證券研究報(bào)告化學(xué)制劑(＃證券研究報(bào)告化學(xué)制劑(＃22投資要點(diǎn)元(同比+12.02%)，實(shí)現(xiàn)歸母凈利潤(rùn)14.34億元(同比+6.96%)，實(shí)現(xiàn)扣非歸母凈利潤(rùn)14.27億元(同比+12.24%)。模式，工業(yè)微生物四大板塊構(gòu)筑完成空間廣闊，美護(hù)板塊少女針快速放容護(hù)理四大板塊邊際均向好，商業(yè)板塊穩(wěn)步增長(zhǎng)，藥品板塊甩開集采包?風(fēng)險(xiǎn)提示：藥品集中采購(gòu)風(fēng)險(xiǎn)，新藥研發(fā)風(fēng)險(xiǎn)，產(chǎn)品競(jìng)爭(zhēng)格局加劇風(fēng)險(xiǎn)主要財(cái)務(wù)指標(biāo)會(huì)計(jì)年度023E024E025E2757801291%134%123%127%元)994688.6%20.5%21.7%21.8%E31.9%13.5%32.9%14.3%33.5%15.2%34.4%16.0%每股收益(元)95.0.33-08-150相關(guān)報(bào)告各板塊持續(xù)增長(zhǎng)》2022-10-2508-12yuanxyzqcomcnS01S02S02來源：WIND，興業(yè)證券經(jīng)濟(jì)與金融研究院整理請(qǐng)務(wù)必閱讀正文之后的信息披露和重要聲明公司點(diǎn)評(píng)報(bào)告(帶市場(chǎng)行情)請(qǐng)務(wù)必閱讀正文之后的信息披露和重要聲明2-報(bào)告正文?公司發(fā)布2023年半年報(bào)，2023年上半年實(shí)現(xiàn)營(yíng)業(yè)收入203.85億元(同比利潤(rùn)14.27億元(同比+12.24%)。實(shí)現(xiàn)扣非歸母凈利潤(rùn)14.27億元(同比+12.24%)，扣除股權(quán)激勵(lì)和參控股研扣非歸母凈利潤(rùn)16.56億元(同比+20.61%)。Q2單季度，實(shí)現(xiàn)營(yíng)業(yè)收入102.71億元(同比+10.85%，環(huán)比+1.55%)，實(shí)現(xiàn)歸母凈利潤(rùn)6.79億元端增速低于收入增速的情況，扣非利潤(rùn)增速快于收入端，體現(xiàn)了公司經(jīng)營(yíng)層面持續(xù)進(jìn)入改善狀態(tài)。年，實(shí)現(xiàn)營(yíng)業(yè)收入60.54億元(同比+10.04%)，實(shí)現(xiàn)扣非凈利潤(rùn)12.26億元圖1、中美華東單季度收入(億元，左軸)及同比增速(右軸)5040.00%30.9230.1430.7529.7927.2627.9127.0927.130.00%22.323.3223.823.0520.00%中美華東收入(億元)YOY(%)與金融研究院整理請(qǐng)務(wù)必閱讀正文之后的信息披露和重要聲明3-國(guó)FDA批準(zhǔn)上市，這是公司繼注射用泮托拉唑鈉、阿卡波糖片、注射用達(dá)托霉素之后又一獲得集采對(duì)公司影響的邊際緩和以及相關(guān)創(chuàng)新產(chǎn)品的布局，公司工業(yè)板塊第二增長(zhǎng)曲線逐漸清晰。合計(jì)實(shí)現(xiàn)營(yíng)業(yè)收入12.24億元(同比+36%)，其中sinclair實(shí)現(xiàn)收入7629萬英鎊(同比+26%)，實(shí)現(xiàn)EBITDA1260萬英鎊，欣可麗美學(xué)(對(duì)應(yīng)核心品種少女針)實(shí)現(xiàn)收入5.16億元(同比+91%)。Q2單季度，合計(jì)實(shí)現(xiàn)營(yíng)業(yè)收入7.21億元(同比+63%，環(huán)比+43%)，其中sinclair實(shí)現(xiàn)收入4249萬英鎊(同比+44%,環(huán)比+26%)，實(shí)現(xiàn)EBITDA961萬英鎊，欣可麗美學(xué)(對(duì)應(yīng)核心品Q單季度國(guó)內(nèi)和利潤(rùn)貢獻(xiàn)。公司新型高端含利多卡因注射用透明質(zhì)酸鈉填充劑MaiLi中國(guó)臨床試驗(yàn)全部受試者入組，并已開始隨訪。美護(hù)板塊將成為公司快速增長(zhǎng)的助推器。在大中華區(qū)以及東南亞的獨(dú)家許可和開發(fā)權(quán)益。公司管線逐漸豐富，在內(nèi)分請(qǐng)務(wù)必閱讀正文之后的信息披露和重要聲明4-款創(chuàng)從美國(guó)ImmunoGen引進(jìn)的全球首創(chuàng)ADC新藥索米妥昔單抗注射液 有望持續(xù)助力產(chǎn)品高增長(zhǎng)。糖尿病/肥胖癥DR10624(三靶點(diǎn)GLP-尿病/肥胖癥/Nash尿病2023.4獲批上市2023.6獲批上市糖尿病/肥胖癥EGFR突變非小細(xì)胞肺癌HDM02FRα高表達(dá)的鉑耐藥卵巢tuximabine癌DRCLDNARCALYST?