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 11 Aug 2022 飞力达飞力达 Fe

2、iliks(300240 CH)首次覆盖：依托数据科技驱动，持续发力智造供应链 Driven by Data Technology,Continue to Develop the Intelligent Manufacturing Supply Chain: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 Rmb8.07 目标价 Rmb11.90 市值 Rmb2.97bn/US$0.44bn 日交易额(3 个月均值)US$21.91mn 发行股票数目 368.21mn 自由流

3、通股(%)-1 年股价最高最低值 Rmb11.32-Rmb6.23 注：现价 Rmb8.07 为 2022 年 8 月 11 日收盘价 资料来源：Factset 1mth 3mth 12mth 绝对值-0.4%-28.2%30.5%绝对值（美元）-1.1%-28.6%25.1%相对 MSCI China 26.7%0.4%68.1%Table_Profit (Rmb mn)Dec-21A Dec-22E Dec-23E Dec-24E 营业收入 6,955 8,694 10,343 12,029(+/-)88%25%19%16%净利润 187 125 179 255(+/-)2370%-33%

4、44%43%全面摊薄 EPS(Rmb)0.51 0.34 0.49 0.69 毛利率 7.2%7.5%8.1%8.4%净资产收益率 14.2%8.6%11.0%13.6%市盈率 16 24 17 12 资料来源：公司信息,HTI (Please see APPENDIX 1 for English summary)深耕供应链管理服务，业务结构持续优化深耕供应链管理服务，业务结构持续优化。公司是一家致力于为智造企业提供一体化供应链解决方案的综合物流服务企业。2021年公司将业务进一步优化后，目前公司业务主要由综合物流服务和国际货代物流服务两部分组成。综合物流服务专注为制造业客户提供以供应链解决方

5、案及仓库服务，国际货代物流服务则重点发力海运和空运代理相关业务。两个板块业务明确，互为支撑，在业务上形成相互配合与支持，实现差异化和标准化相结合的产品战略，带动业绩向上攀升。以智能制造行业物流为中心，多领域发力拓展成长空间以智能制造行业物流为中心，多领域发力拓展成长空间。公司近年加大对相关智能制造行业的拓展，不断探索新的业务领域及运作模式。目前形成有六大目标行业解决方案，包括电子信息制造行业、汽车及零部件行业、智能制造装备行业、精密仪器行业、医疗器械行业、快速消费品行业，公司通过运输网络资源和专业的供应链管理能力，为品牌商持续提供高附加值的供应链服务。我们认为多板块布局既有利于公司将在 IT

6、领域积累的经验复制与推广，充分利用与发挥既有优势；同时，也为公司持续的业务转型升级及未来发展奠定坚实的基础，将服务的链条与范围不断扩大，提升综合服务能力和抗风险能力。数据数据+技术双轮驱动，长期发展动力充足技术双轮驱动，长期发展动力充足。公司以数据科技为驱动，加速向智造供应链管理专家的目标迈进。公司近年努力构建各业务资源管理系统，将数据化嵌入业务运营场景，实现线上化、统一化管理，既有效提升物流运作效率，也解决了传统供应链服务环节不可视的痛点。公司始终把科技创新放在重要的战略位置，我们认为公司智能制造业物流信息技术开发及应用能力未来可期，并可作为长期的驱动力，支持公司实现数据科技驱动的智造供应链

7、管理专家的愿景。主要盈利预测及假设主要盈利预测及假设：我们预计公司 2022-2024 年归母净利润分别为 1.25/1.79/2.55 亿元，EPS 分别为 0.34/0.49/0.69 元；基于公司业务结构再度优化，以及在数据科技方面的能力不断提升，业绩增长动能有保障，给与 2022 年 35 倍 PE 估值，对应目标价为 11.90元，首次覆盖给予“优于大市”评级。风险提示：风险提示：宏观经济恢复不及预期，业务开展不及预期，行业政策发生变化 Table_Author 虞楠虞楠 Nan Yu 600Price ReturnMSCI ChinaAug-21Dec-21A

