百融云(6608.HK)金融云业务快速增长盈利能力持续释放

研究报告ResearchReport27Mar2024百融云Bairong(6608HK)金融云业务快速增长，盈利能力持续释放FinancialCloudBusinessRunFast,ProfitabilitySustainedRelease观点聚焦InvestmentFocus评级 优于大市OUTPERFORM现价 HK$11.84目标价 HK$20.82HTI4.0-4.0-4.0E-S-G:0-5,(PleaserefertotheAppendixforESGcomments)市值 HK$4.89bn/US$0.62bn日交易额(3个月均值) US$2.52mn发行股票数目 412.86mn自由流通股(%) 50%1年股价最高最低值 HK$14.64-HK$8.38注：现价HK$11.84为2024年3月26日收盘价PriceReturn MSCIChina8570Volume55VolumeMar-23 Jul-23 Nov-23资料来源：Factset

(PleaseseeAPPENDIX1forEnglishsummary)维持优于大市MaintainOUTPERFORM金融云业务高速增长，盈利能力持续释放。2023年，公司实现营业收入约26.8131%；其中，MaaS业务收入约为8.91亿元人民币，同比增长17%14%；BaaS17.90亿元人民币，同比增长38%。BaaS11.85资产交易规模达到约531.3093%；BaaS的保险云收入约为6.0510%，新增保费规模维持优于大市MaintainOUTPERFORM19.53亿元人民币，同比增长72%，续保规模13.78亿元人民币，同比增长38%。2023年，公司销售费用率、管理费用率和研发费用率分别为40.0%、9.7%和14.1%。销售费用率上升，与公司开拓新市场新客户有关。管理费用率和研发费用率下降，除了公司降本增效的管copilot助手BR-coder等。2023年，公司毛利率为72.91%，继续保持高毛利率水平，净利润增长了46.2%，达到3.35亿元人民币，净利润率为12.51%。业务的核心逻辑和业务的发展潜力。2023年，公司MaaS产品线作为基石业务，稳定增长，核心客户数增长的同时，绝对值1mth-3.1%3mth-6.8%12mth-5.1%过3亿，通过单客户模块调用量提升和多客户调用覆盖，是MaaS绝对值（美元）-3.1%-6.8%-4.8%业务持续增长的核心逻辑。相对MSCIChina-2.9%-8.7%12.5%BaaS业务是公司高速增长的核心驱动力，特别是金融云，以交付平均收入也微涨了2.9%349绝对值1mth-3.1%3mth-6.8%12mth-5.1%过3亿，通过单客户模块调用量提升和多客户调用覆盖，是MaaS绝对值（美元）-3.1%-6.8%-4.8%业务持续增长的核心逻辑。相对MSCIChina-2.9%-8.7%12.5%BaaS业务是公司高速增长的核心驱动力，特别是金融云，以交付(Rmbmn)营业收入Dec-23A2,681Dec-24E3,055Dec-25E3,610Dec-26E4,289(+/-)31%14%18%19%净利润340377445526(+/-)42%(Rmbmn)营业收入Dec-23A2,681Dec-24E3,055Dec-25E3,610Dec-26E4,289(+/-)31%14%18%19%净利润340377445526(+/-)42%11%18%18%全面摊薄EPS(Rmb)0.690.770.911.07毛利率72.9%72.7%72.9%73.0%净资产收益率7.7%8.1%9.1%10.0%市盈率16141210资料来源：公司信息,HTI宋亮LiangSongong@本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证translationthe百融云(6608HK) 维持优于大市表2：可比公司估值表证券简称类型证券代码市值（亿）2023年净利润（亿）22-25净利润CAGR2022PE2023PE2024PE2025PE2023GPM2023NPM信用评分FICO决策分析FICO.N3154.2919%8473615079% 28%反欺诈Verisk风险评估决策分析VRSK.O3336.151%3554383467% 23%Equifax美国征信机构EFX.N3245.4513%4759443256% 10%TransUnion美国征信机构TRU.N152-2.0625%56-74442960% -5%Experian美国征信机构EXPN.L4087.703%35533532/ 12%微盟集团精准营销服务2013.HK56-5.38n.a-3-10-442659% -104%零售电商中国有赞互联网支付8083.HK270.08n.a-8n.an.an.a69% -3%SaaS服务联易融科技供应链金融SaaS服务9959.HK27-2.35n.a-182-12-18-2561% -48%汇量科技移动广告平台移动分析SaaS平台1860.HK501.7059%4329171121% 2%宇信科技银行IT头部服务商互联网金融SaaS服务300674.SZ963.2337%3830191527% 6%平均48503729百融云智能风控SaaS互金精准营销保险营销6608.HK583.6923%2216141273%13%资料来源：wind，MarketScreener，HTI注：（1）各公司收入和市值的货币为各自所在上市地货币；（2）百融云采用海通预测数据，其他公司采用和MarketScreener一致性预期；（3）市值为2024年3月26日收盘市值272024 