《中電控股-港股公司首次覆蓋報告：根植香港亞太區百年能源行業運營商-241008（21頁）.pdf》由會員分享，可在線閱讀，更多相關《中電控股-港股公司首次覆蓋報告：根植香港亞太區百年能源行業運營商-241008（21頁）.pdf（21頁珍藏版）》請在三個皮匠報告上搜索。

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 8 Oct 2024 中電控股中電控股 C

2、LP Holdings(2 HK)首次覆蓋：根植香港，亞太區百年能源行業運營商 Rooted in Hong Kong,a century-old energy industry operator in Asia Pacific region:Initiation Table_Info 首次覆蓋優于大市首次覆蓋優于大市Initiate with OUTPERFORM 評級 優于大市 OUTPERFORM 現價 HK$68.45 目標價 HK$73.55 HTI ESG 3.5-4.1-3.5 E-S-G:0-5,(Please refer to the Appendix for ESG com

3、ments)市值 HK$172.94bn/US$22.27bn 日交易額(3 個月均值)US$29.64mn 發行股票數目 2,526mn 自由流通股(%)72%1 年股價最高最低值 HK$71.50-HK$55.75 注：現價 HK$68.45 為 2024 年 10 月 07 日收盤價 資料來源：Factset 1mth 3mth 12mth 絕對值-1.0%8.0%28.9%絕對值（美元）-0.6%8.6%30.0%相對相對 MSCI China-37.0%-21.9%-2.8%Table_P HK$mn Dec-23A Dec-24E Dec-25E Dec-26E Revenue 8

4、7,169 90,266 93,867 98,531 Revenue(+/-)-13%4%4%5%Net profit 6,655 6,941 7,338 7,563 Net profit(+/-)620%4%6%3%Diluted EPS(HK$)2.63 2.75 2.90 2.99 GPM 32.7%33.1%33.6%33.6%ROE 6.4%6.8%7.3%7.5%P/E 26 25 24 23 資料來源：公司信息,HTI (Please see APPENDIX 1 for English summary)2023年公司盈利顯著修復。年公司盈利顯著修復。2019年以來，公司營業收入

5、有所波動，由 856.89 億港元逐漸增長到 2023 年的 971.69 億港元，期間CAGR 約為 0.4%。2023 年，公司實現歸母凈利潤 66.55 億港元，同比增長 620.2%，主要因為 2022 年澳洲業務因發電量短缺而無法應對的遠期銷售合約在批發電價創歷史新高的環境下所產生的結算成本，使能源業務受到嚴重不良影響，而 2023 年遠期電價放緩且價外能源合約陸續到期，使得利潤顯著修復。香港地區貢獻公司香港地區貢獻公司 60%的的營業收入營業收入和和 76%的營運利潤的營運利潤。公司的營業收入主要來自香港和澳洲，2023 年占比分別為 60%和38%。2023 年，公司計入公平價值

6、變動前營運盈利為 101.27 億港元，其中香港占 76%，中國內地占 18%；按業務劃分，輸電配電及零售/燃煤及燃氣/核能/可再生能源的盈利占比分別為53%/22%/16%/9%。公司派息穩定，資產負債水平相對穩健。公司派息穩定，資產負債水平相對穩健。公司作為香港公用事業股維持穩定派息記錄，近年來每年股息維持在 3.1港元，2023年年度股息率為 4.81%，公司資產負債率保持在 51%左右，波動較小，具有良好的償債能力和財務穩定性。今年 5 月 13 日公司宣布派發 2024 年第一期中期股息每股 0.63 港元，與 2023 年第一期中期股息相同，每股盈利符合預期。香港電力需求有望持續增

7、長，中國內地香港電力需求有望持續增長，中國內地、澳洲澳洲及印度及印度地區地區可再生能源裝機有望提升?？稍偕茉囱b機有望提升。公司預計在中華電力供電范圍內擬建的公共房屋單位數量，將在五年內增加 50%。此外，香港具優厚潛力成為區域數據中心的樞紐，公司目標在 2028 年前，為最多達 18 個大型數據中心接駁和提供電力。2024 年，EnergyAustralia新建的 320 MW Tallawarra B 燃氣發電廠已經啟用，計劃在 2030 年底前把發展或營運中的可再生能源項目增加至最多 3,000 MW。Apraava Energy 不但成功投得新的風電、太陽能及輸電項目，更成功進軍新興的

8、智能電表及通訊系統（AMI）行業。盈利預測及投資建議盈利預測及投資建議:基于 DCF 估值模型，我們預計公司 2024-2026 年營收分別為 902.66/938.67/985.31 億港元，歸母凈利潤為69.41/73.38/75.63 億港元，首次覆蓋給出 73.55 港元的目標價，并給出“優于大市”的評級。風險提示風險提示:1.匯率波動風險；2.股息低于預期；3.監管環境變化風險。Table_Author 楊斌楊斌 Bin Yang 毛瓊佩毛瓊佩 Olivia Mao 85100115130145Price ReturnMSCI ChinaMay-24Sep-24Volume 8 Oc

9、t 2024 2 Table_header1 中電控股(2 HK)首次覆蓋優于大市首次覆蓋優于大市 目錄目錄 1.亞太區主要的能源行業運營商亞太區主要的能源行業運營商.3 1.1 根植于香港，業務覆蓋亞太地區，市場多元化.3 1.2 盈利持續修復，派息保持穩定.4 2.香港電力香港電力“雙雄雙雄”之一之一.7 2.1 2050 年前實現港府“凈零發電”目標.7 2.2 公司遵照“管制計劃協議”為香港提供電力.8 3.致力能源轉型，加快擴展可再生能源組合致力能源轉型，加快擴展可再生能源組合.10 3.1 火電機組仍為公司目前主要發電來源,主要集中在香港.10 3.2 中國內地、澳洲及印度地區具備

10、較大可再生能源裝機增長潛力.11 3.3 化石燃料資產淘汰與可再生能源業務拓展有序過渡.12 4.盈利預測及估值盈利預測及估值.13 5.風險提示風險提示.15 8 Oct 2024 3 Table_header1 中電控股(2 HK)首次覆蓋優于大市首次覆蓋優于大市 1.亞太區主要的能源行業運營商亞太區主要的能源行業運營商 1.1 根植于香港，業務覆蓋亞太地區根植于香港，業務覆蓋亞太地區，市場多元化，市場多元化 中電集團是亞太區規模最大的私營電力公司之一，業務遍及香港、中國內地、澳洲、中電集團是亞太區規模最大的私營電力公司之一，業務遍及香港、中國內地、澳洲、印度、臺灣地區及泰國。印度、臺灣地

