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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 7 Mar 2025 地平線機器人地平線機

2、器人W HORIZON ROBOTICS(9660 HK)首次覆蓋：國產智駕芯片領導者，開啟征程 6 系列產品強勢周期 Leading player of AD/ADAS chip;Journey 6 ramp-up unveils a strong product cycle: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$9.16 目標價 HK$12.30 HTI ESG 4.0-4.0-4.0 E-S-G:0-5,(Please refer to the App

3、endix for ESG comments)市值 HK$120.91bn/US$15.56bn 日交易額(3 個月均值)US$42.45mn 發行股票數目 11,076mn 自由流通股(%)64%1 年股價最高最低值 HK$9.81-HK$3.33 注：現價 HK$9.16 為 2025 年 03 月 07 日收盤價 資料來源：Factset 1mth 3mth 12mth 絕對值 67.5%122.9%絕對值（美元）67.8%123.1%相對 MSCI China 53.2%102.4%Table_Profit Rmb mn Dec-23A Dec-24E Dec-25E Dec-26E

4、Revenue 1,552 2,198 3,430 5,815 Revenue(+/-)71%42%56%70%Net profit-6,739-6,067-2,061-946 Net profit(+/-)n.m.n.m.n.m.n.m.Diluted EPS(Rmb)-2.50-0.46-0.16-0.07 GPM 70.5%70.9%62.5%60.6%ROE n.m.-44.7%-17.7%-9.2%P/E n.m.n.m.n.m.n.m.資料來源：公司信息,HTI (Please see APPENDIX 1 for English summary)目標價目標價 12.3 港元港元/

5、股，首次覆蓋給予股，首次覆蓋給予“優于大市優于大市”評級評級。我們看好公司的業務前景，因其受益 1）汽車智駕平權大趨勢下的行業快速擴容，2）國產智駕芯片份額提升，2）SuperDrive 推出進軍高端市場，產品組合優化。我們預測公司 2024-2026年收入分別為21.98、34.30、58.15 億元，同比增長分別為 42%、56%、70%，期間 CAGR 超過 50%，且 25/26 年因受益大客戶上量和海外拓展，增長斜率將高于 24 年。Bottom-line 層面，我們預計公司有望于 2027 年扭虧實現盈利。參考同行業估值水平，我們給予公司 26.0X 2026 PS，對應目標價 1

6、2.3 港元/股，首次覆蓋給予“優于大市”評級。智能汽車轉型及商業化的關鍵推動者，芯片出貨量行業領先。智能汽車轉型及商業化的關鍵推動者，芯片出貨量行業領先。地平線（Horizon Robotics）成立于 2015 年，由前百度深度學習研究院副院長余凱博士創立?；趶姶蟮能浻布夏芰?、高度靈活和可擴展的業務模式，公司為客戶提供從算法到軟件和開發工具，再到處理硬件的全棧產品和解決方案，滿足從主流輔助駕駛（ADAS）到高階智能駕駛（AD）的全場景智能駕駛需求，已與比亞迪、理想汽車、大眾、博世等眾多車企和 Tier 1 達成合作。截至 2024 年，征程系列芯片累計出貨量已超 700 萬片；據高工

7、智能汽車研究院的數據，24H1 公司在中國市場的高級輔助駕駛解決方案裝機量中，市場份額達 35.9%，排名第一。比亞迪開啟比亞迪開啟“智駕平權智駕平權”，中高階，中高階 NOA 功能加速滲透。功能加速滲透。隨著高速NOA 技術成熟和成本下探，以 BYD 為代表的傳統車企正大規模部署中階智駕方案，車型價格下探至 10 萬元級別，為中階智能市場帶來大量的新增需求；同時，受益特斯拉 FSD 進入中國，更高階的端到端城區 NOA 方案的采納率亦在逐步提升，智駕行業持續擴容。據灼識咨詢數據，到 2030 年，搭載智能駕駛解決方案的車型即 ADAS+AD 將占到整體全球、中國汽車出貨量的96.7%、99.

