安克創新-公司研究報告-聚焦研發降本提效看好23年利潤彈性-230426（15頁）.pdf

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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 26 Apr 2023 安克創新安克創新

2、Anker Innovations Technology(300866 CH)聚焦研發降本提效，看好 23 年利潤彈性 R&D Cost Efficiency to Underpin 2023 Earnings 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 Rmb61.70 目標價 Rmb85.11 市值 Rmb9.33bn/US$1.35bn 日交易額(3 個月均值)US$31.98mn 發行股票數目 151.24mn 自由流通股(%)45%1 年股價最高最低值 Rmb82.38-Rmb50.80 注：現價

3、Rmb61.70 為 2023 年 4 月 25 日收盤價 資料來源：Factset 1mth 3mth 12mth 絕對值-15.4%-2.7%8.5%絕對值（美元）-15.8%-4.4%2.0%相對 MSCI China 13.5%27.7%47.7%Table_Profit (Rmb mn)Dec-22A Dec-23E Dec-24E Dec-25E 營業收入 14,251 16,395 19,056 22,393(+/-)13%15%16%18%凈利潤 1,143 1,384 1,694 2,086(+/-)16%21%22%23%全面攤薄 EPS(Rmb)2.81 3.40 4.1

4、7 5.13 毛利率 38.7%40.4%40.9%41.2%凈資產收益率 16.7%17.8%19.0%20.1%市盈率 22 18 15 12 資料來源：公司信息,HTI (Please see APPENDIX 1 for English summary)安克創新安克創新 4 月月 19 日公布日公布 2022 年報，年報，2022 年收入 142.51 億元，同比增長 13.33%；歸母凈利潤 11.43 億元，同比增長 16.43%，扣非歸母凈利潤 7.81 億元，同比增長 10.39%。攤薄 EPS 為 2.81 元。2022 利潤分配預案：向全體股東每 10 股派發現金紅利 12

5、 元（含稅）。公司擬轉讓全資子公司海翼電商 60.4%的股權，合計轉讓對價為人民幣 1.56 萬元，本次交易完成后，公司將剝離代運營業務，海翼電商將不再納入公司合并報表范圍。簡評：簡評：2022 年收入增長年收入增長 13.33%，4Q 收入增長收入增長 13.6%。2022 年收入 142.51億元，同比增長 13.33%，其中 4Q2022 收入 47 億元，同比增長13.6%。2022 年毛利率 38.7%，同比增長 3.0pct，其中充電/智能創新/無 線 音 頻 類 產 品 毛 利 率 各 41.9%/35.4%/37.7%，各 增 長4.2/1.5/2.9pct；4Q2022 毛利

6、率 38.4%，同比增長 3.5pct。(A)分區域：2022 年北美/歐洲/日本/中東/中國大陸收入各占比50.9%/19.9%/12.6%/5.4%/3.7%。(B)分產品：充電類/智能創新/無線音頻各占比 48.25%/30.82%/19.80%，同比增速各 23.84%/7.02%/-1.06%。(C)分銷售渠道：線上/線下渠道各占比 66%/34%。研發費用率持續提升研發費用率持續提升。2022 年期間費用率 31.93%，其中銷售/管理/研 發/財 務 費 用 率 分 別 為20.6%/3.3%/7.6%/0.5%，各 變 動+1.18/+0.28/+1.39/+0.11pct。銷

7、售費用拆分來看：2022 年銷售平臺費增加 12.82%，占收入比 7.76%，同比減少 0.04pct；市場推廣費增長 22.91%，占收入比 7.6%，同比增加 0.60pct；2022 年財務費用0.67 億元，較 2021 年增長 0.22 億元。2020-22 年研發費用率各6.07%、6.19%和 7.58%，截至 2022 年底研發人員 1820 人占比50%，研發投入逐年提高。歸母凈利潤增長歸母凈利潤增長 16.4%，營業利潤增長，營業利潤增長 16.7%。2022 年歸母凈利11.4 億元，同比增長 16.4%；營業利潤 12.74 億元，同比增長16.7%；扣非凈利潤 7.

