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1、 Table_yemei1 觀點聚焦 Investment Focus Table_yejiao1 本研究報告由海通國際分銷，海通國際是由海通國際研究有限公司，海通證券印度私人有限公司，海通國際株式會社和海通國際證券集團其他各成員單位的證券研究團隊所組成的全球品牌，海通國際證券集團各成員分別在其許可的司法管轄區內從事證券活動。關于海通國際的分析師證明，重要披露聲明和免責聲明，請參閱附錄。(Please see appendix for English translation of the disclaimer)研究報告 Research Report 12 Dec 2022 理想汽車理想汽車

2、Li Auto(2015 HK)產品迭代業績短期承壓，啟動下一代高壓電驅動技術的自主產業鏈布局 Laying out the Independent Industrial Chain of Next-generation High-voltage Electric Drive Technology Despite of Short-term Pressure from Product Iteration Table_Info 維持優于大市維持優于大市Maintain OUTPERFORM 評級 優于大市 OUTPERFORM 現價 HK$94.00 目標價 HK$106.51 HTI ESG

3、4.5-1.9-3.0 MSCI ESG 評級 AA 來源:MSCI ESG Research LLC.Reproduced by permission;no further distribution 市值 HK$162.50bn/US$20.88bn 日交易額(3 個月均值)US$102.62mn 發行股票數目 1,729mn 自由流通股(%)64%1 年股價最高最低值 HK$163.30-HK$53.55 注：現價 HK$94.00 為 2022 年 12 月 9 日收盤價 資料來源：Factset 1mth 3mth 12mth 絕對值 34.4%-7.7%-23.0%絕對值（美元）35

4、.5%-6.9%-22.8%相對 MSCI China 9.2%-9.6%2.3%Table_Profit (Rmb mn)Dec-21A Dec-22E Dec-23E Dec-24E 營業收入 27,010 45,756 99,201 177,552(+/-)186%69%117%79%凈利潤-321-2,025-139 841(+/-)n.m.n.m.n.m.705%全面攤薄 EPS(Rmb)-0.16-0.97-0.07 0.40 毛利率 21.3%19.4%21.9%23.1%凈資產收益率-0.8%-3.9%-0.3%1.6%市盈率 n.m.n.m.n.m.208 資料來源：公司信息

5、,HTI (Please see APPENDIX 1 for English summary)產品迭代產品迭代業績短期承壓業績短期承壓，四季度四季度有望重回增長快車道有望重回增長快車道。三季度理想汽車迎來理想 ONE 老款車型換代，單價更高的理想 L9 開啟交付的產品迭代調整期。受此影響，單季汽車ASP顯著提升，業績有所拖累。公司 3Q22 汽車銷售收入 90.5 億人民幣（下同），同比+22.5%，環比+6.6%；汽車 ASP 達 34.10 萬元，較 Q2 環比大增 15.3%，得益于單價更高的理想 L9 銷量快速攀升，L 系列增程式產品結構逐步完善。車輛毛利率 12%，同比-9.1pc

6、ts，環比-9.2pcts，下降主要因理想 ONE 退出產生的存貨撥備及購買承諾損失影響。公司 3Q22 實現總營收 93.4 億元，同比+20.2%，環比+7%；毛利率 12.7%，同比-10.6pcts，環比-8.8pcts。截至三季度末，公司現金儲備達 558.3 億元，經營現金流量 5.08 億元。隨著L9 逐步放量，理想 ONE 和 L8 順利完成新老交替，我們認為公司四季度有望重回增長快車道。單季虧損源自銷售成本及費用上升。單季虧損源自銷售成本及費用上升。2Q22 Non-GAAP凈虧損12.4億元，同比+269.5%（3Q21 凈虧損：3.36 億元），由 2Q22 的1.83

7、億元凈虧損環比擴大，因單季銷售成本及費用上升。公司3Q22 總 經 營費用 33.1 億元，對應費 用率 35.4%，同比+10.8pcts，環比+2.7pcts。其中，公司研發投入維持增長態勢，3Q22 研發費用為 18.0 億元，對應費用率 16.8%，同比+5.4pcts，環比-0.7pcts，由于研發人員增加帶來的薪酬增加，及公司新車型研發帶來的費用；SG&A 費用 15.1 億元，對應費用率 16.2%，同比+3.1pcts，環比+1.0pcts，主要由于雇員薪酬增加，及營銷和推廣活動的增加所致。2023 年理想汽車交付展望：年理想汽車交付展望：公司于三季度開啟理想 L9 交付，在疫