3财务报表分析和预测资产负债表（百万人民币）现金流量表（百万人民币）项目/报告期2022A2023A2024E2025E2026E项目/报告期2022A2023A2024E2025E2026E流动资产2,5313,0843,3243,6934,181经营活动现金流302339427522610货币资金8899141,0211,2091,477净利润229340377445526预付及其他流动资产414447489560643折旧摊销8674606571贸易应收账款362519611722858股份支付6554617277其他流动资产8681,2031,2031,2031,203营运资金变动-75-127-71-61-64非流动资产2,7362,4222,4322,4502,471其它-2-2000商誉180119119119119投资活动现金流-2,563-39-71-83-91固定资产4553556169资本支出-60-54-71-83-91无形资产净值5447525864金融性投资0154000使用权资产6948525864其他-2,504-140000定期存款2,1221,9831,9831,9831,983筹资活动现金流-222-271-250-250-250其他非流动资产265171171171171银行借款00000资产总计5,2675,5065,7566,1446,652发行股份筹款00000流动负债9111,0341,0961,2161,372偿还银行借款00000贸易应付账款165302334377429其他-222-271-250-250-250合同负债618292109129现金净增加额-2,48229107188268其他流动负债685650671731813期初现金余额3,3468899141,0211,209非流动负债4523232323期末现金余额8899141,0211,2091,477负债合计9571,0571,1191,2391,395股本0.070.060.060.060.06主要财务比率库存股-149-186-186-186-186项目/报告期2022A2023A2024E2025E2026E储备4,4444,6254,8125,0805,433成长能力(%)权益总额4,3104,4494,6374,9045,257营业收入增长26.5%30.5%14.0%18.2%18.8%非控股权益1510101010营业利润增长193.3%47.7%11.7%20.8%20.7%负债和股东权益5,2675,5065,7566,1446,652归属母公司净利润增长n.a42.1%10.6%18.2%18.0%获利能力（%）利润表（百万人民币）毛利率72.1%72.9%72.7%72.9%73.0%项目营业收入销售成本2026E4,2891,159净利率ROE偿债能力11.7%5.6%12.7%7.7%12.3%8.1%12.3%9.1%12.3%10.0%毛利1,4811,9552,2202,6303,130资产负债率(%)18.2%19.2%19.4%20.2%21.0%销售费用7851,0731,2221,4081,630流动比率2.782.983.033.043.05管理费用270259296350416速动比率2.322.552.592.582.58研发费用370379467549648营运能力营业利润235347387468565总资产周转率0.390.490.530.590.64其他收益178183153144129应收账款周转率5.685.165.005.005.00财务收入/(费用)净额-6-11-12-14-17存货周转率-----优先股的公允价值变动00000每股指标（元）衍生工具公允价值的变动00000每股收益0.490.690.770.911.07除税前利润229336375454548每股经营现金流0.620.690.871.061.24所得税1-1-4-14-27每股营业收入4.195.476.237.378.75净利润229335371440520每股净资产8.809.089.4610.0110.73少数股东损益-10-5-5-5-5估值比率归母净利润240340377445526P/S2.612.001.751.481.25Non-GAAP净利润294389433512598P/E22.3415.7314.2112.0210.19GAAPEPS/ADR（元）EV/EBITDA14.0710.769.887.946.24资料来源：公司年报（2023），HTI注：（1）2024326日；（2）0.9227；（3）以上为简表百融云(6608HK)APPENDIX1SummaryThefinancialcloudbusinessgrewrapidly,anditsprofitabilitycontinuesbereleased.ThecorelogicofMaaSbusinessandthedevelopmentpotentialofBaaSbusiness.Afullstacktechnicalsystemforverticalbigmodels.Weexpectthecompany'srevenuefor24-26beRMB3.055/(-7.5%)/3.610(-10.4%)/4.289bn,andthebeRMB377(-13.9%)/445(-15.7%)/526mn,respectively.Thefor22-25be23%.Thereasonforthedecreaseinrevenueandnetprofitexpectationsisduemacroeconomicfactors.Inthesecondhalfof2023,especiallyinfourthquarter,thecompany'sperformanceshowedaslowingtrendcomparedthefirsthalfoftheyear.Inthefirstquarterof2024,thereweresignsoffurtherslowdown.Therefore,haveloweredourpreviousrevenueandprofitgrowthexpectations.Butthegrossprofitmarginisstillabove72%,andthenetprofitmarginisstillabove12%.Risk:Thestandardizationofthecompany'sbigdatamanagementandtheimpactofunexpectedcausedbydatasecurityonthecompany'sreputation;Theriskoflower-than-expectedrevenueandnetprofitduecompetitivepressurefromotherFintechcompanies;Thechangeindependenceofbankcustomersonexternalprocurementservicesleadsthelossofmajorcustomers,whichinturnaffectsthecompany'sperformancerisks.APPENDIX2ESGCommentsEnvironmental:AIcaneffectivelypromoteenvironmentalcostsavingsSocial:AIcaneffectivelyreducesocialandeconomicoperatingcostsGovernance:Thecompanyhasagoodcorporategovernancestructure附录APPENDIX重要信息披露本研究报告由海通国际分销，海通国际是由海通国际研究有限公司(HTIRL)，HaitongSecuritiesIndiaPrivateLimited(HSIPL)，HaitongInternationalJapanK.K.