8、8 億元，同比增長 10.39%。4Q 歸母凈利潤同比下降 6.95%。2022年計提存貨跌價準備產生資產減值損失近 1.16億元、少數股東損益 4186 萬元。Table_Author 汪立亭汪立亭 Liting Wang 李宏科李宏科 Hongke Li 高瑜高瑜 Yu Gao 70100130160190Price ReturnMSCI ChinaApr-22Aug-22Dec-22Volume 26 Apr 2023 2 Table_header1 安克創新(300866 CH)維持優于大市維持優于大市 優化經營活動現金流管理。優化經營活動現金流管理。2022 年經營活動現金流量凈額

9、14.2 億元，同比增長217.10%，主要系優化經營活動現金流管理所致；投資活動產生的現金流量凈額-18.9億元，同比下降 584.07%，主要系本期購買理財產品以及支付購建固定資產、無形資產和其他長期資產的現金所致。維持對公司的判斷。維持對公司的判斷。我們認為公司為全球領先的消費電子品牌，加速布局戶外+戶用儲能賽道，有望推動 Anker 主品牌戰略升級，夯實全球充電第一品牌的領先地位。聚焦研發降本提效：2022 年研發投入 10.8 億元同比增長 38.8%，占比營業總收入7.58%。產品持續創新：推出馬赫（MACH）無線蒸汽洗地機、eufy Security 雙攝門鈴、Capsule3

10、Lase 便攜激光投影儀、消費級 3D 打印機 AnkerMake、AnkerPowerHouse 757/767 戶外電源等新品，預計將于 2023 年下半年逐步推出戶用儲能產品。全渠道提升品牌力：線上依托亞馬遜等平臺進駐更多新興市場；2022 年六大獨立站合計收入6.76億元人民幣，同比增長71.75%；線下入駐北美地區沃爾瑪、百思買、塔吉特和7-11 等零售連鎖。更新盈利預測與估值：更新盈利預測與估值：預計 2023-2025 年收入各 164 億元（-4.2%）、191 億元（-7.2%）、224 億元，同比增長 15%、16%、18%，歸母凈利潤各 13.84 億元（+1.5%）、1

11、6.94 億元（+2.5%）、20.86 億元，給予 2023 年 25 倍 PE（無變化），對應合理市值 346 億元（+1.5%），目標價 85.11 元/股（+2.1%），維持“優于大市”評級。風險提示：風險提示：市場需求變化，存貨管理風險，全球經濟和政治環境的不確定性等。OXiWlYPWlZiXsRsRmO6M9R9PmOoOpNsRlOnNrNlOoMqP7NrQnNuOpPwPMYqRpM 26 Apr 2023 3 Table_header1 安克創新(300866 CH)維持優于大市維持優于大市 表表 1 公司公司 2022 分品類收入變動情況（百萬元）分品類收入變動情況（百萬

12、元）2021 2022 同比增長（同比增長（%）充電類產品 5552.48 6876.26 23.84%智能創新類產品 4103.52 4391.49 7.02%無線音頻類產品 2852.15 2821.92-1.06%資料來源：公司 2022 年年報，HTI 表表 2 公司公司 2022 分地區收入增長情況（百萬元）分地區收入增長情況（百萬元）地區地區 2022 2021 同比變動同比變動 收入收入 占比占比 收入收入 占比占比 北美 7253.18 50.90%6340.82 50.43%14.39%歐洲 2828.98 19.85%2542.37 20.22%11.27%日本 1795.

13、60 12.60%1731.99 13.77%3.67%中東 761.82 5.35%561.37 4.46%35.71%中國大陸 521.14 3.66%419.57 3.34%24.21%其他 1089.79 7.64%978.08 7.78%11.42%合計合計 14250.52 100.00%12574.20 100.00%13.33%資料來源：公司 2022 年年報，HTI 26 Apr 2023 4 Table_header1 安克創新(300866 CH)維持優于大市維持優于大市 表表 3 公司公司 2022 年主要銷售與管理費用分項分析（百萬元）年主要銷售與管理費用分項分析（百

14、萬元）費用額費用額 占比收入占比收入 費用率變動費用率變動 2021 2022 2021 2022 銷售費用銷售費用 銷售平臺費用 979.69 1105.23 7.79%7.76%-0.04 pct 市場推廣費 885.47 1088.36 7.04%7.64%0.60 pct 工資薪酬 434.91 549.12 3.46%3.85%0.39 pct 折舊及攤銷費 28.11 34.61 0.22%0.24%0.02 pct 倉儲及租賃費 40.34 48.32 0.32%0.34%0.02 pct 交通及差旅費 12.57 13.93 0.10%0.10%0.00 pct 勞務費 11.

