西麦食品(002956)公司年报点评：23年业绩稳健24年一季度高增长

公司研究/食品/食品加工西麦食品（002956）公司年报点评

证券研究报告投资要点：23年业绩稳健，24年一季度高增长投资要点：事件。4252023年年报，2315.78亿元（YOY=18.89%），实现归母净利润1.15亿元（YOY=6.13%）。24年一季度实5.660.45此外公司23年每股股利0.52元。23年业绩稳健，24年一季度高速成长。2315.78亿元1.44pct22.87%7.031.61pct37.07%（用率同比提升1.78pct，管理费用率同比减少0.20pct，研发费用率同比提升0.03pct），此外所得税率同比提升3.09pct，因此最终归母净利润同比增长6.13%至1.15亿元，对应归母净利润率同比降低0.88pct至7.32%。24Q146.07%43.71%销售费用率提升2.19pct）。燕麦+高增长，益生菌蛋白粉销售额破千万。2023年分产品来看：（1）236.440.73pct。（2）236.61亿元（YOY+33.76%），同时毛利率同比提升3.43pct。其中，有机、牛奶燕麦、燕麦+系列等明星产品稳步增长，燕麦+41000万元。（3）2311.99亿元（YOY+21.99%），2.69pct。23KAAB10%180%。6.32（YOY28.06%），且毛利率9.031.71pct。主要财务数据及预测202220232024E2025E2026E营业收入(百万元)13271578196723782782(+/-)YoY(%)15.1%18.9%24.6%20.9%17.0%净利润(百万元)109115140180221(+/-)YoY(%)4.4%6.1%21.4%28.6%22.4%全面摊薄EPS(元)0.490.520.630.810.99毛利率(%)43.1%44.5%43.0%43.4%43.8%净资产收益率(%)7.7%7.9%8.8%10.1%11.0%（2022-2023），HTI财务报表分析和预测主要财务指标20232024E2025E2026E利润表（百万元）20232024E2025E2026E每股指标（元）营业总收入1578196723782782每股收益0.520.630.810.99营业成本875112213451564每股净资产6.537.167.978.96毛利率%44.5%43.0%43.4%43.8%每股经营现金流0.540.971.021.19营业税金及附加14202428每股股利0.000.000.000.00营业税金率%0.9%1.0%1.0%1.0%价值评估（倍）营业费用497570690807P/E25.9521.3716.6113.58营业费用率%31.5%29.0%29.0%29.0%P/B2.051.871.681.50管理费用9398119139P/S1.901.521.261.08管理费用率%5.9%5.0%5.0%5.0%EV/EBITDA21.5713.8110.327.82EBIT92149191234股息率%0.0%0.0%0.0%0.0%财务费用-12-10-14-18盈利能力指标（%）财务费用率%-0.8%-0.5%-0.6%-0.6%毛利率44.5%43.0%43.4%43.8%资产减值损失-1000净利润率7.3%7.1%7.6%7.9%投资收益4000净资产收益率7.9%8.8%10.1%11.0%营业利润136163210257资产回报率5.7%6.5%7.4%8.0%营业外收支-1000投资回报率5.1%8.0%9.2%10.0%利润总额135163210257盈利增长（%）EBITDA127173215258营业收入增长率18.9%24.6%20.9%17.0%所得税20232936EBIT增长率18.2%61.8%28.4%22.2%有效所得税率%14.5%14.0%14.0%14.0%净利润增长率6.1%21.4%28.6%22.4%少数股东损益0000偿债能力指标资产负债率27.4%26.0%27.3%27.8%归属母公司所有者净利润115140180221流动比率2.612.772.702.71速动比率2.042.272.202.21资产负债表（百万元）20232024E2025E2026E现金比率0.99货币资金526606773979经营效率指标应收账款及应收票据70119143168应收帐款周转天数15.6221.0021.0021.00存货246230276321存货周转天数102.7775.0075.0075.00其它流动资产565566580594总资产周转率0.790.910.971.00流动资产合计1408152217732062固定资产周转率4.294.955.566.08长期股权投资0000固定资产368398428458在建工程106111116121无形资产42434344现金流量表（百万元）20232024E2025E2026E非流动资产合计603638674710净利润115140180221资产总计2010216024472772少数股东损益0000短期借款75000非现金支出37242424应付票据及应付账款267347416484非经营收益-14100预收账款0000营运资金变动-18502222其它流动负债198203240277经营活动现金流120216227267流动负债合计540550656761资产-128-60-60-60长期借款0000投资225000其它长期负债11111111其他1000非流动负债合计11111111投资活动现金流98-60-60-60负债总计551561668772债权募资100-7500实收资本223223223223股权募资0000归属于母公司所有者权益1459159917792000其他-229-100少数股东权益0000融资活动现金流-129-7600负债和所有者权益合计2010216024472772现金净流量9080167207备注：（1）表中计算估值指标的收盘价日期为04月30日；（2）以上各表均为简表资料来源：公司年报（2023），HTIAPPENDIX1SummaryInvestmentHighlights:Event.TheCompanydisclosedits2023annualreportonApril25,reportingarevenueofRMB1.58billion(YoY+18.89%)andanetprofitattributabletoshareholdersofRMB115million(YoY+6.13%).InQ12024,revenuereachedRMB566million(YoY+46.07%),withanetprofitattributabletoshareholdersofRMB45million(YoY+14.59%).Additionally,theCompany’sDPSfor2023isRMB0.52.TheCompany’sperformancewasrobustin2023andsawrapidgrowthinQ12024.In2023,theGPMincreasedby1.44percentagepointsto44.55%,withgrossprofitup22.87%toRMB703million.Theperiodexpenseratioroseby1.61percentagepointsto37.07%,andtheIncometaxrateincreasedby3.09percentagepoints,resultingina6.13%YoYincreaseinnetprofitattributabletoshareholderstoRMB115million.TheNPAtSmargindecreasedby0.88percentagepointsto7.32%.InQ12024,revenuegrewby46.07%YoY,withaGPMincreaseof43.71%,leadingtoa50.48%riseingrossprofit.Theperiodexpenseratioincreasedby3.68percentagepoints.However,theIncometaxratedecreasedby3.50percentagepoints,resultingina14.59%YoYincreaseinnetprofitattributabletoshareholders.TheCompany’soatmealandhigh-growthprobioticproteinpowdersalesexceededRMB10million.In2023,pureoatmealrevenuewasRMB644million(YoY+4.00%),andcompositeoatmealrevenuewasRMB661million(YoY+33.76%),withsignificantgrowthinstarproductsandpowderproducts.ColdoatmealrevenuewasRMB1.20billion(YoY+21.99%).TheCompanyrefinedoperationsaccordingtochannelcharacteristics,focusingonsnackchannelstoactivatesalespotentialandconsolidateofflinechanneladvantages.Offlinebusinessgrewover10%YoY,withsnackchannelsalesupover180%.Bychannel:DirectsalesgeneratedRMB632million(YoY+28.06%),anddistributionRMB903million(YoY+11.24%).EarningsForecastandInvestmentAdvice.WeprojectrevenuesofRMB1.967/2.378/2.782billionandnetprofitsattributabletoshareholdersofRMB140/180/221millionfor2024-2026,withEPSofRMB0.63/0.81/0.99.Givencomparablecompanyvaluations,weassigna25xPEfor2024,withatargetpriceofRMB15.75/shareandcontinuetogivean“Outperform”rating.RiskWarning:(1)Foodsafetyrisks,(2)Intensifiedmarketcompetition,(3)Newproductsandchannelsfallingshortofexpectations.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，颜慧菁，在此保证（i）（ii）（包括我们的家属）（我已经告知他们）3I,HuijingYan,certifythat(i)theviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchand(ii)nopartofmycompensationwas,isorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreport;andthatI(includingmembersofmyhousehold)havenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussed.Iandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin3businessdaysaftertheresearchreportispublished.我，张宇轩，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（包括我们的家属）（我已经告知他们）3I,YuxuanZhang,certifythat(i)theviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchandiinopartofmycompensationwas,isorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreport;andthatI(includingmembersofmyhousehold)havenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussed.Iandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin3businessdaysaftertheresearchreportispublished.我，吴岱禹，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（包括我们的家属）（我已经告知他们）3I,JasmineWu,certifythat(i)theviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchand(ii)nopartofmycompensationwas,isorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreport;andthatI(includingmembersofmyhousehold)havenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussed.Iandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin3businessdaysaftertheresearchreportispublished.