化工行業(yè)市場(chǎng)前景及投資研究報(bào)告：背材基膜領(lǐng)先擴(kuò)產(chǎn)聚酯薄膜加速

Equity–

AsiaResearch背材基膜細(xì)分行業(yè)領(lǐng)先，擴(kuò)產(chǎn)聚酯薄膜加速進(jìn)口替代ALeading

Enterprise

intheSegmented

Industry

ofBacking

BaseFilm,Expanding

Production

ofPolyester

Filmand

Accelerating

Import

Substitution2022年08月14日1.1公司是聚酯薄膜國(guó)內(nèi)領(lǐng)先企業(yè)公司是一家專注于功能聚酯薄膜制造的高新技術(shù)企業(yè)，主要業(yè)務(wù)為中厚型特種功能性聚酯薄膜的研發(fā)、生產(chǎn)和銷售。應(yīng)用于新能源、電子通訊、電氣絕緣等工業(yè)領(lǐng)域，厚度50-500μm之間。同時(shí)公司向聚酯薄膜下游行業(yè)進(jìn)行延伸，開展精密涂布加工業(yè)務(wù)。圖：公司產(chǎn)品銷量變化資料：公司年報(bào)，國(guó)際Forfulldisclosure

ofrisks,valuationmethodologies

and

target

priceformationon

allHTIrated

stocks,

please

refer

tothe

latest

fullreport

on

our

website

at

21.2

光伏用聚酯是公司的主要應(yīng)用領(lǐng)域公司功能聚酯薄膜產(chǎn)品主要集中于三大應(yīng)用領(lǐng)域。（1）新能源應(yīng)用領(lǐng)域，公司太陽能光伏用聚酯薄膜收入占總營(yíng)業(yè)收入的65%左右，動(dòng)力電池用聚酯薄膜收入占總營(yíng)業(yè)收入5%左右；（2）消費(fèi)電子應(yīng)用領(lǐng)域，公司可生產(chǎn)不同種類、不同功能、不同規(guī)格的電子光學(xué)用聚酯薄膜，其銷售收入占總營(yíng)業(yè)收入的15%左右；（3）電氣絕緣應(yīng)用領(lǐng)域，公司生產(chǎn)的特種電氣絕緣薄膜主要用于各種電機(jī)馬達(dá)槽間、匝間的絕緣材料，干式變壓器線圈之間以及槽間的隔斷絕緣材料等，其銷售收入占總營(yíng)業(yè)收入的10%左右。圖：光伏是公司的主要應(yīng)用領(lǐng)域資料：投資者關(guān)系活動(dòng)記錄表，國(guó)際Forfulldisclosure

ofrisks,valuationmethodologies

and

target

priceformationon

allHTIrated

stocks,

please

refer

tothe

latest

fullreport

on

our

website

at

32.1光學(xué)基膜產(chǎn)業(yè)鏈聚酯薄膜的主要原材料為聚酯切片，而聚酯切片的原材料為原油。原油經(jīng)

過一定的工藝過程提煉出

PX（對(duì)二甲苯），以

PX

為原料生成

PTA，PTA

和乙二醇聚合生成

PET。聚酯經(jīng)拉伸加工后制成各類聚酯薄膜，應(yīng)用領(lǐng)域廣泛。圖：BOPET產(chǎn)業(yè)鏈資料：公司招股書，國(guó)際Forfulldisclosure

ofrisks,valuationmethodologies

and

target

priceformationon

allHTIrated

stocks,

please

refer

tothe

latest

fullreport

on

our

website

at

42.2原油價(jià)格下跌利好BOPET行業(yè)原油價(jià)格下跌利好BOPET行業(yè)。國(guó)際原油價(jià)格出現(xiàn)較大波動(dòng)，導(dǎo)致聚酯切片的價(jià)格也出現(xiàn)

較大波動(dòng)。原油及其下游石化大宗商品價(jià)格波動(dòng)上漲，公司一季度毛利率下降明顯。隨著自2022年高點(diǎn)，聚酯切片價(jià)格下跌，公司BOPET產(chǎn)品毛利率有望回升。圖：原材料聚酯切片價(jià)格走勢(shì)資料：百川資訊，國(guó)際Forfulldisclosure

ofrisks,valuationmethodologies

and

target

priceformationon

allHTIrated

stocks,

please

refer

tothe

latest

fullreport

on

our

website

at

52.3

背板組成結(jié)構(gòu)太陽能背板的原材料主要有PET基膜、氟材料和膠粘劑。其中PET基膜主要提供絕緣性能和力學(xué)性能，但耐候性比較差；氟材料主要分為氟膜和含氟樹脂兩種形式，提供絕緣性、耐候性和阻隔性；膠粘劑主要由合成樹脂、固化劑和功能性添加劑等化學(xué)品組成，在復(fù)合型背板中用于粘結(jié)PET基膜與氟膜。圖：光伏背板結(jié)構(gòu)資料：國(guó)際Forfulldisclosure

ofrisks,valuationmethodologies

and

target

priceformationon

allHTIrated

stocks,

please

refer

tothe

latest

fullreport

on

our

website

at

62.4

透明背板是光伏組件發(fā)展方向之一隨著光伏行業(yè)的快速發(fā)展，雙面光

伏組件成為當(dāng)下高效光伏組件封裝的主流方式之一

。雙面光伏組件的正面和背面均能發(fā)電，較常規(guī)

