萬華化學(xué)-市場(chǎng)前景及投資研究報(bào)告：高端新材料,精細(xì)化學(xué)品電池材料,第二增長(zhǎng)曲線

萬華化學(xué)?(600309CH)：新材料專題研究（2）：高端新材料及精細(xì)化學(xué)品不斷突破，電池材料打造第二增長(zhǎng)曲線—維持優(yōu)于大市;

下調(diào)目標(biāo)價(jià)4%（Wanhua

Chemical

Group：ContinuousBreakthroughsinAdvancedMaterialsand

FineChemicals,

withCellMaterialsShapingaSecond

Growth

Trajectory—MaintainOP

&CutTPby4%）10

Mar2024投資要點(diǎn)?

萬華化學(xué)目前已形成產(chǎn)業(yè)鏈高度整合，深度一體化的聚氨酯、石化、精細(xì)化學(xué)品、新興材料四大產(chǎn)業(yè)集群。公司持續(xù)發(fā)揮技術(shù)創(chuàng)新和迭代優(yōu)勢(shì)，重點(diǎn)面向高端化工新材料和精細(xì)化學(xué)品領(lǐng)域，開展高端聚烯烴、高性能工程塑料、可降解塑料、電子化學(xué)品等產(chǎn)品攻關(guān)。我們認(rèn)為公司在高端新材料及精細(xì)化學(xué)品領(lǐng)域不斷突破，電池材料有望打造公司第二增長(zhǎng)曲線。?

盈利預(yù)測(cè)及投資建議：根據(jù)公司2023年度業(yè)績(jī)快報(bào)公告，我們調(diào)整公司2023-2025年歸母凈利潤(rùn)分別為168.14、226.57、255.43億元（原值分別為175.67、236.04、276.37億元），對(duì)應(yīng)EPS分別為5.36、7.22、8.14元/股，給予2024年14.1倍PE，目標(biāo)價(jià)101.84元，維持“優(yōu)于大市”評(píng)級(jí)。?

風(fēng)險(xiǎn)提示：產(chǎn)品價(jià)格大幅下跌；新建項(xiàng)目進(jìn)度不及預(yù)期。For

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2報(bào)告概要1.

POE：

國(guó)

產(chǎn)化突破在即2.

PC：高端差異化及產(chǎn)業(yè)鏈一體化是發(fā)展趨勢(shì)3.

檸檬醛：下游香精香料市場(chǎng)長(zhǎng)期穩(wěn)定增長(zhǎng)4.

可降解塑料：可降解塑料是未來發(fā)展方向5.

電池材料：打造公司第二增長(zhǎng)曲線6.

盈利預(yù)測(cè)及投資建議7.

風(fēng)險(xiǎn)提示For

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3POE:我國(guó)產(chǎn)品以進(jìn)口為主?

聚烯烴彈性體（POE）是由乙烯與丙烯或其他

α-烯烴（如1-丁烯、1-己烯、1-辛烯等）共聚而得到的一類聚烯烴。我國(guó)所需的POE產(chǎn)品大都依賴進(jìn)口；?

聚合單體高碳α-烯烴技術(shù)、茂金屬催化劑技術(shù)以及高溫溶液聚合技術(shù)是目前POE工

業(yè)化的主要壁壘。圖：世界POE產(chǎn)能分布表：2016-2021年國(guó)內(nèi)POE供需情況需求量年均增長(zhǎng)率，%年份/年消費(fèi)量/kt進(jìn)口量/kt自給率201620172018201920202021149186198218234277149186198218234277000000024.96.510.17.318.4資料：《國(guó)內(nèi)外POE市場(chǎng)分析及預(yù)測(cè)》，張瑞等；《光伏電池封裝膠膜材料發(fā)展現(xiàn)狀與前景分析》，黃格省等；HTIFor

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4新

型電池技術(shù)發(fā)展帶來POE需求增長(zhǎng)?