(Rilonacept)冷吡啉相關(guān)的周期性綜合征(CAPS)烏司奴單抗生物類似物HDM001銀屑病2023年Q3BLA獲得受理腎小球?yàn)V過率動(dòng)態(tài)監(jiān)測(cè)系段(腎小球?yàn)V過率動(dòng)態(tài)監(jiān)測(cè)統(tǒng)MB02(配套使用)：公司公告，興業(yè)證券經(jīng)濟(jì)與金融研究院整理公司全資子公司中美華東申報(bào)的利拉魯肽注射液肥胖或超重適應(yīng)癥的上市許g 研減重相關(guān)適應(yīng)癥未在國(guó)內(nèi)獲批上市。根據(jù)諾和諾德公司2022年年報(bào)，請(qǐng)務(wù)必閱讀正文之后的信息披露和重要聲明5-已正式實(shí)現(xiàn)商業(yè)化上市銷售，并在全國(guó)各省積極開展掛網(wǎng)和進(jìn)院的工作。目前國(guó)內(nèi)僅有中美華東及原研企業(yè)的利拉魯肽注射液擁有糖尿病適應(yīng)癥的上市批文，且中美華東為國(guó)內(nèi)首個(gè)針對(duì)利拉魯肽注射液肥胖或超重適應(yīng)癥遞交上1R/GCGR/FGF21R三靶點(diǎn)激動(dòng)劑，臨床一期)、司美格魯肽(臨床三期)、P比-3.23PP),管理費(fèi)用率3.81%(同比+0.90PP)，研發(fā)費(fèi)用率2.85%(同比明兩年多款創(chuàng)新產(chǎn)品上市放量，工業(yè)微生物和美護(hù)板塊高速發(fā)展，我們調(diào)整S倍，維持對(duì)其“買入”評(píng)級(jí)。中采購(gòu)風(fēng)險(xiǎn)，新藥研發(fā)風(fēng)險(xiǎn)，產(chǎn)品競(jìng)爭(zhēng)格局加劇風(fēng)險(xiǎn)公司點(diǎn)評(píng)報(bào)告(帶市場(chǎng)行情)請(qǐng)務(wù)必閱讀正文之后的信息披露和重要聲明6-22-1Q2Q3Q4Q23-1Q2021-122022-12YOY9576823797銷售費(fèi)用9081.7%4.5%發(fā)費(fèi)用72850000--公允價(jià)值0000-0-投資收益--56280299銷售費(fèi)用率s9%.0%9%s發(fā)費(fèi)用率7%3%3%6%s8%7%0%sssss經(jīng)濟(jì)與金融研究院整理公司點(diǎn)評(píng)報(bào)告(帶市場(chǎng)行情)請(qǐng)務(wù)必閱讀正文之后的信息披露和重要聲明7-萬元資產(chǎn)負(fù)債萬元計(jì)年度23E4E5E8950940000應(yīng)收票據(jù)及應(yīng)收賬款款項(xiàng)存貨495程37880414141419737373734585款應(yīng)付票據(jù)及應(yīng)付賬款1394824878787878190合計(jì)7218246054585現(xiàn)金流量表萬元計(jì)年度23E4E5E468468-800346-80004599-882-8009和攤銷公允價(jià)值變動(dòng)損失投資損失活動(dòng)產(chǎn)生現(xiàn)金流量投資活動(dòng)產(chǎn)生現(xiàn)金流量生現(xiàn)金流量動(dòng)初余額 現(xiàn)金的期末余額341767421026714215：天軟，興業(yè)證券經(jīng)濟(jì)與金融研究院整理萬元利萬元計(jì)年度23E4E5E27578012682674及附加8659銷售費(fèi)用發(fā)費(fèi)用000000投資收益公允價(jià)值變動(dòng)收益減值損失8888486800044898335270999468EPS95務(wù)比率計(jì)年度23E4E5E13.4%12.3%12.7%6%5%6%5%7%8%31.9%32.9%33.5%34.4%債能力38.5%37.7%37.0%35.8%245率5129.6%129.4%129.2%128.9%賬款周轉(zhuǎn)率523.3%526.2%523.8%524.8%存貨周轉(zhuǎn)率每股資料(元)股收益95股經(jīng)營(yíng)現(xiàn)金98股凈資產(chǎn)值比率(倍).0.3公司點(diǎn)評(píng)報(bào)告(帶市場(chǎng)行情)請(qǐng)務(wù)必閱讀正文之后的信息披露和重要聲明8-師聲明券業(yè)協(xié)會(huì)授予的證券投資咨詢執(zhí)業(yè)資格并登記為證券分析師，以勤勉的職業(yè)態(tài)度，獨(dú)立、客觀地出具本告。本報(bào)告清晰準(zhǔn)確地反映了本人的研究觀點(diǎn)。本人不曾因，不因，也將不會(huì)因本報(bào)告中的具體推薦意見或觀點(diǎn)而直接或投資評(píng)級(jí)說明投資建議的評(píng)級(jí)標(biāo)準(zhǔn)級(jí)說明報(bào)告中投資建議所涉及的評(píng)級(jí)分為股票評(píng)級(jí)和行業(yè)評(píng)級(jí)(另有說明的除外)。