、S 组合技术降低了发射的功耗，增强了可靠性和准确性。另一方面，短报文服务可以使可穿戴设备在不依赖蜂窝网络的情况下，通过搭载短报文芯片，以低廉的成本实现通讯功能。随着北斗三号短报文业务在消费市场的不断渗透，将带来支持 RNSS/RDSS 双模应用的短报文芯片的大量需求。我们预期年内或有搭载北斗短报文芯片手机上市，且于2025年，中国短报文芯片市场有望达到 30 亿元人民币。 2020 年以来，西南设计推出了包括多频导航 SoC、北斗三号高精度射频芯片以及卫星导航模组产品，已全面进入亚米级、高精度、惯导、授时等卫星导航高端应用场景，未来随着北斗三号服务的持续渗透以及应用铺开，相关芯片需求将持续增长

23、。在短报文芯片方面，公司当前已推出第一代芯片，而后续产品迭代将提供更高集成度，以及更小的体积与功耗，将有望于手机及可穿戴等消费电子上大规模采用。 表表 2：2021-2025 年中国短报文芯片市场空间估算年中国短报文芯片市场空间估算 Source: Counterpoint, HTI 预测 24 Jun 2022 8 Table_header1 声光电科 (600877 CH) 首次覆盖优于大市首次覆盖优于大市 财务预测与估值财务预测与估值 财务预测财务预测 我们预测公司 21/22/23 年收入分别为 16.6/20.4/24.9 亿元，同比增长 311% /23%/22%，归母净利润分别

24、1.4/2.1/2.7 亿元，同比增长 73%/50%/27%。 表表 3：公司季度利润预测：公司季度利润预测 百万元百万元 2021 1Q22 2Q22E 3Q22E 4Q22E 2022E 1Q23E 2Q23E 3Q23E 4Q23E 2023E 营业收入 1,655 275 425 538 797 2,035 338 534 701 920 2,493 营业成本 -1,164 -203 -303 -380 -541 -1,427 -240 -372 -492 -628 -1,731 毛利 491 72 122 159 256 609 98 162 209 292 762 研发费用 -1

25、90 -27 -54 -67 -88 -236 -33 -65 -81 -105 -283 销售及管理费用 -77 -15 -23 -30 -43 -111 -18 -28 -36 -52 -133 营业费用 -267 -42 -77 -97 -131 -347 -50 -93 -116 -157 -416 营业收入 224 30 45 62 125 261 48 70 92 136 345 其他营业收入 26 5 4 5 5 19 7 7 6 6 26 利润总额 250 35 49 67 130 280 54 77 98 142 371 所得税 -38 -4 -7 -10 -19 -40 -

26、8 -12 -15 -21 -56 少数股东损益 -73 0 -10 -11 -12 -32 -13 -15 -12 -11 -51 净利润 139 32 32 46 99 208 33 51 71 110 265 利润率 毛利率 30% 26% 29% 29% 32% 30% 29% 30% 30% 32% 31% 营业利润率 14% 11% 10% 11% 16% 13% 14% 13% 13% 15% 14% 税率 15% 10% 15% 15% 15% 14% 15% 15% 15% 15% 15% 净利润率 8% 11% 7% 9% 12% 10% 10% 10% 10% 12% 1

27、1% 增长率 收入增长率 311% 384% -27% 53% 21% 23% 23% 26% 30% 15% 22% 毛利增长率 185% 243% -23% 48% 25% 24% 36% 33% 31% 14% 25% 营业收入增长率 128% 789% -19% 42% 2% 17% 58% 57% 50% 8% 32% 净利润增长率 73% 1288% 9% 160% 10% 50% 4% 60% 55% 11% 27% Source: Wind, HTI Estimates 表表 4：2018-2023 年子公司营收与毛利拆分年子公司营收与毛利拆分 Source: Wind, HT

28、I Estimates 24 Jun 2022 9 Table_header1 声光电科 (600877 CH) 首次覆盖优于大市首次覆盖优于大市 投资建议投资建议 我们给予公司 65x 2023 PE（-1SD 历史 1-year forward PE），对应目标价 14.5 元,以反映 1）消费电子需求疲弱；2）宏观经济的不确定性。首次覆盖给予“优于大市”评级。 图图 8：公司历史估值（：公司历史估值（1-year forward PE） Source: Wind, HTI 表表 5: 北斗相关公司估值表北斗相关公司估值表 Source: Wind, HTI *市值、PE 基于 2022

29、年 6 月 21 日 风险：风险：1) 北斗渗透不及预期，2) 行业竞争加剧，3）终端需求不及预期。 020406080100120140Apr-21Jun-21Aug-21Oct-21Dec-21Feb-22Apr-22Jun-22+2SD+SDAVG-SD-2SD 24 Jun 2022 10 Table_header1 声光电科 (600877 CH) 首次覆盖优于大市首次覆盖优于大市 财务报告分析和预测财务报告分析和预测 备注：以上各表均为简表 来源：公司年报（2021A） ，HTI 财务指标财务指标2019A2020A2021A2022E2023E成长性成长性营业收入增长率-4%15

30、%311%23%22%营业利润增长率-146%8%128%17%32%净利润增长率-141%1%73%50%27%利润率利润率毛利率47%43%30%30%31%EBITDA利润率29%27%16%14%15%营业利润率26%24%14%13%14%净利润率23%20%8%10%11%投资回报率投资回报率ROE121%21%12%10%12%ROA11%14%9%8%9% 利润表（百万元）利润表（百万元）2019A2020A2021A2022E2023E营业收入3484023营业成本4271731毛利毛利9762营业费用7274