8、情導致供應鏈擾動的行業背景下，為交付量企穩帶來新動力。公司 3Q22 汽車交付 26,524 輛，同比增長 5.6%；9M22 累計汽車交付 86,927 輛，同比增長 57.3%。公司預計四季度車輛交付量為 45,000-48,000 輛，同比增長 27.8%-36.3%，對應 12 月交付量預計 19,914-22,914 輛。根據我們測算，明年理想 L7 開啟交付并完成產能爬坡后，L9/8/7 穩態月交付均有望沖擊 1 萬輛的里程碑，疊加超快充純電車型有望于年中上市，我們保守預計公司2022-23 年交付量為 13.4/28.4 萬輛。半導體基地啟動建設，超快充純電車型產品力可期。半導體

9、基地啟動建設，超快充純電車型產品力可期。公司公告，公司功率半導體研發及生產基地于 3Q22 在江蘇省蘇州高新區正式啟動建設。該半導體基地建設由理想汽車及湖南三安半導體共同出資組建的蘇州斯科半導體公司打造。作為理想汽車自研核心部件的戰略布局之一，該基地將專注于第三代半導體碳化硅車規功率模塊的自主研發及生產，投產后將作為公司自研 800V 高壓電驅動系統的核心部件。我們認為，在自研第三代半導體加持下，公司 800V 高壓電驅系統的綜合性能有望大幅提升，并將在未來超快充純電車型上市后實現“增程電動+超高壓純電”雙輪驅動，長期成長可期。Table_Author Barney Yao Oscar Wan

10、g 4070100130160Price ReturnMSCI ChinaDec-21Apr-22Aug-22Volume 12 Dec 2022 2 Table_header2 理想汽車(2015 HK)維持優于大市維持優于大市 盈利預測與投資評級：盈利預測與投資評級：隨著疫情管控逐步放開，宏觀經濟有望復蘇，利好明年理想新產品交付和產能潛力釋放，而公司明年也將面對更多增程和超級混動玩家的競爭壓力。綜合來看，我們預計公司2022-24年營收為457.6/992.0/1,775.5億人民幣（下調 12%/13%/1%），給予公司 2023 年 2.0 x PS，對應合理目標價 106.51 港元

11、（按 1港元=0.8936 人民幣，對應 2023 年 1.8x EV/Sales，包含定增后總股本值較前次估值向下修正 5%；上期目標價 152.06 港元，基于 2023 年 2.5x PS 和 1 港元=0.8663 人民幣匯率假設），維持“優于大市”評級。風險提示：風險提示：核心供應鏈擾動風險，高壓純電技術研發及產品銷售不及預期，宏觀經濟下行。ZV8VoXpVeXqUtQ6M8Q9PoMrRtRsQjMpOnPlOnMsR7NqQuNvPpMvNxNoPtP 12 Dec 2022 3 Table_header2 理想汽車(2015 HK)維持優于大市維持優于大市 表表 1 可比公司估

12、值表可比公司估值表 股票代碼 公司名稱 市值（十億美元）營業收入（十億美元）PS（倍）EV/Sales（倍）2021 2022E 2023E 2021 2022E 2023E 2022E 2023E TSLA.US 特斯拉 547.68 53.82 84.78 128.12 20.88 6.57 4.72 6.40 4.60 XPEV.US 小鵬汽車 12.31 3.02 4.25 7.60 36.08 2.48 1.37 1.59 0.88 NIO.US 蔚來 23.04 5.19 7.62 14.58 23.14 3.02 1.62 2.75 1.48 均值 26.70 4.02 2.57

13、 3.58 2.32 注：PS、EV/Sales 為 Bloomberg 一致預期 資料來源：WIND，Bloomberg，海通國際 圖圖 1 理想汽車車型銷售預測理想汽車車型銷售預測 資料來源：公司公告，海通國際預測 備注：帶*車型預計 2023 年上市交付 圖圖 2 理想汽車單季度汽車營收及增速理想汽車單季度汽車營收及增速 資料來源：公司公告，海通國際 圖圖 3 理想汽車單季度汽車毛利及毛利率理想汽車單季度汽車毛利及毛利率 資料來源：公司公告，海通國際 圖圖 4 理想汽車季度交付情況理想汽車季度交付情況 資料來源：公司公告，海通國際 圖圖 5 理想汽車月交付情況理想汽車月交付情況 資料來源