15、08 5.39 0.09%0.04%-0.05 pct 保險費 10.51 10.26 0.08%0.07%-0.01 pct 包裝材料費 2.85 4.45 0.02%0.03%0.01 pct 專業服務費 2.57 15.20 0.02%0.11%0.09 pct 辦公費 1.42 6.16 0.01%0.04%0.03 pct 股份支付費用 1.17 4.31 0.01%0.03%0.02 pct 商標使用權費 0.61 2.45 0.00%0.02%0.01 pct 其他 33.26 50.03 0.26%0.35%0.09 pct 合計合計 2444.57 2937.80 19.44

16、%20.62%1.17 pct 管理費用管理費用 工資薪酬 219.34 271.24 1.74%1.90%0.16 pct 專業服務費 45.30 65.51 0.36%0.46%0.10 pct 折舊費及攤銷 45.38 56.09 0.36%0.39%0.03 pct 招聘費 13.27 12.20 0.11%0.09%-0.02 pct 租賃費 3.88 0.77 0.03%0.01%-0.03 pct 辦公費 9.83 10.19 0.08%0.07%-0.01 pct 勞務費 7.12 8.77 0.06%0.06%0.00 pct 水電費 4.37 6.02 0.03%0.04%

17、0.01 pct 交通及差旅費 3.78 4.09 0.03%0.03%0.00 pct 股份支付費用 0.75 9.36 0.01%0.07%0.06 pct 其他 21.14 21.02 0.17%0.15%-0.02 pct 合計合計 374.16 465.27 2.98%3.26%0.29 pct 資料來源：公司 2022 年年報，HTI 26 Apr 2023 5 Table_header1 安克創新(300866 CH)維持優于大市維持優于大市 表表 4 公司單季度合并損益表分析公司單季度合并損益表分析(1Q2021-4Q2022)1Q2021 2Q2021 3Q2021 4Q20

18、21 2021 1Q2022 2Q2022 3Q2022 4Q2022 2022 營業總收入（萬元）242687 294370 305461 414901 1257420 286471 302267 364915 471399 1425052 同比增長（%）57.94 47.84 22.63 24.44 34.45 18.04 2.68 19.46 13.62 13.33 營業總成本（萬元）223271 280647 284792 394903 1183613 269029 289286 337421 445922 1341658 營業成本（萬元）152782 184314 201137 27

19、0000 808232 177153 179790 225966 290191 873099 毛利率（%）37.05 37.39 34.15 34.92 35.72 38.16 40.52 38.08 38.44 38.73 營業稅金及附加（萬元）102 122 147 146 517 112 124 212 216 665 營業稅金及附加/營業收入（%）0.04 0.04 0.05 0.04 0.04 0.04 0.04 0.06 0.05 0.05 銷售費用（萬元）47901 56235 54661 85661 244457 58627 61822 74748 98582 293780 銷

20、售費用/營業收入（%）19.74 19.10 17.89 20.65 19.44 20.47 20.45 20.48 20.91 20.62 管理費用（萬元）7849 11057 7955 10555 37416 9592 10928 11709 14298 46527 管理費用/營業收入（%）3.23 3.76 2.60 2.54 2.98 3.35 3.62 3.21 3.03 3.26 研發費用（萬元）12238 20371 17291 27943 77843 20743 24085 25080 38137 108046 研發費用/營業收入（%）5.04 6.92 5.66 6.73 6