利益冲突披露ConflictofInterestDisclosures/（ERDDisclosure@htiseccom）HTIandsomeofitsaffiliatesmayengageininvestmentbankingand/orserveasamarketmakerorholdproprietarytradingpositionsofcertainstocksorcompaniesinthisresearchreport.Asfarasthisresearchreportisconcerned,thefollowingarethedisclosuremattersrelatedtosuchrelationship(Asthefollowingdisclosuredoesnotensuretimelinessandcompleteness,pleasesendanemailtoERD-Disclosure@htisec.comiftimelyandcomprehensiveinformationisneeded).002557.CH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。002557.CHis/wasaclientofHaitongcurrentlyorwithinthepast12months.Theclienthasbeenprovidedfornon-investment-bankingsecurities-relatedservices.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%TOPIX,KOSPI,TAIEX,Nifty100,美–SP500;其他所有中国概念股MSCIChina.RatingsDefinitions(from1Jul2020):

评级分布RatingDistributionHaitongInternationalusesarelativeratingsystemusingOutperform,Neutral,orUnderperformforrecommendingthestockswecovertoinvestors.InvestorsshouldcarefullyreadthedefinitionsofallratingsusedinHaitongInternationalResearch.Inaddition,sinceHaitongInternationalResearchcontainsmorecompleteinformationconcerningtheanalyst'sviews,investorsshouldcarefullyreadHaitongInternationalResearch,initsentirety,andnotinferthecontentsfromtheratingalone.Inanycase,ratings(orresearch)shouldnotbeusedorrelieduponasinvestmentadvice.Aninvestor'sdecisiontobuyorsellastockshoulddependonindividualcircumstances(suchastheinvestor'sexistingholdings)andotherconsiderations.AnalystStockRatingsOutperform:Thestock’stotalreturnoverthenext12-18monthsisexpectedtoexceedthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.Neutral: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2024年3月31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 90.4% 8.8% 0.8%投资银行客户* 3.3% 4.9% 0.0%*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,asofMarch31,2024Outperform Neutral Underperform(hold)HTIEquityResearchCoverage 90.4% 8.8% 0.8%IBclients* 3.3% 4.9% 0.0%*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：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,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.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。（（））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：SecuritiesandExchangeBoardofIndia（“SEBI”）HaitongSecuritiesIndiaPrivateLimited（“HTSIPL）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。HTIRL、HTISCL或任何其他属于海通国际证券集团有限公司（“HTISG）/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.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（）《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：HTIRLHSIPLHTIJKK编写。HTIRLHSIPLHTIJKKHTISG1934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HTIJKKHSIPLHTIRLHTIJKKFINRAFINRA2241（包括ADR）HaitongInternationalSecurities(USA)Inc.340MadisonAvenue,12thFloorNewYork,NY10173联系人电话：(212)3516050DISTRIBUTIONANDREGIONALNOTICESExceptasotherwiseindicatedbelow,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.recipientofthisresearchreportwishingtoeffectanytransactiontobuyorsellsecuritiesorrelatedfinancialinstrumentsbasedontheinformationprovidedin