14、：公司公告，海通國際 車型車型20201Q212Q213Q214Q2120211Q222Q223Q224Q22E2022E2023EONE32,62412,57917,57525,11635,22190,49131,71628,68716,4011,02177,825-L9-10,12328,28138,40493,000L8-17,64517,645109,800L7*-63,000Whale BEV*-18,000Total32,62412,57917,57525,11635,22190,49131,71628,68726,52446,947133,874283,800-40%-20%0%

15、20%40%60%80%0204060801001201Q212Q213Q214Q211Q222Q223Q22汽車營業收入（億人民幣，左軸）營收環比增速（右軸）0%5%10%15%20%25%30%0510152025301Q212Q213Q214Q211Q222Q223Q22汽車毛利（億人民幣，左軸）毛利率（右軸）12,579 17,575 25,116 35,221 31,716 28,687 26,524-20%-10%0%10%20%30%40%50%60%05000100001500020000250003000035000400001Q212Q213Q214Q211Q222Q223

16、Q22季度銷量（輛，左軸）環比增速（右軸）-100%-50%0%50%100%150%200%250%300%350%02000400060008000100001200014000160002021/032021/042021/052021/062021/072021/082021/092021/102021/112021/122022/012022/022022/032022/042022/052022/062022/072022/082022/092022/102022/11當月銷量（輛）同比(右軸)環比(右軸)12 Dec 2022 4 Table_header2 理想汽車(2015

17、HK)維持優于大市維持優于大市 圖圖 6 理想汽車單季度理想汽車單季度 ASP 資料來源：公司公告，海通國際 圖圖 7 理想汽車單季度研發投入情況理想汽車單季度研發投入情況 資料來源：公司公告，海通國際 27.5 27.9 29.4 29.5 29.3 29.6 34.1-20%-15%-10%-5%0%5%10%15%20%051015202530351Q212Q213Q214Q211Q222Q223Q22理想汽車ASP（萬元，左軸）ASP變動（右軸）0%5%10%15%20%25%30%051015201Q212Q213Q214Q211Q222Q223Q22研發投入（億人民幣，左軸）環比增

18、速（右軸）12 Dec 2022 5 Table_header2 理想汽車(2015 HK)維持優于大市維持優于大市 財務報表分析及預測財務報表分析及預測 Table_ForecastInfo 主要財務指標主要財務指標 2021 2022E 2023E 2024E 利潤表（百萬元）利潤表（百萬元）2021 2022E 2023E 2024E 營業收入 27,009.78 45,756.14 99,200.67 177,551.81 主營收入 27,009.78 45,756.14 99,200.67 177,551.81 增長率(%)185.62 69.41 116.80 78.98 主營成本

19、 21,248.33 36,894.87 77,478.54 136,535.57 總股本(百萬股）2,038.12 2,084.58 2,084.58 2,084.58 毛利 5,761.45 8,861.27 21,722.13 41,016.24 歸屬母公司凈利潤-321.46-2,025.32-139.12 841.06 其他收入-凈額 0.00 0.00 0.00 0.00 增長率(%)59.41-530.05 93.13 704.56 營業開支 6,778.77 11,553.43 23,212.96 41,369.57 EBIT-1,017.32-2,692.16-1,490.8

20、3-353.33 其中：銷售費用 1,100.77 1,898.88 4,265.63 7,634.73 增長率(%)-326.33-164.63 44.62 76.30 管理費用 2,391.62 3,935.03 7,638.45 13,671.49 EPS(元/股)-0.16-0.97-0.07 0.40 研發費用 3,286.39 5,719.52 11,308.88 20,063.35 市盈率（P/E）n.m n.m n.m 208.19 經營利潤-1,017.32-2,692.16-1,490.83-353.33 市凈率（P/B）5.44 3.34 3.35 3.30 加：財務收入