(HTIJKK)和海通国际证券有限公司(HTISCL)的证券研究团队所组成的全球品牌，海通国际证券集团(HTISG)各成员分别在其许可的司法管辖区内从事证券活动。IMPORTANTDISCLOSURESThisresearchreportisdistributedbyHaitongInternational,aglobalbrandnamefortheequityresearchteamsofHaitongInternationalResearchLimited(“HTIRL”),HaitongSecuritiesIndiaPrivateLimited(“HSIPL”),HaitongInternationalJapanK.K.(“HTIJKK”),HaitongInternationalSecuritiesCompanyLimited(“HTISCL”),andanyothermemberswithintheHaitongInternationalSecuritiesGroupofCompanies(“HTISG”),eachauthorizedtoengageinsecuritiesactivitiesinitsrespectivejurisdiction.HTIRL分析师认证AnalystCertification:我，宋亮，在此保证（i）（ii）（包括我们的家属）（我已经告知他们）报告发布后的3I,LiangSong,certifythat(i)theviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchand(ii)nopartofmycompensationwas,isorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreport;andthatI(includingmembersofmyhousehold)havenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussed.Iandmyhousehold,利益冲突披露ConflictofInterestDisclosures/（ERDDisclosure@htiseccom）HTIandsomeofitsaffiliatesmayengageininvestmentbankingand/orserveasamarketmakerorholdproprietarytradingpositionsofcertainstocksorcompaniesinthisresearchreport.Asfarasthisresearchreportisconcerned,thefollowingarethedisclosuremattersrelatedtosuchrelationship(Asthefollowingdisclosuredoesnotensuretimelinessandcompleteness,pleasesendanemailtoERD-Disclosure@htisec.comiftimelyandcomprehensiveinformationisneeded).海通证券股份有限公司和/或其子公司（统称“海通”）在过去12个月内参与了2013.HK的投资银行项目。投资银行项目包括：1、海通担任上市前辅导机构、保荐人或主承销商的首次公开发行项目；2、海通作为保荐人、主承销商或财务顾问的股权或债务再融资项目；3、海通作为主经纪商的新三板上市、目标配售和并购项目。HaitongSecuritiesCo.,Ltd.and/oritssubsidiaries(collectively,the"Haitong")havearoleininvestmentbankingprojectsof2013.HKwithinthepast12months.Theinvestmentbankingprojectsinclude1.IPOprojectsinwhichHaitongactedaspre-listingtutor,sponsor,orlead-underwriter;2.equityordebtrefinancingprojectsof2013.HKforwhichHaitongactedassponsor,lead-underwriterorfinancialadvisor;3.listingbyintroductioninthenewthreeboard,targetplacement,M&AprojectsinwhichHaitongactedaslead-brokeragefirm.2013.HK目前或过去12个月内是海通的投资银行业务客户。2013.HKis/wasaninvestmentbankclientofHaitongcurrentlyorwithinthepast12months.北京长天宇信科技有限公司目前或过去12个月内是海通的客户。海通向客户提供非投资银行业务的证券相关业务服务。北京长天宇信科技有限公司is/wasaclientofHaitongcurrentlyorwithinthepast12months.Theclienthasbeenprovidedfornon-investment-bankingsecurities-relatedservices.海通在过去12个月中获得对2013.HK提供投资银行服务的报酬。Haitongreceivedinthepast12monthscompensationforinvestmentbankingservicesprovidedto2013.HK.海通预计将（或者有意向）在未来三个月内从2013.HK获得投资银行服务报酬。Haitongexpectstoreceive,orintendstoseek,compensationforinvestmentbankingservicesinthenextthreemonthsfrom2013.HK.评级定义（从2020年7月1日开始执行）：（“HTI）HTI的评级定义。并且HTI基于各自情况（）分析师股票评级优于大市12-1810%下中性，未来12-18FINRA/NYSE的评级分布规则，我们会将中性评级划入持有这一类别。弱于大市12-1810%