11、區及泰國。旗下中電控股有限公司是一家主要從事發電及供電的投資控股公司。公司運營發電組合，涵蓋燃煤、燃氣、核電、風電、水電及太陽能，業務范疇涵蓋能源價值鏈的每個主要環節：從發電、輸配電到零售及智慧能源服務。附屬公司的主要業務為中國香港、印度和澳洲的發電及供電業務，并投資于中國內地、東南亞及中國臺灣的電力項目。減碳及數碼化是驅動未來大趨勢，中電集團業務根基雄厚，將竭力迎接新機遇，滿足世界各地能源用戶不斷轉變的需求。公司為香港電力公司為香港電力“雙雄雙雄”之一。之一。中國香港的電力行業受管制計劃協議規管，由兩間電力公司營運，分別向不同地區提供縱向式綜合電力服務。其中以中電集團全資附屬公司中華電力有限

12、公司規模較大，為九龍、新界及大部分離島約 279 萬個客戶提供可靠度99.999%的世界級電力服務，客戶數目占香港八成以上人口。發展歷程：發展歷程：1901 年，中電于 1 月 25 日在香港正式注冊成立，名為“中華電力有限公司”；1985 年，與廣東核電投資有限公司組成合營公司，于中國廣東省大亞灣興建核電站，并于 1994 年正式投入服務；1998 年，重組公司，成立中電控股；2001 年，首度涉足澳洲電力市場，收購雅洛恩能源大部分權益；2002 年，打入印度電力市場，收購 位 于 印 度 的 Paguthan Combined Cycle Power Plant；2011 年，完 成 收

13、購EnergyAustralia 能源零售業務；2019 年，于最新版本的氣候愿景 2050中，承諾不再投資新的燃煤發電容量，并于 2050 年前，逐步把所有余下的燃煤發電資產退役；2023 年，成功啟用香港首個海上液化天然氣接收站，在香港市場業務中，邁出減碳的重要一步。圖圖 1：公司發展歷程：公司發展歷程 資料來源：公司公告，HTI 公司股權結構清晰，嘉道理家族為實際控制人。公司股權結構清晰，嘉道理家族為實際控制人。截止 2023 年 12 月 31 日，米高嘉道理、斐歷嘉道理、Lawrencium Mikado Holdings Limited 為公司大股東，直接持有公司16.25%/16

14、.20%/9.22%的股權，占總股數比例的 41.67%。公司股權結構清晰，股權份額相對集中，嘉道理家族為實際控制人，家族涉及香港電力、地產、酒店、銀行等諸多產業管理，深入香港本土市場。2023 年蔣東強先生開始任職中電控股首席執行官，擁有 30 年以上的集團任職經驗，并兼備相應技術經驗；羅嘉進先生將接替蔣先生中華電力總裁職位。8 Oct 2024 4 Table_header1 中電控股(2 HK)首次覆蓋優于大市首次覆蓋優于大市 圖圖 2：公司股權結構：公司股權結構 資料來源：Wind，HTI 1.2 盈利持續修復，派息保持穩定盈利持續修復，派息保持穩定 2023 年年運營穩定，運營穩定，

15、利潤實現大幅提升。利潤實現大幅提升。2019 年以來，公司營業收入有一定波動，由856.89 億港元逐漸增長到 2023 年的 971.69 億港元，期間 CAGR 約為 0.4%。2023 年公司營收同比下降 13.4%，主要因為于 2022 年 12 月完成減持后，公司終止會計合并Apraava Energy，來自印度的收入不再被合并入賬；此外由于 2022 年澳洲批發市場現貨價格處于高位，而 2023 年批發市場現貨價格有所降低，發電量因在 2023 年較低批發價格環境下減少，澳洲能源業務收入下跌 90 億港元。公司盈利波動較大，計及 EnergyAustralia 的非現金商譽客戶業務

16、減值 59 億港元，2023 年實現歸母凈利潤 66.55 億港元，同比增長 620.2%，盈利大幅修復，主要原因是來自香港管制計劃業務的可靠貢獻，中電中國業務保持強勁的財務表現、Apraava Energy 繼續展現出提高業務利潤的能力，以及 2023 年遠期電價放緩且價外能源合約陸續到期，使得利潤顯著修復。圖圖 3：公司營業收入及同比增速：公司營業收入及同比增速 圖圖 4：公司歸母凈利潤及同比增速：公司歸母凈利潤及同比增速 資料來源：Wind，HTI 資料來源：Wind，HTI 8 Oct 2024 5 Table_header1 中電控股(2 HK)首次覆蓋優于大市首次覆蓋優于大市 中國

17、香港地區貢獻公司中國香港地區貢獻公司 60%的營業收入和的營業收入和 76%的營的營業業利潤利潤。盡管受股東負擔的較高利息成本影響，但公司盈利貢獻穩定受惠于準許利潤的固定資產平均凈值上升，以及五年的節約能源和接駁可再生能源系統的表現獎勵增加。公司的營業收入主要來自香港和澳洲，2023 年占比分別為 60%和 38%。2023 年，公司計入公平價值變動前營運盈利為 101.27 億港元，其中香港占 76%，中國內地占 18%；按業務劃分，輸電配電及零售/燃煤及燃氣/核能/可再生能源的盈利占比分別為 53%/22%/16%/9%，78%的營運盈利來自零碳發電資產、輸電、配電及零售業務。圖圖 5：公

18、司營業收入地區占比：公司營業收入地區占比 資料來源：公司公告，HTI 香港香港經濟活動恢復經濟活動恢復，電廠電廠經營改善經營改善。1）香港經濟逐步恢復，疊加夏季氣溫創下記錄最高，中華電力的售電量同比增長 1.6%至 353.92 億度；2）管制計劃協議的中期檢討已完成，并作出若干修訂，電力價格維持合理；中國內地零碳能源中國內地零碳能源組合組合貢獻貢獻穩定穩定。1）核電為主要盈利貢獻來源。陽江核電站發電量創新高，但被大亞灣核電站進行的大型計劃停運所抵消。2）新風能和太陽能項目帶來額外貢獻。3）擁有少數股權的神華國華煤電資產錄得虧損。我們認為大亞灣和陽江核電站貢獻穩定，將繼續是中國內地市場的主要盈