21、 740.43 835.63 1,291.88 1,517.07 市銷率（P/S）8.27 3.83 1.77 0.99 減：財務費用 63.24 259.67 266.61 349.80 加：權益性投資損益 0.00 0.00 0.00 0.00 每股凈資產(元/股）20.15 25.16 25.09 25.49 其他非經營性損益 187.32 187.32 187.32 187.32 除所得稅前利潤-152.81-1,928.88-278.24 1,001.26 減：所得稅 168.64 96.44-139.12 160.20 合并報表凈利潤-321.46-2,025.32-139.12

22、841.06 歸屬母公司凈利潤-321.46-2,025.32-139.12 841.06 資產負債表（百萬元）資產負債表（百萬元）2021 2022E 2023E 2024E 貨幣資金 27,854.22 43,062.78 50,568.94 64,383.44 應收賬款及應收票據 120.54 206.29 360.57 573.91 存貨 1,617.89 2,071.60 1,802.33 3,659.09 其它流動資產 2,638.84 3,889.27 5,952.04 8,877.59 流動資產合計 52,380.41 66,584.52 75,844.13 96,282.69

23、 長期股權投資 0.00 0.00 0.00 0.00 固定資產 4498.27 7119.04 7851.39 8813.91 無形資產 2812.95 3825.73 4455.56 5054.71 現金流量表（百萬現金流量表（百萬元）元）2021 2022E 2023E 2024E 其他非流動資產 2157.28 2202.61 2220.99 2244.79 凈利潤-321.46-2,025.32-139.12 841.06 非流動資產合計 9,468.50 13,147.38 14,527.94 16,113.41 少數股東損益 0.00 0.00 0.00 0.00 資產總計資產總

24、計 61,848.91 79,731.90 90,372.07 112,396.10 非現金支出 590.40 341.94 392.56 451.40 短期借款 37.04 1,037.04 1,667.64 2,137.20 非經營收益 1,455.52 72.35 79.29 162.48 應付票據及應付賬款 9,376.05 14,427.09 20,007.81 34,606.41 營運資金變動 6,615.92 5,164.73 6,458.93 13,667.11 應交稅金 0.00 0.00 0.00 0.00 經營活動現金流經營活動現金流 8,340.39 3,553.69

25、6,791.66 15,122.05 其它流動負債 2,695.16 4,804.39 7,936.05 12,428.63 資產-3,444.57-3,975.48-1,754.74-2,013.07 流動負債合計 12,108.25 20,268.53 29,611.51 49,172.24 投資-504.49 2,954.67 481.62-1,223.80 長期借款 5,960.90 4,308.93 5,745.24 7,367.48 其他-308.22 0.00 0.00 0.00 其它非流動負債 2,715.46 2,715.46 2,715.46 2,715.46 投資活動現金

26、流投資活動現金流-4,257.24-833.49-1,085.80-3,049.55 非流動負債合計 8,676.36 7,024.39 8,460.70 10,082.94 債權募資 5,703.55-1,651.97 1,436.31 1,622.24 負債總計負債總計 20,784.61 27,292.92 38,072.21 59,255.18 股權募資 11,005.99 13,400.00 0.00 0.00 普通股股本 1.41 109.08 109.08 109.08 其他 0.00 740.33 363.99 119.76 歸屬于母公司權益總額 41,064.30 52,43

27、8.98 52,299.86 53,140.92 融資活動現金流融資活動現金流 16,709.53 12,488.36 1,800.30 1,742.00 少數股東權益 0.00 0.00 0.00 0.00 現金凈流量現金凈流量 20,320.55 15,208.56 7,506.15 13,814.50 負債和所有者權益合計負債和所有者權益合計 61,848.91 79,731.90 90,372.07 112,396.10 備注：表中計算估值指標的收盤價日期為 2022 年 12 月 9 日 資料來源：公司年報（2021），海通國際 12 Dec 2022 6 Table_header2

28、 理想汽車(2015 HK)維持優于大市維持優于大市 APPENDIX 1 Summary Product iteration to put performance under short-term pressure,and we expect the Company to return to fast growth lane in Q4.In 3Q22,Li Auto ushered in the replacement of the old-gen Li ONE,and Li L9 with a higher MSRP started the product iteration adjus