全球光伏裝機(jī)有望維持高增長(zhǎng)，新型電池技術(shù)發(fā)展有望帶來POE需求增長(zhǎng)。Perc電池封裝以EVA膠膜為主；而新型太陽能電池技術(shù)（如Topcon、異質(zhì)結(jié)等）大

多采用N型硅片，具有更高的抗PID性能要求，POE膠膜潛在需求增加；?

如果我們按照TOPCo

n雙面均用POE膠膜封裝計(jì)算，2022-2025年光伏POE需求分別為19/45/75/103萬噸。圖：光伏組件及膠膜結(jié)構(gòu)示意圖圖：2020-2030年不同封裝材料市場(chǎng)占比趨勢(shì)資料：海優(yōu)新材2022年年報(bào)，HTI資料：海優(yōu)新材2022年年報(bào)援引中國(guó)光伏行業(yè)協(xié)會(huì)，HTIFor

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5POE國(guó)

產(chǎn)

化突破在即?

根據(jù)2022年年報(bào)，萬華化學(xué)規(guī)劃在煙臺(tái)實(shí)施的120萬噸/年乙烯及下游高端聚烯烴項(xiàng)目已于2022年8月通過核準(zhǔn)；?

根據(jù)2023年半年報(bào)，公司穩(wěn)步推進(jìn)POE等新興業(yè)務(wù)產(chǎn)業(yè)化進(jìn)程。For

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6PC行業(yè)擴(kuò)能，一體化多元化是趨勢(shì)?

2022年底國(guó)內(nèi)PC合計(jì)產(chǎn)能約327萬噸/年，新增產(chǎn)能70萬噸。在國(guó)內(nèi)產(chǎn)能增長(zhǎng)下，結(jié)構(gòu)性供應(yīng)不平衡態(tài)勢(shì)、市場(chǎng)低端價(jià)格競(jìng)爭(zhēng)局面仍存；?

2022年，PC在行業(yè)擴(kuò)能的過程中，也呈現(xiàn)產(chǎn)業(yè)鏈一體化加快發(fā)展的態(tài)勢(shì)，推動(dòng)產(chǎn)品多元化生產(chǎn)，滿足細(xì)分市場(chǎng)的需求。For

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7萬

華雙酚A投產(chǎn)，高端占比進(jìn)一步提升?

根據(jù)萬華化學(xué)2022年年報(bào)，煙臺(tái)工業(yè)園PC項(xiàng)目產(chǎn)能24萬噸/年。根據(jù)2023年半年報(bào)，隨著公司雙酚A項(xiàng)目的投產(chǎn)，萬華化學(xué)PC產(chǎn)業(yè)鏈配套更加完善，市場(chǎng)份額和盈利能力進(jìn)一步提升；?

根據(jù)萬華化學(xué)2022年年報(bào)，PC產(chǎn)業(yè)鏈高端產(chǎn)品占比進(jìn)一步提升。硅共聚PC等自主研發(fā)裝置一次性開車成功，新推出高端醫(yī)療級(jí)PC。For

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8檸檬醛系列應(yīng)用廣泛，生產(chǎn)壁壘較高?

檸檬醛系列（包括檸檬醛、紫羅蘭酮、甲基紫羅蘭酮、香葉醇、香茅醛、橙花醇）是典型的大宗香料，在日化和食品領(lǐng)域應(yīng)用廣泛；?

這類大宗香料基本上由化學(xué)合成得到，由于合成路線長(zhǎng)，產(chǎn)品質(zhì)量容易波動(dòng)；重要中間體合成難度大，生產(chǎn)成本不易控制；關(guān)鍵反應(yīng)選擇性差，香氣品質(zhì)難以調(diào)控。圖：新和成檸檬醛合成路線圖：新和成香精香料2015-2022年毛利率（%）檸檬醛系列：紫羅蘭酮6050403020100甲基紫羅蘭酮異丁烯香葉醇香茅醛異戊烯醇檸檬醛甲醛衍生物橙花醇等20152016201720182019202020212022資料：Wind，HTI資料：中國(guó)輕工業(yè)聯(lián)合會(huì)，HTIFor

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9香精香料行業(yè)穩(wěn)定增長(zhǎng)?