的單面組件，其發(fā)電量更多。雙面組件背面透光材料的選擇主要為玻璃和透

明背板。傳統(tǒng)玻璃背板，即雙玻組件，不僅存在工

藝難度大、良品率低等工藝制程問題，而且還存在

重量重、難安裝、破損率高等應(yīng)用方面的問題。如果使用透明背板，可以有效地解決

雙玻組件產(chǎn)生的問題。透明背板發(fā)展受制于技術(shù)水平限制。透明背板由于材料特性和使用方面的要求，具有超高的透光率，

將會(huì)導(dǎo)致太陽光中的紫外線可以穿透整個(gè)背板，對(duì)

背板的內(nèi)層材料造成破壞，因此目前透明背板發(fā)展受制于技術(shù)水平上的限制。透明背板中可見光透過率和耐紫外性能兩個(gè)性

能指標(biāo)對(duì)電池組件的發(fā)電量和使用壽命起到了關(guān)鍵性作用。資料：國(guó)際Forfulldisclosure

ofrisks,valuationmethodologies

and

target

priceformationon

allHTIrated

stocks,

please

refer

tothe

latest

fullreport

on

our

website

at

72.5

光伏基膜市場(chǎng)空間光伏用聚脂薄膜需求量近40萬噸。隨著可以取代一面玻璃的透明背板應(yīng)用的快速增長(zhǎng)，以及能夠應(yīng)用于分布式電站場(chǎng)景的輕量化組件的出現(xiàn)，光伏背板市場(chǎng)出現(xiàn)了新的增長(zhǎng)空間。太陽能裝機(jī)容量1GW

需要用太陽能背材基膜約

500萬平方米，光伏組件安裝量和生產(chǎn)量的容配比按照

1:1.2

來計(jì)算；根據(jù)中國(guó)光伏行業(yè)協(xié)會(huì)對(duì)不同背板材料市場(chǎng)占比變化趨勢(shì)預(yù)測(cè)，未來五年雙面組件占所有組件的比例從

39%逐步提升到

60%，其中雙面單玻組件占雙面組件的比例逐步達(dá)到

25%。資料：公司公告，國(guó)際Forfulldisclosure

ofrisks,valuationmethodologies

and

target

priceformationon

allHTIrated

stocks,

please

refer

tothe

latest

fullreport

on

our

website

at

83.1

發(fā)展成為功能膜材料平臺(tái)公司未來兩年擬投資建設(shè)16萬噸功能性聚酯薄膜生產(chǎn)線。1）2022年5月公司擬自籌資金4.87億元，新建年產(chǎn)6萬噸高端功能性聚酯薄膜生產(chǎn)線。項(xiàng)目建設(shè)內(nèi)容為新建兩條中厚型聚酯薄膜生產(chǎn)線，主要包括電子、電氣用聚酯基膜，高端包裝、裝飾用聚酯基膜等目標(biāo)產(chǎn)品。2）公司募集可轉(zhuǎn)債6億元用于新建年產(chǎn)5億平米高端功能性聚酯薄膜項(xiàng)目、新建年產(chǎn)2.8萬噸特種太陽能背材用聚酯薄膜生產(chǎn)線項(xiàng)目。圖：未來兩年公司產(chǎn)能快速增加資料：國(guó)際Forfulldisclosure

ofrisks,valuationmethodologies

and

target

priceformationon

allHTIrated

stocks,

please

refer

tothe

latest

fullreport

on

our

website

at

94.盈利預(yù)測(cè)?

維持盈利預(yù)測(cè)與投資評(píng)級(jí)。我們預(yù)測(cè)公司2022-2024年歸母凈利潤(rùn)為2.92億元、3.93億元、5.2億元，對(duì)應(yīng)EPS為1.01元、1.36元、1.80元。參考同行業(yè)公司，給予公司2022年P(guān)E

16.5倍，對(duì)應(yīng)目標(biāo)價(jià)16.66元，維持“優(yōu)于大市”評(píng)級(jí)。表：可比公司估值表EPS（元/股）2022EPE（倍）2022E21.55股票代碼公司名稱股價(jià)（元）20210.361.082023E0.85202137.2622.5029.882023E15.5710.2312.90601208.SH002585.SZ東材科技雙星新材均值13.3124.20.621.692.3714.3217.94資料：WIND，國(guó)際，股價(jià)為2022年08月12日收盤價(jià)，每股收益為WIND一致預(yù)期Forfulldisclosure