21、.19 7.24 7.97 6.87 8.09 7.58 財務費用（萬元）799 936 835 1988 4559 487 1226-639 5637 6711 財務費用/營業收入（%）0.33 0.32 0.27 0.48 0.36 0.17 0.41-0.18 1.20 0.47 營業利潤（萬元）25639 20936 26029 36628 109232 22870 40097 31577 32909 127453 同比增長（%）45.40 35.37-20.62 5.25 8.48-10.80 91.52 21.31-10.15 16.68 營業外收入（萬元）115 424 84 1

22、17 740 18 31 179 127 356 營業外支出（萬元）275 318-153 1048 1489 128 85 1162-347 1029 利潤總額（萬元）25479 21041 26266 35697 108483 22759 40043 30594 33383 126780 同比增長（%）49.09 35.88-19.61 5.90 9.63-10.67 90.31 16.48-6.48 16.87 所得稅費用（萬元）4088-494 1950 496 6040 2553 2195 3543 3 8294 有效所得稅率（%）16.05-2.35 7.43 1.39 5.57

23、11.22 5.48 11.58 0.01 6.54 凈利潤（萬元）21391 21536 24316 35201 102443 20207 37848 27051 33380 118486 同比增長（%）54.28 56.60-14.83 5.64 14.48-5.53 75.74 11.25-5.17 15.66 凈利潤率（%）8.81 7.32 7.96 8.48 8.15 7.05 12.52 7.41 7.08 8.31 少數股東損益（萬元）946 1150 591 1583 4270 323 155 1609 2098 4186 歸母凈利潤（萬元）20444 20386 23725

24、 33618 98173 19883 37692 25443 31282 114300 同比增長（%）47.27 48.00-7.40 4.03 14.70-2.74 84.90 7.24-6.95 16.43 資料來源：公司 1Q2021-4Q2022 定期報告，WIND，HTI 表表 5 可比公司估值表（倍）可比公司估值表（倍）可比公司 石頭科技 科沃斯 VESYNC 平均 PE 19.97 21.07 10.23 17.09 PS 3.53 2.25 5.00 3.59 資料來源：股價選取日期為 2023.04.21 Wind 一致預期，HTI 26 Apr 2023 6 Table_h

25、eader2 安克創新(300866 CH)維持優于大市維持優于大市 財務報表分析和預測財務報表分析和預測 Table_ForecastInfo 主要財務指標主要財務指標 2022 2023E 2024E 2025E 利潤表（百萬元）利潤表（百萬元）2022 2023E 2024E 2025E 每股指標（元）每股指標（元）營業總收入營業總收入 14251 16395 19056 22393 每股收益 2.81 3.40 4.17 5.13 營業成本 8731 9779 11254 13172 每股凈資產 16.84 19.11 21.96 25.56 毛利率%38.7%40.4%40.9%41

26、.2%每股經營現金流 3.50 1.81 1.64 2.83 營業稅金及附加 7 7 8 9 每股股利 1.20 1.20 1.40 1.60 營業稅金率%0.0%0.0%0.0%0.0%價值評估（倍）價值評估（倍）營業費用 2938 3413 3862 4444 P/E 22.81 18.84 15.39 12.50 營業費用率%20.6%20.8%20.3%19.8%P/B 3.81 3.36 2.92 2.51 管理費用 465 572 666 726 P/S 1.83 1.59 1.37 1.16 管理費用率%3.3%3.5%3.5%3.2%EV/EBITDA 18.63 18.88

27、14.53 11.49 EBIT 1183 1271 1673 2101 股息率%1.9%1.9%2.2%2.5%財務費用 67 53 50 50 盈利能力指標（盈利能力指標（%）財務費用率%0.5%0.3%0.3%0.2%毛利率 38.7%40.4%40.9%41.2%資產減值損失-122-130-135-140 凈利潤率 8.0%8.4%8.9%9.3%投資收益 118 148 162 179 凈資產收益率 16.7%17.8%19.0%20.1%營業利潤營業利潤 1275 1536 1900 2340 資產回報率 11.3%12.0%13.0%14.1%營業外收支-7-2-2-2 投資回

28、報率 13.9%13.2%15.0%16.3%利潤總額利潤總額 1268 1534 1898 2338 盈利增長（盈利增長（%）EBITDA 1295 1375 1786 2221 營業收入增長率 13.3%15.1%16.2%17.5%所得稅 83 107 152 187 EBIT 增長率 17.1%7.5%31.7%25.6%有效所得稅率%6.5%7.0%8.0%8.0%凈利潤增長率 16.4%21.0%22.4%23.2%少數股東損益 42 43 52 65 償債能力指標償債能力指標 歸屬母公司所有者凈利潤歸屬母公司所有者凈利潤 1143 1384 1694 2086 資產負債率 31.