8、7%，其中 AD 占比分別為 65%、80%。以比亞迪為例，25 年其智能駕駛車型出貨將達到 300+萬輛，其中超 200 萬為天神之眼 C 系列。據我們產業鏈調研，地平線作為唯一入選國產芯片供應商，其 J6M 芯片將供應一部分天神之眼 C 系列，增量較為顯著。SuperDrive 將于將于 25Q3 量產上車，帶動產品組合高端化。量產上車，帶動產品組合高端化。SuperDrive 基于最新的旗艦版征程 J6P 芯片，單片算力達到 560 TOPS，處于國內頂尖水平，目前已與多家頂級 Tier 1供應商和主機廠達成合作，我們預計將在 25Q3 實現首款量產車型的交付。我們認為，SuperDri

9、ve 的推出將進一步鞏固公司在智能駕駛芯片和解決方案市場的領先地位，為行業樹立了新的技術標桿，且隨著 SuperDrive 的方案上量，公司的的汽車產品毛利率有望達到50%。風險提示：風險提示：1）汽車智能化進展不及預期；2）高階智駕芯片上量不及預期；3）研發進展不及預期。Table_Author 陳昊飛陳昊飛 Haofei Chen,PhD 張曉飛張曉飛 Xiaofei Zhang 張幸張幸 Olivia Zhang 王凱王凱 Kai Wang,CFA 50100150200250Price ReturnMSCI ChinaOct-24Feb-25Volume 7 Mar 2025 2 Ta

10、ble_header1 地平線機器人W(9660 HK)首次覆蓋優于大市首次覆蓋優于大市 公司基本資料公司基本資料 業務介紹業務介紹 地平線機器人（地平線機器人（Horizon Robotics）是一家全球領先的智能駕駛解決方案提供商，）是一家全球領先的智能駕駛解決方案提供商，專注于高級輔助駕駛（專注于高級輔助駕駛（ADAS）和高階自動駕駛（）和高階自動駕駛（AD）。）。公司成立于 2015 年 7 月，總部位于中國北京，并在上海、南京、深圳等地設有研發中心和技術支持中心。公司致力于通過其專有的軟硬件技術，為汽車制造商提供全面的、涵蓋從主流輔助駕駛（L2級）到高階自動駕駛的全場景智能駕駛解決方

11、案。憑借其軟硬協同的開發理念、靈活的業務模式、豐富的行業經驗與客戶資源，以及持續的研發投入與產品創新（2021-2023 年，研發費用從 11.44 億元增至 23.66 億元，CAGR 為 43.84%），公司已成長為國內頭部的智駕解決方案商，成為國內智能汽車轉型及商業化的關鍵推動者。圖圖1 公司汽車產品方案介紹公司汽車產品方案介紹 解決方案解決方案 可采用的芯片配置可采用的芯片配置(單芯片算力單芯片算力 TOPS)功能簡述功能簡述 Horizon Mono（L2 級主動安全功能，如自動緊急剎車）J2(4 TOPS)J3(5 TOPS)J6B(10 TOPS)主動安全高級輔助駕駛解決方案，具

12、備自動緊急制動（AEB）、智能大燈（IHB）、自適應巡航控制（ACC）等功能。作為率先實現前裝量產的本土 ADAS 方案，Mono 憑借卓越性能與安全保障，現已成為國內乘用車市場的標配之選。2024H1 中國自主品牌乘用車前視一體機市場占比第一。中國自主品牌乘用車前視一體機市場占比第一。Horizon Pilot（高速 NOA）J3(5 TOPS)J5(128 TOPS)J6E(80 TOPS)J6M(128 TOPS)高速公路領航輔助駕駛（NOA）解決方案，支持自動上下匝道、交通擁堵輔助、自動變道等功能。2022 年，完成榮威 RX5 搭載 J3 的 Horizon Pilot 的量產首發；