ofrisks,valuationmethodologies

and

target

priceformationon

allHTIrated

stocks,

please

refer

tothe

latest

fullreport

on

our

website

at

104.財(cái)務(wù)報(bào)表分析和預(yù)測(cè)資產(chǎn)負(fù)債表（百萬元）貨幣資金應(yīng)收賬款及應(yīng)收票據(jù)存貨其它流動(dòng)資產(chǎn)流動(dòng)資產(chǎn)合計(jì)長(zhǎng)期股權(quán)投資固定資產(chǎn)在建工程無形資產(chǎn)20214772022E4552023E5292024E695利潤(rùn)表（百萬元）營(yíng)業(yè)總收入現(xiàn)金流量表（百萬元）20212022E2023E2024E20212022E2023E2024E2544275187331,36599427.2%90.6%20.1%473.4%250-6-0.4%-7162730273324311,8551,39724.7%100.5%20.1%643.4%297-8-0.4%-5223330333364422,4891,87424.7%140.6%30.1%863.4%397-10-0.4%-5304470447468543,3412,51524.7%180.6%40.1%1153.4%535-2-0.1%-540592059260473凈利潤(rùn)2410292039305200營(yíng)業(yè)成本843071,1214245137663943001,27643586321811423111,500457163661071803191,926481,049161129少數(shù)股東損益非現(xiàn)金支出非經(jīng)營(yíng)收益營(yíng)運(yùn)資金變動(dòng)經(jīng)營(yíng)活動(dòng)現(xiàn)金流資產(chǎn)%毛利率82727674營(yíng)業(yè)稅金及附加營(yíng)業(yè)稅金率%營(yíng)業(yè)費(fèi)用%-13-142168-281288-4-21-99244-169-2-30-75364-278-2-40-147407-223-3營(yíng)業(yè)費(fèi)用率管理費(fèi)用管理費(fèi)用率%EBIT非流動(dòng)資產(chǎn)合計(jì)1,0011,0991,3031,456資產(chǎn)總計(jì)短期借款應(yīng)付票據(jù)及應(yīng)付賬款預(yù)收賬款其它流動(dòng)負(fù)債流動(dòng)負(fù)債合計(jì)長(zhǎng)期借款其它長(zhǎng)期負(fù)債非流動(dòng)負(fù)債合計(jì)負(fù)債總計(jì)實(shí)收資本歸屬于母公司所有者權(quán)益2,122862,37502,80303,3810投資財(cái)務(wù)費(fèi)用財(cái)務(wù)費(fèi)用率%資產(chǎn)減值損失投資收益123153218284其他223040043252052523042890902430525229528900投資活動(dòng)現(xiàn)金流債權(quán)募資3-148-86-2500-1860100318052523702891484320525248428986營(yíng)業(yè)利潤(rùn)營(yíng)業(yè)外收支利潤(rùn)總額EBITDA所得稅有效所得稅率%少數(shù)股東損益歸屬母公司所有者凈利潤(rùn)股權(quán)募資0000其他-214-12842-32-118-22-40-4074-55-55166融資活動(dòng)現(xiàn)金流現(xiàn)金凈流量11.5%012.5%012.0%012.2%01,81802,08002,43302,8980少數(shù)股東權(quán)益負(fù)債和所有者權(quán)益合計(jì)2412923935202,1222,3752,8033,381資料：WIND，國(guó)際，股價(jià)為2022年08月12日收盤價(jià)Forfulldisclosure

ofrisks,valuationmethodologies

and

target

priceformationon

allHTIrated

stocks,

please

refer

tothe

latest

fullreport

on

our

website

at

115風(fēng)險(xiǎn)提示

產(chǎn)品價(jià)格下跌風(fēng)險(xiǎn)

主導(dǎo)產(chǎn)品市場(chǎng)競(jìng)爭(zhēng)加劇風(fēng)險(xiǎn)

新產(chǎn)能投產(chǎn)進(jìn)度不及預(yù)期Forfulldisclosure

ofrisks,valuationmethodologies

and

target

priceformationon

allHTIrated

stocks,

please

refer

tothe

latest

fullreport

on

our

website

at

12APPENDIX

1?

Summary?

1.The

company

isthe

leading

domestic

enterprise

of

polyester

film?

2.Itisexpected

tobenefit

from

the

rapid

developmentof

the

photovoltaic

industry?

3.The

company

isexpectedto

develop

into

a

functional

membrane

material

platform?

4.Profit

forecast?

5.RiskWarning13APPENDIX

2重要信息披露本研究報(bào)告由(HTIJKK)和動(dòng)。國(guó)際分銷，國(guó)際是由國(guó)際研究有限公司(HTIRL)，Haitong

Securities

India

Private

Limited

(HSIPL)，Haitong

International

Japan

K.K.國(guó)際證券集團(tuán)(HTISG)各成員分別在其許可的司法管轄區(qū)內(nèi)從事證券活國(guó)際證券有限公司(HTISCL)的證券研究團(tuán)隊(duì)所組成的全球品牌，IMPORTANT

DISCLOSURESThis

research

report

is

distributed

by

Haitong

International,

a

global

brand

name

for

the

equity

research

teams

of

Haitong

International

Research

Limited

(“HTIRL”),Haitong

Securities

India

Private

Limited

(“HSIPL”),

Haitong

International

Japan

K.K.

(“HTIJKK”),

Haitong

International

Securities

Company

Limited

(“HTISCL”),

and

anyother

members

within

the

Haitong

International

Securities

Group

of

Companies

(“HTISG”),

each

authorized

to

engage

in

securities

activities

in

its

respectivejurisdiction.HTIRL分析師認(rèn)證Analyst

Certification:我，

劉威

，在此保證（i）本研究報(bào)告中的意見準(zhǔn)確反映了我們對(duì)本研究中提及的任何或所有目標(biāo)公司或上市公司的個(gè)人觀點(diǎn)，并且（ii）我的報(bào)酬中沒有任何部分與本研究報(bào)告中表達(dá)的具體建議或觀點(diǎn)直接或間接相關(guān)；及就此報(bào)告中所討論目標(biāo)公司的證券，我們（包括我們的家屬）在其中均不持有任何財(cái)務(wù)利益。I,

Wei

Liu

,

certify

that

(i)

the

views

expressed

in

this

research

report

accurately

reflect

my

personal

views

about

any

or

all

of

the

subject

companiesor

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

viewsexpressed

in

this

research

report;

and

that

I

(including

members

of

my

household)

have

no

financial

interest

in

the

security

or

securities

of

the

subject

companiesdiscussed.14APPENDIX

2利益沖突披露Conflict

ofInterestDisclosures國(guó)際及其某些關(guān)聯(lián)公司可從事投資銀行業(yè)務(wù)和/或?qū)Ρ狙芯恐械奶囟ü善被蚬具M(jìn)行做市或持有自營(yíng)頭寸。就本研究報(bào)告而言，以下是有關(guān)該等關(guān)系的披露事項(xiàng)（以下披露不能保證及時(shí)無遺漏，如需了解及時(shí)全面信息，請(qǐng)發(fā)郵件至ERD-Disclosure@）HTI

and

some

of

its

affiliates

may

engage

in

investment

banking

and

/

or

serve

as

a

market

maker

or

hold

proprietary

trading

positions

of

certain

stocks

orcompanies

in

this

research

report.

