1、背材基膜细分行业领先，扩产聚酯薄膜加速进口替代A Leading Enterprise in the Segmented Industry of Backing Base Film,Expanding Production of Polyester Film and Accelerating Import Substitution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

2、免责声明，请参阅附录。(Pleasesee appendix for English translation of the disclaimer)Equity Asia Research刘威刘威 Wei Liu,2022年年08月月14日日2For 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 公司是一家专注于功能聚酯薄膜制造的高

3、新技术企业，主要业务为中厚型特种功能性聚酯薄膜的研发、生产公司是一家专注于功能聚酯薄膜制造的高新技术企业，主要业务为中厚型特种功能性聚酯薄膜的研发、生产和销售。应用于新能源、电子通讯、电气绝缘等工业领域，厚度和销售。应用于新能源、电子通讯、电气绝缘等工业领域，厚度50-500m之间。同时公司向聚酯薄膜下游行之间。同时公司向聚酯薄膜下游行业进行延伸，开展精密涂布加工业务。业进行延伸，开展精密涂布加工业务。1.1公司是聚酯薄膜国内领先企业公司是聚酯薄膜国内领先企业图：公司产品销量变化图：公司产品销量变化资料来源：公司年报，海通国际1V4WOZ5WFXOVBVEW9P8Q9PsQmMpNoMeRnN

4、wOeRoPqN7NoPoRvPnOwOMYnNwO3For 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 公司功能聚酯薄膜产品主要集中于三大应用领域。（公司功能聚酯薄膜产品主要集中于三大应用领域。（1）新能源应用领域，公司太阳能光伏用聚酯薄膜收入占）新能源应用领域，公司太阳能光伏用聚酯薄膜收入占总营业收入的总营业收入的65%左右

5、，动力电池用聚酯薄膜收入占总营业收入左右，动力电池用聚酯薄膜收入占总营业收入5%左右；（左右；（2）消费电子应用领域，公司可生）消费电子应用领域，公司可生产不同种类、不同功能、不同规格的电子光学用聚酯薄膜，其销售收入占总营业收入的产不同种类、不同功能、不同规格的电子光学用聚酯薄膜，其销售收入占总营业收入的15%左右；（左右；（3）电气）电气绝缘应用领域，公司生产的特种电气绝缘薄膜主要用于各种电机马达槽间、匝间的绝缘材料，干式变压器线绝缘应用领域，公司生产的特种电气绝缘薄膜主要用于各种电机马达槽间、匝间的绝缘材料，干式变压器线圈之间以及槽间的隔断绝缘材料等，其销售收入占总营业收入的圈之间以及槽间

6、的隔断绝缘材料等，其销售收入占总营业收入的10%左右。左右。1.2 光伏用聚酯是公司的主要应用领域光伏用聚酯是公司的主要应用领域图：光伏是公司的主要应用领域图：光伏是公司的主要应用领域资料来源：投资者关系活动记录表，海通国际4For 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 2.1光学基膜产业链光学基膜产业链聚酯薄膜的主要原材

7、料为聚酯切片，而聚酯切片的原材料为原油。原油经聚酯薄膜的主要原材料为聚酯切片，而聚酯切片的原材料为原油。原油经过一定的工艺过程提炼出过一定的工艺过程提炼出 PX（对二（对二甲苯），以甲苯），以PX 为原料生成为原料生成PTA，PTA 和乙二醇聚合生成和乙二醇聚合生成PET。聚酯经拉伸加工后制成各类聚酯薄膜，应用领。聚酯经拉伸加工后制成各类聚酯薄膜，应用领域广泛。域广泛。资料来源：公司招股书，海通国际图：图：BOPET产业链产业链5For full disclosure of risks,valuation methodologies and target price formation on

8、all HTI rated stocks,please refer to the latest full report on our website at 2.2原油价格下跌利好原油价格下跌利好BOPET行业行业原油价格下跌利好原油价格下跌利好BOPET行业。国际原油价格出现较大波动，导致聚酯切片的价格也出现行业。国际原油价格出现较大波动，导致聚酯切片的价格也出现 较大波动。原油较大波动。原油及其下游石化大宗商品价格波动上涨，公司一季度毛利率下降明显。随着自及其下游石化大宗商品价格波动上涨，公司一季度毛利率下降明显。随着自2022年高点，聚酯切片价格下年高点，聚酯切片价格下跌，公司跌，公司BO