29、tment period for delivery.Affected by this,the auto ASP in a single quarter increased significantly,and the performance has been dragged down.The Companys 3Q22 auto sales revenue reported Rmb9.05bn,+22.5%YoY/+6.6%QoQ.auto ASP reached Rmb341k,+15.3%QoQ.Thanks to the rapid rise in sales of premium-pri

30、ced Li L9,the product structure of the L series EREVs has been gradually improved.The auto GPM reported 12%,-9.1pcts YoY/-9.2pcts QoQ.The decrease was mainly due to the impact of inventory provision and loss of purchase commitments related to Li ONE exit.The Company achieved total revenue of Rmb9.34

31、 billion in 3Q22,+20.2%YoY and+7%QoQ;total GPM reported 12.7%,-10.6pcts YoY,and-8.8pcts QoQ.By the end of 3Q22,the Company reported cash reserves of Rmb55.83 billion and an operating cash flow of Rmb508 million.With the gradual increase in L9 delivery and the successful transition from Li ONE to L8,

32、we believe that the Company is expected to return to the fast growth track in Q4.The Q3 loss resulted from the higher cost of sales and expenses.3Q22 non-GAAP net loss reported Rmb1.24 billion,+269.5%YoY(3Q21 net loss:Rmb336 million),up from a net loss of Rmb183 million in 2Q22,due to higher cost of

33、 sales and expenses in Q3.The Companys total operating expenses in 3Q22 were Rmb3.31 billion,corresponding to an expense ratio of 35.4%,+10.8pcts YoY and+2.7pcts QoQ,of which the Companys R&D investment maintained its growth trend,with R&D expenses in 3Q22 amounting to Rmb1.80 billion,corresponding

34、to an R&D expense ratio of 16.8%,+5.4pcts YoY and-0.7pcts QoQ,due to the increase in salaries brought about by the increase in R&D staff and the increase in expenses by the development of new models.SG&A expenses reported Rmb1.51 billion,corresponding to an SG&A expense ratio of 16.2%,+3.1pcts YoY,a

35、nd+1.0pcts QoQ,mainly due to an increase in employee compensation and an increase in marketing and promotional activities.2023 Li Auto Delivery Outlook:The Company kicked off Li L9 deliveries in 3Q22,bringing new momentum to stabilize deliveries against an industry backdrop of supply chain disruptio

36、ns due to the epidemic.The Company delivered 26,524 vehicles in 3Q22,+5.6%YoY,and 86,927 vehicles in 9M22 cumulatively,+57.3%YoY.The Company expects to deliver 45,000-48,000 vehicles in 4Q22,+27.8%-36.3%YoY,corresponding to an estimated 19,914-22,914 vehicles delivered in December.According to our f

37、orecast,after Li L7 starts delivery next year and completes the ramp-up of production capacity,the steady-state monthly delivery of L9/8/7 are all expected to hit the milestone of 10,000 vehicles respectively,and a super-fast charging BEV model is expected to be launched in the middle of the year.We

38、 conservatively estimate that the Companys delivery volume in 2022-23 will be 134k/284k vehicles.The semiconductor base starts construction,and ultra-fast charging BEV product specifications can be expected.The Company announced that the construction of its power semiconductor R&D and production bas

39、e was officially launched in Suzhou High-tech Zone,Jiangsu Province,in 3Q22.The semiconductor base is being built by Suzhou Sko Semiconductor,a joint venture between Li Auto and Hunan Sanan Semiconductor.As part of the strategic layout of Li Autos self-developed core components,the base will focus o

40、n the independent development and production of third-generation semiconductor silicon carbide(SiC)automotive power modules,which will serve as the core components of the companys self-developed 800V high-voltage electric drive system after production.We believe that,with the support of the self-res

41、earched third-generation semiconductor,the comprehensive performance of the companys 800V high-voltage electric drive system is expected to be significantly improved and will realize the EREV+ultra-high voltage BEV double-wheel drive after ultra-fast charging BEV models are launched.The long-term pe

42、rformance growth of Li Auto is promising.Earnings forecast and investment rating:With the gradual relaxation of Covid-19 control,the macro economy is expected to recover,which will benefit the delivery of Li Autos new products and capacity potential release next year,whereas the Company is also expe