As

far

as

this

research

report

is

concerned,

the

following

are

the

disclosure

matters

related

to

such

relationship

(As

the

followingdisclosure

does

not

ensure

timeliness

and

completeness,

please

send

an

email

to

ERD-Disclosure@

if

timely

and

comprehensive

information

is

needed).15APPENDIX

2評(píng)級(jí)定義（從2020年7月1日開始執(zhí)行）：國(guó)際（以下簡(jiǎn)稱“HTI”）采用相對(duì)評(píng)級(jí)系統(tǒng)來為投資者推薦我們覆蓋的公司：優(yōu)于大市、中性或弱于大市。投資者應(yīng)仔細(xì)閱讀HTI的評(píng)級(jí)定義。并且HTI發(fā)布分析師觀點(diǎn)的完整信息，投資者應(yīng)仔細(xì)閱讀全文而非僅看評(píng)級(jí)。在任何情況下，分析師的評(píng)級(jí)和研究都不能作為投資建議。投資者的買賣股票的決策應(yīng)基于各自情況（比如投資者的現(xiàn)有持倉(cāng)）以及其他因素。分析師股票評(píng)級(jí)優(yōu)于大市，未來12-18個(gè)月內(nèi)預(yù)期相對(duì)基準(zhǔn)指數(shù)漲幅在10%以上，基準(zhǔn)定義如下中性，未來12-18個(gè)月內(nèi)預(yù)期相對(duì)基準(zhǔn)指數(shù)變化不大，基準(zhǔn)定義如下。根據(jù)FINRA/NYSE的評(píng)級(jí)分布規(guī)則，我們會(huì)將中性評(píng)級(jí)劃入持有這一類別。弱于大市，未來12-18個(gè)月內(nèi)預(yù)期相對(duì)基準(zhǔn)指數(shù)跌幅在10%以上，基準(zhǔn)定義如下各地股票基準(zhǔn)指數(shù)：日本

–

TOPIX,

韓國(guó)

–

KOSPI,

臺(tái)灣

–

TAIEX,

印度

–

Nifty100,

美國(guó)

–

SP500;

其他所有中國(guó)概念股

–

MSCIChina.Ratings

Definitions

(from

1

Jul2020):Haitong

International

uses

a

relative

rating

system

using

Outperform,

Neutral,

or

Underperform

for

recommending

the

stocks

we

cover

to

investors.

Investors

shouldcarefully

read

the

definitions

of

all

ratings

used

in

Haitong

International

Research.

In

addition,

since

Haitong

International

Research

contains

more

completeinformation

concerning

the

analyst's

views,

investors

should

carefully

read

Haitong

International

Research,

in

its

entirety,

and

not

infer

the

contents

from

the

ratingalone.

In

any

case,

ratings

(or

research)

should

not

be

used

or

relied

upon

as

investment

advice.

An

investor's

decision

to

buy

or

sell

a

stock

should

depend

on

individualcircumstances

(such

as

the

investor's

existing

holdings)

and

other

considerations.Analyst

StockRatingsOutperform:

The

stock’s

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

stock’s

total

return

over

the

next

12-18

months

is

expected

to

be

in

line

with

the

return

of

its

relevant

broad

market

benchmark,

as

indicated

below.

Forpurposes

only

of

FINRA/NYSE

ratings

distribution

rules,

our

Neutral

rating

falls

into

a

hold

rating

category.Underperform:

The

stock’s

total

return

over

the

next

12-18

months

is

expected

to

be

below

the

return

of

its

relevant

broad

market

benchmark,

as

indicated

below.Benchmarks

for

each

stock’s

listed

region

are

as

follows:

Japan

–

TOPIX,

Korea

–

KOSPI,

Taiwan

–

TAIEX,

India

–

Nifty100,

US

–

SP500;

for

all

other

China-conceptstocks

–

MSCIChina.16APPENDIX

2評(píng)級(jí)分布Rating

Distribution17APPENDIX

2截至2022年6月30日優(yōu)于大市國(guó)際股票研究評(píng)級(jí)分布中性弱于大市(持有)國(guó)際股票研究覆蓋率投資銀行客戶*89.5%9.2%5.6%1.3%5.0%5.9%*在每個(gè)評(píng)級(jí)類別里投資銀行客戶所占的百分比。上述分布中的買入，中性和賣出分別對(duì)應(yīng)我們當(dāng)前優(yōu)于大市，中性和落后大市評(píng)級(jí)。只有根據(jù)FINRA/NYSE的評(píng)級(jí)分布規(guī)則，我們才將中性評(píng)級(jí)劃入持有這一類別。請(qǐng)注意在上表中不包含非評(píng)級(jí)的股票。此前的評(píng)級(jí)系統(tǒng)定義（直至2020年6月30日）：買入，未來12-18個(gè)月內(nèi)預(yù)期相對(duì)基準(zhǔn)指數(shù)漲幅在10%以上，基準(zhǔn)定義如下中性，未來12-18個(gè)月內(nèi)預(yù)期相對(duì)基準(zhǔn)指數(shù)變化不大，基準(zhǔn)定義如下。根據(jù)FINRA/NYSE的評(píng)級(jí)分布規(guī)則，我們會(huì)將中性評(píng)級(jí)劃入持有這一類別。賣出，未來12-18個(gè)月內(nèi)預(yù)期相對(duì)基準(zhǔn)指數(shù)跌幅在10%以上，基準(zhǔn)定義如下各地股票基準(zhǔn)指數(shù)：日本

