康诺亚生物(2162.HK)CM310上市前准备有序推进新技术平台管线进展积极

研究报告ResearchReport27Mar2024康诺亚生物KeymedBiosciences(2162HK)CM310上市前准备有序推进，新技术平台管线进展积极CM310ExpectedtoCommercialLaunchin2024,PipelinesofNewModalityProgressingSmoothly观点聚焦InvestmentFocus维持优于大市维持优于大市MaintainOUTPERFORM评级 优于大市OUTPERFORM现价 HK$32.65目标价 HK$68.44HTI2.7-3.0-3.0E-S-G:0-5,(PleaserefertotheAppendixforESGcomments)市值 HK$9.13bn/US$1.17bn日交易额(3个月均值) US$9.78mn发行股票数目 279.74mn自由流通股(%) 56%1年股价最高最低值 HK$71.20-HK$29.00注：现价HK$32.65为2024年3月26日收盘价PriceReturn MSCIChina7550Volume25VolumeMar-23Jul-23Nov-23资料来源：Factset绝对值1mth-0.3%3mth-28.8%12mth-43.6%绝对值（美元）-0.3%-28.8%-43.4%相对MSCIChina37.8%10.7%3.5%(Rmbmn)Dec-22ADec-23A(Rmbmn)Dec-22ADec-23ADec-24EDec-25E营业收入100354113515(+/-)-9%254%-68%358%净利润-308-359-1,062-959(+/-)n.m.n.m.n.m.n.m.全面摊薄EPS(Rmb)-1.15-1.37-4.06-3.67毛利率97.4%89.6%83.1%80.0%净资产收益率-9.2%-12.0%-55.0%-91.7%市盈率n.m.n.m.n.m.n.m.资料来源：公司信息,HTI孟科含Meng 袁艺琳Yuankh.meng@ yl.yuan@

(PleaseseeAPPENDIX1forEnglishsummary)事件20233.5亿元，主要来自阿斯利康授权许可的合作收入。研发费用6.0亿元（+17.5%）1.8亿（+32.1%）。归母净利润亿元，20223.1亿元。截20231231日，公司在手现金、现金等价物及银行理财产品总计27.2亿元，较2022年12月31日减少4.6亿元。点评首款产品CM310上市前准备有序推进。CM310（IL-4Ra）2023受理并纳入优先审批审批程序，2024年内获批上市。目前，公司在产品高质量、价格合理的商业化生产，以及产品商业化及市场推广进行准备。在生产方面，成都商业规模基地一期已竣工并投产，提供包18600L20243月，CMC及440+人（20236340+人）。在商业化2024330+，计划在2024年底达到200-300人规模，涵盖市场、医学、准入、销售及运营等核心部门。我们认为，结合产品在国内的先发优势、团队建设计划及降本增效手段，CM310有潜力实现良好销售放量及商业回报。CM310在适用年龄及适应症的拓展顺利。CM310现有5项适应症进入注册性临床阶段。其中慢性鼻窦炎伴鼻息肉的III期已于2023122024。青少20242月启动，目2023年II/III期临床亦正在CM310的在不同年龄段及适应症的拓展，我们认为该产品的市场空间及差异化竞争力或有提升、生命周期亦有可能得到延长。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appendixEnglishtranslationtheTable1 DCF模型资料来源：HTIBalanceSheet(Rmbmn)2022A2023A2024E2025ECash2943BalanceSheet(Rmbmn)2022A2023A2024E2025ECash2943254520311031AccountReceivable0161151Inventory445600Othercurrentassets00238293Totalcurrentassets3310294024541549Long-termequityinvestment11600Fixedassets554803897807Intangibleassets1111Totalnon-currentassets6229431015925Totalassets3932388334692474Short-termborrowings207464646Accountpayable1612491651Othercurrentliabilities218656565Totalcurrentliabilities38031481117Long-termdebts2933211321132Otherlong-termliabilities185250322170Totalnon-currentliabilities21358214541302Totalliabilities59389615351419Paid-incapital0000NPatS3340298619291046Minorityinterests-1159Totalliabilitiesandequities3932388334692474Cashflow(Rmbmn)2022A2023A2024E2025ENetprofit-255-318-1057-955Minorityinterests5254Changeinworkingcapital-613-4018Operatingcashflow-402-304-1161-998Investment-279-300-2000Others-279468-2000Investmentcashflow-646468-2000Proceedsfromdebts008000Proceedsfromissueofshares0000Others-67400Financingcashflow-872798-2Netcashinflow-1056236-563-1000KeyRatios2022A2023AKeyRatios2022A2023A2024E2025EIndicator(pershare,Rmb）EPS-1.15-1.37-4.06-3.67BVPS12.5011.437.384.00Operatingcashflowpershare-1.50-1.16-4.44-3.82DPS0.000.000.000.00Profitability(%)GPM97%90%83%80%NPM-255%-90%-940%-185%ROE-9%-12%-55%-92%ROA-8%-9%-31%-39%ROIC-5%-6%-20%-29%ProfitGrowth(%)Revenuegrowth-9%254%-68%358%EBITgrowth-91%22%166%-