中國飛鶴(06186.HK)跟蹤報(bào)告：電子圍欄嚴(yán)控價(jià)盤分紅比例顯著提升

研究報(bào)告ResearchReport15Apr2024中國飛鶴ChinaFeihe(6186HK)跟蹤報(bào)告：電子圍欄嚴(yán)控價(jià)盤，分紅比例顯著提升TheElectronicFenceStrictlyControlsthePrice,andtheDividendRatiohasIncreasedSignificantly觀點(diǎn)聚焦InvestmentFocus評(píng)級(jí) 優(yōu)于大市OUTPERFORM現(xiàn)價(jià) HK$4.04目標(biāo)價(jià) HK$6.40HTIESG 2.1-3.5-5.0E-S-G:0-5,(PleaserefertotheAppendixforESGcomments)市值 HK$36.63bn/US$4.67bn日交易額(3個(gè)月均值) US$8.21mn發(fā)行股票數(shù)目 9,067mn自由流通股(%) 38%1年股價(jià)最高最低值 HK$6.10-HK$3.45注：現(xiàn)價(jià)HK$4.04為2024年4月12日收盤價(jià)PriceReturn MSCIChina1151008570Volume55VolumeApr-23 Aug-23 Dec-23資料來源：Factset1mth 3mth 絕對(duì)值 7.7% 3.9% 絕對(duì)值（美元） 7.5% 3.6% 相對(duì)MSCIChina 9.8% 1.1%

(PleaseseeAPPENDIX1forEnglishsummary)維持優(yōu)于大市MaintainOUTPERFORM事件：2023年公司實(shí)現(xiàn)收入195.3億元，同比-8.3%；歸母凈利潤33.9億元，同比-31.4%。23H2實(shí)現(xiàn)營收98.0億元，同比-15.8%，歸母凈利潤16.9億元，同比-36.9%。維持優(yōu)于大市MaintainOUTPERFORM毛利率基本企穩(wěn)，費(fèi)用率仍在高位。23全年/H2公司毛利率64.8%/64.3%，同比-0.6pct/+0.6pct。其中23年嬰幼兒配方奶粉/其他乳制品/營養(yǎng)補(bǔ)充品毛利率分別為69.4%/8.3%/57.5%，較22年同期+0.6pct/-4.1pct/+15.6pct。自22H2開始，公司毛利率下降至64%左右水平，目前毛利率已有企穩(wěn)跡象。2023全年公司銷售及經(jīng)銷費(fèi)用率/行政費(fèi)用率分別為34.3%/9.0%，同比+3.6pct/+1.8pct。23年歸母凈利率為17.4%，同比-5.8pct。毛銷差持續(xù)承壓、凈利率持續(xù)下探，負(fù)經(jīng)營杠桿效應(yīng)明顯，主因23年需求仍在低位，供給收縮弱于預(yù)期，市場競爭激烈程度超出預(yù)計(jì)，行業(yè)主要廠商均出現(xiàn)價(jià)盤不穩(wěn)、促銷較多的現(xiàn)象。電子圍欄制度持續(xù)推進(jìn)，嚴(yán)控價(jià)盤與庫存。公司在24年2月26日推出了＂電子圍欄＂制度，即采用全電子化方式進(jìn)行訂貨發(fā)貨及最終掃碼開罐，廠商以統(tǒng)一零售價(jià)收款后再進(jìn)行全自動(dòng)地渠道和終端的利潤分配，不再依賴省區(qū)操作，增強(qiáng)廠商對(duì)價(jià)盤掌控力，減少亂價(jià)比價(jià)現(xiàn)象。這是對(duì)此前23H1推行的“數(shù)字生態(tài)門店建設(shè)”的優(yōu)化升華（高峰期數(shù)字生態(tài)終端達(dá)4萬個(gè)，目前已優(yōu)化縮減至2.3萬家）。目前電子圍欄重點(diǎn)推進(jìn)的產(chǎn)品為大單品星飛帆卓睿（收入占比已從22年的8%上升到23年的21%），在嚴(yán)格的價(jià)格管控下其零售價(jià)已回升30-40元，后續(xù)公司將推進(jìn)更多產(chǎn)品的監(jiān)控。同時(shí)公司23年9月推進(jìn)“分貨制”，對(duì)高庫存的渠道停止發(fā)貨，2024年1月線下/線上的市場占有率分別為22.8%/14.4%，較2023年6月水平環(huán)比-0.3%/+1.3%，線上表現(xiàn)亮眼，線下份額有所下跌主因主動(dòng)控制庫存。派息率大幅提升，深度價(jià)值標(biāo)的。公司23年分紅比例大幅提升，高達(dá)70%，相較去年同期的45%+明顯提振。我們預(yù)計(jì)公司分紅的絕對(duì)值逐年有提升，若考慮公司24年歸母凈利潤35.9億（同比增長5.9%），繼續(xù)維持分紅比例70%，分紅金額約25億（同比增加1.5億），以當(dāng)前市(Rmbmn)營業(yè)收入19532204432116321881(+/-)-8%5%4%3%凈利潤(Rmbmn)營業(yè)收入19532204432116321881(+/-)-8%5%4%3%凈利潤3390359137613953(+/-)-31%6%5%5%投資建議與盈利預(yù)測。我們預(yù)計(jì)公司2024-2026年?duì)I收分別為204.4/211.6/218.8億元（前值為227.4/245.5/NA億元），同比全面攤薄EPS(Rmb)毛利率0.3765%0.4065%0.4164%0.4464%+4.7%/+3.5%/+3.4%；歸母凈利為35.9/37.6/39.5（53.7/59.3/NA億元），同比+5.9%/+4.7%/+5.1%。