–

TOPIX,

韓國(guó)

–

KOSPI,

臺(tái)灣

–

TAIEX,

印度

–

Nifty100;

其他所有中國(guó)概念股

–

MSCIChina.Haitong

International

Equity

Research

Ratings

Distribution,

asofJun30,

2022OutperformNeutral(hold)89.5%5.9%UnderperformHTI

Equity

Research

CoverageIB

clients**Percentage

of

investment

banking

clients

in

each

rating

category.9.2%5.6%1.3%5.0%BUY,

Neutral,

and

SELL

in

the

above

distribution

correspond

to

our

current

ratings

of

Outperform,

Neutral,

and

Underperform.For

purposes

only

of

FINRA/NYSE

ratings

distribution

rules,

our

Neutral

rating

falls

into

a

hold

rating

category.

Please

note

that

stocks

with

an

NR

designation

are

notincluded

in

the

table

above.Previous

ratingsystemdefinitions

(until30

Jun2020):BUY:The

stock’s

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

stock’s

total

return

over

the

next

12-18

months

is

expected

to

be

in

line

with

the

return

of

its

relevant

broad

market

benchmark,

as

indicated

below.For

purposes

only

of

FINRA/NYSE

ratings

distribution

rules,

our

Neutral

rating

falls

into

a

hold

rating

category.SELL:

The

stock’s

total

return

over

the

next

12-18

months

is

expected

to

be

below

the

return

of

its

relevant

broad

market

benchmark,

as

indicated

below.Benchmarks

for

each

stock’s

listed

region

are

as

follows:

Japan

–

TOPIX,

Korea

–

KOSPI,

Taiwan

–

TAIEX,

India

–

Nifty100;

for

allother

China-concept

stocks

–

MSCIChina.18APPENDIX

2國(guó)際非評(píng)級(jí)研究：國(guó)際發(fā)布計(jì)量、篩選或短篇報(bào)告，并在報(bào)告中根據(jù)估值和其他指標(biāo)對(duì)股票進(jìn)行排名，或者基于可能的估值倍數(shù)提出建議價(jià)格。這種排名或建議價(jià)格并非為了進(jìn)行股票評(píng)級(jí)、提出目標(biāo)價(jià)格或進(jìn)行基本面估值，而僅供參考使用。HaitongInternationalNon-RatedResearch:

Haitong

International

publishes

quantitative,

screening

or

short

reports

which

may

rank

stocks

according

to

valuation

andother

metrics

or

may

suggest

prices

based

on

possible

valuation

multiples.

Such

rankings

or

suggested

prices

do

not

purport

to

be

stock

ratings

or

target

prices

orfundamental

values

and

are

for

information

only.國(guó)際A股覆蓋：中國(guó)A股的研究報(bào)告。但是，國(guó)際可能會(huì)就滬港通及深港通的中國(guó)A股進(jìn)行覆蓋及評(píng)級(jí)。國(guó)際使用與

證券不同的評(píng)級(jí)系統(tǒng)，所以

國(guó)際與證券（600837.CH），

國(guó)際于上海的母公司，也會(huì)于中國(guó)發(fā)布證券的中國(guó)A股評(píng)級(jí)可能有所不同。Haitong

International

Coverage

of

A-Shares:

Haitong

International

may

cover

and

rate

A-Shares

that

are

subject

to

the

Hong

Kong

Stock

Connect

scheme

withShanghai

and

Shenzhen.

Haitong

Securities

(HS;

600837

CH),

the

ultimate

parent

company

of

HTISG

based

in

Shanghai,

covers

and

publishes

research

on

these

sameA-Shares

for

distribution

in

mainland

China.

However,

the

rating

system

employed

by

HS

differs

from

that

used

by

HTI

and

as

a

result

there

may

be

a

difference

in

theHTI

and

HS

ratings

for

the

same

A-share

stocks.國(guó)際優(yōu)質(zhì)100

A股（Q100）指數(shù)：程，并結(jié)合對(duì)

證券

A股團(tuán)隊(duì)自下而上的研究。國(guó)際Q100指數(shù)是一個(gè)包括100支由證券覆蓋的優(yōu)質(zhì)中國(guó)A股的計(jì)量產(chǎn)品。這些股票是通過基于質(zhì)量的篩選過國(guó)際每季對(duì)Q100指數(shù)成分作出復(fù)審。Haitong

International

Quality

100

A-share

(Q100)

Index:

HTI’s

Q100

Index

is

a

quant

product

that

consists

of

100

of

the

highest-quality

A-shares

under

coverage

atHS

in

Shanghai.

These

stocks

are

carefully

selected

through

a

quality-based

screening

process

in

combination

with

a

review

of

the

HS

A-share

team’s

bottom-upresearch.