19、利來源。澳洲澳洲 EnergyAustralia 能源能源業務業務逐步逐步恢復恢復，零售，零售營運環境營運環境具具挑戰挑戰性。性。能源業務：業務虧損大幅收窄，帶動因素為：1）雅洛恩及 Mount Piper 電廠實現價格上升；2）2022 年因發電量不足，而以高昂成本結算遠期合約的情況不再發生；3）燃氣組合利潤率上升（不再出現 2022 年非常高的采購成本）；及 4）來自可再生能源購電協議的貢獻增加?？蛻魳I務方面：不利的零售業務表現主要由於能源采購成本上升，及 2022 年一次性的對沖收益不再發生，部份被零售零售調整價格所抵消。不利的零售市場趨勢影響客戶流失率，導致客戶數目減少，但客戶流失率繼

20、續優于市場平均水平。整體上看，澳洲能源市場的競爭態勢仍為后續經營狀況帶來挑戰。印度印度 Apraava Energy 盈利盈利增長增長。1）風能和太陽能組合發電量增加，并從預期繳款中獲得較高的利息收入；2）哈格爾電廠表現卓越推動盈利增加；3）輸電資產表現穩健及融資成本減少。整體上看，印度電力市場需求保持旺盛，電廠運營效率和盈利能力表現突出。8 Oct 2024 6 Table_header1 中電控股(2 HK)首次覆蓋優于大市首次覆蓋優于大市 臺灣地區和平電廠盈利改善及泰國臺灣地區和平電廠盈利改善及泰國 Lopburi 運營穩定。運營穩定。1）臺灣和平電廠維持穩定運營，受益于煤價下跌，加上電

21、價補償機制于 2022 年 7 月修訂后電價上調；2）泰國 Lopburi太陽能光伏電站的貢獻保持平穩。圖圖 6：公司營運盈利業務占比：公司營運盈利業務占比 圖圖 7：公司營運盈利地區占比：公司營運盈利地區占比 資料來源：公司公告，HTI 資料來源：公司公告，HTI（扣除支銷及澳洲營運虧損的 182 百萬港元）公司派息穩定，資產負債水平相對穩健。公司派息穩定，資產負債水平相對穩健。公司作為香港公用事業股維持穩定的派息記錄，近年來公司派發的每年股息均維持在 3.1 港元。公司根據集團長久以來的派息政策和管理，在衡量了集團 2023 年的財務表現有所改善，以及需要為能源轉型作持續投資的兩項因素后，

22、2023 年度的總股息維持不變，2023 年年度股息率為 4.8%。公司每股收益波動較大，2023 年恢復到 2.63 港元。2023 年公司凈利率為 8.8%，同比提升7.3 個百分點；資產負債率保持在 51%左右，波動較小，公司具有良好的償債能力和財務穩定性。圖圖 8：資產負債率、凈利率：資產負債率、凈利率 圖圖 9：每股派息及每股收益：每股派息及每股收益 資料來源：Wind，HTI 資料來源：公司公告，HTI 集團集團 2024 年上半年年上半年營運營運穩定穩定，盈利能力持續修復，盈利能力持續修復。2024 年上半年，公司實現營收440.86 億港元，營業利潤為 58.55 億港元，同比

23、增長 25.3%，歸母凈利潤為 59.51 億港元，同比增長 17.6%。其中，香港市場業務穩健，澳洲市場維持改善趨勢，印度市場 8 Oct 2024 7 Table_header1 中電控股(2 HK)首次覆蓋優于大市首次覆蓋優于大市 增長可觀，內地業務盈利受核電投資組合大修工程影響拖累，但可再生能源投資項目的增長依然穩健?；诩瘓F的穩健表現，2024 年 5 月 13 日公司宣布派發 2024 年第一期中期股息每股 0.63 港元，與 2023 年第一期中期股息相同，每股盈利符合預期。整體來看，公司營運維持穩定，盈利能力持續修復。2024 年上半年，公司 ROE（平均）達 11.56%，R

24、OIC 為 2.73%，運營效率和盈利能力顯著恢復；公司實現經營性現金流凈額90.16億港元，同比增長52.8%，主要是澳洲、印度地區經營情況改善相對明顯，同時香港、內地業務維持穩定，經營性現金流凈額改善明顯，盈利質量提升。圖圖 10：ROE（年化）、（年化）、ROIC 圖圖 11：經營現金流凈額及核心利潤比值經營現金流凈額及核心利潤比值 資料來源：Wind，HTI 資料來源：公司公告，HTI 注：核心利潤=毛利-折舊攤銷-薪金福利支出+利息收入-融資成本 2.香港電力香港電力“雙雄雙雄”之一之一 2.1 2050 年前實現港府年前實現港府“凈零發電凈零發電”目標目標 香港力爭到香港力爭到 2

25、035 年停止燃煤日常發電，可再生能源發電占比提升至年停止燃煤日常發電，可再生能源發電占比提升至 7.5%-10%。根據香港氣候行動藍圖 2050，要做到 2050 年前“凈零發電”，香港首要改變本地電廠的燃料組合，中期目標是 2035 年或之前停用煤作日常發電，零碳能源在發電燃料組合中的比例必須提高至 60%-70%。電力公司須繼續逐步淘汰燃煤發電機組，并以天然氣及可再生能源等取代燃煤發電；政府大力推動可再生能源發展，透過促進本地項目、區域合作和共同投資等，爭取在 2035 年或之前把可再生能源在發電燃料中所占比例提升至 7.5%至 10%。香港本地用電量當前呈緩慢增長趨勢。香港本地用電量當

26、前呈緩慢增長趨勢。2015 年以來，香港每年當地用電量有所波動但總體呈上升趨勢，由 2015 年的 158,083 太焦耳逐漸增長到 2023 年的 163,558 太焦耳，期間 CAGR 約為 0.4%。2023 年，全港總用電量同比上升 1.5%。其中，商業用電量同比增長 3%，而住宅用量同比降低 2%，但未回落至疫前水平，預計主要為居民外出增加，商業用電增加抵消住宅用量下降，同時來港旅游、基建建設活動正常開展等經濟活動，帶動香港整體用電量回升。8 Oct 2024 8 Table_header1 中電控股(2 HK)首次覆蓋優于大市首次覆蓋優于大市 中華電力有限公司（中華電力）2023