评级分布RatingDistributionTOPIX,KOSPI,TAIEX,Nifty100,美–SP500;其他所有中国概念股MSCIChina.RatingsDefinitions(from1Jul2020):HaitongInternationalusesarelativeratingsystemusingOutperform,Neutral,orUnderperformforrecommendingthestockswecovertoinvestors.InvestorsshouldcarefullyreadthedefinitionsofallratingsusedinHaitongInternationalResearch.Inaddition,sinceHaitongInternationalResearchcontainsmorecompleteinformationconcerningtheanalyst'sviews,investorsshouldcarefullyreadHaitongInternationalResearch,initsentirety,andnotinferthecontentsfromtheratingalone.Inanycase,ratings(orresearch)shouldnotbeusedorrelieduponasinvestmentadvice.Aninvestor'sdecisiontobuyorsellastockshoulddependonindividualcircumstances(suchastheinvestor'sexistingholdings)andotherconsiderations.AnalystStockRatingsNeutral:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobeinlinewiththereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.ForpurposesonlyofFINRA/NYSEratingsdistributionrules,ourNeutralratingfallsintoaholdratingcategory.Underperform:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobebelowthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.Benchmarksforeachstock’slistedareasfollows:Japan–TOPIX,Korea–Taiwan–TAIEX,–Nifty100,US–SP500;forallotherChina-conceptstocks–MSCIChina. 截至20231231日海通国际股票研究评级分布优于大市中性弱于大市(持有)海通国际股票研究覆盖率 89.4%9.6%1.0%投资银行客户* 3.9%5.1%5.6%*在每个评级类别里投资银行客户所占的百分比。上述分布中的买入，中性和卖出分别对应我们当前优于大市，中性和落后大市评级。只有根据FINRA/NYSE此前的评级系统定义（直至2020年6月30日）：买入，未来1218个月内预期相对基准指数涨幅在10%中性，未来1218FINRA/NYSE卖出，未来1218个月内预期相对基准指数跌幅在10%各地股票基准指数：日本–TOPIX,韩国–KOSPI,台湾–TAIEX,印度–Nifty100;其他所有中国概念股–MSCIChina.HaitongInternationalEquityResearchRatingsDistribution,asofDecember31,2023Outperform Neutral Underperform(hold)HTIEquityResearchCoverage 89.4% 9.6% 1.0%IBclients* 3.9% 5.1% 5.6%*Percentageofinvestmentbankingclientsineachratingcategory.BUY,Neutral,andSELLintheabovedistributioncorrespondtoourcurrentratingsofOutperform,Neutral,andUnderperform.ForpurposesonlyofFINRA/NYSEratingsdistributionrules,ourNeutralratingfallsintoaholdratingcategory.PleasenotethatstockswithanNRdesignationarenotincludedinthetableabove.Previousratingsystemdefinitions(until30Jun2020):BUY:Thestock’stotalreturnoverthenext12-18monthsisexpectedtoexceedthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.NEUTRAL:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobeinlinewiththereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.ForpurposesonlyofFINRA/NYSEratingsdistributionrules,ourNeutralratingfallsintoaholdratingcategory.SELL:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobebelowthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow. Benchmarksforeachstock’slistedregionareasfollows:Japan–TOPIX,Korea–Taiwan–TAIEX,–Nifty100;forallotherChina-conceptstocks–MSCIChina.海通国际非评级研究：HaitongInternationalNon-RatedResearch:HaitongInternationalpublishesquantitative,screeningorshortreportswhichmayrankstocksaccordingtovaluationandothermetricsormaysuggestpricesbasedonpossiblevaluationmultiples.Suchrankingsorsuggestedpricesdonotpurporttobestockratingsortargetpricesorfundamentalvaluesandareforinformationonly.