預(yù)計(jì)2024-2026年EPS分別為0.40/0.41/0.44元（0.59/0.65/NA元）PE為凈資產(chǎn)收益率14%14%14%14%9.4X/9.0X/8.6X。結(jié)合公司的分紅水平，我們認(rèn)為股息率在4.5%及以市盈率資料來源：公司信息HT10I998上的水平，公司是具備較高投資吸引力的，因此給予公司24年15xPE（前值10xPE），目標(biāo)價(jià)為6.4港元（維持不變，1HKD=0.92CNY），維持“優(yōu)于大市”評(píng)級(jí)。風(fēng)險(xiǎn)提示：新生人口持續(xù)低迷、競爭激烈、新品推廣不及預(yù)期。肖韋俐WeiliXiao 聞宏偉HongweiWenwl.xiao@ hongwei.wen@(PleaseseeappendixforEnglishtranslationofdisclaimer)財(cái)務(wù)報(bào)表分析和預(yù)測主要財(cái)務(wù)指標(biāo)2023A2024E2025E2026E利潤表（百萬元）2023A2024E2025E2026E每股指標(biāo)（元）營業(yè)收入19532204432116321881每股收益0.370.400.410.44營業(yè)成本6869724975547849每股凈資產(chǎn)2.903.023.153.28營業(yè)毛利12663131941360914032每股經(jīng)營現(xiàn)金流0.460.470.480.50銷售費(fèi)用6709697771957396每股股利0.260.280.290.30管理費(fèi)用1762183018621904價(jià)值評(píng)估（倍）應(yīng)占聯(lián)營公司溢利-7-8-8-8P/E10.09.49.08.6其他收益凈額249260269278P/B1.24利息收入470514537558P/S1.731.651.601.55利息費(fèi)用53545454EV/EBITDA5.355.114.834.54息稅前利潤4433464048135003股息率%7.0%7.4%7.7%8.1%所得稅1560163316901748盈利能力指標(biāo)（%）少數(shù)股東權(quán)益-100-125-156-195毛利率64.8%64.5%64.3%64.1%凈利潤3390359137613953凈利潤率17.4%17.6%17.8%18.1%股本（百萬股）9067906790679067凈資產(chǎn)回報(bào)率14%14%14%14%EPS0.370.400.410.44投資回報(bào)率12%12%13%13%EBITDA4624475249415151盈利增長（%）營業(yè)收入增長率-8.3%4.7%3.5%3.4%EBIT增長率-30%5%4%4% 凈利潤增長率-31.4%5.9%4.7%5.1%資產(chǎn)負(fù)債表2023A2024E2025E2026E償債能力指標(biāo)流動(dòng)資產(chǎn)22554228232344823971資產(chǎn)負(fù)債率27%26%26%25%現(xiàn)金及現(xiàn)金等價(jià)物10441109191133011809流動(dòng)比率3.2存貨2258203722302261速動(dòng)比率2.9應(yīng)收賬款及票據(jù)431443463471.6預(yù)付款項(xiàng)、押金及其他應(yīng)695695695695現(xiàn)金比率收款項(xiàng)經(jīng)營效率指標(biāo)其他8729872987298729應(yīng)收賬款周轉(zhuǎn)天數(shù)8888非流動(dòng)資產(chǎn)13640143331503015731存貨周轉(zhuǎn)天數(shù)113103108105固定資產(chǎn)9494101511081211476總資產(chǎn)周轉(zhuǎn)率0.6預(yù)付租金111111111111固定資產(chǎn)周轉(zhuǎn)率2.12.02.01.9商譽(yù)112112112112無形資產(chǎn)16141210聯(lián)營公司投資103103103103遞延所得稅402402402402其他3401344034783516現(xiàn)金流量表2023A2024E2025E2026E總資產(chǎn)36195371563847839701凈利潤3390359137613953流動(dòng)負(fù)債7382725074267445折舊費(fèi)用608572611651應(yīng)付賬款及票據(jù)1838170618821901利息費(fèi)用53545454合同負(fù)債4661466146614661利息收入470514537558短期借款505505505505流動(dòng)資產(chǎn)變化-780-20921345應(yīng)付稅款291291291291流動(dòng)負(fù)債變化-77-13217619其他87878787經(jīng)營活動(dòng)現(xiàn)金流4145426343344558非流動(dòng)負(fù)債2478247824782478資本性支出-602-1229-1272-1315長期借款873873873873其他長期資產(chǎn)518518518518遞延所得說813813813813利息收入470514537558其他792792792792投資活動