27、年售電量 35,392 百萬度，較 2022 年上升1.6%。2024 年首季 7,279 百萬度，較 2023 年同期上升 3.7%。一季度因天氣較溫和帶動電力需求，加上閏年二月較多日數的效應，所有客戶類別的用電量按年均錄得上升。2024 年上半年，盡管整體用電量有所增加，由于國際燃料價格持續回落導致平均凈電價下降，香港電力業務收入同比減少 3.0%。圖圖 12：香港當地用電量及增速：香港當地用電量及增速 資料來源：政府統計處，HTI 2.2 公司遵照公司遵照“管制計劃協議管制計劃協議”為香港提供電力為香港提供電力 中電和港燈在港經營綜合電力業務。中電和港燈在港經營綜合電力業務。電力“雙雄”

28、中華電力有限公司(中電)及香港電燈有限公司(港燈)負責香港電力供應，兩者均為投資者所擁有，無專營權，都是集發電、輸電、售電于一身的垂直一體化企業。中電為九龍及新界并包括大嶼山、長洲及其他部分離島供應電力，主要供電區占到了香港總面積的 90%以上，覆蓋的人口范圍約為80%；而港燈則為港島及其鄰近的鴨脷洲和南丫島供應電力鴨脷洲。兩家電力公司均與政府簽訂管制計劃協議。兩家電力公司均與政府簽訂管制計劃協議。上世紀 60 年代，香港正處于經濟高速發展時期，需要吸引外來投資推進工業發展。為鼓勵電力公司提高供電能力，港英政府分別在 1964 年和 1978 年與兩家電力公司簽訂管制計劃協議，每十年期滿后續簽

29、，并延用至今。根據該協議，港府保證電力公司的利潤率，兩電準許回報率最高為其固定資產平均凈值的 15%。有了來自政府的利潤承諾，香港電力的投資建設加速進行，1970 年代香港建起當時東南亞最大的燃煤電廠，中華電力有限公司在 2018 年10 月開始實行的新管制計劃協議，協議年期為 15 年，準許利潤水平為固定資產平均凈值的 8%。8 Oct 2024 9 Table_header1 中電控股(2 HK)首次覆蓋優于大市首次覆蓋優于大市 圖圖 13：主要輸電網絡主要輸電網絡分布圖分布圖 資料來源：公司公告，HTI 香港居民的電費由基本電費和燃料調整費兩部分組成。香港居民的電費由基本電費和燃料調整費

30、兩部分組成?；倦娰M是將年度預測的標準燃料成本、營運成本及準許利潤的總和，除以預測售電量得出；燃料調整費則反映燃料價格的變動，以實報實銷方式，由用戶向電力公司支付?；倦妰r每年調整一次，燃料調整費則是根據市況波動。此機制有助更適時反映實際燃料成本，同時減低因燃料價格和燃料耗用量的波動所導致的短期影響。2024年電價年電價下調下調，基本電價，基本電價預期預期在未在未來來五年維持五年維持平穩平穩水平。水平。隨著國際燃料價格從高位回落，公司 2024 年 1 月的凈電費同比下降 7.4%。由于國際燃料價格由高位回落，中華電力的燃料調整費將由 2023 年 1 月每度電 62 港仙下調至每度電 46.

31、3 港仙。對于連續三年維持在同一水平的平均基本電價，則由每度電 93.7 港仙輕微上調至每度電 96.6 港仙。經調整后，2024 年的平均凈電價為每度電 142.9 港仙，較今年初每度電 154.4 港仙下調 7.4%。圖圖 14：香港電費組成示意圖：香港電費組成示意圖 圖圖 15：電價圖：電價圖 資料來源：公司公告，HTI 資料來源：公司公告，HTI 8 Oct 2024 10 Table_header1 中電控股(2 HK)首次覆蓋優于大市首次覆蓋優于大市 3.致力能源轉型，加快擴展可再生能源組合致力能源轉型，加快擴展可再生能源組合 3.1 火電機組仍為公司火電機組仍為公司目前目前主要發

32、電來源主要發電來源,主要集中在香港主要集中在香港 公司火電裝機占比為公司火電裝機占比為 68%，主要集中在香港。，主要集中在香港。截至 2023 年 12 月 31 日，公司總裝機容量為 23,291 MW，其中火電裝機占比最高，達到 68%，燃煤及燃氣發電裝機分別為9,719 MW 和 6,093 MW，占比分別為 42%和 26%；核電裝機達到 2,685 MW，占比為12%；風電和光伏裝機分別為 2,391 MW 和 842 MW，占比為 10%和 4%。按地區劃分，公司主要電力裝機分布在香港、中國內地及澳洲，容量分別為 8,268/7,180/5,859 MW，裝機占比為 35%/31

33、%/25%。圖圖 16：公司裝機結構：公司裝機結構 圖圖 17：公司發電裝機地區占比：公司發電裝機地區占比 資料來源：公司公告，HTI 資料來源：公司公告，HTI 香港電力需求有望持續增長。香港電力需求有望持續增長。香港特區政府重視土地及房屋供應，公司預計在中華電力供電范圍內擬建的公共房屋單位數量，將在五年內增加 50%至超過 15 萬個。此外，香港具優厚潛力成為區域數據中心的樞紐，公司的目標是在 2028 年前，為最多達 18 個大型數據中心接駁和提供電力。目前，電動車占香港路面車輛總數約 9%，公司支持政府的EV 屋苑充電易資助計劃將推動電動車用電的持續增長。獲香港特區政府批準發展計劃投資

34、獲香港特區政府批準發展計劃投資 529 億港元。億港元。中電已于 2023 年 11 月獲香港特區政府批準五年發展計劃投資 529 億港元，持續的資本投資將為公司 2024-2028 年在香港市場的持續增長奠定根基，滿足香港地區不斷增長的能源需求和達成能源轉型目標。公司在香港能源轉型中尋求公司在香港能源轉型中尋求多元化多元化策略，邁出減碳重要一步。策略，邁出減碳重要一步。公司新建的海上液化天然氣接收站已于 2023 年夏季落成啟用；龍鼓灘發電廠新建的 600 MW 燃氣發電機組 D2 已經竣工，機組于 4 月投入運作，以配合青山發電 A 廠燃煤機組逐步退役；中華電力將興建 100 MW 電網級