8、pr-22Aug-22Volume 11 Aug 2022 2 Table_header1 飞力达(300240 CH)首次覆盖优于大市首次覆盖优于大市 深耕供应链管理服务，业务结构持续优化深耕供应链管理服务，业务结构持续优化 江苏飞力达国际物流股份有限公司成立于 1993 年 4 月，于 2011 年 7 月在深交所上市，是一家致力于为智造企业提供一体化供应链解决方案的综合物流服务企业。公司业务领域种类丰富，覆盖有汽车及零部件、新能源、电子信息制造、智能制造装备等多个行业，公司通过多年务实运营，为 to B 端制造企业提供以供应链解决方案及仓配一体化，海运、空运及陆运，铁路运输为主的综合物流

9、服务，助力智造企业提升供应链管理效率，帮助客户通过降本增效的同时实现更高企业价值。目前公司业务主要由综合物流服务和国际货代物流服务两部分组成。随着不断发展与前行，公司逐步改进与优化业务结构，使得定位与目标更加明晰。公司 2020 年调整优化了贸易执行业务结构，将高风险的贸易执行项目停止；2021 年公司将业务进一步优化，将原来的“基础物流服务”、“综合物流服务”、“技术服务”及“贸易执行”四类业务重整分类，立足差异化与标准化相结合的原则，形成现在的“综合物流服务”和“国际货代物流服务”两部分。综合物流服务专注为制造业客户提供以供应链解决方案及仓库服务，国际货代物流服务则重点发力海运和空运代理相

10、关业务。优化业务结构后，两个板块业务明确，互为支撑，在业务上形成相互配合与支持，实现差异化和标准化相结合的产品战略，带动业绩向上攀升。2021 年公司共实现营业收入69.55亿元，较20年增长87.55%，全年实现归母净利润1.87亿元，实现较好成绩。其中，公司综合物流服务 21 年共贡献收入 17.13 亿元，较 20 年同比增长 25.2%，来自国际货运代理收入为 52.42 亿元，主要受益于海运市场的高景气度，国际货代收入较上年度提升幅度较大，同比增长 124%，彰显出公司在相关领域的业务实力，也体现了公司对市场需求变化的把控能力，以及针对客户弹性需求的优秀服务能力。图图1 公司股权架构

11、情况公司股权架构情况 资料来源：公司 2021 年年报，HTI WY4WTUFYCUOVAUDV6McMaQtRrRpNnPjMoOwOeRqRsQ8OpPzQxNnQqNuOnRnO 11 Aug 2022 3 Table_header1 飞力达(300240 CH)首次覆盖优于大市首次覆盖优于大市 以智能制造行业物流为中心，多领域发力拓展成长空间以智能制造行业物流为中心，多领域发力拓展成长空间 公司在业务领域方面，多年深耕 IT 制造业物流服务，并积累有丰富供应链管理经验，公司在此基础上继续加大对相关智能制造行业的拓展，不断探索新的业务领域及运作模式。目前形成有六大目标行业解决方案，包括电

12、子信息制造行业、汽车及零部件行业、智能制造装备行业、精密仪器行业、医疗器械行业、快速消费品行业，公司通过运输网络资源和专业的供应链管理能力，为品牌商持续提供高附加值的供应链服务。公司所提供的供应链解决方案贯穿入厂物流、生产物流、成品物流、售后物流，可实现供应商、采购、生产、分销、售后服务到终端消费者的全链条服务，另外，公司还拥有覆盖全球超过 50 个国家和地区海运及空运物流服务网络，可全方位帮助制造企业搭建更为完善的服务链，实现价值提升。目前公司凭借专业能力，在六大目标行业的拓展也颇见成效。2021 年公司业务在电子信息制造业势头强劲，同时在汽车及零部件行业也收获到头部客户，其他四个行业的业务