The

Q100

constituent

companies

are

reviewed

quarterly.19APPENDIX

2MSCI

ESG評(píng)級(jí)免責(zé)聲明條款：盡管國(guó)際的信息供貨商（包括但不限于MSCI

ESG

Research

LLC及其聯(lián)屬公司（「ESG方」）從其認(rèn)為可靠的獲取信息（「信息」）,

ESG方均不擔(dān)?；虮ＷC此處任何數(shù)據(jù)的原創(chuàng)性，準(zhǔn)確性和/或完整性，并明確表示不作出任何明示或默示的擔(dān)保，包括可商售性和針對(duì)特定目的的適用性。該信息只能供閣下內(nèi)部使用，不得以任何形式復(fù)制或重新傳播，并不得用作任何金融工具、產(chǎn)品或指數(shù)的基礎(chǔ)或組成部分。此外，信息本質(zhì)上不能用于判斷購(gòu)買或出售何種證券,

或何時(shí)購(gòu)買或出售該證券。即使已被告知可能造成的損害,

ESG方均不承擔(dān)與此處任何資料有關(guān)的任何錯(cuò)誤或遺漏所引起的任何責(zé)任，也不對(duì)任何直接、間接、特殊、懲罰性、附帶性或任何其他損害賠償（包括利潤(rùn)損失）承擔(dān)任何責(zé)任。MSCI

ESG

Disclaimer:

Although

Haitong

International’s

information

providers,

including

without

limitation,

MSCI

ESG

Research

LLC

and

its

affiliates

(the

“ESGParties”),

obtain

information

(the

“Information”)

from

sources

they

consider

reliable,

none

of

the

ESG

Parties

warrants

or

guarantees

the

originality,

accuracy

and/orcompleteness,

of

any

data

herein

and

expressly

disclaim

all

express

or

implied

warranties,

including

those

of

merchantability

and

fitness

for

a

particular

purpose.

TheInformation

may

only

be

used

for

your

internal

use,

may

not

be

reproduced

or

redisseminated

in

any

form

and

may

not

be

used

as

a

basis

for,

or

a

component

of,

anyfinancial

instruments

or

products

or

indices.

Further,

none

of

the

Information

can

in

and

of

itself

be

used

to

determine

which

securities

to

buy

or

sell

or

when

to

buyor

sell

them.

None

of

the

ESG

Parties

shall

have

any

liability

for

any

errors

or

omissions

in

connection

with

any

data

herein,

or

any

liability

for

any

direct,

indirect,special,

punitive,

consequential

or

any

other

damages

(including

lost

profits)

even

if

notified

of

the

possibility

of

such

damages.20APPENDIX

2盟浪義利（FIN-ESG）數(shù)據(jù)通免責(zé)聲明條款：在使用盟浪義利（FIN-ESG）數(shù)據(jù)之前，請(qǐng)務(wù)必仔細(xì)閱讀本條款并同意本聲明：第一條

義利（FIN-ESG）數(shù)據(jù)系由盟浪可持續(xù)數(shù)字科技有限責(zé)任公司（以下簡(jiǎn)稱“本公司”）基于合法取得的公開信息評(píng)估而成，本公司對(duì)信息的準(zhǔn)確性及完整性不作任何保證。對(duì)公司的評(píng)估結(jié)果僅供參考，并不構(gòu)成對(duì)任何個(gè)人或機(jī)構(gòu)投資建議，也不能作為任何個(gè)人或機(jī)構(gòu)購(gòu)買、出售或持有相關(guān)金融產(chǎn)品的依據(jù)。本公司不對(duì)任何個(gè)人或機(jī)構(gòu)投資者因使用本數(shù)據(jù)表述的評(píng)估結(jié)果造成的任何直接或間接損失負(fù)責(zé)。第二條

盟浪并不因收到此評(píng)估數(shù)據(jù)而將收件人視為客戶，收件人使用此數(shù)據(jù)時(shí)應(yīng)根據(jù)自身實(shí)際情況作出自我獨(dú)立判斷。本數(shù)據(jù)所載內(nèi)容反映的是盟浪在最初發(fā)布本數(shù)據(jù)日期當(dāng)日的判斷，盟浪有權(quán)在不發(fā)出通知的情況下更新、修訂與發(fā)出其他與本數(shù)據(jù)所載內(nèi)容不一致或有不同結(jié)論的數(shù)據(jù)。除非另行說明，本數(shù)據(jù)（如財(cái)務(wù)業(yè)績(jī)數(shù)據(jù)等）僅代表過往表現(xiàn)，過往的業(yè)績(jī)表現(xiàn)不作為日后回報(bào)的預(yù)測(cè)。第三條

本數(shù)據(jù)歸本公司所有，本公司依法保留各項(xiàng)權(quán)利。未經(jīng)本公司事先書面許可授權(quán)，任何個(gè)人或機(jī)構(gòu)不得將本數(shù)據(jù)中的評(píng)估結(jié)果用于任何營(yíng)利性目的，不得對(duì)本數(shù)據(jù)進(jìn)行修改、復(fù)制、編譯、匯編、再次編輯、改編、刪減、縮寫、節(jié)選、發(fā)行、出租、展覽、表演、放映、廣播、信息網(wǎng)絡(luò)傳播、攝制、增加圖標(biāo)及說明等，否則因此給盟浪或其他第三方造成損失的，由用戶承擔(dān)相應(yīng)的賠償責(zé)任，盟浪不承擔(dān)責(zé)任。第四條

如本免責(zé)聲明未約定，而盟浪網(wǎng)站平臺(tái)載明的其他協(xié)議內(nèi)容（如《盟浪網(wǎng)站用戶注冊(cè)協(xié)議》《盟浪網(wǎng)用戶服務(wù)（含認(rèn)證）協(xié)議》《盟浪網(wǎng)隱私政策》等）有約定的，則按其他協(xié)議的約定執(zhí)行；若本免責(zé)聲明與其他協(xié)議約定存在沖突或不一致的，則以本免責(zé)聲明約定為準(zhǔn)。SusallWave

FIN-ESG

Data

Service

Disclaimer:

Please

read

these

terms

and

conditions

below

carefully

and

confirm

your

agreement

and

acceptance

with

these

termsbefore

using

SusallWave

FIN-ESG

Data

Service.1.