35、規模的電池儲能系統，舒緩高峰期的系統需求，以及支持非化石燃料的電力并網；公司亦開展天然氣混合氫氣發電試點項目；正在推的清潔能源專線系統增容工程，可為香港輸入更多零碳能源。8 Oct 2024 11 Table_header1 中電控股(2 HK)首次覆蓋優于大市首次覆蓋優于大市 3.2 中國內地中國內地、澳洲及印度、澳洲及印度地區地區具備較大具備較大可再生能源可再生能源裝機增長潛力裝機增長潛力 中國內地中國內地、澳洲澳洲及印度及印度可再生能源裝機有望提升?？稍偕茉囱b機有望提升。集團配合中國內地2030年“碳達峰”、2060 年“碳中和”的“雙碳目標”，正在有序開展可再生能源拓展策略。2023

36、 年，公司位于廣西壯族自治區的 150 MW 博白風場已經動工，計劃于 2024 年投入營運，貴州省的100 MW 三都二期風場和位于江蘇省淮安及宜興的兩個 100 MW 太陽能項目預計快將動工。除了正在興建的項目外，公司還取得多個可再生能源項目的建設配額，廣西有660 MW，山東有 530 MW，但現階段尚未確定是否所有項目均會開展。公司亦有可能開展另一策略，即拓展尋甸風場及三都風場，提升區域內的協同效應。澳洲全資公司 EnergyAustralia 承諾在 2030 年底前把發展或營運中的可再生能源項目增加至最多 3,000 兆瓦。根據 EnergyAustralia 于 8 月公布的首份

37、氣候轉型行動計劃（CTAP），預計公司直接投入或與合作伙伴共同投資的金額將逾 50 億澳元。2024 年2 月，公司的澳洲全資附屬公司 EnergyAustralia 新建的 320 MW Tallawarra B 燃氣發電廠已經啟用，在用電高峰期間及日照和風力不足時，將在供電方面發揮更關鍵作用。EnergyAustralia 擴展可再生能源組合，如落實新一批靈活發電容量資產和可調度能源：燃氣調峰電廠（Tallawarra B）、儲能（Wooreen,Hallett,Mount Piper）和抽水蓄能（Kidston,Lake Lyell），以配合氣候轉型行動計劃。EnergyAustrali

38、a 定下目標，在2030 年底前把發展或營運中的可再生能源項目由目前約 900 MW 增加至最多 3,000 MW。印度合營企業 Apraava Energy 在擴展多元化低碳能源業務方面進展良好。印度政府的目標是到 2030 年將該國的可再生能源發電容量增加一倍以上，達到 50 萬兆瓦，并繼續推出政策推動基建投資，包括輸電和智能電錶及通訊系統等，以支持能源轉型。公司在支持印度能源業減碳的同時，亦滿足當地不斷增長的電力需求，Apraava Energy不但成功投得新的風電、太陽能及輸電項目，更成功進軍新興的智能電表及通訊系統（AMI）行業。臺灣地區和平電廠及泰國 Lopburi 太陽能光伏電廠

39、維持穩定運作。圖圖 18：公司在各地區投產、在建及規劃情況：公司在各地區投產、在建及規劃情況 資料來源：公司公告，HTI 8 Oct 2024 12 Table_header1 中電控股(2 HK)首次覆蓋優于大市首次覆蓋優于大市 3.3 化石燃料資產淘汰與可再生能源業務拓展有序過渡化石燃料資產淘汰與可再生能源業務拓展有序過渡 逐步淘汰化石燃料資產逐步淘汰化石燃料資產。集團根據運營當地地區的減碳目標及電力需求，合理指定相應運營策略，逐步淘汰化石燃料資產，并制定了相應的淘汰時間表。多元化可再生能源業務為能源轉型的有序過渡作鋪墊。多元化可再生能源業務為能源轉型的有序過渡作鋪墊。為了配合能源轉型中淘

40、汰過程順利過渡，亦在有序進行上述的各地可再生能源業務拓展。根據氣候愿景 2050更新業務策略，加快減碳速度。根據更新版的氣候愿景 2050：推進有序轉型，中電承諾在 2030 年底前把所售電力的溫室氣體排放強度減至每度電 0.26 千克二氧化碳當量，而先前設定的目標為每度電 0.3 千克二氧化碳當量。2023 年，集團所售電力的溫室氣體排放強度，較上一年的每度電 0.55 千克二氧化碳當量，下降至每度電 0.54 千克二氧化碳當量，燃煤和燃氣資產的發電輸出量減少 12%，反映集團在減碳方面的成效和努力。圖圖 19：化石燃料資產淘汰時間表：化石燃料資產淘汰時間表 圖圖 20：可再生能源組合分布圖

41、可再生能源組合分布圖 資料來源：公司公告，HTI 資料來源：公司公告，HTI 圖圖 21：公司過去及預計未來的溫室氣體排放強度公司過去及預計未來的溫室氣體排放強度 資料來源：公司公告，HTI 8 Oct 2024 13 Table_header1 中電控股(2 HK)首次覆蓋優于大市首次覆蓋優于大市 4.盈利預測及估值盈利預測及估值 基于 DCF 估值模型，我們預計公司 2024-2026 年營收分別為 902.66/938.67/985.31 億港元，歸母凈利潤為 69.41/73.38/75.63 億港元，首次覆蓋給出 73.55 港元的目標價，并給出“優于大市”的評級。表表 1：DCF

42、估值估值 資料來源：公司數據，HTI 表表 2：敏感性分析：敏感性分析 資料來源：公司數據，HTI 8 Oct 2024 14 Table_header1中電控股(2 HK)首次覆蓋優于大市首次覆蓋優于大市 表表 3：財務信息：財務信息 資料來源：公司數據，HTI 8 Oct 2024 15 Table_header1中電控股(2 HK)首次覆蓋優于大市首次覆蓋優于大市 5.風險提示風險提示1.匯率波動風險；2.股息低于預期；3.監管環境變化風險。8 Oct 2024 16 Table_header1中電控股(2 HK)首次覆蓋優于大市首次覆蓋優于大市 APPENDIX 1 Summary S

43、ignificant Earnings Repair in 2023.Since 2019,the Companys operating income has fluctuated,gradually increasing from HK$85,689 million to HK$97,169 million in 2023,with a CAGR of approximately 0.4%over the period.In 2023,the Company achieved a net attributable profit of HK$6,655 million,a year-on-ye

44、ar increase of 620.2%,primarily due to the fact that the Australian business was severely adversely impacted by a generation The energy business was severely adversely impacted by settlement costs incurred by forward sales contracts that could not be met in 2022 due to a shortage of generation capac

45、ity in an environment of record high wholesale electricity prices,while profits were significantly repaired in 2023 due to a slowdown in forward tariffs and the expiration of out-of-the-money energy contracts.The Hong Kong region contributes 60%of the Companys revenue and 76%of its operating profit.