(dòng)現(xiàn)金流387-1233-1253-1276儲(chǔ)備24945260392718428388股權(quán)融資及其他-2431-2497-2616-2749股東權(quán)益（不含少數(shù)股東24945260392718428388權(quán)益）長期負(fù)債增加-103000少數(shù)股東權(quán)益1389138913891389利息費(fèi)用-53-54-54-54負(fù)債及所有者權(quán)益36195371563847839701融資活動(dòng)現(xiàn)金流-2705-2552-2670-2804凈現(xiàn)金流1827478412478備注：（1）表中計(jì)算估值指標(biāo)的收盤價(jià)日期為4月12日；（2）以上各表均為簡表資料來源：公司年報(bào)（2023），HTIAPPENDIX1SummaryIn2023,thecompanyachievedrevenueof19.53billionyuan,ayear-on-yearincreaseof-8.3%,andnetprofitattributabletotheparentcompanyof3.39billionyuan,ayear-on-yearincreaseof-31.4%.In23H2,therevenuewas9.80billionyuan,ayear-on-yearincreaseof-15.8%,andthenetprofitattributabletotheparentcompanywas1.69billionyuan,ayear-on-yearincreaseof-36.9%.Investmentadviceandearningsforecasts.expectthecompany'srevenuefrom2024to2026tobe20.44/21.16/21.88billionyuan(thepreviousvaluewas22.74/24.55/NAbillionyuan),ayear-on-yearincreaseof+4.7%/+3.5%/+3.4%,andthenetprofitattributabletotheparentcompanywillbe3.59/5.37/5.93billionyuan(thepreviousvaluewas5.37/5.93/NAbillionyuan),ayear-on-yearincreaseof+5.9%/+4.7%/+5.1%.ItisestimatedthattheEPSfrom2024to2026willbe0.40/0.41/0.44yuanrespectively(thepreviousvaluewas0.59/0.65/NAyuan).Giventhevaluationofcomparablecompaniesanddividendratioofwethinkdividendratioabove4.5%isworthinvesting,wevaluethecompanywitha15xPEof2024(prior:10xPE)toreachourtargetpriceofHK$6.4(1HKD=prior:HK$6.4)maintaintheOUTPERFORMrating.Riskwarning:Thenewpopulationcontinuestobesluggish,competitionisfierce,andthepromotionofnewproductsisnotasexpected.APPENDIX2ESGCommentsEnvironmental:Thecompanyistryingtofindbiodegradablepackagingtoreplacenon-degradablepackagingandcontroltheenvironmentalimpactofupstreamdairyfarmingSocial:Thecompany'sproductsaresafeandprovidingfoodforinfantsandyoungchildren,andprovidingjobopportunitiesforunderdevelopedareasGovernance:Thecompany'sorganizationalstructureisscientificandthegovernancesystemisgood附錄APPENDIX重要信息披露本研究報(bào)告由海通國際分銷，海通國際是由海通國際研究有限公司(HTIRL)，HaitongSecuritiesIndiaPrivateLimited(HSIPL)，HaitongInternationalJapanK.K.(HTIJKK)和海通國際證券有限公司(HTISCL)的證券研究團(tuán)隊(duì)所組成的全球品牌，海通國際證券集團(tuán)(HTISG)各成員分別在其許可的司法管轄區(qū)內(nèi)從事證券活動(dòng)。IMPORTANTDISCLOSURESThisresearchreportisdistributedbyHaitongInternational,aglobalbrandnamefortheequityresearchteamsofHaitongInternationalResearchLimited(“HTIRL”),HaitongSecuritiesIndiaPrivateLimited(“HSIPL”),HaitongInternationalJapanK.K.