9、PET产品毛利率有望回升。产品毛利率有望回升。资料来源：百川资讯，海通国际图：原材料聚酯切片价格走势图：原材料聚酯切片价格走势6For 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 太阳能背板的原材料主要有太阳能背板的原材料主要有PET基膜、氟材料和胶粘剂。其中基膜、氟材料和胶粘剂。其中PET基膜主要提供绝缘性能和力学性能，但耐基

10、膜主要提供绝缘性能和力学性能，但耐候性比较差；氟材料主要分为氟膜和含氟树脂两种形式，提供绝缘性、耐候性和阻隔性；胶粘剂主要由合候性比较差；氟材料主要分为氟膜和含氟树脂两种形式，提供绝缘性、耐候性和阻隔性；胶粘剂主要由合成树脂、固化剂和功能性添加剂等化学品组成，在复合型背板中用于粘结成树脂、固化剂和功能性添加剂等化学品组成，在复合型背板中用于粘结PET基膜与氟膜基膜与氟膜。2.3 背板组成结构背板组成结构资料来源：海通国际图：光伏背板结构图：光伏背板结构7For full disclosure of risks,valuation methodologies and target price f

11、ormation on all HTI rated stocks,please refer to the latest full report on our website at 随着光伏行业的快速发展，双面光随着光伏行业的快速发展，双面光 伏组件成为当下高效光伏组件封装的主流方式之一伏组件成为当下高效光伏组件封装的主流方式之一。双面光伏组件的。双面光伏组件的正面和背面均能发电，较常规正面和背面均能发电，较常规 的单面组件，其发电量更多。的单面组件，其发电量更多。双面组件背面透光材料的选择主要为玻璃和透双面组件背面透光材料的选择主要为玻璃和透明背板。传统玻璃背板，即双玻组件，不仅存在工明背板。

12、传统玻璃背板，即双玻组件，不仅存在工 艺难度艺难度大、良品率低等工艺制程问题，而且还存在大、良品率低等工艺制程问题，而且还存在 重量重、难安装、破损率高等应用方面的问题。如果使用透明重量重、难安装、破损率高等应用方面的问题。如果使用透明背板，可以有效地解决背板，可以有效地解决 双玻组件产生的问题。双玻组件产生的问题。透明背板发展受制于技术水平限制。透明背板由于材料特性和使用方面的要求，具有超高的透光率，透明背板发展受制于技术水平限制。透明背板由于材料特性和使用方面的要求，具有超高的透光率，将会将会导致太阳光中的紫外线可以穿透整个背板，对导致太阳光中的紫外线可以穿透整个背板，对背板的内层材料造成

13、破坏，因此目前透明背板发展受制于技背板的内层材料造成破坏，因此目前透明背板发展受制于技术水平上的限制。透明背板中可见光透过率和耐紫外性能两个性术水平上的限制。透明背板中可见光透过率和耐紫外性能两个性 能指标对电池组件的发电量和使用寿命起能指标对电池组件的发电量和使用寿命起到了关键性作用。到了关键性作用。2.4 透明背板是光伏组件发展方向之一透明背板是光伏组件发展方向之一资料来源：海通国际8For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,

14、please refer to the latest full report on our website at 光伏用聚脂薄膜需求量近光伏用聚脂薄膜需求量近40万吨。随着可以取代一面玻璃的透明背板应用的快速增长，以及能够应用于分布式万吨。随着可以取代一面玻璃的透明背板应用的快速增长，以及能够应用于分布式电站场景的轻量化组件的出现，光伏背板市场出现了新的增长空间。太阳能装机容量电站场景的轻量化组件的出现，光伏背板市场出现了新的增长空间。太阳能装机容量1GW 需要用太阳能背材需要用太阳能背材基膜约基膜约500 万平方米，光伏组件安装量和生产量的容配比按照万平方米，光伏组件安装量和生产量的容配比按