海通国际A股覆盖：海通国际可能会就沪港通及深港通的中国A（600837CH）A是，海通国际使用与海通证券不同的评级系统，所以海通国际与海通证券的中国A股评级可能有所不同。HaitongInternationalCoverageofA-Shares:HaitongInternationalmaycoverandrateA-SharesthataresubjecttotheHongKongStockConnectschemewithShanghaiandShenzhen.HaitongSecurities(HS;600837CH),theultimateparentcompanyofHTISGbasedinShanghai,coversandpublishesresearchonthesesameA-SharesfordistributioninmainlandChina.However,theratingsystememployedbyHSdiffersfromthatusedbyHTIandasaresulttheremaybeadifferenceintheHTIandHSratingsforthesameA-sharestocks.海通国际优质100A股（Q100）指数：海通国际Q100指数是一个包括100支由海通证券覆盖的优质中国A股的计量产品。这些股票是通过基于质量的筛选过程，并结合对海通证券A股团队自下而上的研究。海通国际每季对Q100指数成分作出复审。HaitongInternationalQuality100A-share(Q100)Index:HTI’sQ100Indexisaquantproductthatconsistsof100ofthehighest-qualityA-sharesundercoverageatHSinShanghai.Thesestocksare盟浪义利（FIN-ESG）数据通免责声明条款：在使用盟浪义利（FIN-ESG）数据之前，请务必仔细阅读本条款并同意本声明：第一条义利（FINESG）（以下简称“本公司”）（）绩表现不作为日后回报的预测。（（））SusallWaveFIN-ESGDataServiceDisclaimer:PleasereadthesetermsandconditionsbelowcarefullyandconfirmyouragreementandacceptancewiththesetermsbeforeusingSusallWaveFIN-ESGDataService.FIN-ESGDataisproducedbySusallWaveDigitalTechnologyCo.,Ltd.(Inshort,SusallWave)’sassessmentbasedonlegalpubliclyaccessibleinformation.SusallWaveshallnotberesponsibleforanyaccuracyandcompletenessoftheinformation.Theassessmentresultisforreferenceonly.Itisnotforanyinvestmentadviceforanyindividualorinstitutionandnotforbasisofpurchasing,sellingorholdinganyrelativefinancialproducts.WewillnotbeliableforanydirectorindirectlossofanyindividualorinstitutionasaresultofusingSusallWaFIN-ESGData.SusallWadonotconsiderrecipientsascustomersforreceivingthesedata.Whenusingthedata,recipientsshallmakeyourownindependentjudgmentaccordingtoyourpracticalindividualstatus.Thecontentsofthedatareflectthejudgmentofusonlyonthereleaseday.Wehaverighttoupdateandamendthedataandreleaseotherdatathatcontainsinconsistentcontentsordifferentconclusionswithoutnotification.Unlessexpresslystated,thedata(e.g.,financialperformancedata)representspastperformanceonlyandthepastperformancecannotbeviewedasthepredictionoffuturereturn.ThecopyrightofthisdatabelongstoSusallWa,andreserveallrightsinaccordancewiththelaw.Withoutthepriorwrittenpermissionofourcompany,noneofindividualorinstitutioncanusethesedataforanyprofitablepurpose.Besides,noneofindividualorinstitutioncantakeactionssuchasamendment,replication,translation,compilation,re-editing,adaption,deletion,abbreviation,excerpts,issuance,rent,exhibition,performance,projection,broadcast,informationnetworktransmission,shooting,addingiconsandinstructions.IfanylossofSusallWaoranythird-partyiscausedbythoseactions,usersshallbearthecorrespondingcompensationliability.SusallWaveshallnotberesponsibleforanyloss.Ifanytermisnotcontainedinthisdisclaimerbutwritteninotheragreementsonourwebsite(e.g.UserRegistrationProtocolofSusallWaWebsite,UserService(includingauthentication)AgreementofSusallWaveWebsite,PrivacyPolicyofSusallwaveWebsite),itshouldbeexecutedaccordingtootheragreements.Ifthereisanydifferencebetweenthisdisclaimandotheragreements,thisdisclaimershallbeapplied.