43、cted to face the competitive pressure of more EREV and super-hybrid players next year.To sum up the impacts,we expect the companys revenue in 2022-24 to be Rmb45.76/99.2/177.55bn(cut 12%/13%/1%).We value the Company at 2.0 x PS in 2023,corresponding to target price of HK$106.51(at HK$1=Rmb0.8936,cor

44、responding to 1.8x EV/Sales for 2023;previous target price of HK$152.06,down 30%;based on FY23E PSR of 2.5x and HK$1=Rmb0.8663 exchange rate assumption).We maintain“OUTPERFORM”rating.Risks:The risk of core supply chain disruption,high-voltage charging technology R&D progress and product sales are no

45、t as expected,macroeconomic downturn.7 Table_APPENDIX Table_disclaimer 附錄附錄APPENDIX 重要信息披露重要信息披露 本研究報告由海通國際分銷，海通國際是由海通國際研究有限公司(HTIRL)，Haitong Securities India Private Limited(HSIPL)，Haitong International Japan K.K.(HTIJKK)和海通國際證券有限公司(HTISCL)的證券研究團隊所組成的全球品牌，海通國際證券集團(HTISG)各成員分別在其許可的司法管轄區內從事證券活動。IMPOR

46、TANT 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.(“HTIJKK”),Haitong International Securi

47、ties 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分析師認證分析師認證Analyst Certification:我，Barney Yao，在此保證（i）本研究報告中的意見準確反映了我們對本研究中提及的任何或所有目標公司或上市

48、公司的個人觀點，并且（ii）我的報酬中沒有任何部分與本研究報告中表達的具體建議或觀點直接或間接相關；及就此報告中所討論目標公司的證券，我們（包括我們的家屬）在其中均不持有任何財務利益。I,Barney Yao,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 this research and(ii)no part of

49、 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 discussed.我，Oscar Wang，在此保證（i）本研

50、究報告中的意見準確反映了我們對本研究中提及的任何或所有目標公司或上市公司的個人觀點，并且（ii）我的報酬中沒有任何部分與本研究報告中表達的具體建議或觀點直接或間接相關；及就此報告中所討論目標公司的證券，我們（包括我們的家屬）在其中均不持有任何財務利益。I,Oscar Wang,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

51、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 security or securities of the subject companie

52、s discussed.利益沖突披露利益沖突披露Conflict of Interest Disclosures 海通國際及其某些關聯公司可從事投資銀行業務和/或對本研究中的特定股票或公司進行做市或持有自營頭寸。就本研究報告而言，以下是有關該等關系的披露事項（以下披露不能保證及時無遺漏，如需了解及時全面信息，請發郵件至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 o

53、f 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 ensure timeliness and completeness,please send an email to ERD-D if timely and comprehensive in

54、formation is needed).評級定義評級定義（從（從2020年年7月月1日開始執行）日開始執行）：海通國際（以下簡稱“HTI”）采用相對評級系統來為投資者推薦我們覆蓋的公司：優于大市、中性或弱于大市。投資者應仔細閱讀HTI的評級定義。并且HTI發布分析師觀點的完整信息，投資者應仔細閱讀全文而非僅看評級。在任何情況下，分析師的評級和研究都不能作為投資建議。投資者的買賣股票的決策應基于各自情況（比如投資者的現有持倉）以及其他因素。分析師股票評級分析師股票評級 優于大市優于大市，未來12-18個月內預期相對基準指數漲幅在10%以上，基準定義如下 中性中性，未來12-18個月內預期相對基

55、準指數變化不大，基準定義如下。根據FINRA/NYSE的評級分布規則，我們會將中性評級劃入持有這一類別。弱于大市弱于大市，未來12-18個月內預期相對基準指數跌幅在10%以上，基準定義如下 各地股票基準指數：日本 TOPIX,韓國 KOSPI,臺灣 TAIEX,印度 Nifty100,美國 SP500;其他所有中國概念股 MSCI China.Ratings Definitions(from 1 Jul 2020):Haitong International uses a relative rating system using Outperform,Neutral,or Underperfo

56、rm for 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

57、 Haitong 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 評級分布評級分布Rating Distribution 8 individual circumstances

58、(such as the investors existing holdings)and other considerations.Analyst 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

59、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.Underperform:The stocks total return over the next 12-18 months is expected to be below