15、照1:1.2 来计算；根据中国光伏行业协会对不同背来计算；根据中国光伏行业协会对不同背板材料市场占比变化趋势预测，未来五年双面组件占所有组件的比例从板材料市场占比变化趋势预测，未来五年双面组件占所有组件的比例从 39%逐步提升到逐步提升到60%，其中双面单玻组，其中双面单玻组件占双面组件的比例逐步达到件占双面组件的比例逐步达到 25%。2.5 光伏基膜市场空间光伏基膜市场空间资料来源：公司公告，海通国际9For full disclosure of risks,valuation methodologies and target price formation on all HTI rated

16、 stocks,please refer to the latest full report on our website at 资料来源：海通国际3.1 发展成为功能膜材料平台发展成为功能膜材料平台公司未来两年拟投资建设公司未来两年拟投资建设16万吨功能性聚酯薄膜生产线。万吨功能性聚酯薄膜生产线。1）2022年年5月公司拟自筹资金月公司拟自筹资金4.87亿元，新建年产亿元，新建年产6万吨高端功能性聚酯薄膜生产线。项目建设内容为新建两条中厚型聚酯薄膜生产线，主要包括电子、电气用万吨高端功能性聚酯薄膜生产线。项目建设内容为新建两条中厚型聚酯薄膜生产线，主要包括电子、电气用聚酯基膜，高端包装、装饰

17、用聚酯基膜等目标产品。聚酯基膜，高端包装、装饰用聚酯基膜等目标产品。2）公司募集可转债）公司募集可转债6亿元用于新建年产亿元用于新建年产5亿平米高端功能亿平米高端功能性聚酯薄膜项目、新建年产性聚酯薄膜项目、新建年产2.8万吨特种太阳能背材用聚酯薄膜生产线项目。万吨特种太阳能背材用聚酯薄膜生产线项目。图：未来两年公司产能快速增加图：未来两年公司产能快速增加10For full disclosure of risks,valuation methodologies and target price formation on all HTI rated stocks,please refer to

18、the latest full report on our website at 维持盈利预测与投资评级维持盈利预测与投资评级。我们预测公司2022-2024年归母净利润为2.92亿元、3.93亿元、5.2亿元，对应EPS为1.01元、1.36元、1.80元。参考同行业公司，给予公司2022年PE 16.5倍，对应目标价16.66元，维持“优于大市”评级。4.盈利预测盈利预测资料来源：WIND，海通国际，股价为2022年08月12日收盘价，每股收益为WIND一致预期表：可比公司估值表表：可比公司估值表股票代码股票代码公司名称公司名称股价（元）股价（元）EPS（元元/股）股）PE（倍）倍）202

19、12022E2023E20212022E2023E601208.SH东材科技13.310.360.620.8537.2621.5515.57002585.SZ双星新材24.21.081.692.3722.5014.3210.23均值29.8817.9412.9011For 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 4.财务报表

20、分析和预测财务报表分析和预测资料来源：WIND，海通国际，股价为2022年08月12日收盘价现金流量表现金流量表（百万元百万元）20212022E2023E2024E净利润241 292 393 520 少数股东损益0 0 0 0 非现金支出82 72 76 74 非经营收益-13-21-30-40 营运资金变动-142-99-75-147 经营活动现金流168 244 364 407 资产-281-169-278-223 投资288-2-2-3 其他-4 22 30 40 投资活动现金流3-148-250-186 债权募资86-86 0 0 股权募资0 0 0 0 其他-214-32-40-

21、55 融资活动现金流-128-118-40-55 现金净流量42-22 74 166 利润表利润表（百万元百万元）20212022E2023E2024E营业总收入1,365 1,855 2,489 3,341 营业成本994 1,397 1,874 2,515 毛利率%27.2%24.7%24.7%24.7%营业税金及附加9 10 14 18 营业税金率%0.6%0.5%0.6%0.6%营业费用2 2 3 4 营业费用率%0.1%0.1%0.1%0.1%管理费用47 64 86 115 管理费用率%3.4%3.4%3.4%3.4%EBIT250 297 397 535 财务费用-6-8-10-