根據(jù)新和成2022年年報(bào)，香精香料包括香料（合成香料、天然香料）和香精（日化香精、食用香精、煙用香精等），應(yīng)用于個(gè)人護(hù)理、家庭護(hù)理、食品、飲料等各種日常生活場(chǎng)景。全球市場(chǎng)規(guī)模約350億美元，行業(yè)保持長(zhǎng)期穩(wěn)定增長(zhǎng)；?

根據(jù)新和成2022年年報(bào)，中國(guó)香料香精市場(chǎng)規(guī)模占全球市場(chǎng)約五分之一，已成為全球最主要的香料供應(yīng)國(guó)和香精消費(fèi)國(guó)及生產(chǎn)基地，這也為我國(guó)香料香精行業(yè)的發(fā)展注入了動(dòng)力和活力。資料：新和成2022年年報(bào)，HTIFor

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10公司穩(wěn)步推進(jìn)檸檬醛產(chǎn)業(yè)化進(jìn)程?

根據(jù)2021年煙臺(tái)市生態(tài)環(huán)境局【萬華化學(xué)集團(tuán)股份有限公司檸檬醛及其衍生物一體化項(xiàng)目】環(huán)評(píng)公示，萬華化學(xué)新建12.4萬噸/年異戊烯醇裝置、3.0萬噸/年異戊烯醛裝置、4.

8萬噸/年檸檬醛裝置和2.

5萬噸/年檸檬醛衍生物裝置。根據(jù)2023年半年報(bào)公司穩(wěn)步推進(jìn)檸檬醛、香精香料等新興業(yè)務(wù)產(chǎn)業(yè)化進(jìn)程；?

香精香料和營(yíng)養(yǎng)化學(xué)品貨值高，但客戶需求量小，對(duì)于業(yè)務(wù)產(chǎn)線健全，能夠提供盡可能一站式供貨能力的企業(yè)更有利于維護(hù)客戶的穩(wěn)定性和產(chǎn)品協(xié)同性帶來的經(jīng)濟(jì)效益，具有更強(qiáng)的競(jìng)爭(zhēng)優(yōu)勢(shì)。For

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11可降解塑料是未來發(fā)展方向?

萬

華化學(xué)董事長(zhǎng)廖增太在2023年全國(guó)兩會(huì)提出建議：1、建立全生物可降解塑料白名單，健全行業(yè)標(biāo)準(zhǔn)體系，規(guī)范行業(yè)監(jiān)管標(biāo)準(zhǔn)；2、擴(kuò)大試點(diǎn)地區(qū)及領(lǐng)域，加強(qiáng)生物可降解材料推廣力度；3、建立完善生物可降解塑料廢棄物收運(yùn)處置體系。圖：PBAT產(chǎn)業(yè)鏈圖：PLA產(chǎn)業(yè)鏈BDO己二酸PTA丙交酯乳酸PLA玉米PBAT資料：萬華化學(xué)官網(wǎng)，百川盈孚，HTIFor

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12可降解塑料項(xiàng)目穩(wěn)步推進(jìn)?

2022年，四川基地克服多重困難，項(xiàng)目建設(shè)穩(wěn)步推進(jìn)。9月工業(yè)園首套一體化、大規(guī)模BDO裝置成功產(chǎn)出合格產(chǎn)品，為四川工業(yè)園可降解材料產(chǎn)業(yè)提供了原料保障；?