(“HTIJKK”),HaitongInternationalSecuritiesCompanyLimited(“HTISCL”),andanyothermemberswithintheHaitongInternationalSecuritiesGroupofCompanies(“HTISG”),eachauthorizedtoengageinsecuritiesactivitiesinitsrespectivejurisdiction.HTIRL分析師認(rèn)證AnalystCertification:我，肖韋俐，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。我和我的家屬（我已經(jīng)告知他們）將不會(huì)在本研究3個(gè)工作日內(nèi)交易此研究報(bào)告所討論目標(biāo)公司的證券。I,WeiliXiao,certifythatitheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchandiinopartofmycompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreportandthatIincludingmembersofmyhouseholdhavenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussedIandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin3businessdaysaftertheresearchreportispublished.我，聞宏偉，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。我和我的家屬（我已經(jīng)告知他們）將不會(huì)在本研究3個(gè)工作日內(nèi)交易此研究報(bào)告所討論目標(biāo)公司的證券。I,HongweiWen,certifythat(i)theviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchandiinopartofmycompensationwas,isorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreportandthatIincludingmembersofmyhouseholdhavenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussedIandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin3businessdaysaftertheresearchreportispublished.利益沖突披露ConflictofInterestDisclosures海通國際及其某些關(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@）HTIandsomeofitsaffiliatesmayengageininvestmentbankingand/orserveasamarketmakerorholdproprietarytradingpositionsofcertainstocksorcompaniesinthisresearchreport.Asfarasthisresearchreportisconcerned,thefollowingarethedisclosuremattersrelatedtosuchrelationship(Asthefollowingdisclosuredoesnotensuretimelinessandcompleteness,pleasesendanemailtoERD-Disclosure@iftimelyandcomprehensiveinformationisneeded).評(píng)級(jí)定義（從2020年7月1日開始執(zhí)行）：海通國際（以下簡稱“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）以及其他因素。分析師股票評(píng)級(jí)優(yōu)于大市12-1810%以上，基準(zhǔn)定義如下中性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12-1810%以上，基準(zhǔn)定義如下TOPIX,KOSPI,TAIEXNifty100美SP500MSCIChina.RatingsDefinitions(from1Jul2020):HaitongInternationalusesarelativeratingsystemusingOutperform,Neutral,orUnderperformforrecommendingthestockswecovertoinvestors.InvestorsshouldcarefullyreadthedefinitionsofallratingsusedinHaitongInternationalResearch.Inaddition,sinceHaitongInternationalResearchcontainsmorecompleteinformationconcerningtheanalyst'sviews,investorsshouldcarefullyreadHaitongInternationalResearch,initsentirety,andnotinferthecontentsfromtheratingalone.Inanycase,