13、也在陆续起量；除了业务的积极合作以外，在方案咨询方面公司也为一批国际知名企业提供了自动化仓库咨询服务。图图2 公司公司 2021 年年收入收入结构结构 资料来源：公司 2021 年年报，HTI 图图3 公司公司 2021 年成本结构年成本结构 资料来源：公司 2021 年年报，HTI 图图4 公司营业收入增长情况公司营业收入增长情况 资料来源：wind，HTI 图图5 公司净利润增长情况公司净利润增长情况 资料来源：wind，HTI 11 Aug 2022 4 Table_header1 飞力达(300240 CH)首次覆盖优于大市首次覆盖优于大市 我们认为多板块布局既有利于公司将在 IT 领

14、域积累的经验复制与推广，充分利用与发挥既有优势；同时，也为公司持续的业务转型升级及未来发展奠定坚实的基础，将服务的链条与范围不断扩大，提升综合服务能力和抗风险能力。总体来看，公司向六大目标板块不断拓展深入，加之综合物流服务、国际货代物流服务两大业务全面发力，我们看好公司未来塑造出更强大的服务于一体化、柔性化供应链的服务能力，随着制造业产业结构调整和产业升级，势必还将承接更多发展机会。数据数据+技术双轮驱动，长期发展动力充足技术双轮驱动，长期发展动力充足 稳扎稳打业务基本盘的同时，公司还以数据科技为驱动，加速向智造供应链管理专家的目标迈进。公司近年努力构建各业务资源管理系统，将数据化嵌入业务运营

15、场景，实现线上化、统一化管理，既有效提升物流运作效率，也解决了传统供应链服务环节不可视的痛点。图图6 六大目标行业解决方案六大目标行业解决方案 资料来源：公司公告，公司 2021 年年报，HTI 图图7 业务结构图业务结构图 资料来源：公司公告，公司 2021 年年报，HTI 11 Aug 2022 5 Table_header1 飞力达(300240 CH)首次覆盖优于大市首次覆盖优于大市 公司始终把科技创新放在重要的战略位置，优化自身条件，结合客户需求，积极展开布局推进应用。在智慧物流技术创新应用上，公司相继投入自动化流水线、自动化仓库、AGV、RFID 技术、5G 无人驾驶等一大批自动化

16、物流技术应用和科技创新，为客户提供更高质量的服务，致力于成为制造企业可信赖的供应链伙伴。“数据技术”的驱动力正稳步推进公司前行。目前，公司与阿里云合作共同开发，构建订单中心蓝图及实施路径，完成系统全覆盖，坐实业务场景数据化，通过智能算法和自动化装备相结合，大大推进了公司向科技化、智慧型物流公司升级；此外，公司西南区的“5G+智能制造”无人化供应链共享协同平台升级，及 FA 自动化仓库方案设计已基本完成，昆山智能仓库 3.0 等的建设工作也在积极推进中，公司还协同大客户完成自动化仓库项目方案设计与实施，为客户打造更加统一、高效、标准化、智能化的服务体系。我们认为公司智能制造业物流信息技术开发及应

17、用能力未来可期，并可作为长期的驱动力，支持公司实现数据科技驱动的智造供应链管理专家的愿景。主要盈利预测及假设主要盈利预测及假设 表表 1 公司营业收入分项预测表（百万元）公司营业收入分项预测表（百万元）2020 2021 2022E 2023E 2024E 综合物流服务综合物流服务 1,368.39 1,713.18 2,141.48 2,676.85 3,212.21 增速（%）25%25%25%20%国际货运代理服务国际货运代理服务 2,340.12 5,241.95 6,552.43 7,666.35 8,816.30 增速（%）124%25%17%15%营业收入总计营业收入总计 3,7

18、08.51 6,955.13 8,693.91 10,343.19 12,028.52 增速（增速（%）88%25%19%16%营业成本总计营业成本总计 3,372.18 6,451.74 8,043.88 9,507.59 11,022.84 增速（增速（%）91%25%18%16%毛利率毛利率 9.07%7.24%7.48%8.08%8.36%资料来源：公司 2020 年及 2021 年财报，HTI 表表 2 公司盈利预测表（百万元）公司盈利预测表（百万元）项目项目 2020 2021 2022E 2023E 2024E 一、营业总收入 3,709 6,955 8,694 10,343 1