29、5%31.4%29.7%28.2%流動比率 3.27 3.22 3.43 3.64 速動比率 1.84 1.65 1.87 1.95 資產負債表（百萬元）資產負債表（百萬元）2022 2023E 2024E 2025E 現金比率 0.44 0.44 0.44 0.56 貨幣資金 946 1144 1238 1741 經營效率指標經營效率指標 應收賬款及應收票據 1222 1055 1698 1786 應收賬款周轉天數 29.23 25.00 26.00 28.00 存貨 1480 2332 2465 3174 存貨周轉天數 73.00 72.00 80.00 80.00 其它流動資產 3361

30、 3770 4253 4714 總資產周轉率 1.53 1.51 1.55 1.61 流動資產合計 7009 8300 9653 11415 固定資產周轉率 156.18 156.61 174.36 210.02 長期股權投資 366 450 538 624 固定資產 100 109 110 104 在建工程 0 0 0 0 無形資產 20 25 30 34 現金流量表（百萬元）現金流量表（百萬元）2022 2023E 2024E 2025E 非流動資產合計 3123 3237 3327 3416 凈利潤 1143 1384 1694 2086 資產總計資產總計 10132 11537 129

31、81 14831 少數股東損益 42 43 52 65 短期借款 159 213 288 356 非現金支出 241 234 248 260 應付票據及應付賬款 785 1076 1066 1221 非經營收益-393-414-377-392 預收賬款 0 0 0 0 營運資金變動 391-510-953-867 其它流動負債 1199 1292 1463 1559 經營活動現金流經營活動現金流 1424 737 665 1152 流動負債合計 2144 2581 2817 3136 資產-1144-136-116-122 長期借款 611 611 611 611 投資-162-385-340

32、-338 其它長期負債 433 433 433 433 其他-586 448 412 429 非流動負債合計 1044 1044 1044 1044 投資活動現金流投資活動現金流-1892-73-43-31 負債總計負債總計 3188 3625 3861 4180 債權募資 687 54 75 68 實收資本 406 406 406 406 股權募資 0 0 0 0 歸屬于母公司所有者權益 6843 7769 8923 10389 其他-490-519-602-685 少數股東權益 101 144 196 261 融資活動現金流融資活動現金流 197-465-528-617 負債和所有者權益合

33、計負債和所有者權益合計 10132 11537 12981 14831 現金凈流量現金凈流量-219 198 94 503 備注：（1）表中計算估值指標的收盤價日期為 04 月 21 日；（2）以上各表均為簡表 資料來源：公司年報（2022），HTI 26 Apr 2023 7 Table_header2 安克創新(300866 CH)維持優于大市維持優于大市 APPENDIX 1 Summary Companys 2022 revenue was Rmb14.251bn,up 13.33%YoY;NP attributable to shareholders of Rmb1.143bn,up

34、 16.43%YoY,diluted EPS of Rmb2.81.2022 profit distribution proposal:cash dividends of Rmb12/10 shares(tax included)to all shareholders.Updated earnings forecast and valuation:We estimate revenue of 2023-2025 to be Rmb16.4bn(-4.2%),19.1bn(-7.2%),22.4bn,up 15%,16%,18%YoY,NP attributable to shareholder

35、s of Rmb1.384bn(+1.5%),1.694bn(+2.5%),2.086bn,giving 25 X 2023 PE(unchanged),corresponding to a reasonable market value of Rmb34.6bn(+1.5%),a TP of Rmb85.11/share(+2.1%),maintaining outperform rating.Risks:Changes in market demand,inventory management risks,uncertainties in the global economic and p

36、olitical environment,etc.8 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。IMPORTANT DISCLOS

37、URES 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 Securities Company

38、 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，汪立亭，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公司的個人觀點，并且（ii）我的報酬中