評(píng)級(jí)分布RatingDistribution 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’slistedregionareasfollows:Japan–TOPIX,Korea–KOSPI,Taiwan–TAIEX,India–Nifty100,US–SP500;forallotherChina-conceptstocks–MSCIChina.截至2024年3月31日海通國際股票研究評(píng)級(jí)分布優(yōu)于大市 中性 弱于大市(持有)海通國際股票研究覆蓋率 90.4% 8.8% 0.8%投資銀行客戶* 3.3% 4.9% 0.0%*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12-18FINRA/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–KOSPI,臺(tái)灣–TAIEX,印度–Nifty100;其他所有中國概念股–MSCIChina.HaitongInternationalEquityResearchRatingsDistribution,asofMarch31,2024OutperformNeutralUnderperformHTIEquityResearchCoverage90.4%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–KOSPI,Taiwan–TAIEX,India–Nifty100;forallotherChina-conceptstocks–MSCIChina.海通國際非評(píng)級(jí)研究：海通國際發(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:HaitongInternationalpublishesquantitative,screeningorshortreportswhichmayrankstocksaccordingtovaluationandothermetricsormaysuggestpricesbasedonpossiblevaluationmultiples.Suchrankingsorsuggestedpricesdonotpurporttobestockratingsortargetpricesorfundamentalvaluesandareforinformationonly.海通國際A股覆蓋：海通國際可能會(huì)就滬港通及深港通的中國A股進(jìn)行覆蓋及評(píng)級(jí)。海通證券（600837.CH），海通國際于上海的母公司，也會(huì)于中國發(fā)布中國A股的研究報(bào)告。但是，海通國際使用與海通證券不同的評(píng)級(jí)系統(tǒng)，所以海通國際與海通證券的中國A股評(píng)級(jí)可能有所不同。HaitongInternationalCoverageofA-Shares:HaitongInternationalmaycoverandrateA-SharesthataresubjecttotheHongKongStockConnectschemewithShanghaiandShenzhen.HaitongSecurities(HS;600837CH),theultimateparentcompanyofHTISGbasedinShanghai,coversandpublishesresearchonthesesameA-SharesfordistributioninmainlandChina.However,theratingsystememployedbyHSdiffersfromthatusedbyHTIandasaresulttheremaybeadifferenceintheHTIandHSratingsforthesameA-sharestocks.海通國際優(yōu)質(zhì)100A股（Q100）指數(shù)：海通國際Q100指數(shù)是一個(gè)包括100支由海通證券覆蓋的優(yōu)質(zhì)中國A股的計(jì)量產(chǎn)品。這些股票是通過基于質(zhì)量的篩選過程，并結(jié)合對(duì)海通證券A股團(tuán)隊(duì)自下而上的研究。海通國際每季對(duì)Q100指數(shù)成分作出復(fù)審。HaitongInternationalQuality100A-share(Q100)Index:HTI’sQ100Indexisaquantproductthatconsistsof100ofthehighest-qualityA-sharesundercoverageatHSinShanghai.Thesestocksarecarefullyselectedthroughaquality-basedscreeningprocessincombinationwithareviewoftheHSA-shareteam’sbottom-upresearch.TheQ100constituentcompaniesarereviewedquarterly.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)績數(shù)據(jù)等）僅代表過往表現(xiàn)，過往的業(yè)績表現(xiàn)不作為日后回報(bào)的預(yù)測。