評(píng)級(jí)標(biāo)準(zhǔn)為報(bào)告發(fā)布日后的12個(gè)月內(nèi)公司股價(jià)(或行業(yè)指數(shù))相對(duì)同期相關(guān)證券市場(chǎng)代表性指數(shù)的漲跌準(zhǔn)；新三板市場(chǎng)以三板成指為基準(zhǔn)；場(chǎng)以標(biāo)普500或納斯達(dá)克綜合指數(shù)為基級(jí)相對(duì)同期相關(guān)證券市場(chǎng)代表性指數(shù)漲幅大于15%相對(duì)同期相關(guān)證券市場(chǎng)代表性指數(shù)漲幅小于-5%司面臨無法預(yù)見結(jié)果的重大不確，或者其他原因，致使我們無法給出明確的投資評(píng)級(jí)行業(yè)評(píng)級(jí)推薦相對(duì)表現(xiàn)優(yōu)于同期相關(guān)證券市場(chǎng)代表性指數(shù)相對(duì)表現(xiàn)與同期相關(guān)證券市場(chǎng)代表性指數(shù)持平相對(duì)表現(xiàn)弱于同期相關(guān)證券市場(chǎng)代表性指數(shù)信息披露使用本研究報(bào)告的風(fēng)險(xiǎn)提示及法律聲明本報(bào)告僅供興業(yè)證券股份有限公司(以下簡(jiǎn)稱“本公司”)的客戶使用，本公司不會(huì)因接收人收到本報(bào)告而視其為客、意見等均僅供客戶參考，不構(gòu)成所述證券買賣的出價(jià)或征價(jià)邀請(qǐng)或要約，投資者自主作出投資決策并任何形式的分享證券投資收益或者分擔(dān)證券投資損失的書面或口頭承諾均為無效，任何有關(guān)本報(bào)告的摘要或節(jié)選都不代表本報(bào)告正式完整的觀點(diǎn)，一切須以本公司向客戶發(fā)布的本報(bào)告完整版本為準(zhǔn)。該等信息、意見并未考慮到人員的具體投資目的、財(cái)務(wù)狀況以及特定需求，在任何時(shí)候均不構(gòu)成對(duì)任何人的個(gè)人推薦?？蛻魬?yīng)當(dāng)對(duì)本報(bào)告中行獨(dú)立評(píng)估，并應(yīng)同時(shí)考量各自的投資目的、財(cái)務(wù)狀況和特定需求，必要時(shí)就法律、商業(yè)、財(cái)務(wù)、稅收等方均不承擔(dān)任何法律責(zé)任。的來源被認(rèn)為是可靠的，但本公司不保證其準(zhǔn)確性或完整性，也不保證所包含的信息和建議不會(huì)發(fā)生任的其他任何損失承擔(dān)任何責(zé)任。資料、意見及推測(cè)僅反映本公司于發(fā)布本報(bào)告當(dāng)日的判斷，本報(bào)告所指的證券或投資標(biāo)的的價(jià)格、價(jià)值及資收入可升可跌，過往表現(xiàn)不應(yīng)作為日后的表現(xiàn)依據(jù)；在不同時(shí)期，本公司可發(fā)出與本報(bào)告所載資料、意見及推測(cè)不一致報(bào)告；本公司不保證本報(bào)告所含信息保持在最新狀態(tài)。同時(shí)，本公司對(duì)本報(bào)告所含信息可在不發(fā)出通知的情形下做出修關(guān)于業(yè)績(jī)的數(shù)據(jù)代表過往表現(xiàn)。過往的業(yè)績(jī)表現(xiàn)亦不應(yīng)作為日后回報(bào)的預(yù)示。我們不不保證，任何所預(yù)示的回報(bào)會(huì)得以實(shí)現(xiàn)。分析中所做的回報(bào)預(yù)測(cè)可能是基于相應(yīng)的假設(shè)。任何假設(shè)的變化可能會(huì)顯著員、交易人員以及其他專業(yè)人士可能會(huì)依據(jù)不同假設(shè)和標(biāo)準(zhǔn)、采用不同的分析方法而口頭或書面發(fā)表與及建議不一致的市場(chǎng)評(píng)論和/或交易觀點(diǎn)。本公司沒有將此意見及建議向報(bào)告所有接收者進(jìn)行更新的義務(wù)。本公致的投資決策?；蛞鈭D發(fā)送予或?yàn)槿魏尉桶l(fā)送、發(fā)布、可得到或使用此報(bào)告而使興業(yè)證券股份有限公司及其關(guān)聯(lián)子公司當(dāng)?shù)氐姆苫蚍ㄒ?guī)或可致使興業(yè)證券股份有限公司受制于相關(guān)法律或法規(guī)的任何地區(qū)、國(guó)家或其他管轄區(qū)域的公民或本公司所有。本公司對(duì)本報(bào)告保留一切權(quán)利。除非另有書面顯示，否則本報(bào)告中的所有材料的版權(quán)均屬公司。未經(jīng)本公司事先書面授權(quán)，本報(bào)告的任何部分均不得以任何方式制作任何形式的拷貝、復(fù)印件或復(fù)制品，或再次分司不承擔(dān)任何轉(zhuǎn)載責(zé)任。聲明在法律許可的情況下，興業(yè)證券股份有限公司可能會(huì)持有本報(bào)告中提及公司所發(fā)行的證券頭寸并進(jìn)行交易，也可能為這賴依據(jù)。