46、The companys operating revenue is mainly derived from Hong Kong and Australia,accounting for 60%and 38%respectively in 2023.in 2023,the companys operating profit before fair value changes is HK$10,127 million,of which 76%is generated in Hong Kong and 18%in Mainland China.by business,the profit share

47、 of transmission,distribution and retail/coal and gas-fired/nuclear energy/renewable energy is 53%/22%/16%/9%,respectively.16%/9%.The companys dividend payout is stable,and its balance sheet is relatively healthy.The company as a Hong Kong utility stocks to maintain a stable dividend payout record,i

48、n recent years the annual dividend maintained at 3.1 Hong Kong dollars,the annual dividend rate of 4.81%in 2023,the companys balance sheet ratio to maintain at about 51%,fluctuations are relatively small,with good solvency and financial stability.On May 13 this year,the Company declared a first inte

49、rim dividend of HK$0.63 per share for 2024,which is the same as the first interim dividend for 2023,and the earnings per share are in line with expectations.Demand for electricity in Hong Kong is expected to continue to grow,and renewable energy installed capacity in Mainland China and Australia is

50、expected to rise.The Company expects the number of public housing units to be built within CLPs power supply area to increase by 50%in five years.In addition,Hong Kong has strong potential to become a regional data center hub,with the Company targeting to connect and power up to 18 large data center

51、s by 2028.2024 saw the commissioning of EnergyAustralias new 320 MW Tallawarra B gas-fired power plant,and the Company plans to increase the number of renewable energy projects in development or operation to a maximum of 3,000 by 2030,with the Company also planning to increase the number of renewabl

52、e energy projects in development or in operation to a maximum of 3,000 by 2030,as well as to increase the number of renewable energy projects in the region.We plan to increase the number of renewable energy projects in development or operation to a maximum of 3,000 MW by 2030.Profit Forecast and Inv

53、estment Recommendation:Based on the DCF valuation model,we expect the companys 2024-2026 revenue to be HKD902.66/938.67/985.31 million and net profit to be HKD6,941/7,338/7,563 million respectively,and give a target price of HKD73.55 for the first time,with an“Outperform”rating.Risks:1)Exchange rate

54、 fluctuation risk;2)Lower-than-expected dividend;3)Regulatory environment change risk 17 Table_ESGcomments APPENDIX 2 ESG Comments Environmental:In 2023,the greenhouse gas emission intensity of electricity sold by the Group decreased from 0.55 kg CO2 equivalent per kilowatt-hour in the previous year

55、 to 0.54 kg CO2 equivalent per kilowatt-hour,and the power generation output of coal-fired and gas-fired assets decreased by 12%,reflecting the effectiveness and efforts of the Group in reducing carbon.Social:In 2023,the greenhouse gas emission intensity of electricity sold by the Group decreased fr

56、om 0.55 kg CO2 equivalent per kilowatt-hour in the previous year to 0.54 kg CO2 equivalent per kilowatt-hour,and the power generation output of coal-fired and gas-fired assets decreased by 12%,reflecting the effectiveness and efforts of the Group in reducing carbon.Governance:In 2023,the greenhouse

57、gas emission intensity of electricity sold by the Group decreased from 0.55 kg CO2 equivalent per kilowatt-hour in the previous year to 0.54 kg CO2 equivalent per kilowatt-hour,and the power generation output of coal-fired and gas-fired assets decreased by 12%,reflecting the effectiveness and effort

58、s of the Group in reducing carbon.18 Table_disclaimer APPENDIX 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”),Hai

59、tong International Japan K.K.(“HTIJKK”),Haitong International Securities Company Limited(“HTISCL”),and any other members within the Haitong International Securities Group of Companies(“HTISG”),each authorized to engage in securities activities in its respective jurisdiction.Analyst Certification:我，楊

60、斌，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，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,Bin Yang,certify that(i)the views expressed in this research report accurately reflect my personal views abou

61、t any or all of the subject companies or issuers referred to in this research and(ii)no part of my compensation was,is or will be directly or indirectly related to the specific recommendations or views expressed in this research report;and that I(including members of my household)have no financial i

62、nterest in the security or securities of the subject companies 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，毛瓊佩，在此保證（i）本研究報告中的意見準確反映了我們

63、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。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,Olivia Mao,certify that(i)the views expressed in this research report accurately reflect my personal views about any or all of the sub

64、ject companies or issuers referred to in this research and(ii)no part of my compensation was,is or will be directly or indirectly related to the specific recommendations or views expressed in this research report;and that I(including members of my household)have no financial interest in the security

65、 or securities of the subject companies 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.Conflict of Interest Disclosures HTI and some of its

66、 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 relationship(As the following

67、disclosure does not ensure timeliness and completeness,please send an email to ERD-D if timely and comprehensive information is needed).Ratings Definitions(from 1 Jul 2020):Haitong International uses a relative rating system using Outperform,Neutral,or Underperform for recommending the stocks we cov

68、er 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 Haitong International Research,in it

69、s 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 holdings)and other considerations.A

70、nalyst Stock Ratings Outperform:The stocks total return over the next 12-18 months is expected to exceed the return of its relevant broad market benchmark,as indicated below.Neutral:The stocks total return over the next 12-18 months is expected to be in line with the return of its relevant broad mar

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

72、w.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.Rating Distribution Haitong International Equity Research Ratings Distribution,as of June 30,2024 Outperform Neutral Underperform(hold)

73、HTI Equity Research Coverage 91.4%8.1%0.6%19 IB clients*3.1%4.8%0.0%*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 distri

74、bution rules,our Neutral rating falls into a hold rating category.Please note that stocks with an NR designation are not includedin 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 rel

75、evant 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 purposesonly of FINRA/NYSE ratings distribution rules,our Neutral rating falls into a hol

76、d 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:Japan TOPIX,Korea KOSPI,Taiwan TAIEX,India Nifty100;for all other China-conce

77、pt stocks MSCI China.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.Such rankings or suggested prices do not pu

78、rport to be stock ratings or target prices or fundamental values and are for information only.Haitong International Coverage of A-Shares:Haitong International may cover and rate A-Shares that are subject to the Hong Kong Stock Connect scheme with Shanghai and Shenzhen.Haitong Securities(HS;600837 CH

79、),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 HTI and HS ratings for the same A-s