19、2,029 二、营业成本 3,372 6,452 8,044 9,508 11,023 三、营业利润 22 308 162 233 332 四、税前利润 17 308 162 232 332 减：所得税 13 71 37 53 76 五、净利润 4 237 125 179 255 六、归属母公司所有者净利润-8 187 125 179 255 总股本（百万股）368.21 368.21 368.21 368.21 368.21 全面摊薄每股收益（元/股）-0.02 0.51 0.34 0.49 0.69 资料来源：公司 2020 年及 2021 年财报，HTI 我们预计公司 2022-2024

20、 年归母净利润分别为 1.25/1.79/2.55 亿元，EPS 分别为0.34/0.49/0.69 元；基于公司业务结构再度优化，以及在数据科技方面的能力不断提升，业绩增长动能有保障，给与 2022 年 35 倍 PE 估值，对应目标价为 11.90 元，首次覆盖给予“优于大市”评级。11 Aug 2022 6 Table_header1 飞力达(300240 CH)首次覆盖优于大市首次覆盖优于大市 表表 3 可比公司盈利预测与估值表可比公司盈利预测与估值表 代码 简称 EPS（元）PE（倍）2022 2023E 2022 2023E 300486 东杰智能 0.29 0.45 34.2 2

21、1.7 300532 今天国际 0.56 0.90 26.9 16.7 均值 0.43 0.68 30.6 19.2 资料来源：Wind，HTI，可比公司为 wind 一致预期，PE 对应股价为 2022 年 8 月 11 日。风险提示风险提示：宏观经济恢复不及预期，业务开展不及预期，行业政策发生变化 11 Aug 2022 7 Table_header2 飞力达(300240 CH)首次覆盖优于大市首次覆盖优于大市 财务报表分析和预测 Table_ForecastInfo 主要财务指标主要财务指标 2021 2022E 2023E 2024E 利润表（百万元）利润表（百万元）2021 202

22、2E 2023E 2024E 每股指标（元）营业总收入 6,955 8,694 10,343 12,029 每股收益 0.51 0.34 0.49 0.69 营业成本 6,452 8,044 9,508 11,023 每股净资产 3.59 3.93 4.42 5.12 毛利率%7.2%7.5%8.1%8.4%每股经营现金流 0.38 0.75 0.52 0.73 营业税金及附加 13 17 21 24 每股股利 0.00 0.00 0.00 0.00 营业税金率%0.2%0.2%0.2%0.2%价值评估（倍）营业费用 107 139 165 197 P/E 15.88 23.86 16.61

23、11.64 营业费用率%1.5%1.6%1.6%1.6%P/B 2.25 2.05 1.83 1.58 管理费用 203 252 309 336 P/S 0.43 0.34 0.29 0.25 管理费用率%2.9%2.9%3.0%2.8%EV/EBITDA 9.41 12.81 9.31 7.04 EBIT 191 202 299 404 股息率%0.0%0.0%0.0%0.0%财务费用 48 72 104 124 盈利能力指标（%）财务费用率%0.7%0.8%1.0%1.0%毛利率 7.2%7.5%8.1%8.4%资产减值损失-1 0 0 -1 净利润率 2.7%1.4%1.7%2.1%投资

24、收益 161 10 10 12 净资产收益率 14.2%8.6%11.0%13.6%营业利润 308 162 233 332 资产回报率 5.2%3.0%4.1%5.3%营业外收支 0 0 0 0 投资回报率 5.6%5.1%7.2%9.0%利润总额 308 162 232 331 盈利增长（%）EBITDA 365 259 358 467 营业收入增长率 87.5%25.0%19.0%16.3%所得税 71 37 53 76 EBIT 增长率 193.3%5.6%47.7%35.3%有效所得税率%23.0%23.0%23.0%23.0%净利润增长率 2369.7%-33.4%43.6%42.