13、完成理想完成理想 L8 Pro 搭載搭載 J5 的的Horizon Pilot 的量產首發。的量產首發。截至 24H1，7 家獲得城市路況 3 級高階自動駕駛測試牌照的OEM 中，5 家是公司 Horizon Pilot 的客戶。Horizon SuperDrive（全場景高階智駕）J6P(560 TOPS)高階自動駕駛解決方案，旨在實現城市、高速公路和停車場的全場景自動駕駛?；诘仄骄€最高性能版本的 J6P，整合端到端先進智駕算法技術整合端到端先進智駕算法技術。HSD 已實現國內 12 城泛化，計劃于 24Q4 實現全國泛化，推出標準版量產方案；25Q3 實實現首款量產合作車型交付?，F首款量

14、產合作車型交付。資料來源：公司招股書，HTI 7 Mar 2025 3 Table_header1 地平線機器人W(9660 HK)首次覆蓋優于大市首次覆蓋優于大市 財務數據財務數據 圖圖2 2021-24H1 公司分業務營收（單位：百萬元）和同比增速（公司分業務營收（單位：百萬元）和同比增速（%）資料來源：Company data，Wind，HTI 圖圖3 2021-24H1 公司分業務毛利率情況公司分業務毛利率情況 資料來源：Company data，Wind，HTI 208 319 506 222 202 482 964 691 57 105 81 22 0%30%60%90%120%1

15、50%180%03006009001,2001,5001,8002021202220231H24汽車解決方案（產品）汽車解決方案（授權及服務）非汽車解決方案總收入YoY，右軸0%10%20%30%40%50%60%70%80%90%100%2021202220231H24汽車解決方案（產品）汽車解決方案（授權及服務）非汽車解決方案Blended GPM 7 Mar 2025 4 Table_header1 地平線機器人W(9660 HK)首次覆蓋優于大市首次覆蓋優于大市 圖圖4 2021-24H1 公司費用率統計公司費用率統計 資料來源：Company data，Wind，HTI 歷史沿革歷史

16、沿革 圖圖5 公司發展大事記公司發展大事記 資料來源：公司官網，IPO 招股書，HTI 0%50%100%150%200%250%300%2021202220231H24研發費用率銷售費用率管理費用率 7 Mar 2025 5 Table_header1 地平線機器人W(9660 HK)首次覆蓋優于大市首次覆蓋優于大市 股權結構股權結構 公司的股權結構清晰，管理層經驗豐富，為公司的技術創新和市場拓展提供了堅公司的股權結構清晰，管理層經驗豐富，為公司的技術創新和市場拓展提供了堅實的基礎。實的基礎。公司最大股東為大眾集團旗下軟件公司 CARIAD，持股約 18%。作為公司的核心管理層，余凱博士（董

17、事長、執行董事兼首席執行官）和黃暢博士（聯合創始人、執行董事兼首席技術官）持股超 16%，因同股不同權擁有超 60%的投票權，保持對公司經營的控制權。此外，上汽集團通過 SAIC QIJUN I Holdings Limited 持股 7.87%，是前三大機構投資者。圖圖6 公司前十名普通股股東統計（截至公司前十名普通股股東統計（截至 2024 年年 10 月）月）股東名稱股東名稱 持股占比持股占比(%)1 CARIAD Estonia AS 17.93 2 Everest Robotics Limited 13.30 3 SAIC QIJUN I Holdings Limited 7.87

18、4 Pirates Silver Holding Limited 5.72 5 Pirates Gold Holding Limited 4.19 6 Morningside China TMT Fund IV,L.P.3.16 7 String Theory Robotics Limited 3.00 8 Pirates Bronze Holding Limited 1.18 9 Evolution Special Opportunity Fund I,L.P.1.01 10 Morningside China TMT Fund IV Co-Investment,L.P.0.32 合合 計：

19、計：57.68 資料來源：Wind，HTI 7 Mar 2025 6 Table_header1 地平線機器人W(9660 HK)首次覆蓋優于大市首次覆蓋優于大市 財務預測與估值財務預測與估值 財務預測財務預測 我們預測公司 2024-2026 年收入分別為 21.98、34.30、58.15 億元，同比增長分別為 42%、56%、70%，期間 CAGR 超過 50%，且 25/26 年因受益大客戶上量和海外拓展，增長斜率將高于 24 年。Bottom-line 層面，隨著營收規模逐步擴大以及費用率增長放緩，我們預計公司有望于 2027 年扭虧實現盈利。圖圖7 公司分業務收入拆分表公司分業務收