在低碳技術(shù)開發(fā)方面，推動(dòng)可降解地膜與蘋果反光膜等可降解材料的示范工程的實(shí)施。For

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13面臨問題仍存，期待行業(yè)政策不斷完善（1）監(jiān)管政策不確定；（2）生產(chǎn)成本過高；（3）不具備成熟的可降解條件。資料：《可降解塑料發(fā)展現(xiàn)狀及趨勢(shì)研究》，王維；HTIFor

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14電池材料產(chǎn)業(yè)鏈圖：電池材料產(chǎn)業(yè)鏈負(fù)極正級(jí)鋰電池電解液隔膜輔材資料：星源材質(zhì)2022年年報(bào)，HTI整理For

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15電池材料打造公司第二增長(zhǎng)曲線?

根據(jù)2022年度股東大會(huì)會(huì)議資料，通過六氟磷酸鋰等一系列項(xiàng)目建設(shè)，萬華化學(xué)將發(fā)揮自身的化學(xué)品制造優(yōu)勢(shì)，搶抓電池材料行業(yè)發(fā)展機(jī)遇，2023年電池材料項(xiàng)目計(jì)劃投資33.4億元；?

2024年2月26日，根據(jù)萬華化學(xué)《股權(quán)變更框架協(xié)議》進(jìn)展公告，公司通過萬華化學(xué)全資子公司直接受讓銅化集團(tuán)所持有的安納達(dá)部分股權(quán)，交易總金額4.15億元。本次交易完成后，萬華電池將完善上游原料產(chǎn)業(yè)鏈，增強(qiáng)在電池產(chǎn)業(yè)尤其是磷酸鐵鋰產(chǎn)業(yè)的核心競(jìng)爭(zhēng)力；?

電池材料通過不斷工藝優(yōu)化和新技術(shù)、新產(chǎn)品開發(fā)，打造公司第二增長(zhǎng)曲線。For

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16盈利預(yù)測(cè)及投資建議?

根據(jù)公司2023年度業(yè)績(jī)快報(bào)公告，我們調(diào)整公司2023-2025年歸母凈利潤(rùn)分別

為168.14、226.57、255.43億元（原值分別為175.67、236.04、276.37億元），對(duì)應(yīng)EPS分別為5.36、7.22、8.14元/股，由于公司為MDI行業(yè)龍頭給予一定估值溢價(jià)，給予2024年14.1倍PE，目標(biāo)價(jià)101.84元，維持“優(yōu)于大市”評(píng)級(jí)。?

盈利預(yù)測(cè)主要假設(shè)：（1）萬華福建40萬噸/年MDI裝置于2022年12月22日一次開車成功，裝置生產(chǎn)平穩(wěn)運(yùn)行；120萬噸/年二期乙烯項(xiàng)目正在建設(shè)并向下游高端聚烯烴延伸。假設(shè)從2023年起逐步貢獻(xiàn)盈利，公司聚氨酯、石化、精細(xì)化學(xué)品及新材料板塊收入提升；（2）假設(shè)隨著下游需求逐步改善和公司一體化降本增效，公司聚氨酯、石化、精細(xì)化學(xué)品及新材料毛利率逐步提升；（3）假設(shè)在建項(xiàng)目2023-2025年逐步投產(chǎn)。資料：Wind，HTIFor