80、hare stocks.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 of the

81、HS A-share teams bottom-up research.The Q100 constituent companies are reviewed quarterly.SusallWave FIN-ESG Data Service Disclaimer:Please read these terms and conditions below carefully and confirm your agreement and acceptance with these terms before using SusallWave FIN-ESG Data Service.1.FIN-ES

82、G Data is produced by SusallWave Digital Technology Co.,Ltd.(In short,SusallWave)s assessment based on legal publicly accessible information.SusallWave shall not be responsible for any accuracy and completeness of the information.The assessment result is for reference only.It is not for any investme

83、nt advice for any individual or institution and not for basis of purchasing,selling or holding any relative financial products.We will not be liable for any direct or indirect loss of any individual or institution as a result of using SusallWave FIN-ESG Data.2.SusallWave do not consider recipients a

84、s customers for receiving these data.When using the data,recipients shall make your own independent judgment according to your practical individualstatus.The contents of the data reflect the judgment of us only on the release day.We have right to update and amend the data and release other data that

85、 contains inconsistent contents or different conclusions without notification.Unless expressly stated,the data(e.g.,financial performance data)represents past performance only and the past performance cannot be viewed as theprediction of future return.3.The copyright of this data belongs to SusallWa

86、ve,and we reserve all rights in accordance with the law.Without the prior written permission of our company,none of individual or institutioncan use these data for any profitable purpose.Besides,none of individual or institution can take actions such as amendment,replication,translation,compilation,

87、re-editing,adaption,deletion,abbreviation,excerpts,issuance,rent,exhibition,performance,projection,broadcast,information network transmission,shooting,adding icons and instructions.If any loss of SusallWave or anythird-party is caused by those actions,users shall bear the corresponding compensation

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

89、allwave Website),it should be executed according to other agreements.If there is any difference between this disclaim and other agreements,this disclaimer shall be applied.IMPORTANT DISCLAIMER For research reports on non-Indian securities:The research report is issued by Haitong International Resear

90、ch Limited(“HTIRL”),a wholly owned subsidiary of Haitong International Securities Group Limited(“HTISGL”)and a licensed corporation to carry on Type 4 regulated activity(advising on securities)for the purpose of the Securities and Futures Ordinance(Cap.571)of Hong Kong,with the assistance of Haitong

91、 International(Japan)K.K.(“HTIJKK”),a wholly owned subsidiary of HTISGL and which is regulated as an Investment Adviser by the Kanto Finance Bureau of Japan.For research reports on Indian securities:The research report is issued by Haitong Securities India Private Limited(“HSIPL”),an Indian company

92、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 India Limited(“NSE”)(collectively referred t

93、o as“Indian Exchanges”).HSIPL was 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 the name Haitong International and approved for distribution by Haitong International Securities Compa

94、ny Limited(“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 believed to be reliable and in good faith but no representation or warranty,express or implied,is m

95、ade by HTIRL,HTISCL,HSIPL,HTIJKK or any other members within HTISG from which this research report may be received,as to their accuracy,completeness or correctness.All opinions expressed herein are as of the date of this research report and are subject to change without notice.This research report i

96、s for information purpose only.Descriptions of any companies or their securities mentioned herein are not intended to be complete and this research report is not,and should not be construed expressly or impliedly as,an offer to buy or sell securities.The securities referred to in this research repor

97、t may not be eligible for purchase or sale in some jurisdictions.If an investment product is denominated in a currency other than an investors home currency,a change in exchange rates may adversely affect the investment.Past performance is not necessarily indicative of future results.Certain transac

98、tions,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 this research report are not tailor-made for you.The analyst has not taken into account 20 your unique financial circumstances,such as

99、 your financial situation and risk appetite.You must,therefore,analyze and should,where applicable,consult your own legal,tax,accounting,financial and other professional advisers to evaluate whether the recommendations suits you before investment.Neither HTISG nor any of its directors,employees or a

100、gents accepts any liability whatsoever for any direct or consequential loss arising from any use of the materials contained in this research report.HTISG and our affiliates,officers,directors,and employees,excluding the analysts responsible for the content of this document,will from time to time hav

101、e long or short 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 of HTISG may provide oral or written market commentary or trading strategies to the relevant clients and the companies withi

102、n HTISG that reflect opinions that are contrary to the opinions expressed in this research report.HTISG may make investment decisions that are inconsistent with the recommendations or views expressed in this research report.HTI is under no obligation to ensure that such other trading decisions,ideas

103、 or recommendations are brought to the attention of any recipient of this research report.Please refer to HTIs website for further information on HTIs organizational and administrative arrangements set up for the prevention and avoidance of conflicts of interest with respect to Research.Non U.S.Anal

104、yst 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 not subject to U.S.FINRA Rule 2241 restrictions on communications with companies that are the subject of the Research;public appearances;and trading secur

105、ities by a research analyst.DISTRIBUTION AND REGIONAL NOTICES Except as otherwise indicated below,any Recipient wishing to discuss this research report or effect any transaction in any security discussed in HTIs research should contact the Haitong International salesperson in their own country or re

106、gion.Notice to Hong Kong investors:The research report is distributed by Haitong International Securities Company Limited(“HTISCL”),which is a licensed corporation to carry on Type 1 regulated activity(dealing in securities)in Hong Kong.This research report does not constitute a solicitation or an o

107、ffer of securities or an invitation to the public within the meaning of the SFO.This research report is only to be circulated to Professional Investors as defined in the SFO.This research report has not been reviewed by the Securities and Futures Commission.You should not make investment decisions s

108、olely on the basis of the information contained in this research report.Recipients of this research report are to contact HTISCL salespersons in respect of any matters arising from,or in connection with,the research report.Notice to U.S.investors:As described above,this research report was prepared

109、by HTIRL,HSIPL or HTIJKK.Neither HTIRL,HSIPL,HTIJKK,nor any of the non U.S.HTISG affiliates is registered in the United States and,therefore,is not subject to U.S.rules regarding the preparation of research reports and the independence of research analysts.This research report is provided for distri

110、bution to“major U.S.institutional investors”and“U.S.institutional investors”in reliance on the exemption from registration provided by Rule 15a-6 of the U.S.Securities Exchange Act of 1934,as amended.When distributing research reports to“U.S.institutional investors,”HTI USA will accept the responsib

111、ilities for the content of the reports.Any U.S.recipient of this research report wishing to effect any transaction to buy or sell securities or related financial instruments based on the information provided in this research report should do so only through Haitong International Securities(USA)Inc.(