第三條本數(shù)據(jù)版權(quán)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)。SusallWaveFIN-ESGDataServiceDisclaimer:PleasereadthesetermsandconditionsbelowcarefullyandconfirmyouragreementandacceptancewiththesetermsbeforeusingSusallWaveFIN-ESGDataService.FIN-ESGDataisproducedbySusallWaveDigitalTechnologyCo.,Ltd.(Inshort,SusallWave)’sassessmentbasedonlegalpubliclyaccessibleinformation.SusallWaveshallnotberesponsibleforanyaccuracyandcompletenessoftheinformation.Theassessmentresultisforreferenceonly.Itisnotforanyinvestmentadviceforanyindividualorinstitutionandnotforbasisofpurchasing,sellingorholdinganyrelativefinancialproducts.WewillnotbeliableforanydirectorindirectlossofanyindividualorinstitutionasaresultofusingSusallWaveFIN-ESGData.SusallWavedonotconsiderrecipientsascustomersforreceivingthesedata.Whenusingthedata,recipientsshallmakeyourownindependentjudgmentaccordingtoyourpracticalindividualstatus.Thecontentsofthedatareflectthejudgmentofusonlyonthereleaseday.Wehaverighttoupdateandamendthedataandreleaseotherdatathatcontainsinconsistentcontentsordifferentconclusionswithoutnotification.Unlessexpresslystated,thedata(e.g.,financialperformancedata)representspastperformanceonlyandthepastperformancecannotbeviewedasthepredictionoffuturereturn.TheofthisdatabelongstoSusallWave,andwereserveallrightsinaccordancewiththelaw.Withoutthepriorwrittenpermissionofourcompany,noneofindividualorinstitutioncanusethesedataforanyprofitablepurpose.Besides,noneofindividualorinstitutioncantakeactionssuchasamendment,replication,translation,compilation,re-editing,adaption,deletion,abbreviation,excerpts,issuance,rent,exhibition,performance,projection,broadcast,informationnetworktransmission,shooting,addingiconsandinstructions.IfanylossofSusallWaveoranythird-partyiscausedbythoseactions,usersshallbearthecorrespondingcompensationliability.SusallWaveshallnotberesponsibleforanyloss.Ifanytermisnotcontainedinthisdisclaimerbutwritteninotheragreementsonourwebsite(e.g.UserRegistrationProtocolofSusallWaveWebsite,UserService(includingauthentication)AgreementofSusallWaveWebsite,PrivacyPolicyofSusallwaveWebsite),itshouldbeexecutedaccordingtootheragreements.Ifthereisanydifferencebetweenthisdisclaimandotheragreements,thisdisclaimershallbeapplied.重要免責(zé)聲明：非印度證券的研究報(bào)告：本報(bào)告由海通國際證券集團(tuán)有限公司（“HTISGL”）的全資附屬公司海通國際研究有限公司（“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）HTISGLHaitongInternational(JapanK.