20、入拆分表 2022 2023 2024E 2025E 2026E 2027E 汽車產品解決方案汽車產品解決方案 收入（百萬元）收入（百萬元）319 506 742 1,957 3,922 6,438 YoY（%）53%59%47%164%100%64%毛利率 62.1%44.7%43.0%45.0%48.0%50.0%授權及服務業務授權及服務業務 收入（百萬元）收入（百萬元）482 964 1,372 1,381 1,791 2,258 YoY（%）138%100%42%1%30%26%毛利率 87.8%89.0%89.3%90.4%90.6%90.9%非汽車非汽車業務業務 收入（百萬元）收入

21、（百萬元）105 81 84 92 101 111 毛利（億元）85%-22%3%10%10%10%毛利率 6.0%13.0%17.0%17.0%17.0%17.0%資料來源：Wind，HTI 預測 圖圖8 公司盈利預測表（公司盈利預測表（百萬百萬元）元）1H23 2H23 1H24 2H24E 2024E 2025E 2026E 營業收入 371 1,180 935 1,263 2,198 3,430 5,815 營業成本 145 312 196 443 (639)(1,286)(2,292)毛利潤 227 868 739 820 1,559 2,144 3,522 營業費用 1,407 1

22、,730 1,861 1,826 3,687 4,039 4,174 營業利潤(1,180)(862)(1,122)(1,005)(2,128)(1,895)(652)利潤總額(1,885)(4,859)(5,089)(978)(6,067)(2,061)(946)所得稅(3)9 (9)9 0 0 0 凈利潤(1,888)(4,851)(5,098)(969)(6,067)(2,061)(946)少數股東損益(0)(0)(0)(0)(0)(0)(0)歸母凈利潤(1,888)(4,851)(5,098)(969)(6,067)(2,061)(946)資料來源：Wind，HTI 預測 7 Mar

23、2025 7 Table_header1 地平線機器人W(9660 HK)首次覆蓋優于大市首次覆蓋優于大市 估值估值 目標價目標價 12.3 港元港元/股股，首次覆蓋給予首次覆蓋給予“優于大市優于大市”評級評級。我們看好公司的業務前景，因其受益 1）汽車智駕平權大趨勢下的行業快速擴容，2）國產智駕芯片份額提升，2）SuperDrive 推出進軍高端市場，產品組合優化。我們預測公司 2024-2026 年收入分別為 21.98、34.30、58.15 億元，同比增長分別為 42%、56%、70%，期間 CAGR 超過 50%，且 25/26 年因受益大客戶上量和海外拓展，增長斜率將高于 24 年

24、。Bottom-line 層面，我們預計公司有望于 2027 年扭虧實現盈利。參考同行業估值水平，綜合考慮公司的增長前景和行業地位，我們給予公司 26.0X 2026 PS，對應目標價 12.3 港元/股，首次覆蓋給予“優于大市”評級。圖圖9 可比公司估值表可比公司估值表 代碼代碼 簡稱簡稱 總市值總市值（USD mn）營收（營收（USD mn）PS（倍）（倍）2023 2024E 2025E 2026E 2023 2024E 2025E 2026E MBLY US Mobileye 12,793 1,654 1,760 2,070 2,773 7.7 7.3 6.2 4.6 2533 HK

25、Black Sesame 1,686 44 69 129 213 38.8 24.4 13.1 7.9 HSAI US Hesai 2,283 265 292 458 664 8.6 7.8 5.0 3.4 2498 HK Robosense 2,528 158 231 365 514 16.0 10.9 6.9 4.9 均值 17.8 12.6 7.8 5.2 注：收盤價為 2025 年 03 月 03 日價格，PS 基于 Bloomberg 一致預期。資料來源：Bloomberg，HTI 風險提示：風險提示：1）汽車智能化進展不及預期；2）高階智駕芯片上量不及預期；3）研發進展不及預期。7