9%Netprofitgrowth-14%25%233%-10%SolvencyRatiosAsset/liabilityratio15%23%44%57%Currentratio872%936%3013%1327%Quickratio836%875%3013%1327%Cashratio775%810%2494%883%OperatingEfficiencyAccountreceivableturnoverdays0.016.636.536.5Inventoryturnoverdays347.9347.9347.9347.9Totalassetturnoverrate3%9%3%21%Fixedassetturnoverrate18%44%13%64%IncomeStatement(Rmbmn)2022A2023A2024E2025ERevenue100354113515COGS33719103GPM(%)1111Administrativeexpense134177218250Administrativeexpenseratio(%)1020EBIT-348-423-1124-1022FinancialExpense8171717Financialexpenseratio(%)0000Assetsimpairmentloss36698890Investmentgains0000Operatingprofit-544-456-1040-938Non-operatingincomeandexpenses84848484Totalprofit-304-358-1057-955EBITDA-311-354-1036-932IncomeTax0200Taxrate(%)0000Minorityinterests5254NPatS-308-359-1062-955资料来源：HTIAPPENDIX1SummaryEvent.KeymedBiosciences'srevenuein2023was354millionyuan,mainlyfromupfrontpaymentofAstraZenecaout-licensingdeal.R&Dexpenseswere596millionyuan(+17.5%)andadministrativeexpenseswere177millionyuan(+32.1%).Thenetprofitattributabletotheparentcompanywas-359millionyuan,comparedwith308millionyuanin2022.AsofDecember31,2023,thecompany'scashpositiontotaled2.72billionyuan,adecreaseof0.46billionyuanfromDecember31,2022.Comment.Thepre-launchpreparationsforCM310werecarriedoutinanorderlymanner.Thecompany'scoreproductCM310(IL-4Ra)wasNDAacceptedinDecember2023andincludedinthepriorityreview,andweexpecttheproducttobeapprovedformarketingwithin2024.Atpresent,thecompanyispreparingforthecommercialproductionofhigh-qualityandreasonablypricedproducts,aswellasthecommercializationandmarketingteam.Intermsofproduction,theChengduPhaseIconstructionhasbeencompletedandputintooperation,providingatotalproductioncapacityof18,600Lincludingcommercialproduction;AsofMarch2024,CMCandproductionstaffare440+(340+asofJune30,2023).Intermsofcommercializationteambuilding,asofMarch2024,thecompanyhas30+commercializationpersonnel,andplanstoreach200-300bytheendof2024,coveringcoredepartmentssuchasmarketing,medicine,access,salesandoperations.WebelievethattheCM310hasthepotentialtoachievegoodsalesvolumeandcommercialreturnsbycombiningtheproduct'sfirst-moveradvantageinChina,adequateteambuildingplansandcostreductionandefficiencyimprovementmeasures.CM310isinprogressinexpandingapplicableageandindications.CM310has5indicationsintheregistrationalclinicalstage.Amongthem,thephaseIIIofCRSwNPhasreachedtheprimaryendpointinDecember2023,andthecompanyexpectstosubmitanNDAin2024.ThePhaseIIIclinicaltrialfortheindicationofmoderatetosevereADinadolescentswasinitiatedinFebruary2024,andcurrentlyenrolling.ThephaseIIIclinicalstudyofseasonalallergicrhinitiswasinitiatedin2023.Inaddition,thePhaseII/IIIclinicaltrialofmoderatetosevereasthmaofwhichCSPCleadisalsobeingenrolled.WiththeexpansionofCM310indifferentagegroupsandindications,webelievethatthemarketspaceanddifferentiatedcompetitivenessofthisproductmaybeimproved,andthelifecyclemayalsobeextended.CLDN18.2ADCandanumberofCD3bispecificantibodiesareprogressingsmoothly,andtheR&Dplatformcontinuestobevalidated.ThecompanyhasafullyintegratedintegratedR&Dplatform.Amongthem,anumberofpipelinesgeneratedfromnTCEbispecificandADCplatformhaveenteredtheclinic.CLDN18.2ADCauthorizedAstraZeneca,thefirstindicationCLDN18.2-positive2/3LgastriccancerhasenteredtheglobalphaseIII,first-linegastriccancer,pancreaticcancerandotherindicationsarealsobeingexplored.TheoncologyindicationsofCD20*CD3,BCMA*CD3andGPC3*CD3areallinphaseI/IIstage,ofwhichtheearlyefficacydataofCD20*CD3ispositive,andaccordingtothecompany'searningscall,CD20*CD3andBCMA*CD3alsohavethepotentialtoexpandtoautoimmuneindications.In2023,thecompanystrokecollaborationdealinthefieldofsiRNAs.DrivenbyR&Dcapabilities,welookforwardtothecompany'snewmoleculesinbispecificantibodies,ADCsandsiRNAsenteringclinicaltrialsinthefuture,andformingagoodcomplementaryrelationshipwiththeexistingautoimmuneandtumorpipelines.Earningsforecastsandvaluations.TakingintoaccountthepotentialmilestonepaymentsforCMG901enteringPhaseIII,thetimingofCM310launch,andthecommercializationteamplanning,wehaverevisedour2024-25revenueforecastto113/515millionyuan(prior2024-25E:159/656millionyuan),representingayear-on-yearincreaseof-68/+358%.Consideringthecommercialteambuildingandpipelinedevelopmentplan,weexpectanetprofitof-1062/-959millionyuanin2024-25.UsingtheDCFvaluationmethod,WACCisgiven10.0%,theperpetualgrowthrateis3.0%(unchanged),assumingtheexchangerateRMB:HKD=1.10(unchanged),weadjustthetargetpriceto68.44HKD/share(previousvalue:77.52HKD/share),andmaintainthe"outperform"rating.Risks.Risksinnewdrugresearchanddevelopment,risksinnewdrugapproval,risksincommercializingnewdrugs,risksintechnologicaliteration.APPENDIX2ESGCommentsEnvironmental:environmentalprotectioninmanufacuturingSocial:protectiononhumanresourceGovernance:goodcorporategovernance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，孟科含，在此保证（i）（ii）我的报酬中没有任何部分与本研究报告中表（包括我们的家属）（）将不会在本研究报告发布后的3I,KehanMeng,certifythat(itheviewsexpressedinthisresearchreportaccuratelyreectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchandiinopartofmycompensationwasisorwillbedirectlyorindirectlyrelatedtothespecicrecommendationsorewsexpressedinthisresearchreportandthatIincludingmembersofmyhousehold)havenonancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussedIandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin3businessdaysaftertheresearchreportispublished.我，袁艺琳，在此保证（i）本研究报告中的意见准确反映了我们对本研究中提及的任何或所有目标公司或上市公司的个人观点，并且（ii）我的报酬中没有任何部分与本研究报告中表（）（）将不会在本研究报告发布后的3IYilinYuan,certifythat(itheewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchandiinopartofmycompensationwas,isorwillbedirectlyorindirectlyrelatedtothespecicrecommendationsorewsexpressedinthisresearchreportandthatIincludingmembersofmyhouseholdhavenonancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussedIandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin3businessdaysaftertheresearchreportispublished.