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：SecuritiesandExchangeBoardofIndia（“SEBI”）監(jiān)管的HaitongSecuritiesIndiaPrivateLimited（“HTSIPL”）所發(fā)BSELimited（“BSE”）和NationalStockExchangeofIndiaLimited（“NSE”）上市公司（統(tǒng)稱為「印度交易所」）的研究報(bào)告。HTSIPL于2016年1222日被收購并成為海通國際證券集團(tuán)有限公司（“HTISG”）的一部分。所有研究報(bào)告均以海通國際為名作為全球品牌，經(jīng)許可由海通國際證券股份有限公司及/或海通國際證券集團(tuán)的其他成員在其司法管轄區(qū)發(fā)布。本文件所載信息和觀點(diǎn)已被編譯或源自可靠來源，但HTIRL、HTISCL或任何其他屬于海通國際證券集團(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倉或短倉以及進(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問海通國際網(wǎng)站，查閱更多有關(guān)海通國際為預(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。非美國分析師披露信息：FINRA進(jìn)行注冊(cè)或者取得相應(yīng)的資格，并且不受美國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2241條規(guī)則之限制。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.分發(fā)和地區(qū)通知：除非下文另有規(guī)定，否則任何希望討論本報(bào)告或者就本項(xiàng)研究中討論的任何證券進(jìn)行任何交易的收件人均應(yīng)聯(lián)系其所在國家或地區(qū)的海通國際銷售人員。香港投資者的通知事項(xiàng)：海通國際證券股份有限公司(“HTISCL”)負(fù)責(zé)分發(fā)該研究報(bào)告，HTISCL1類受規(guī)管活動(dòng)（從事證券交易）的持牌公司。該研究報(bào)告并不構(gòu)成《證券及期貨條例》（571章）（以下簡稱“SFO”）SFO所界定的“專業(yè)投資者”。本研究報(bào)告未經(jīng)過證券及期貨事務(wù)監(jiān)察委員會(huì)的審查。您不應(yīng)僅根據(jù)本研究報(bào)告中所載的信息做出投資決定。本研究報(bào)告的收件人就研究報(bào)告中產(chǎn)生或與之相關(guān)的任何事宜請(qǐng)聯(lián)系HTISCL銷售人員。美國投資者的通知事項(xiàng)：HTIRL，HSIPLHTIJKKHTIRL，HSIPL，HTIJKKHTISG美國聯(lián)營公司，均未在美國注冊(cè)，因此不受美國關(guān)于研究報(bào)告編制和研1934年“美國證券交易法”第15a-6條規(guī)定的豁免注冊(cè)的「美國主要機(jī)構(gòu)投資者」（“MajorU.SInstitutionalInvestor”）和「機(jī)構(gòu)投資者」（”U.SInstitutionalInvestors”）。在向美國機(jī)構(gòu)投資者分發(fā)研究報(bào)告時(shí)，HaitongInternationalSecuritiesUSAInc（“HTIUSA”）HTIUSA。HTIUSA340MadisonAvenue,12thFloorNewYorkNY10173，電話（212）351-6050HTIUSAU.SSecuritiesandExchangeCommission（“SEC”）FinancialIndustryRegulatoryAuthorityInc.（“FINRA”）HTIUSA不負(fù)責(zé)編寫HSIPL，HTIRLHTIJKK直接進(jìn)行買賣證券或相HSIPL，HTIRLHTIJKKFINRAFINRA2241條規(guī)定的與目標(biāo)公司的交流，公開露面和分析師賬戶持有的交易證券等限制。投資本研究報(bào)告中討論的任何非美國證券或相關(guān)金融工具（包括ADR）可能存在一定風(fēng)險(xiǎn)。非美國發(fā)行的證券可能沒有注冊(cè)，或不受美國法規(guī)的約束。有關(guān)非美國證券或相關(guān)金融工具的信息可能有限制。外國公司可能不受審計(jì)和匯報(bào)的標(biāo)準(zhǔn)以及與美國境內(nèi)生效相符的監(jiān)管要求。本研究報(bào)告中以美元以外的其他貨幣計(jì)價(jià)的任何證券或相關(guān)金融工具的投資或收益的價(jià)值受匯率波動(dòng)的影響，可能對(duì)該等證券或相關(guān)金融工具的價(jià)值或收入產(chǎn)生正面或負(fù)面影響。美國收件人的所有問詢請(qǐng)聯(lián)系：HaitongInternationalSecurities(USA)Inc.340MadisonAvenue,12thFloorNewYork,NY10173聯(lián)系人電話：(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.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.issuersmaynot