31、267347416营业利润营业利润95其他营业收入2-3331925利息收入01145利息费用00-9-4-4利润总额利润总额9497250280371所得税及少数股东损益-净利润净利润8081139208265 24 Jun 2022 11 Table_header1 声光电科 (600877 CH) 首次覆盖优于大市首次覆盖优于大市 APPENDIX 1 Summary Dual-focus on military and civilian business; Concentrated on silicon-based analog and

32、 RF ICs: In 2021, the company replaced its lithium battery assets with three subsidiaries of CETC that focused on silicon-based analog ICs, including Southwest Design, Xinyida and Ruijing Industrial. The three subsidiaries capability for the design and production of upstream analog and RF chips and

33、downstream power module products will help to integrate the supply chain. Currently, the main products have been applied to satellite navigation, 5G communication, short-distance communication, and photovoltaic protection, automotive electronics. The localization of Beidou chips continues; Beidou sh

34、ort message chips to become a new growth drive: Since 2020, Southwest Design has launched products including multi-frequency navigation SoCs, Beidou-3 high-precision RF ICs and satellite navigation modules. In the future, with the continued penetration and application of Beidou-3, the demand for rel

35、ated chips will continue to grow. In terms of Beidou short message chips, the company has launched the first generation product. Future generations for higher integration, smaller size and power consumption will aslo be widely used in consumer electronics including wearables. We expect that mobile p

36、hones equipped with Beidou short message chips will be launched within this year. By 2025, Chinas short message chip market is likely to reach 3 billion yuan. Synergy effect backed by CETCs high-quality assets: the companys controlling shareholder Chongqing Acoustics and Optoelectronics (controlled

37、by CETC) has many high-quality assets such as 1) Jixin Technology: focusing on high-performance analog-digital ICs, with leading ADDA R&D capabilities, 2) Jicheng Automotive: supplier of automotive sensors and safety control systems, 3) Shengpu: focusing on R&D and production of SAW filters, with wa

38、fer manufacturing and packaging and testing capabilities, and 4) Zhongke Yuxin: 6-inch analog IC production line and an 8-inch silicon photonic IC production line, which can provide a solid back-up for the company. Relying on Chongqing Acoustics and Optoelectronics, the company will continue to seiz

39、e the opportunities in the industry. At the same time, we also pay attention to the potential injection opportunities of high-quality assets into the listed company to strengthen the synergy effect. Initiate with OUTPERFORM rating and TP of Rmb14.5 on 65x 2023PE. Risks: 1) Beidou penetration is less

40、 than expected, 2) industry competition intensifies, 3) terminal demand is less than expected 12 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

41、)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 International, a global brand name for the equity research teams of Haitong International Research Limited (“HTIRL”), Haitong Securities India Private Limited (“HSIPL”), Haito

42、ng International 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Analy

43、st Certification: 我， 张晓飞，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, Xiaofei Zhang, certify that (i) the views expressed in this research report accurately reflect my personal views about any or all of the

44、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 the

45、 security or securities of the subject companies discussed. 我， 周扬，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, Yang Zhou, certify that (i) the views expressed in this research report accurately reflect my pe

46、rsonal 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 househo

47、ld) have no financial interest in the security or securities of the subject companies discussed. 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 inv

48、estment 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 ensu

49、re 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002465.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/

50、or its subsidiaries (collectively, the Haitong) have a role in investment banking projects of 002465.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

51、 of 002465.CH for 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. 作为回报，海通拥有000063.CH一类普通股证券的1%或以上。 The Haitong beneficially owns 1% or more of a cla

52、ss of common equity securities of 000063.CH. 002465.CH目前或过去12个月内是海通的投资银行业务客户。 002465.CH is/was an investment bank clients of Haitong currently or within the past 12 months. 300101.CH 及 中海达投资有限公司目前或过去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。 300101.CH and 中海达投资有限公司 are/were a client of Haitong currently o

53、r within the past 12 months. The client has been provided for non-investment-banking securities-related services. 海通担任000063.CH 及 1810.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 securities of 000063.CH and 1810.HK. 13 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“

54、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1

55、2-18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 2020): Haitong International uses a relative rating system using Outperform, Neutral, or Underperform for recommending the stocks we cover to investors.

56、Investors should carefully read the definitions of all ratings used in Haitong 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,

57、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 to buy or sell a stock should depend on individual circumstances (such as the investors existing holdings) and other considerations. Anal

58、yst 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 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 ma

59、rket 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 total return over the next 12-18 months is expected to be below the return of its relevant broad market benchmark, as indicat

60、ed 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. 评级分布评级分布Rating Distribution 截至截至2022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 88.9% 9.5%

61、 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（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，

62、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. 14 Haitong International Equity Research Ratings Distribution, as of Mar 31, 2022 Outperform Neutral Underperform (hold) HTI Equity Research Coverage 88.9% 9.5% 1.6% IB clients* 6.8% 5.8% 0.0%

63、 *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 FINRA/NYSE ratings distribution rules, our Neutral rating falls into a hold rating cat

64、egory. 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 the return of its relevant broad market benchmark, as indicated below. NEUT

65、RAL: 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. SELL: The stocks total retur

66、n 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; for all other China-concept stocks MSCI China. 海通国际非评级研究：海通国际非评

67、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 according to valuation and other metrics or may suggest pr

68、ices 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

69、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 parent company of HTISG based in Shanghai, covers and p

70、ublishes 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

71、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. These stocks are carefully selected through a qu

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