FIN-ESG

Data

is

produced

by

SusallWave

Digital

Technology

Co.,

Ltd.

(In

short,

SusallWave)’s

assessment

based

on

legal

publicly

accessible

information.

SusallWaveshall

not

be

responsible

for

any

accuracy

and

completeness

of

the

information.

The

assessment

result

is

for

reference

only.

It

is

not

for

any

investment

advice

for

anyindividual

or

institution

and

not

for

basis

of

purchasing,

selling

or

holding

any

relative

financial

products.

We

will

not

be

liable

for

any

direct

or

indirect

loss

of

anyindividual

or

institution

as

a

result

of

using

SusallWave

FIN-ESG

Data.2.

SusallWave

do

not

consider

recipients

as

customers

for

receiving

these

data.

When

using

the

data,

recipients

shall

make

your

own

independent

judgment

accordingto

your

practical

individual

status.

The

contents

of

the

data

reflect

the

judgment

of

us

only

on

the

release

day.

We

have

right

to

update

and

amend

the

data

andrelease

other

data

that

contains

inconsistent

contents

or

different

conclusions

without

notification.

Unless

expressly

stated,

the

data

(e.g.,

financial

performance

data)represents

past

performance

only

and

the

past

performance

cannot

be

viewed

as

the

prediction

of

future

return.3.

Theof

this

data

belongs

to

SusallWave,

and

we

reserve

all

rights

in

accordance

with

the

law.

Without

the

prior

written

permission

of

our

company,

noneof

individual

or

institution

can

use

these

data

for

any

profitable

purpose.

Besides,

none

of

individual

or

institution

can

take

actions

such

as

amendment,

replication,translation,

compilation,

re-editing,

adaption,

deletion,

abbreviation,

excerpts,

issuance,

rent,

exhibition,

performance,

projection,

broadcast,

information

networktransmission,

shooting,

adding

icons

and

instructions.

If

any

loss

of

SusallWave

or

any

third-party

is

caused

by

those

actions,

users

shall

bear

the

correspondingcompensation

liability.

SusallWave

shall

not

be

responsible

for

any

loss.4.

If

any

term

is

not

contained

in

this

disclaimer

but

written

in

other

agreements

on

our

website

(e.g.

User

Registration

Protocol

of

SusallWave

Website,

User

Service(including

authentication)

Agreement

of

SusallWave

Website,

Privacy

Policy

of

Susallwave

Website),

it

should

be

executed

according

to

other

agreements.

If

there

isany

difference

between

this

disclaim

and

other

agreements,

this

disclaimer

shall

be

applied.21APPENDIX

2重要免責(zé)聲明：非印度證券的研究報(bào)告：本報(bào)告由國(guó)際證券集團(tuán)有限公司（“HTISGL”）的全資附屬公司國(guó)際研究有限公司（“HTIRL”）發(fā)行，該公司是根據(jù)香港證券及期貨條例（第571章）持有第4類受規(guī)管活動(dòng)（就證券提供意見）的持牌法團(tuán)。該研究報(bào)告在HTISGL的全資附屬公司Haitong

International

(Japan)K.K.（“HTIJKK”）的協(xié)助下發(fā)行，HTIJKK是由日本關(guān)東財(cái)務(wù)局監(jiān)管為投資顧問。印度證券的研究報(bào)告：本報(bào)告由從事證券交易、投資銀行及證券分析及受Securities

and

Exchange

Board

of

India（“SEBI”）監(jiān)管的Haitong

Securities

IndiaPrivate

Limited（“HTSIPL”）所發(fā)行，包括制作及發(fā)布涵蓋BSE

Limited（“BSE”）和National

Stock

Exchange

of

India

Limited（“NSE”）上市公司（統(tǒng)稱為「印度交易所」）的研究報(bào)告。HTSIPL于2016年12月22日被收購(gòu)并成為所有研究報(bào)告均以