22、2 财务费用率%-0.4%-0.4%-0.4%-0.1%资产减值损失-7-5-5-5 投资收益16 22 30 40 营业利润273 333 447 592 营业外收支0 0 0 0 利润总额273 333 447 592 EBITDA324 364 468 604 所得税31 42 54 73 有效所得税率%11.5%12.5%12.0%12.2%少数股东损益0 0 0 0 归属母公司所有者净利润241 292 393 520 资产负债表资产负债表（百百万元万元）20212022E2023E2024E货币资金477 455 529 695 应收账款及应收票据254 427 518 733 存

23、货84 94 142 180 其它流动资产307 300 311 319 流动资产合计1,121 1,276 1,500 1,926 长期股权投资42 43 45 48 固定资产451 586 716 1,049 在建工程376 321 366 161 无形资产63 81 107 129 非流动资产合计1,001 1,099 1,303 1,456 资产总计2,122 2,375 2,803 3,381 短期借款86 0 0 0 应付票据及应付账款123 153 218 284 预收账款0 0 0 0 其它流动负债43 90 100 148 流动负债合计252 243 318 432 长期借款

24、0 0 0 0 其它长期负债52 52 52 52 非流动负债合计52 52 52 52 负债总计304 295 370 484 实收资本289 289 289 289 归属于母公司所有者权益1,818 2,080 2,433 2,898 少数股东权益0 0 0 0 负债和所有者权益合计2,122 2,375 2,803 3,381 5 风险提示风险提示产品价格下跌风险产品价格下跌风险主导产品市场竞争加剧风险主导产品市场竞争加剧风险新产能投产进度不及预期新产能投产进度不及预期For full disclosure of risks,valuation methodologies and tar

25、get price formation on all HTI rated stocks,please refer to the latest full report on our website at 12APPENDIX 1 Summary 1.The company is the leadingdomestic enterpriseof polyester film 2.It is expectedto benefit from the rapid development of thephotovoltaic industry 3.The company is expected todev

26、elopinto a functional membrane material platform 4.Profit forecast 5.Risk Warning13APPENDIX 2重要信息披露重要信息披露本研究报告由海通国际分销，海通国际是由海通国际研究有限公司(HTIRL)，Haitong Securities India Private Limited(HSIPL)，Haitong International Japan K.K.(HTIJKK)和海通国际证券有限公司(HTISCL)的证券研究团队所组成的全球品牌，海通国际证券集团(HTISG)各成员分别在其许可的司法管辖区内从事证券

27、活动。IMPORTANT DISCLOSURESThis research report is distributed by Haitong International,a global brand name for the equity research teams of Haitong International Research Limited(“HTIRL”),Haitong Securities India Private Limited(“HSIPL”),Haitong International Japan K.K.(“HTIJKK”),Haitong International

28、 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.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

29、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 Liu,certify that(i)the views expressed in this research report accurately reflect my personal views about any or all of the subject companiesor issuers referred to in this research and(ii)no part of my com

30、pensation was,is or will be directly or indirectly related to the specific recommendations 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.14APPENDIX 2利益冲突披露利益冲突披露Conflic

31、t 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 certain stocks orcompanies in

32、this research report.As far as this research report is concerned,the following are the 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).15APPENDIX 2评

33、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大，基准定义如下。根据FINRA/NYS

34、E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 using Outperform,Neutral,or Underperf

35、orm 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 views,investors should carefully read

36、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 individualcircumstances(such as the investors existing h

37、oldings)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 next 12-18 months is expected to be in line with the

38、 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 expected to be below the return of its relevant broad ma

39、rket 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.16APPENDIX 2评级分布评级分布Rating Distribution17APPENDIX 2截至截至2022年年6月月30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

40、弱于大市弱于大市(持有持有)海通国际股票研究覆盖率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

41、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 Jun 30,2022OutperformNeutralUnderperform(hold)HTI Equity Research Coverage89.5%9.2

42、%1.3%IB clients*5.9%5.6%5.0%*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 only of FINRA/NYSE ratings distribution rules,our Neutral rating falls in