26、 Mar 2025 8 Table_header1 地平線機器人W(9660 HK)首次覆蓋優于大市首次覆蓋優于大市 財務報告分析和預測財務報告分析和預測 來源：Bloomberg，HTI 預測 Key Ratios Dec-22A23-DecDec-24EDec-25EDec-26EBalance sheet(Rmb mn)Dec-22A23-DecDec-24EDec-25EDec-26EValuation MeasuresTotal cash and equivalents7,81312,06910,1467,3794,869Growth*Inventories3647919891,37

27、22,035Revenue growth 94%71%42%56%70%Accounts receivable4215417691,2002,035Operating profit growth n.m.n.m.n.m.n.m.n.m.Other current assets206137176274407Net profit growth n.m.n.m.n.m.n.m.n.m.Total current assets8,80413,53812,08010,2269,346Margins Net fixed assets221433653807895Gross margin69%71%71%6

28、3%61%Intangible assets319303336404521EBITDA margin(185)%(112)%(81)%(42)%(0)%Others5521,6001,6101,6201,630Operating margin(235)%(131)%(95)%(53)%(10)%Total non-current assets1,0922,3362,5992,8313,045Net profit margin(963)%(434)%(276)%(60)%(16)%Total assets9,89515,87414,67813,05712,391ReturnsShort-term

29、 borrowings00000ROEn.m.n.m.(45)%(18)%(9)%Accounts payable411122341ROA(85)%(52)%(40)%(15)%(7)%Other current liabilities27,14840,2411,1361,2451,286StabilityTotal current liabilities27,15140,2521,1481,2681,328Gross debt/equity-1.6x-1.6x0.1x0.2x0.2xLong-term debt13113300600800Cash Flow Interest Coverage

30、206x202x684x108x50 xOther liabilities170174180200220Current Ratio0.3x0.3x10.5x8.1x7.0 xTotal non-current liabililties1822874808001,020Quick Ratio0.3x0.3x9.7x7.0 x5.5xTotal liabilities27,33440,5391,6282,0682,348Net debt to equityNet cashNet cashNet cashNet cashNet cashPaid-in capital146146146146146No

31、te*:n.m.means related ratio is not meaningful for non-profitable years.Retained earnings(18,832)(25,571)(31,639)(33,699)(34,645)Capital adjustment1,24876044,54344,54344,543Shareholders equity(17,439)(24,665)13,05010,98910,044Profit&Loss(Rmb mn)Dec-22A23-DecDec-24EDec-25EDec-26ETotal liabilities&shar

32、eholders equity9,89515,87414,67813,05712,391Total revenue9061,5522,1983,4305,815Cost of sales(278)(457)(639)(1,286)(2,292)Cash Flow(Rmb mn)Dec-22A23-DecDec-24EDec-25EDec-26EGross profit 1,1842,0092,8374,7158,107Net profit(8,720)(6,739)(6,067)(2,061)(946)Total operating expenses2,5523,1373,6874,0394,

33、174Depreciation&amortisation249305352463640Operating profit(2,132)(2,031)(2,078)(1,823)(578)Chang in working capital(442)(170)(340)(803)(1,581)Net other Non-op.income(Loss)(6,690)(4,872)(4,263)(350)(420)Others7,3564,860410450500Net interest income(expense)9715927311252Cash flow from operations(1,557

34、)(1,745)(5,645)(1,950)(1,387)Pre-tax profit(8,725)(6,744)(6,067)(2,061)(946)Cash flow from investing activities(215)(667)(664)(774)(858)Tax45000Cash flow from financing activities3307,1634,326(130)(280)Minority interest10000Total cash generated(1,441)4,751(1,983)(2,854)(2,525)Net income to ord equit