重要免责声明：非印度证券的研究报告：本报告由海通国际证券集团有限公司（“HTISGL”）的全资附属公司海通国际研究有限公司（“HTIRL”）（571章）4（）HTISGLHaitongInternational(Japan)K.K.（“HTIJKK）HTIJKK管为投资顾问。印度证券的研究报告：本报告由从事证券交易、投资银行及证券分析及受SecuritiesandExchangeBoardofIndia（“SEBI”）监管的HaitongSecuritiesIndiaPrivateLimited（“HTSIPL”）所发BSELimited（“BSE”）NationalStockExchangeofIndiaLimited（“NSE）（）HTSIPL20161222并成为海通国际证券集团有限公司（“HTISG）所有研究报告均以海通国际为名作为全球品牌，经许可由海通国际证券股份有限公司及/或海通国际证券集团的其他成员在其司法管辖区发布。本文件所载信息和观点已被编译或源自可靠来源，但HTIRL、HTISCL或任何其他属于海通国际证券集团有限公司（“HTISG”）的成员对其准确性、完整性和正确性不做任何明示或暗示的/HTISG任。HTISGHTISG的销售员、交易员和其他专业人士均可向HTISGHTISG一致的投资决策。但HTIRL请访问海通国际网站 ，查阅更多有关海通国际为预防和避免利益冲突设立的组织和行政安排的内容信息。IMPORTANTDISCLAIMERForresearchreportsonnon-Indiansecurities:TheresearchreportisissuedbyHaitongInternationalResearchLimited(“HTIRL”),awhollyownedsubsidiaryofHaitongInternationalSecuritiesGroupLimited(“HTISGL”)andalicensedcorporationtocarryonType4regulatedactivity(advisingonsecurities)forthepurposeoftheSecuritiesandFuturesOrdinance(Cap.571)ofHongKong,withtheassistanceofHaitongInternational(Japan)K.K.(“HTIJKK”),awhollyownedsubsidiaryofHTISGLandwhichisregulatedasanInvestmentAdviserbytheKantoFinanceBureauofJapan.ForresearchreportsonIndiansecurities:TheresearchreportisissuedbyHaitongSecuritiesIndiaPrivateLimited(“HSIPL”),anIndiancompanyandaSecuritiesandExchangeBoardofIndia(“SEBI”)registeredStockBroker,MerchantBankerandResearchAnalystthat,interalia,producesanddistributesresearchreportscoveringlistedentitiesontheBSELimited(“BSE”)andtheNationalStockExchangeofIndiaLimited(“NSE”)(collectivelyreferredtoas“IndianExchanges”).HSIPLwasacquiredandbecamepartoftheHaitongInternationalSecuritiesGroupofCompanies(“HTISG”)on22December2016.AlltheresearchreportsaregloballybrandedunderthenameHaitongInternationalandapprovedfordistributionbyHaitongInternationalSecuritiesCompanyLimited(“HTISCL”)and/oranyothermemberswithinHTISGintheirrespectivejurisdictions.Theinformationandopinionscontainedinthisresearchreporthavebeencompiledorarrivedatfromsourcesbelievedtobereliableandingoodfaithbutnorepresentationorwarranty,expressorimplied,ismadebyHTIRL,HTISCL,HSIPL,HTIJKKoranyothermemberswithinHTISGfromwhichthisresearchreportmaybereceived,astotheiraccuracy,completenessorcorrectness.Allopinionsexpressedhereinareasofthedateofthisresearchreportandaresubjecttochangewithoutnotice.Thisresearchreportisforinformationpurposeonly.Descriptionsofanycompaniesortheirsecuritiesmentionedhereinarenotintendedtobecompleteandthisresearchreportisnot,andshouldnotbeconstruedexpresslyorimpliedlyas,anoffertobuyorsellsecurities.Thesecuritiesreferredtointhisresearchreportmaynotbeeligibleforpurchaseorsaleinsomejurisdictions.Ifaninvestmentproductisdenominatedinacurrencyotherthananinvestor'shomecurrency,achangeinexchangeratesmayadverselyaffecttheinvestment.Pastperformanceisnotnecessarilyindicativeoffutureresults.Certaintransactions,includingthoseinvolvingderivatives,giverisetosubstantialriskandarenotsuitableforallinvestors.Youshouldalsobearinmindthatrecommendationsinthisresearchreportarenottailor-madeforyou.Theanalysthasnottakenintoaccountyouruniquefinancialcircumstances,suchasyourfinancialsituationandriskappetite.Youmust,therefore,analyzeandshould,whereapplicable,consultyourownlegal,tax,accounting,financialandotherprofessionaladviserstoevaluatewhethertherecommendationssuitsyoubeforeinvestment.NeitherHTISGnoranyofitsdirectors,employeesoragentsacceptsanyliabilitywhatsoeverforanydirectorconsequentiallossarisingfromanyuseofthematerialscontainedinthisresearchreport.HTISGandouraffiliates,officers,directors,andemployees,excludingtheanalystsresponsibleforthecontentofthisdocument,willfromtimetotimehavelongorshortpositionsin,actasprincipalin,andbuyorsell,thesecuritiesorderivatives,ifany,referredtointhisresearchreport.Sales,traders,andotherprofessionalsofHTISGmayprovideoralorwrittenmarketcommentaryortradingstrategiestotherelevantclientsandthecompanieswithinHTISGthatreflectopinionsthatarecontrarytotheopinionsexpressedinthisresearchreport.HTISGmaymakeinvestmentdecisionsthatareinconsistentwiththerecommendationsorviewsexpressedinthisresearchreport.HTIisundernoobligationtoensurethatsuchothertradingdecisions,ideasorrecommendationsarebroughttotheattentionofanyrecipientofthisresearchreport.PleaserefertoHTI’swebsiteforfurtherinformationonHTI’sorganizationalandadministrativearrangementssetupforthepreventionandavoidanceofconflictsofinterestwithrespecttoResearch.NonU.S.AnalystDisclosure:TheHTIanalyst(s)listedonthecoverofthisResearchis(are)notregisteredorqualifiedasaresearchanalystwithFINRAandarenotsubjecttoU.S.FINRARule2241restrictionsoncommunicationswithcompaniesthatarethesubjectoftheResearch;publicappearances;andtradingsecuritiesbyaresearchanalyst.分发和地区通知：除非下文另有规定，否则任何希望讨论本报告或者就本项研究中讨论的任何证券进行任何交易的收件人均应联系其所在国家或地区的海通国际销售人员。香港投资者的通知事项：海通国际证券股份有限公司(“HTISCL”)HTISCL是在香港有权实施第1类受规管活动（从事证券交易）《证券及期货条例》（香港法例第571）（以下简称“SFO”）SFO所界定的“专业投资者”期货事务监察委员会的审查。您不应仅根据本研究报告中所载的信息做出投资决定。本研究报告的收件人就研究报告中产生或与之相关的任何事宜请联系HTISCL销售人员。美国投资者的通知事项：本研究报告由HTIRL，HSIPL或HTIJKK编写。HTIRL，HSIPL，HTIJKK以及任何非HTISG美国联营公司，均未在美国注册，因此不受美国关于研究报告编制和研1934年“美国证券交易法”15a6（“MajorU.S.InstitutionalInvestor）资者」（”US.InstitutionalInvestors）HaitongInternationalSecurities(USA)Inc.（“HTIUSA”）HTIUSA。HTIUSA340MadisonAvenue,12thFloor,NewYork,NY10173，电话（212）351-6050。HTIUSA是在美国于US.SecuritiesandExchangeCommission（“SEC”）FinancialIndustryRegulatoryAuthority,Inc.