利益冲突披露ConflictofInterestDisclosures/（以下披露不能保ERDDisclosure@htiseccom）HTIandsomeofitsaffiliatesmayengageininvestmentbankingand/orserveasamartmakerorholdproprietarytradingpositionsofcertainstocksorcompaniesinthisresearchreport.Asrasthisresearchreportisconcerned,thefollowingarethedisclosuremattersrelatedtosuchrelationship(Asthefollowingdisclosuredoesnotensuretimelinessandcompleteness,pleasesendanemailtoERD-Disclosure@htisec.comiftimelyandcomprehensiveinformationisneeded).评级定义（从2020年7月1日开始执行）：（“HTI”）HTIHTI策应基于各自情况（）以及其他因素。分析师股票评级优于大市，未来12-18个月内预期相对基准指数涨幅在10%以上，基准定义如下中性，未来1218FINRA/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，未来12-18个月内预期相对基准指数跌幅在10%以上，基准定义如下各地股票基准指数：日本TOPIX,–KOSPI,台湾TAIEX,–Nift00,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)shouldnotbeusedorrelieduponasinvestment

评级分布RatingDistributionadvice.Aninvestor'sdecisiontobuyorsellastockshoulddependonindividualcircumstances(suchastheinvestor'sexistingholdings)andotherconsiderations.AnalystStockRatingsOutperform:Thestock’stotalreturnoverthenext12-18monthsisexpectedtoexceedthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.NeutraThestock’stotalreturnoverthenext12-18monthsisexpectedtobeinlinewiththereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.ForpurposesonlyofFINRA/NYSEratingsdistributionrules,ourNeutralratingfallsintoaholdratingcategory.Underperform:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobebelowthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.Benchmarksforeachstock’slistedregionaasfollows:Japan–TOPIX,Korea–KOSPI,Taiwan–TAX,India–Nifty100,US–SP500;foraotherChina-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%*在每个评级类别里投资银行客户所占的百分比。5.1%5.6%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–KOSPI,Taiwan–TAIEX,India–Nifty100;forallotherChina-conceptstocks–MSCIChina.海通国际非评级研究：海通国际发布计量、筛选或短篇报告，并在报告中根据估值和其他指标对股票进行排名，或者基于可能的估值倍数提出建议价格。这种排名或建议价格并非为了进行股票评级、提出目标价格或进行基本面估值，而仅供参考使用。HaitongInternationalNon-RatedResearch:HaitongInternationalpublishesquantitative,screeningorshortreportswhichmayrankstocksaccordingtoluationandothermetricsormaysuggestpricesbasedonpossiblevaluationmultiples.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股进行覆盖及评级。海通证券（600837.CH），海通国际于上海的母公司，也会于中国发布中国A股的研究报告。但是，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。HaitongInternationalCoverageofAhares:HaitongInternationalmaycoverandrateAharesthataresubjecttotheHongKongStockConnectschemewithShanghaiandShenzhen.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.Thesestocksarecarefullyselectedthroughaquality-basedscreeningprocessincombinationwithareviewoftheHSA-shareteam’sbottom-upresearch.TheQ100constituentcompaniesarereviewedquarterly.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。（（））SusallWaveFINSGDataServiceDisclaimer:PleasereadthesetermsandconditionsbelowcarefullyandconfirmyouragreementandacceptancewiththesetermsbeforeusingSusallWaveFIN-ESGDataService.FIN-ESGDataisproducedbySusallWaveDigitalTechnologyCo.,Ltd.