國(guó)際為名作為全球品牌，經(jīng)許可由

國(guó)際證券股份有限公司及/或本文件所載信息和觀點(diǎn)已被編譯或源自可靠

，但HTIRL、HTISCL或任何其他屬于

國(guó)際證券集團(tuán)有限公司（“HTISG”）的成員對(duì)其準(zhǔn)確性、完整性和國(guó)際證券集團(tuán)有限公司（“HTISG”）的一部分。國(guó)際證券集團(tuán)的其他成員在其司法管轄區(qū)發(fā)布。正確性不做任何明示或暗示的聲明或保證。本文件中所有觀點(diǎn)均截至本報(bào)告日期，如有更改，恕不另行通知。本文件僅供參考使用。文件中提及的任何公司或其股票的說明并非意圖展示完整的內(nèi)容，本文件并非/不應(yīng)被解釋為對(duì)證券買賣的明示或暗示地出價(jià)或征價(jià)。在某些司法管轄區(qū)，本文件中提及的證券可能無法進(jìn)行買賣。如果投資產(chǎn)品以投資者本國(guó)貨幣以外的幣種進(jìn)行計(jì)價(jià)，則匯率變化可能會(huì)對(duì)投資產(chǎn)生不利影響。過去的表現(xiàn)并不一定代表將來的結(jié)果。某些特定交易，包括設(shè)計(jì)金融衍生工具的，有產(chǎn)生重大風(fēng)險(xiǎn)的可能性，因此并不適合所有的投資者。您還應(yīng)認(rèn)識(shí)到本文件中的建議并非為您量身定制。分析師并未考慮到您自身的財(cái)務(wù)情況，如您的財(cái)務(wù)狀況和風(fēng)險(xiǎn)偏好。因此您必須自行分析并在適用的情況下咨詢自己的法律、稅收、會(huì)計(jì)、金融和其他方面的專業(yè)顧問，以期在投資之前評(píng)估該項(xiàng)建議是否適合于您。若由于使用本文件所載的材料而產(chǎn)生任何直接或間接的損失，HTISG及其董事、雇員或代理人對(duì)此均不承擔(dān)任何責(zé)任。除對(duì)本文內(nèi)容承擔(dān)責(zé)任的分析師除外，HTISG及我們的關(guān)聯(lián)公司、高級(jí)管理人員、董事和雇員，均可不時(shí)作為主事人就本文件所述的任何證券或衍生品持有長(zhǎng)倉(cāng)或短倉(cāng)以及進(jìn)行買賣。HTISG的銷售員、交易員和其他專業(yè)人士均可向HTISG的相關(guān)客戶和公司提供與本文件所述意見相反的口頭或書面市場(chǎng)評(píng)論意見或交易策略。HTISG可做出與本文件所述建議或意見不一致的投資決策。但HTIRL沒有義務(wù)來確保本文件的收件人了解到該等交易決定、思路或建議。請(qǐng)?jiān)L問國(guó)際網(wǎng)站

，查閱更多有關(guān)國(guó)際為預(yù)防和避免利益沖突設(shè)立的組織和行政安排的內(nèi)容信息。非美國(guó)分析師披露信息：本項(xiàng)研究首頁上列明的國(guó)際分析師并未在FINRA進(jìn)行注冊(cè)或者取得相應(yīng)的資格，并且不受美國(guó)FINRA有關(guān)與本項(xiàng)研究目標(biāo)公司進(jìn)行溝通、公開露面和自營(yíng)證券交易的第2241條規(guī)則之限制。22APPENDIX

2IMPORTANT

DISCLAIMERFor

research

reports

on

non-Indian

securities:

The

research

report

is

issued

by

Haitong

International

Research

Limited

(“HTIRL”),

a

wholly

owned

subsidiary

ofHaitong

International

Securities

Group

Limited

(“HTISGL”)

and

a

licensed

corporation

to

carry

on

Type

4

regulated

activity

(advising

on

securities)

for

the

purpose

ofthe

Securities

and

Futures

Ordinance

(Cap.

571)

of

Hong

Kong,

with

the

assistance

of

Haitong

International

(Japan)

K.K.

(“HTIJKK”),

a

wholly

owned

subsidiary

ofHTISGL

and

which

is

regulated

as

an

Investment

Adviser

by

the

Kanto

Finance

Bureau

of

Japan.For

research

reports

on

Indian

securities:

The

research

report

is

issued

by

Haitong

Securities

India

Private

Limited

(“HSIPL”),

an

Indian

company

and

a

Securitiesand

Exchange

Board

of

India

(“SEBI”)

registered

Stock

Broker,

Merchant

Banker

and

Research

Analyst

that,

inter

alia,

produces

and

distributes

research

reportscovering

listed

entities

on

the

BSE

Limited

(“BSE”)

and

the

National

Stock

Exchange

of

India

Limited

(“NSE”)

(collectively

referred

to

as

“Indian

Exchanges”).

HSIPLwas

acquired

and

became

part

of

the

Haitong

International

Securities

Group

of

Companies

(“HTISG”)

on

22

December

2016.All

the

research

reports

are

globally

branded

under

the

name

Haitong

International

and

approved

for

distribution

by

Haitong

International

Securities

CompanyLimited

(“HTISCL”)

and/or

any

other

members

within

HTISG

in

their

respective

jurisdictions.The

information

and

opinions

contained

in

this

research

report

have

been

compiled

or

arrived

at

from

sources

believed

to

be

reliable

and

in

good

faith

but

norepresentation

or

warranty,

express

or

implied,

is

made

by

HTIRL,

HTISCL,

HSIPL,

HTIJKK

or

any

other

members

within

HTISG

from

which

this

research

report

maybe

received,

as

to

their

accuracy,

completeness

or

correctness.

All

opinions

expressed

herein

are

as

of

the

date

of

this

research

report

and

are

subject

to

changewithout

notice.

This

research

report

is

for

information

purpose

only.

Descriptions

of

any

companies

or

their

securities

mentioned

herein

are

not

intended

to

becomplete

and

this

research

report

is

not,

and

should

not

be

construed

expressly

or

impliedly

as,

an

offer

to

buy

or

sell

securities.

The

securities

referred

to

in

thisresearch

report

may

not

be

eligible

for

purchase

or

sale

in

some

jurisdictions.

If

an

investment

product

is

denominated

in

a

currency

other

than

an

investor's

homecurrency,

a

change

in

exchange

rates

may

adversely

affect

the

investment.

Past

performance

is

not

necessarily

indicative

of

future

results.

Certain

transactions,including

those

involving

derivatives,

give

rise

to

substantial

risk

and

are