25、7%少数股东损益 50 0 0 0 偿债能力指标 归属母公司所有者净利润 187 125 179 255 资产负债率 56.9%59.1%57.6%55.8%流动比率 1.21 1.20 1.25 1.31 速动比率 0.99 1.03 1.06 1.11 资产负债表（百万元）资产负债表（百万元）2021 2022E 2023E 2024E 现金比率 0.37 0.49 0.44 0.43 货币资金 642 1,035 985 1,024 经营效率指标 应收账款及应收票据 944 1,001 1,191 1,385 应收账款周转天数 46.54 40.00 40.00 40.00 存货 263

26、 220 260 302 存货周转天数 14.90 10.00 10.00 10.00 其它流动资产 272 297 345 395 总资产周转率 1.93 2.12 2.36 2.52 流动资产合计 2,122 2,553 2,781 3,105 固定资产周转率 18.30 17.74 19.09 20.96 长期股权投资 11 11 11 11 固定资产 380 490 542 574 在建工程 127 47 23 16 无形资产 169 172 162 171 现金流量表（百万元）现金流量表（百万元）2021 2022E 2023E 2024E 非流动资产合计 1,473 1,544 1

27、,599 1,669 净利润 187 125 179 255 资产总计 3,595 4,097 4,380 4,774 少数股东损益 50 0 0 0 短期借款 734 1,053 1,012 1,000 非现金支出 203 95 98 102 应付票据及应付账款 642 663 784 909 非经营收益-115 43 50 47 预收账款 0 0 0 0 营运资金变动-186 15 -137 -137 其它流动负债 381 412 433 455 经营活动现金流 139 278 190 267 流动负债合计 1,757 2,129 2,229 2,364 资产-118 -90 -77 -9

28、6 长期借款 79 84 87 89 投资 56 -20 -20 -20 其它长期负债 208 208 208 208 其他 244 -7 -7 -5 非流动负债合计 287 292 295 297 投资活动现金流 182 -117 -104 -121 负债总计 2,044 2,421 2,525 2,662 债权募资 51 324 -38 -10 实收资本 368 368 368 368 股权募资 6 0 0 0 归属于母公司所有者权益 1,321 1,446 1,626 1,883 其他-217 -77 -84 -82 少数股东权益 229 229 229 229 融资活动现金流-160

29、247 -122 -92 负债和所有者权益合计 3,595 4,097 4,380 4,774 现金净流量 150 393 -50 39 备注：（1）表中计算估值指标的收盘价日期为 2022 年 08 月 11 日；（2）以上各表均为简表 资料来源：公司 2021 年财报，HTI 11 Aug 2022 8 Table_header2 飞力达(300240 CH)首次覆盖优于大市首次覆盖优于大市 APPENDIX 1 Summary Deepen supply chain management services and continuously optimize business struct

30、ure.The company is a comprehensive logistics service enterprise committed to providing integrated supply chain solutions for intelligent manufacturing enterprises.After further optimization of the companys business in 2021,the companys business is mainly composed of integrated logistics services and

31、 international freight forwarding logistics services.Integrated logistics services focus on providing manufacturing customers with supply chain solutions and warehouse services,while international freight forwarding logistics services focus on shipping and air freight agency.The two sectors are clea

32、r and support each other,forming mutual cooperation and support,realizing the product strategy of combining differentiation and standardization,and driving the companys performance upward.Focusing on the logistics of intelligent manufacturing industry,the company makes efforts to expand the growth s

33、pace in many fields.In recent years,the company has increased the expansion of relevant intelligent manufacturing industries and constantly explored new business areas and operation modes.At present,there are six major target industry solutions,including electronic information manufacturing industry

34、,automobile and parts industry,intelligent manufacturing equipment industry,precision instrument industry,medical device industry,and fast-moving consumer goods industry.The company continuously provides high-value supply chain services for brands through transportation network resources and profess

35、ional supply chain management capabilities.We believe that the multi plate layout is conducive to the replication and promotion of the companys experience accumulated in the IT field,and to make full use of the existing advantages.It also lays a solid foundation for the companys continuous business

36、transformation and upgrading and future development,continuously expanding the chain and scope of services,and improving the comprehensive service ability and risk resistance ability.Driven by data technology,long-term development power of the company is sufficient.Driven by data technology,the comp