39、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。我和我的家屬（我已經告知他們）將不會在本研究報告發布后的3個工作日內交易此研究報告所討論目標公司的證券。I,Liting 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

40、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

41、s discussed.I and my household,whom I have already notified of this,will not deal in or trade any securities in respect of the issuer that I review within 3 business days after the research report is published.我，李宏科，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

42、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。我和我的家屬（我已經告知他們）將不會在本研究報告發布后的3個工作日內交易此研究報告所討論目標公司的證券。I,Hongke Li,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)

43、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 discussed.I and my hou

44、sehold,whom I have already notified of this,will not deal in or trade any securities in respect of the issuer that I review within 3 business days after the research report is published.我，高瑜，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

45、，我們（包括我們的家屬）在其中均不持有任何財務利益。我和我的家屬（我已經告知他們）將不會在本研究報告發布后的3個工作日內交易此研究報告所討論目標公司的證券。I,Yu Gao,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 my compensation w

46、as,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.I and my household,whom I have already n

47、otified of this,will not deal in or trade any securities in respect of the issuer that I review within 3 business days after the research report is published.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

48、，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 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

49、 relationship(As the following disclosure does not ensure timeliness and completeness,please send an email to ERD-D if timely and comprehensive information is needed).9 評級定義（從評級定義（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

50、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

51、;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 Underperform for recommending the stocks we cover to investors.Investors should carefully read the definitions of all ratings used in Haitong International Resea

52、rch.In addition,since Haitong International Research contains more complete information concerning the analysts views,investors should carefully read 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

53、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.Analyst Stock Ratings Outperform:The stocks total return over the next 12-18 months is expected to exceed the retur

54、n of its relevant broad market benchmark,as indicated below.Neutral:The stocks total return over the next 12-18 months is expected to be in line with the return of its relevant broad market benchmark,as indicated below.For purposes only of FINRA/NYSE ratings distribution rules,our Neutral rating fal

55、ls 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 indicated below.Benchmarks for each stocks listed region are as follows:Japan TOPIX,Korea KOSPI,Taiwan TAIEX,India Nifty100,US S

56、P500;for all other China-concept stocks MSCI China.評級分布評級分布Rating Distribution 截至截至2023年年3月月31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)海通國際股票研究覆蓋率 89.6%9.2%1.2%投資銀行客戶*5.2%6.4%9.5%*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

57、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 10 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 Researc

58、h Ratings Distribution,as of Mar 31,2023 Outperform Neutral Underperform (hold)HTI Equity Research Coverage 89.6%9.2%1.2%IB clients*5.2%6.4%9.5%*Percentage of investment banking clients in each rating category.BUY,Neutral,and SELL in the above distribution correspond to our current ratings of Outper

59、form,Neutral,and Underperform.For purposes only of FINRA/NYSE ratings distribution rules,our Neutral rating falls into a hold rating category.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

60、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 market benchmark,as indicated below.For purposes onl

61、y 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 expected to be below the return of its relevant broad market benchmark,as indicated below.Benchmarks for each stocks listed region are as follows

62、: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 quantita

63、tive,screening or short reports which may rank stocks according to valuation and other metrics or may suggest prices based on possible valuation multiples.Such rankings or suggested prices do not purport to be stock ratings or target prices or fundamental values and are for information only.海通國際海通國際

64、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 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 Shenz

65、hen.Haitong Securities(HS;600837 CH),the ultimate parent company of HTISG based in Shanghai,covers and publishes 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

66、HTI and HS ratings for the same A-share stocks.海通國際優質海通國際優質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股團隊自下而上的研究。海通國際每季對Q100指數成分作出復審。Haitong International Quality 100 A-share(Q100)Index:HTIs Q100 Index is a quant product that consists of 100 of the highest

67、-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 of the HS A-share teams bottom-up research.The Q100 constituent companies are reviewed quarterly.MSCI ESG評級免責聲明條款：評級免責聲明條款：盡管海通國際的信息供貨商（包括但不限于

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150、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:/ 15 Recommendation Chart Table_RecommendationChart Source:Company data Bloomberg,HTI estimates