112、“HTI USA”),located at 340 Madison Avenue,12th Floor,New York,NY 10173,USA;telephone(212)351 6050.HTI USA is a broker-dealer registered in the U.S.with the U.S.Securities and Exchange Commission(the“SEC”)and a member of the Financial Industry Regulatory Authority,Inc.(“FINRA”).HTI USA is not responsi

113、ble for the preparation of this research report nor for the analysis contained therein.Under no circumstances should any U.S.recipient of this research report contact the analyst directly or effect any transaction to buy or sell securities or related financial instruments directly through HSIPL,HTIR

114、L or HTIJKK.The HSIPL,HTIRL or HTIJKK analyst(s)whose name appears in this research report is not registered or qualified as a research analyst with FINRA and,therefore,may not be subject to FINRA Rule 2241 restrictions on communications with a subject company,public appearances and trading securiti

115、es held by a research analyst account.Investing in any non-U.S.securities or related financial instruments(including ADRs)discussed in this research report may present certain risks.The securities of non-U.S.issuers may not be registered with,or be subject to U.S.regulations.Information on such non-

116、U.S.securities or related financial instruments may be limited.Foreign companies may not be subject to audit and reporting standards and regulatory requirements comparable to those in effect within the U.S.The value of any investment or income from any securities or related financial instruments dis

117、cussed in this research report denominated in a currency other than U.S.dollars is subject to exchange rate fluctuations that may have a positive or adverse effect on the value of or income from such securities or related financial instruments.All inquiries by U.S.recipients should be directed to:Ha

118、itong International Securities(USA)Inc.340 Madison Avenue,12th Floor New York,NY 10173 Attn:Sales Desk at(212)351 6050 Peoples Republic of China(PRC):In the PRC,the research report is directed for the sole use of those who receive the research report in accordance with the applicable PRC laws and re

119、gulations.Further,the information on the research report does not constitute production and business activities in the PRC under relevant PRC laws.This research report does not constitute a public offer of the security,whether by sale or subscription,in the PRC.Further,no legal or natural persons of

120、 the PRC may directly or indirectly purchase any of the security or any beneficial interest therein without obtaining all prior PRC government approvals or licenses that are required,whether statutorily or otherwise.Persons who come into possession of this research are required to observe these rest

121、rictions.Notice to Canadian Investors:Under no circumstances is this research report to be construed as an offer to sell securities or as a solicitation of an offer to buy securities in any jurisdiction of Canada.Any offer or sale of the securities described herein in Canada will be made only under

122、an exemption from the requirements to file a prospectus with the relevant Canadian securities regulators and only by Haitong International Securities(USA)Inc.,a dealer relying on the“international dealer exemption”under National Instrument 31-103 Registration Requirements,Exemptions and Ongoing Regi

123、strant Obligations(“NI 31-103”)in Alberta,British Columbia,Ontario and Quebec.This research report is not,and under no circumstances should be construed as,a prospectus,an offering memorandum,an advertisement or a public offering of any securities in Canada.No securities commission or similar regula

124、tory authority in Canada has reviewed or in any way passed upon this research report,the information contained herein or the merits of the securities described herein and any representation to the contrary is an offence.Upon receipt of this research report,each Canadian recipient will be deemed to h

125、ave represented that the investor is an“accredited investor”as such term is defined in section 1.1 of National Instrument 45-106 Prospectus Exemptions or,in Ontario,in section 73.3(1)of the Securities Act(Ontario),as applicable,and a“permitted client”as such term is defined in section 1.1 of NI 31-1

126、03,respectively.Notice to Singapore investors:This research report is provided in Singapore by or through Haitong International Securities(Singapore)Pte Ltd(“HTISSPL”).HTISSPL is an Exempt Financial Adviser under the Financial Advisers Act 2001(“FAA”)to(a)advise on securities,units in a collective i

127、nvestment scheme,exchange-traded derivatives contracts and over-the-counter derivatives contracts and(b)issue or promulgate research analyses or research reports on securities,exchange-traded derivatives contracts and over-the-counter derivatives contracts.This research report is only provided 21 to

128、 institutional investors,within the meaning of Section 4A of the Securities and Futures Act 2001.Recipients of this research report are to contact HTISSPL via the details below in respect of any matters arising from,or in connection with,the research report:Haitong International Securities(Singapore

129、)Pte.Ltd.10 Collyer Quay,#19-01-#19-05 Ocean Financial Centre,Singapore 049315 Telephone:(65)6713 0473 Notice to Japanese investors:Notice to Japanese investors:This research report is distributed by Haitong International Securities Company Limited and intended to be distributed to Financial Service

130、s Providers or Registered Financial Institutions engaged in investment management(as defined in the Japan Financial Instruments and Exchange Act(FIEL)Art.61(1),Order for Enforcement of FIEL Art.17-11(1),and related articles).Notice to UK and European Union investors:Notice to UK and European Union i

131、nvestors:This research report is distributed by Haitong International Securities Company Limited.This research is directed at persons having professional experience in matters relating to investments.Any investment or investment activity to which this research relates is available only to such perso

132、ns or will be engaged in only with such persons.Persons who do not have professional experience in matters relating to investments should not rely on this research.Haitong International Securities Company Limiteds affiliates may have a net long or short financial interest in excess of 0.5%of the tot

133、al issued share capital of the entities mentioned in this research report.Please be aware that any report in English may have been published previously in Chinese or another language.Notice to Australian investors:The research report is distributed in Australia by Haitong International Securities(Si

134、ngapore)Pte Ltd,Haitong International Securities Company Limited,and Haitong International Securities(UK)Limited in reliance on ASIC Corporations(Repeal and Transitional)Instrument 2016/396,which exempts those HTISG entities from the requirement to hold an Australian financial services license under

135、 the Corporations Act 2001 in 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 Inte

136、rnational Securities Company Limited,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

137、Limited(“HSIPL”),an Indian company 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 India Lim

138、ited(“NSE”)(collectively referred to as“Indian Exchanges”).Name of the entity:Haitong Securities India Private Limited SEBI Research Analyst Registration Number:INH000002590 Address:1203A,Floor 12A,Tower 2A,One World Center 841 Senapati Bapat Marg,Elphinstone Road,Mumbai 400 013,India CIN U74140MH20

139、11FTC224070 Ph:+91 22 43156800 Fax:+91 22 24216327 Details of the Compliance Officer and Grievance Officer:Prasanna Chandwaskar:Ph:+91 22 43156803;Email id:“Please note that Registration granted by SEBI and Certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors”.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.