35、y(8,719)(6,739)(6,067)(2,061)(946)Free cash flow(2,107)(2,198)(6,250)(2,636)(2,230)7 Mar 2025 9 Table_header1 地平線機器人W(9660 HK)首次覆蓋優于大市首次覆蓋優于大市 APPENDIX 1 Summary Initiate with“Outperform”rating with a TP of HKD12.3/share.We are optimistic about the companys business prospects because it benefits fro

36、m 1)the rapid expansion of the industry under the general trend of equal rights for intelligent driving,2)the share gain of domestic intelligent driving chips,and 2)the launch of SuperDrive to enter the high-end market and optimize the product portfolio.We predict that the companys revenue in 2024-2

37、026 will be Rmb2.198B,3.430B,and 5.815B,respectively,with YoY growth of 42%,56%,and 70%,respectively,and the CAGR during the period will exceed 50%.In 2025/2026,due to the increase in the volume of major customers and overseas expansion,the growth slope will be higher than that in 24.At the bottom-l

38、ine level,we expect the company to turn losses into profits in 2027.Referring to the valuation level of the same industry,we give the company 26X 2026 PS,corresponding to a target price of HK$12.3/share,and give an outperform rating for the initiation.A key driver of the transformation and commercia

39、lization of smart cars,with industry-leading chip shipments.Horizon Robotics was founded in 2015 by Dr.Yu Kai,former vice president of Baidu Deep Learning Institute.Based on strong software and hardware integration capabilities,a highly flexible and scalable business model,the company provides custo

40、mers with a full stack of products and solutions from algorithms to software and development tools to processing hardware,meeting the full-scenario smart driving needs from mainstream assisted driving(ADAS)to advanced intelligent driving(AD).It has reached cooperation with many car companies and Tie

41、r 1s such as BYD,Li Auto,Volkswagen,and Bosch.As of 2024,the cumulative shipments of the Journey series chips have exceeded 7mn;according to public data,the companys market share in the installed capacity of advanced assisted driving solutions in the Chinese market reached 35.9%,ranking first in 24H

42、1.BYD launches smart driving equalization,and the penetration of mid-to-high-end NOA functions is accelerating.With the maturity of high-speed NOA technology and the decline in costs,traditional car companies represented by BYD are deploying mid-level smart driving solutions on a large scale,and the

43、 price of models has dropped to the 100,000 yuan level,bringing a large amount of new demand to the mid-level ADAS/AD market;at the same time,benefiting from the entry of Tesla FSD into China,the adoption rate of higher-level end-to-end urban NOA solutions is also gradually increasing,and the smart

44、driving industry continues to expand.According to data from Zhushi Consulting,by 2030,models equipped with smart driving solutions,namely ADAS+AD,will account for 96.7%and 99.7%of the overall global and Chinese automobile shipments,of which AD accounts for 65%and 80%respectively.Taking BYD as an exa

45、mple,its smart driving model shipments will reach more than 3 million in 25 years,of which more than 2 million are the Eye of God C series.According to our industry chain research,Horizon,as the only selected domestic chip supplier,its J6M chip will supply part of the Eye of God C series,with a sign

46、ificant increase.SuperDrive will be put into mass production in 25Q3,driving the high-end product portfolio.SuperDrive is based on the latest flagship version of the J6P chip,with a single-chip computing power of 560 TOPS,which is at the top level in China.It has currently reached cooperation with m

47、any top Tier 1 suppliers and OEMs,and is expected to achieve the delivery of the first mass-produced model in 25Q3.We believe that the launch of SuperDrive will further consolidate the companys leading position in the smart driving chip and solution market,set a new technical benchmark for the indus

48、try,and as the SuperDrive solution is put into mass production,the companys automotive product gross profit margin is expected to reach 50%.Risks:1)The progress of automotive intelligence is not as expected;2)The volume of high-end smart driving chips is not as expected;3)The progress of research an

49、d development is not as expected 10 Table_ESGcomments APPENDIX 2 ESG Comments Environmental:Energy-Efficient Products Social:Talent Attraction and Retention Governance:Commitment to Innovation and Excellence 11 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(H

50、TIRL)，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 DISCLOSURES This research report is distributed by Haitong International,a global brand name for the equity research teams