37、any has accelerated its progress towards the goal of becoming an intelligent supply chain management expert.In recent years,the company has made efforts to build various business resource management systems,embed data into the business operation scenarios,and realize online and unified management,wh

38、ich not only effectively improves the logistics operation efficiency,but also solves the invisible pain points in the traditional supply chain.The company has always placed scientific and technological innovation in an important strategic position.We believe that the companys logistics information t

39、echnology development and application capacity in intelligent manufacturing industry can be expected in the future and can be used as a long-term driving force to support the company to realize the vision of intelligent manufacturing supply chain management experts driven by data technology.Earnings

40、 and valuation:We expect the companys net profit in FY22-24E to be Rmb0.125/0.179/0.255bn and EPS to be 0.34/0.49/0.69,respectively.We assigned FY22PE of 35x and derive the target price of Rmb11.90.We initiate the coverage with Outperform rating.Risks:macroeconomic development is less than expected,

41、business development is not as expected,fluctuation of industry policies,etc 9 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

42、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 International Japan K.K

43、.(“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，虞楠，在此保证（i）本研究报

44、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,Nan Yu,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 thi

45、s 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 companies disc

46、ussed.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 investment banking and/or serve as a market maker or hold proprietary trading positions of cert

47、ain stocks or companies in this research report.As far as this research report is concerned,the following are the disclosure matters related to such relationship(As the following disclosure does not ensure timeliness and completeness,please send an email to ERD-D if timely and comprehensive informat

48、ion is needed).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个月内预期相对基准指数变化不

49、大，基准定义如下。根据FINRA/NYSE的评级分布规则，我们会将中性评级划入持有这一类别。弱于大市弱于大市，未来12-18个月内预期相对基准指数跌幅在10%以上，基准定义如下 各地股票基准指数：日本 TOPIX,韩国 KOSPI,台湾 TAIEX,印度 Nifty100,美国 SP500;其他所有中国概念股 MSCI China.Ratings Definitions(from 1 Jul 2020):Haitong International uses a relative rating system using Outperform,Neutral,or Underperform for

50、 recommending the stocks we cover to investors.Investors should carefully read the definitions of all ratings used in Haitong International Research.In addition,since Haitong International Research contains more complete information concerning the analysts views,investors should carefully read Haito

51、ng International Research,in its entirety,and not infer the contents from the rating alone.In any case,ratings(or research)should not be used or relied upon as investment advice.An investors decision to buy or sell a stock should depend on individual circumstances(such as the investors existing hold

52、ings)and other considerations.Analyst Stock Ratings Outperform:The stocks total return over the next 12-18 months is 评级分布评级分布Rating Distribution 10 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 ex

53、pected to be in line with the return of its relevant broad market benchmark,as indicated below.For purposes only of FINRA/NYSE ratings distribution rules,our Neutral rating falls into a hold rating category.Underperform:The stocks total return over the next 12-18 months is expected to be below the r

54、eturn of its relevant broad market benchmark,as indicated below.Benchmarks for each stocks listed region are as follows:Japan TOPIX,Korea KOSPI,Taiwan TAIEX,India Nifty100,US SP500;for all other China-concept stocks MSCI China.截至截至2022年年6月月30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

55、股票研究覆盖率 89.5%9.2%1.3%投资银行客户*5.9%5.6%5.0%*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

56、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.Haitong International Equity Research Ratings Distribution,as of Jun 30,2022 Outperform Neutral Underperform (hold)HTI Equity Research Coverage 89.5%9.2%1.3%IB clients*5.9%5.6%5.0%*Percentage

57、 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 category.Please note t

58、hat 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.NEUTRAL:The stocks total retur

59、n 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 return over the next 12-18 months is

60、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

61、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 prices based on possible valuation multiples.

62、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，所以海通国际与海通证券的中国A股评级可能有所不同。Haitong International Cover

63、age 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 publishes research on these same A-Shares for distrib

64、ution 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

65、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 quality-based screening process in combination with a review o

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82、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 Securi

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