60、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-concept stocks MSCI China.截至截至2022年年9月月30日海通國際股票研究評級分布日海通國際股票研究評級分布 優于大市優于大市 中性中性 弱于大市弱于大市 (持有

61、)海通國際股票研究覆蓋率 89.4%9.2%1.4%投資銀行客戶*5.5%6.8%4.5%*在每個評級類別里投資銀行客戶所占的百分比。上述分布中的買入，中性和賣出分別對應我們當前優于大市，中性和落后大市評級。只有根據FINRA/NYSE的評級分布規則，我們才將中性評級劃入持有這一類別。請注意在上表中不包含非評級的股票。此前的評級系統定義（直至此前的評級系統定義（直至2020年年6月月30日）：日）：買入，未來12-18個月內預期相對基準指數漲幅在10%以上，基準定義如下 中性，未來12-18個月內預期相對基準指數變化不大，基準定義如下。根據FINRA/NYSE的評級分布規則，我們會將中性評級劃

62、入持有這一類別。賣出，未來12-18個月內預期相對基準指數跌幅在10%以上，基準定義如下 各地股票基準指數：日本 TOPIX,韓國 KOSPI,臺灣 TAIEX,印度 Nifty100;其他所有中國概念股 MSCI China.Haitong International Equity Research Ratings Distribution,as of Sep 30,2022 Outperform Neutral Underperform (hold)HTI Equity Research Coverage 89.4%9.2%1.4%IB clients*5.5%6.8%4.5%*Perce

63、ntage 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 n

64、ote 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.NEUTRAL:The stocks total

65、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 return over the next 12-18 month

66、s 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.海通國際非評級研究：海通國際非評級研究：海通國際發布計量、篩選或短篇報告，并在報告中根據估值和其他指標

67、對股票進行排名，或者基于可能的估值倍數提出建議價格。這種排名或建議價格并非為了進行股票評級、提出目標價格或進行基本面估值，而僅供參考使用。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 multi

68、ples.Such rankings or suggested prices do not purport to be stock ratings or target prices or fundamental values and are for information only.海通國際海通國際A股覆蓋股覆蓋：海通國際可能會就滬港通及深港通的中國A股進行覆蓋及評級。海通證券（600837.CH），海通國際于上海的母公司，也會于中國發布中國A股的研究報告。但是，海通國際使用與海通證券不同的評級系統，所以海通國際與海通證券的中國A股評級可能有所不同。Haitong International

69、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 publishes research on these same A-Shares for di

70、stribution 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.9 海通國際海通國際優質優質100 A股股（Q100）指數指數：海通國際Q100指數是一個包括100支由海通證券覆蓋的優質中國A股的計量產品。這些股票是通過基于質量的篩選過程，并結合對海通證券 A股團隊自下而

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88、的研究報告：本報告由海通國際證券集團有限公司（“HTISGL”）的全資附屬公司海通國際研究有限公司（“HTIRL”）發行，該公司是根據香港證券及期貨條例（第571章）持有第4類受規管活動（就證券提供意見）的持牌法團。該研究報告在HTISGL的全資附屬公司Haitong International(Japan)K.K.（“HTIJKK”）的協助下發行，HTIJKK是由日本關東財務局監管為投資顧問。印度證券的研究報告：印度證券的研究報告：本報告由從事證券交易、投資銀行及證券分析及受Securities and Exchange Board of India（“SEBI”）監管的Haitong Se

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151、respect of the financial services it provides to wholesale clients in Australia.A copy of the ASIC Class Orders may be obtained at the following website,www.legislation.gov.au.Financial services provided by Haitong International Securities(Singapore)Pte Ltd,Haitong International Securities Company L

152、imited,and Haitong International Securities(UK)Limited are regulated under foreign laws and regulatory requirements,which are different from the laws applying in Australia.Notice to Indian investors:The research report is distributed by Haitong Securities India Private Limited(“HSIPL”),an Indian com

153、pany and a Securities and Exchange Board of India(“SEBI”)registered Stock Broker,Merchant Banker and Research Analyst that,inter alia,produces and distributes research reports covering listed entities on the BSE Limited(“BSE”)and the National Stock Exchange of 13 India Limited(“NSE”)(collectively re

154、ferred 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:/ Recommendation Chart Table_RecommendationChart Source:Company data Bloomberg,HTI estimates