51、of Haitong International Research Limited(“HTIRL”),Haitong Securities India Private Limited(“HSIPL”),Haitong International Japan K.K.(“HTIJKK”),Haitong International Securities Company Limited(“HTISCL”),and any other members within the Haitong International Securities Group of Companies(“HTISG”),eac

52、h authorized to engage in securities activities in its respective jurisdiction.HTIRL分析師認證分析師認證Analyst Certification:我，陳昊飛，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

53、論目標公司的證券。I,Haofei Chen,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 was,is or will be directly or indirectly related to the specific

54、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 notified of this,will not deal in or trade any securities in resp

55、ect of the issuer that I review within 3 business days after the research report is published.我，張曉飛，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,Xiaofei Zha

56、ng,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 was,is or will be directly or indirectly related to the specific recommendations or v

57、iews 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 notified of this,will not deal in or trade any securities in respect of the issuer th

58、at I review within 3 business days after the research report is published.我，張幸，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,Olivia Zhang,certify that(i)the

59、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 was,is or will be directly or indirectly related to the specific recommendations or views expressed in this

60、 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 notified of this,will not deal in or trade any securities in respect of the issuer that I review within 3 b

61、usiness days after the research report is published.我，王凱，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,Kai Wang,certify that(i)the views expressed in this re

62、search 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 was,is or will be directly or indirectly related to the specific recommendations or views expressed in this research report;and that

63、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 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 res

64、earch 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，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 tradi

65、ng 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 disclosure does not ensure timeliness and completeness,please send an email to ERD-D if timely and co

66、mprehensive information is needed).海通證券股份有限公司和/或其子公司（統稱“海通”）在過去12個月內參與了002594.CH的投資銀行項目。投資銀行項目包括：1、海通擔任上市前輔導機構、保薦人或主承銷商的首次公開發行項目；2、海通作為保薦人、主承銷商或財務顧問的股權或債務再融資項目；3、海通作為主經紀商的新三板上市、目標配售和并購項目。Haitong Securities Co.,Ltd.and/or its subsidiaries(collectively,the Haitong)have a role in investment banking pro

67、jects of 002594.CH within the past 12 months.The investment banking projects include 1.IPO projects in which Haitong acted as pre-listing tutor,sponsor,or lead-underwriter;2.equity or debt refinancing projects of 002594.CH for which Haitong acted as sponsor,lead-underwriter or financial advisor;3.li

68、sting by introduction in the new three board,target placement,M&A projects in which Haitong acted as lead-brokerage firm.002594.CH目前或過去12個月內是海通的投資銀行業務客戶。002594.CH is/was an investment bank clients of Haitong currently or within the past 12 months.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

69、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。在任何情評級分布評級分布Rating Distribution 12 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

70、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 Underperform for recommending the stocks we cover to

71、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 its enti

72、rety,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.Analyst

73、 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 market be

74、nchmark,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 below.Benc

75、hmarks 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2024年年12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 91.9%7.6%0.4%投資銀行客戶*2.1%2.2%0.0%*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

76、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,

77、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 December 31,2024 Outperform Neutral Underperform (hold)13 HTI Equity Research Coverage 91.9%7.6%0.4%IB clients*2.1%2.2%0.0%*Percentage of investment banking clients in each rating category.BUY,

78、Neutral,and SELL in the above distribution correspond to our current ratings of Outperform,Neutral,and Underperform.For purposes only of FINRA/NYSE ratings distribution rules,our Neutral rating falls into a hold rating category.Please note that stocks with an NR designation are not included in the t

79、able 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 return over the next 12-18 months is expected to be in line with

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

81、t 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

82、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 multiples.Such rankings or suggested prices do not purport to be stoc

83、k 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 Coverage of A-Shares:Haitong International may cover and rate A-

84、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 distribution in mainland China.However,the rating system employed

85、by HS differs from that used by HTI and as a result there may be a difference in the HTI and HS ratings for the same A-share stocks.海通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

86、(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 HS A-share teams bottom-up research.The Q100 constitu

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