fulldisclosure

of

risks,

valuation

methodologies

and

targetprice

formationon

all

HTIrated

stocks,

please

refer

to

the

latest

full

report

on

our

website

at

17盈利預(yù)測(cè)及投資建議表：公司業(yè)績(jī)拆分202262896475181537724.45%696356703226032023E62267445211774528.50%714286577856502024E71519487252279431.87%718146510867062025E80152534402671133.33%79027711827844產(chǎn)品項(xiàng)目營(yíng)業(yè)收入（百萬元）營(yíng)業(yè)成本（百萬元）毛利（百萬元）毛利率聚氨酯系列營(yíng)業(yè)收入（百萬元）營(yíng)業(yè)成本（百萬元）毛利（百萬元）毛利率石化系列精細(xì)化學(xué)品及新材料系列其他3.74%201241456355617.91%198001564241589.34%294002293264689.93%33325256607665營(yíng)業(yè)收入（百萬元）營(yíng)業(yè)成本（百萬元）毛利（百萬元）毛利率27.63%2547821689378921.00%2186618652321422.00%2405220685336723.00%26458230183439營(yíng)業(yè)收入（百萬元）營(yíng)業(yè)成本（百萬元）毛利（百萬元）毛利率14.87%14.70%14.00%13.00%資料：Wind，HTIFor

fulldisclosure

of

risks,

valuation

methodologies

and

targetprice

formationon

all

HTIrated

stocks,

please

refer

to

the

latest

full

report

on

our

website

at

18表：可比公司估值EPS（元）2023E2.04PE（倍）2023E13.37代碼公司名稱股價(jià)（元）20222.965.792024E2.85202211.1917.952024E9.55600426.SH600486.SH華魯恒升揚(yáng)農(nóng)化工均值27.2254.133.884.6613.9411.6110.5813.66資料：Wind，HTI，股價(jià)為2024年3月4日收盤價(jià)，每股收益為Wind一致預(yù)期For

fulldisclosure

of

risks,

valuation

methodologies

and

targetprice

formationon

all

HTIrated

stocks,

please

refer

to

the

latest

full

report

on

our

website

at

19財(cái)務(wù)報(bào)表分析和預(yù)測(cè)資料：Wind，HTI，備注：表中計(jì)算估值指標(biāo)的股價(jià)為2024年3月4日收盤價(jià)For

fulldisclosure

of

risks,

valuation

methodologies

and

targetprice

formationon

all

HTIrated

stocks,

please

refer

to

the

latest

full

report

on

our

website

at

20財(cái)務(wù)報(bào)表分析和預(yù)測(cè)資料：Wind，HTIFor

fulldisclosure

of

risks,

valuation

methodologies

and

targetprice

formationon

all

HTIrated

stocks,

please

refer

to

the

latest

full

report

on

our

website

at

21風(fēng)險(xiǎn)提示?

風(fēng)險(xiǎn)提示：產(chǎn)品價(jià)格大幅下跌；新建項(xiàng)目進(jìn)度不及預(yù)期。For

fulldisclosure

of

risks,

valuation

methodologies

and

targetprice

formationon

all

HTI

rated

stocks,

please

refer

to

the

latest

full

report

on

our

website

at

22APPENDIX

2重要信息披露本研究報(bào)告由(HTISCL)的證券研究團(tuán)隊(duì)所組成的全球品牌，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.

(HTIJKK)和國(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)從事證券活動(dòng)。國(guó)際證券有限公司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

any

other

members

within

the

Haitong

International

Securities

Group

of

Companies(“HTISG”),

each

authorized

to

engage

in

securities

activities

in

its

respective

jurisdiction.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。我和我的家屬（我已經(jīng)告知他們）將不會(huì)在本研究報(bào)告發(fā)布后的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,

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

views

expressed

in

this

research

report;

and

thatI

(including

members

of

my

household)

have

no

financial

interest

in

the

security

or

securities

of

the

subject

companies

discussed.

I

and

my

household,

whom

I

have

already

notified

of

this,

will

not

deal

inor

trade

any

securities

in

respect

of

the

issuer

that

I

review

within

3

business

days

after

the

research

report

is

published.我，

莊懷超，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)在本研究報(bào)告發(fā)布后的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,

Huaichao

Zhuang,

certify

that

(i)

the

views

expressed

in

this

research

report

accurately

reflect

my

personal

views

about

any

or

all

of

thesubject

companies

or

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

views

expressed

in

thisresearch

report;

and

that

I

(including

members

of

my

household)

have

no

financial

interest

in

the

security

or

securities

of

the

subject

companies

discussed.