43、to 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 expected to exceed the return of its relevant broad market benchmark,as indicate

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

45、 return over the next 12-18 months is expected to be below the return of its relevant broad market benchmark,as indicated below.Benchmarks for each stocks listed region are as follows:Japan TOPIX,Korea KOSPI,Taiwan TAIEX,India Nifty100;for all other China-concept stocks MSCIChina.18APPENDIX 2海通国际非评级

46、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 short reports which may rank stocks according to valuation andother metrics or may sugge

47、st 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

48、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 Securities(HS;600837 CH),the ultimate parent company of HTISG based in Shanghai,covers and publish

49、es 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 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

50、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 atHS in Shanghai.These stocks are carefully selected through a quality-based screen

51、ing process in combination with a review of the HS A-share teams bottom-upresearch.The Q100 constituent companies are reviewed quarterly.19APPENDIX 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 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

52、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。MSCI ESG Disclaimer:Although Haitong Internationals information providers,including without limitation,

53、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 originality,accuracy and/orcompleteness,of any data herein and expressly disclaim all express or implied warranties,inc

54、luding 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 may not be used as a basis for,or a component of,anyfinancial instruments or products or indices.Further,none of the Info

55、rmation 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 omissions in connection with any data herein,or any liability for any direct,indirect,special,punitive,consequential or any

56、other damages(including lost profits)even if notified of the possibility of such damages.20APPENDIX 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

57、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据所载内容不一致或有不同结论的数据。除非另行说明，本数据（如财务业绩数据等）仅代表过往表现，过往的业绩表现不作为日后回报的预测。第三条 本数据版权归本公司所有，本公司依法保留各项权利。未经本公司事先书面许可授权，任何个人或机构不得将本数据中的评估结果用于任何营

58、利性目的，不得对本数据进行修改、复制、编译、汇编、再次编辑、改编、删减、缩写、节选、发行、出租、展览、表演、放映、广播、信息网络传播、摄制、增加图标及说明等，否则因此给盟浪或其他第三方造成损失的，由用户承担相应的赔偿责任，盟浪不承担责任。第四条 如本免责声明未约定，而盟浪网站平台载明的其他协议内容（如盟浪网站用户注册协议盟浪网用户服务（含认证）协议盟浪网隐私政策等）有约定的，则按其他协议的约定执行；若本免责声明与其他协议约定存在冲突或不一致的，则以本免责声明约定为准。SusallWave FIN-ESG Data Service Disclaimer:Please read these ter

59、ms and conditions below carefully and confirm your agreement and acceptance with these termsbefore using SusallWave FIN-ESG Data Service.1.FIN-ESG Data is produced by SusallWave Digital Technology Co.,Ltd.(In short,SusallWave)s assessment based on legal publicly accessible information.SusallWaveshal

60、l 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 anyindividual or institution and not for basis of purchasing,selling or holding any relative financial products.We will not be liable for any

61、direct or indirect loss of anyindividual or institution as a result of using SusallWave FIN-ESG Data.2.SusallWave do not consider recipients as customers for receiving these data.When using the data,recipients shall make your own independent judgment accordingto your practical individual status.The

62、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 inconsistent contents or different conclusions without notification.Unless expressly stated,the data(e.g.,financial performance data)represents past

63、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 we reserve all rights in accordance with the law.Without the prior written permission of our company,noneof individual or institution can use these dat

64、a for any profitable purpose.Besides,none of individual or institution can take actions such as amendment,replication,translation,compilation,re-editing,adaption,deletion,abbreviation,excerpts,issuance,rent,exhibition,performance,projection,broadcast,information networktransmission,shooting,adding i

65、cons and instructions.If any loss of SusallWave or any third-party is caused by those actions,users shall bear the correspondingcompensation 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

66、.User Registration Protocol of SusallWave Website,User Service(including authentication)Agreement of SusallWave Website,Privacy 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

67、 be applied.21APPENDIX 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Securi

68、ties 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（“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

69、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

70、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

71、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。22APPENDIX 2IMPORTANT DISCLAIMER