(Inshort,SusallWave)’sassessmentbasedonlegalpubliclyaccessibleinformation.SusallWaveshallnotberesponsibleforanyaccuracyandcompletenessoftheinformation.TheassessmentresultisforreferenceonlItisnotforanyinvestmentadviceforanyindividualorinstitutionandnotforbasisofpurchasing,sellingorholdinganyrelativefinancialproducts.WewillnotbeliableforanydirectorindirectlossofanyindividualorinstitutionasaresultofusingSusallWaFIN-ESGData.SusallWavedonotconsiderrecipientsascustomersforreceingthesedata.Whenusingthedata,recipientsshallmakeyourownindependentjudgmentaccordingtoyourpracticalindidualstatus.Thecontentsofthedatareectthejudgmentofusonlyonthereleaseday.Wehaverighttoupdateandamendthedataandreleaseotherdatathatcontainsinconsistentcontentsordifferentconclusionsthoutnotication.Unlessexpresslystated,thedata(e.g.,nancialperformancedata)representspastperformanceonlyandthepastperformancecannotbeviewedasthepredictionoffuturereturn.ThecopyrightofthisdatabelongstoSusallWa,andwereserveallrightsinaccordancewiththelaw.Withoutthepriorwrittenpermissionofourcompany,noneofindidualorinstitutioncanusethesedataforanyprofitablepurpose.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,Userrce(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”）（第571章）持有第4类受规管活动（就证券提供意见）HTISGLHaitongInternationalJapan)KK（“HTIJKK）HTIJKK是由日本关东财务局监管为投资顾问。印度证券的研究报告：SecuritiesandExchangeBoardofIndia（“SEBI”）监管的HaitongSecuritiesIndiaPrivateLimited（“HTSIPL”）所发BSELimited（“BSE”）NationalStockExchangeofIndiaLimited（“NSE）（）的研究报告。HTSIPL20161222日被收购并成为海通国际证券集团有限公司（“HTISG）的一部分。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。HTIRL、HTISCL或任何其他属于海通国际证券集团有限公司（“HTISG）/HTISG及其董事、雇员或代理人对此均不承担任何责任。除对本文内容承担责任的分析师除外，HTISGHTISG的销售员、交易员和其他专业人士均可向HTISGHTISG可做出与本文件所述建议或意见不一致的投资决策。但HTIRL请访问海通国际网站www.equities.htisec.com，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。非美国分析师披露信息：本项研究首页上列明的海通国际分析师并未在FINRA进行注册或者取得相应的资格，并且不受美国FINRA有关与本项研究目标公司进行沟通、公开露面和自营证券交易的第2241条规则之限制。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.Theinformationandopinionscontainedinthisresearchreporthavebeencompiledorarridatfromsourcesbelievedtobereliableandingoodfaithbutnorepresentationorwarranty,expressorimplied,ismadebyHTIRL,HTISCL,HSIPL,HTIJKKoranyothermemberswithinHTISGomwhichthisresearchreportmaybereceid,astotheiraccuracy,completenessorcorrectness.Allopinionsexpressedhereinareasofthedateofthisresearchreportandaresubjecttochangethoutnotice.Thisresearchreportisforinformationpurposeonly.Descriptionsofanycompaniesortheirsecuritiesmentionedhereinarenotintendedtobecompleteandthisresearchreportisnot,andshouldnotbeconstruedexpresslyorimpliedlyas,anoffertobuyorsellsecurities.Thesecuritiesreferredtointhisresearchreportmaynotbeeligibleforpurchaseorsaleinsomejurisdictions.Ifaninvestmentproductisdenominatedinacurrencyotherthananinvestor'shomecurrency,achangeinexchangeratesmayadverselyaffecttheinvestment.Pastperformanceisnotnecessarilyindicativeoffutureresults.Certaintransactions,includingthoseinvolvingderivatives,giverisetosubstantialriskandarenotsuitableforallinvestors.Youshouldalsobearinmindthatrecommendationsinthisresearchreportarenottailor-madeforyou.Theanalysthasnottakenintoaccountyouruniquenancialcircumstances,suchasyournancialsituationandriskappetite.Youmust,therefore,analyzeandshould,whereapplicable,consultyourownlegal,tax,accounting,nancialandotherprofessionaladviserstoevaluatewhethertherecommendationssuitsyoubeforeinvestment.NeitherHTISGnoranyofitsdirectors,employeesoragentsacceptsanyliabilitywhatsoeverforanydirectorconsequentiallossarisingfromanyuseofthematerialscontainedinthisresearchreport.HTISGandouraffiliates,officers,directors,andemployees,excludingtheanalystsresponsibleforthecontentofthisdocument,willomtimetotimehalongorshortpositionsin,actasprincipalin,andbuyorsell,thesecuritiesorderitives,ifany,referredtointhisresearchreport.Sales,traders,andotherprofessionalsofHTISGmayprovideoralorwrittenmarketcommentaryortradingstrategiestotherelevantclientsandthecompanieswithinHTISGthatreflectopinionsthatarecontrarytotheopinionsexpressedinthisresearchreport.HTISGmaymakeinvestmentdecisionsthatareinconsistentwiththerecommendationsorewsexpressedinthisresearchreport.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”)负责分发该研究报告，HTISCL是在香港有权实施第1类受规管活动（）的持牌公司。该研究报告并不构成《证券及期货条例》（香港法例第571章）（“SFO”）SFO所界定的“专业投资者”。本研究报告未经过证券及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HTIRLHSIPLHTIJKK编写。HTIRLHSIPLHTIJKKHTISG1934年“美国证券交易法15a6条规定的豁免注册的「美国主要机构投资者」（“MajorUS.InstitutionalInvestor）和「机构投资者」（”USInstitutionalInvestors）HaitongInternationalSecuritiesUSAInc.（“HTIUSA”）国投资者，希望根据本研究报告提供的信息进行任何证券或相关金融工具买卖的交易，只能通过HTIUSA。HTIUSA位于340MadisonAvenue,12thFloor,NewYork,NY10173，电话（212）3516050HTIUSAUS.SecuritiesandExchangeCommission（“SEC”）FinancialIndustryRegulatoryAuthority,Inc（“FINRA”）HTIUSA不HSIPLHTIRL或HTIJKK直接进行买卖HSIPLHTIRLHTIJKK分析师没有注册或具备FINRA的研究分析师资格，因此可能不受FINRA2241条规定的与目标公司的交流，（ADR）HaitongInternationalSecurities(USA)Inc.340MadisonAvenue,12thFloorNewYork,NY10173联系人电话：(212)3516050DISTRIBUTIONANDREGIONALNOTICESExceptasotherseindicatedbelow,anyRecipientwishingtodiscussthisresearchreportoreffectanytransactioninanysecuritydiscussedinHTI’sresearchshouldcontacttheHaitongInternationalsalespersonintheirowncountryorregion.NoticetoHongKonginvestors:TheresearchreportisdistributedbyHaitongInternationalSecuritiesCompanyLimited(“HTISCL”),whichisalicensedcorporationtocarryonType1regulatedactivity(dealinginsecurities)inHongKong.ThisresearchreportdoesnotconstituteasolicitationoranofferofsecuritiesoraninvitationtothepublicwithinthemeaningoftheSFO.Thisresearchreportisonlytobecirculatedto"ProfessionalInvestors"asdenedintheSFO.ThisresearchreporthasnotbeenreviewedbytheSecuritiesandFuturesCommission.Youshouldnotmakeinvestmentdecisionssolelyonthebasisoftheinformationcontainedinthisresearchreport.RecipientsofthisresearchreportaretocontactHTISCLsalespersonsinrespectofanymattersarisingfrom,orinconnectionwith,theresearchreport.NoticetoU.S.investors:Asdescribedabove,thisresearchreportwaspreparedbyHTIRL,HSIPLorHTIJKK.NeitherHTIRL,HSIPL,HTIJKK,noranyofthenonU.S.HTISGaffiliatesisregisteredintheUnitedStatesand,therefore,isnotsubjecttoU.S.rulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalysts.Thisresearchreportisprovidedfordistributi