（“FINRA”）HTIUSAHSIPLHTIRL或HTIJKK直接进行买卖证券或相HSIPLHTIRLHTIJKKFINRAFINRA2241（包括ADR）HaitongInternationalSecurities(USA)Inc.340MadisonAvenue,12thFloorNewYork,NY10173联系人电话：(212)3516050Exceptasotherwiseindicatedbelow,anyRecipientwishingtodiscussthisresearchreportoreffectanytransactioninanysecuritydiscussedinHTI’sresearchshouldcontacttheHaitongInternationalsalespersonintheirowncountryorregion.NoticetoHongKonginvestors:TheresearchreportisdistributedbyHaitongInternationalSecuritiesCompanyLimited(“HTISCL”),whichisalicensedcorporationtocarryonType1regulatedactivity(dealinginsecurities)inHongKong.ThisresearchreportdoesnotconstituteasolicitationoranofferofsecuritiesoraninvitationtothepublicwithinthemeaningoftheSFO.Thisresearchreportisonlytobecirculatedto"ProfessionalInvestors"asdefinedintheSFO.ThisresearchreporthasnotbeenreviewedbytheSecuritiesandFuturesCommission.Youshouldnotmakeinvestmentdecisionssolelyonthebasisoftheinformationcontainedinthisresearchreport.RecipientsofthisresearchreportaretocontactHTISCLsalespersonsinrespectofanymattersarisingfrom,orinconnectionwith,theresearchreport.NoticetoU.S.investors:Asdescribedabove,thisresearchreportwaspreparedbyHTIRL,HSIPLorHTIJKK.NeitherHTIRL,HSIPL,HTIJKK,noranyofthenonU.S.HTISGaffiliatesisregisteredintheUnitedStatesand,therefore,isnotsubjecttoU.S.rulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalysts.Thisresearchreportisprovidedfordistributionto“majorU.S.institutionalinvestors”and“U.S.institutionalinvestors”inrelianceontheexemptionfromregistrationprovidedbyRule15a-6oftheU.S.SecuritiesExchangeActof1934,asamended.Whendistributingresearchreportsto“U.S.institutionalinvestors,”HTIUSAwillaccepttheresponsibilitiesforthecontentofthereports.AnyU.S.recipientofthisresearchreportwishingtoeffectanytransactiontobuyorsellsecuritiesorrelatedfinancialinstrumentsbasedontheinformationprovidedinthisresearchreportshoulddosoonlythroughHaitongInternationalSecurities(USA)Inc.(“HTIUSA”),locatedat340MadisonAvenue,12thFloor,NewYork,NY10173,USA;telephone(212)3516050.HTIUSAisabroker-dealerregisteredintheU.S.withtheU.S.SecuritiesandExchangeCommission(the“SEC”)andamemberoftheFinancialIndustryRegulatoryAuthority,Inc.(“FINRA”).HTIUSAisnotresponsibleforthepreparationofthisresearchreportnorfortheanalysiscontainedtherein.UndernocircumstancesshouldanyU.S.recipientofthisresearchreportcontacttheanalystdirectlyoreffectanytransactiontobuyorsellsecuritiesorrelatedfinancialinstrumentsdirectlythroughHSIPL,HTIRLorHTIJKK.TheHSIPL,HTIRLorHTIJKKanalyst(s)whosenameappearsinthisresearchreportisnotregisteredorqualifiedasaresearchanalystwithFINRAand,therefore,maynotbesubjecttoFINRARule2241restrictionsoncommunicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalystaccount.Investinginanynon-U.S.securitiesorrelatedfinancialinstruments(includingADRs)discussedinthisresearchreportmaypresentcertainrisks.Thesecuritiesofnon-U.S.issuersmaynotberegisteredwith,orbesubjecttoU.S.regulations.Informationonsuchnon-U.S.securitiesorrelatedfinancialinstrumentsmaybelimited.