I

and

my

household,

whom

I

have

alreadynotified

of

this,

will

not

deal

in

or

trade

any

securities

in

respect

of

the

issuer

that

I

review

within

3

business

days

after

the

research

report

is

published.2APPENDIX

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

or

companies

in

this

research

report.

As

far

as

this

research

report

is

concerned,

the

following

are

the

disclosure

matters

related

to

suchrelationship

(As

the

following

disclosure

does

not

ensure

timeliness

and

completeness,

please

send

an

email

to

ERD-Disclosure@

if

timely

and

comprehensive

information

is

needed).688680.CH,

新和成控股集團(tuán)有限公司

及

600486.CH目前或過去12個(gè)月內(nèi)是的客戶。向客戶提供非投資銀行業(yè)務(wù)的證券相關(guān)業(yè)務(wù)服務(wù)。688680.CH,

新和成控股集團(tuán)有限公司

and

600486.CH

are/were

a

client

of

Haitong

currently

or

within

the

past

12

months.

The

client

has

been

provided

for

non-investment-banking

securities-related

services.在過去的12個(gè)月中從688680.CH

及

新和成控股集團(tuán)有限公司獲得除投資銀行服務(wù)以外之產(chǎn)品或服務(wù)的報(bào)酬。Haitong

has

received

compensation

in

the

past

12

months

for

products

or

services

other

than

investment

banking

from

688680.CH

and

新和成控股集團(tuán)有限公司.3APPENDIX

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

–

MSCI

China.RatingsDefinitions(from

1

Jul

2020):Haitong

International

uses

a

relative

rating

system

using

Outperform,

Neutral,

or

Underperform

for

recommending

the

stocks

we

cover

to

investors.Investors

should

carefully

read

the

definitions

of

all

ratings

used

in

Haitong

International

Research.

In

addition,

since

Haitong

International

Researchcontains

more

complete

information

concerning

the

analyst's

views,

investors

should

carefully

read

Haitong

International

Research,

in

its

entirety,

andnot

infer

the

contents

from

the

rating

alone.

In

any

case,

ratings

(or

research)

should

not

be

used

or

relied

upon

as

investment

advice.

An

investor'sdecision

to

buy

or

sell

a

stock

should

depend

on

individual

circumstances

(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

indicatedbelow.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,

asindicated

below.

For

purposes

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,

as4indicated

below.Benchmarks

for

each

stock’s

listed

region

are

as

follows:

Japan

–

TOPIX,

Korea

–

KOSPI,

Taiwan

–

TAIEX,

India

–

Nifty100,

US

–

SP500;

for

all

otherChina-conceptstocks

–

MSCIChina.APPENDIX

2評(píng)級(jí)分布Rating

Distribution5APPENDIX

2截至2023年12月31日國(guó)際股票研究評(píng)級(jí)分布優(yōu)于大市中性弱于大市(持有)國(guó)際股票研究覆蓋率89.4%9.6

%1.0%投資銀行客戶*3.9%5.1%5.6%*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

–

MSCI

China.Haitong

International

EquityResearch

RatingsDistribution,

asofDecember

31,2023OutperformNeutral(hold)9.6

%5.1%UnderperformHTI

Equity

Research

Coverage

89.4%IB

clients*

3.9%1.0%5.6%*Percentage

of

investment

banking

clients

in

each

rating

category.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

NRdesignation

are

not

included

in

the

table

above.Previous

ratingsystem

definitions(until30Jun2020):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,

asindicated

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

indicatedbelow.Benchmarks

for

each

stock’s

listedregionareas

follows:Japan–

TOPIX,Korea–

KOSPI,Taiwan–

TAIEX,India–

Nifty100;forall

other

China-conceptstocks

–

MSCI

China.6APPENDIX

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-Rated

Research:

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.7APPENDIX

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.8APPENDIX

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。9APPENDIX

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