72、For research reports on non-Indian securities:The research report is issued by Haitong International Research Limited(“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)f

73、or the purpose ofthe Securities and Futures Ordinance(Cap.571)of Hong Kong,with the assistance of Haitong 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 securiti

74、es:The research report is issued by Haitong Securities India Private Limited(“HSIPL”),an Indian company 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

75、 the BSE Limited(“BSE”)and the National Stock Exchange of India Limited(“NSE”)(collectively 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 t

76、he name Haitong International and approved for distribution by Haitong International Securities 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

77、 believed to be reliable and in good faith but norepresentation or warranty,express 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 o

78、f the date of this research report and are subject to changewithout notice.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 i

79、mpliedly as,an offer to buy or sell securities.The securities referred 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 t

80、he investment.Past performance is not necessarily indicative of future 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

81、for you.The analyst has not taken into account your unique financial 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 recommend

82、ations suits you before investment.Neither HTISG nor any 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.23APPENDIX 2HTISG and our affiliates,officers,directors,and emplo

83、yees,excluding the analysts responsible for the content 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 o

84、r written market commentary or trading strategies 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 th

85、is research report.HTI is under no obligation to ensure that such other trading decisions,ideas or recommendations are brought to the attention ofany recipient of this research report.Please refer to HTIs website for further information on HTIs organizational and administrative arrangements set up f

86、or the preventionand avoidance of conflicts of interest with respect to Research.Non U.S.Analyst Disclosure:The HTI analyst(s)listed on the cover of this Research is(are)not registered or qualified as a research analyst with FINRA and are notsubject to U.S.FINRA Rule 2241 restrictions on communicati

87、ons with companies that are the subject of the Research;public appearances;and trading securities bya research analyst.24APPENDIX 2分发和地区通知：分发和地区通知：除非下文另有规定，否则任何希望讨论本报告或者就本项研究中讨论的任何证券进行任何交易的收件人均应联系其所在国家或地区的海通国际销售人员。香港投资者的通知事项：香港投资者的通知事项：海通国际证券股份有限公司(“HTISCL”)负责分发该研究报告，HTISCL是在香港有权实施第1类受规管活动（从事证券交易）的持

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90、York,NY 10173，电话（212）351-6050。HTI USA是在美国于U.S.Securities and Exchange Commission（“SEC”）注册的经纪商，也是Financial Industry Regulatory Authority,Inc.（“FINRA”）的成员。HTIUSA不负责编写本研究报告，也不负责其中包含的分析。在任何情况下，收到本研究报告的任何美国投资者，不得直接与分析师直接联系，也不得通过HSIPL，HTIRL或HTIJKK直接进行买卖证券或相关金融工具的交易。本研究报告中出现的HSIPL，HTIRL或HTIJKK分析师没有注册或具备FIN

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105、uiries by U.S.recipients should be directed to:26APPENDIX 2Haitong International Securities(USA)Inc.340 Madison Avenue,12thFloorNew York,NY 10173Attn:Sales Desk at(212)351 6050中华人民共和国的通知事项：中华人民共和国的通知事项：在中华人民共和国（下称“中国”，就本报告目的而言，不包括香港特别行政区、澳门特别行政区和台湾）只有根据适用的中国法律法规而收到该材料的人员方可使用该材料。并且根据相关法律法规，该材料中的信息并不构

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107、A”）予以实施，该公司是一家根据National Instrument 31-103 Registration Requirements,Exemptions and Ongoing Registrant Obligations（“NI 31-103”）的规定得到国际交易商豁免（“International Dealer Exemption”）的交易商，位于艾伯塔省、不列颠哥伦比亚省、安大略省和魁北克省。在加拿大，该等材料在任何情况下均不得被解释为任何证券的招股说明书、发行备忘录、广告或公开发行。加拿大的任何证券委员会或类似的监管机构均未审查或以任何方式批准该等材料、其中所载的信息或所述证券的

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133、 covering listedentities on the BSE Limited(“BSE”)and the National Stock Exchange of India Limited(“NSE”)(collectively referred to as“Indian Exchanges”).This research report 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:/ ChartSource:Company data Bloomberg,HTI estimates31