興業(yè)證券研究上海深圳1-08單元座52樓50searchxyzqcomcnsearchxyzqcomcnHuadongMedicine(000963)HuadongMedicine(000963)August16,2023In1H23,thecompanyachievedarevenueofCNY20.385billion(+12.02%YoY);itreporteditsnetincomeattributabletoshareholdersatCNY1.434billion(+6.96%YoY);itregistereditsnetincomedeductingnon-recurringitemsatCNY1.427billion(+12.24%YoY).Comments證券研究報(bào)告COMPANYRESEARCHBuyBuyMaintaineyDataApr.21,2023CompanyProfileHuadongCompanyProfileHuadongMedicineCo.,Ltd.specializesinthedevelopment,manufactureandmarketingofmedicalproductsandvaccines.Theproductsareintendedprimarilyforthetreatmentoftumors,immunedisorders,endocrinedisorders,orthopedicandtraumatologicaldisorders,digestivesystemdiseasesandviraldiseases.(Source:MarketScreener). 1754.00 1749.73.40.000.43OutstandingShares(Mn)FloatShares(Mn)BookValue(CNY/Mn)TotalAssets(CNY/Mn)Source:Wind,editedbyResearchInstituteofEconomicsandFinanceofIndustrialSecuritiesHuadongMedicineCo.,Ltd.(“HuadongMedicine”/thecompany)announceditsfinancialresultsforthefirsthalfof2023.AnaAnalystSUNYuanyuansunyuanyuan@S0190515090001HUANGHanyanghuanghanyang@ItsperformanceItsperformancewasinlinewithexpectations,withrecurringprofitgrowthfasterthanrevenuegrowth.Itspharmaceuticalindustrialsmaintainedtherisingmomentum,anditswidebusinessrolloutsshoweditssecondgrowthcurve.YANGXichengyangxicheng@S0190522090002ItspharmaceuticalcommercehascontinuouslyItspharmaceuticalcommercehascontinuouslyinnovatedthebusinessmodeswhilemaintaininggrowth.Itsindustrialmicroorganismhascompletedthefour-businessframework,leavinghugepotentialforgrowth.Itsbeautycarebusinesssawarapidincreaseinsalesvolumeduetoitsyoung-keepingneedles.Thecompany’soverseasbusinesshasachievedrecoveryanditsBDprogressesabundantly,withmultiplebusinesseslinestobecarriedout.Anditsweight-lossproductshavegotapproval,andithasdeepeneditspipelinesforsugar-reducingtobuildstrongmoats.Asahigh-qualityplayerinconventionalpharmaceuticals,thecompanyhasseenamarginalturnaroundinitsfourmajorbusinesses(drugs,commercials,industrialmicroorganism,andbeautycare).Itscommercialsgrowssteadilywhileitsdrugshasshakenofftheburdenofcentralizedprocurement,withmultipleinnovativedrugscomingintomarketandseeingrisesinsalesvolumethisyearandnextyear.Itsindustrialmicroorganismandbeautycarebusinessgrowrapidly.WerevisedourearningsforecastsforthecompanyandestimateditsEPSatCNY1.72證券研究報(bào)告COMPANYRESEARCHin2023,CNY2.09in2024,andCNY2.55in2025,implyingaP/Eratioto23.3x,19.1x,and15.7x,basedontheclosingpriceonAugust15,2023.Reiterate“Buy”.Potentialriskscentralizedprocurementofdrugs;newdrugsresearchanddevelopment;intensifiedcompetition2022A2023E2024E2025ERevenue(CNY/Mn)37715427574801254129YoY(%)NetIncomeAttributabletoShareholders(CNY/Mn)2499301336684468YoY(%)8.6%GrossMargin(%)ROE(%)EPS(CNY)1.421.722.092.55Source:Wind,editedbyResearchInstituteofEconomicsandFinanceofIndustrialSecuritiesThisEnglishtranslationoftheoriginalChineseversion<業(yè)績(jī)符合預(yù)期，藥品板塊轉(zhuǎn)型布局加速>isuedbyIndustrialSecuritiesonAugust16,2023isforinformationpurposeonIncaseofadiscrepancy,theChineseoriginalwilprevail.證券研究報(bào)告COMPANYRESEARCH2022A2023E2024E2025ECurrentAssets17568218952709432961CashandCashEquivalents399667421026714215TradingSecurities0000NotesandAccountsReceivable72078171917510344PrepaidExpenses500558621692Inventories4495501955866218Others1369140514461492Non-currentAssets13624129881231511624Long-termEquityInvestments1659165916591659FixedAssets3982395336693258ConstructioninProgress873437218109IntangibleAssets2280211219441776Goodwill2441244124412441DeferredExpenses6419Others2373237323732373TotalAssets31192348833941044585CurrentLiabilities10153108501159212421Short-termLoans948948948948NotesandAccountsPayable5902659073348165Others3303331233103309Non-currentLiabilities1863231329943559Long-termLoans1051150121822748Others811811811811TotalLiabilities12016131621458615980ShareCapital1754175417541754AdditionalPaid-inCapital(APIC)2378237823782378UndistributedProfits13488158361870022190MinorityInterests599639688748TotalShareholders’Equity19176217212482428605TotalLiabilitiesandShareholders’Equity31192348833941044585CashFlowStatementCashFlowStatement2022A2023E2024E2025ENetIncomeAttributabletoShareholders2499301336684468DepreciationandAmortization629687723742ProvisionforAssetImpairmentLosses73586171LossonAssetDisposal-8-8-8-8LossonFairValueChanges-28-28-28-28FinancialExpenses100000InvestmentLosses116200200200MinorityInterestIncome33404960ChangesinWorkingCapital-941-990CashFlowfromOperatingActivities(CFO)2382302136744346CashFlowfromInvestingActivities(CFI)-2436-217-217-217CashFlowfromFinancingActivities(CFF)-5968NetChangesinCashandCashEquivalents274535253948quivalents35803996674210267quivalents3417674210267142152022A2023E2024E2025ERevenue37715427574801254129CostofGoodsSold(COGS)25682286743191035526TaxesandSurcharges208236265299SellingExpenses6335709879708985AdministrativeExpenses1249145416081786R&DExpenses1016136815361840FinancialExpenses78000OtherIncome93000InvestmentIncome-200-200-200GainonFairValueChanges28282828LossonCreditImpairment-69-69-69-69LossonAssetImpairment-4-4-4-4GainonAssetDisposal8888OperatingIncome3061369244865456Non-operatingIncome8000Non-operatingExpenses38383838TotalIncome3031365444485418IncomeTax498601732891NetIncome2533305337174527MinorityInterestIncome33404960NetIncomeAttributabletoShareholders2499301336684468EPS(CNY)1.421.722.092.55KeyFinancialRatios2022A2023E2024E2025EGrowthGrowthRateofRevenue13.4%12.3%12.7%GrowthRateofOperatingIncome7.2%20.6%21.5%21.6%GrowthRateofNetIncomeAttributabletoShareholdersProfitability8.6%20.5%21.7%21.8%GrossMargin31.9%32.9%33.5%34.4%NetMarginAttributabletoShareholders6.6%7.0%7.6%8.3%ROESolvency13.5%14.3%15.2%16.0%Asset-liabilityRatio38.5%37.7%37.0%35.8%CurrentRatio1.732.022.342.65QuickRatioOperatingCapabilities1.291.561.86AssetTurnoverRatio129.6129.4%129.2%128.9%AccountsReceivableTurnoverRatio523.3526.2%523.8%524.8%InventoryTurnoverRatioStockInfo.(CNY)604.21%599.2%599.3%EPS1.421.722.092.55OCFPS1.361.722.092.48BVPSValuationRatio10.5912.0213.7615.8828.023.32.92.54證券研究報(bào)告COMPANYRESEARCH【AnalystCertification】AscertifiedsecuritiesanalystswiththeSecuritiesAssociationofChina(SAC),weguaranteethat1)thereportwaspreparedinanindependentandobjectivemannerandaccuratelyreflectedourpersonalresearchviews,and2)nopartofourcompensationwas,is,orwillbe,directlyorindirectly,relatedtothespecificrecommendationsorviewsexpressedinthisreport.【InvestmentRatingSystem】ecommendationsnsinthisreportaredividedintostockdustryratingsunlessstatedotherwisetingsarebasedontheperformancewithinmonthseagainsttherepresentativeindexoverthesameperiodCSIIndexservesastheindexfortheAsharemarkettheNEEQnentIndexservesasthebenchmarkindexfortheHangSengIndexisthebenchmarkforHongsbenchmarkedagainstndexorNASDAQCompositeIndexperformancebetterthanthatoftherepresentativeindexperformanceaboutthesameasthatoftherepresentativeindexperformanceworsethanthatoftherepresentativeindexanincreaseofover15%versustherepresentativeindexanincreasebetween5%to15%versustherepresentativeindexachangebetween-5%and5%versustherepresentativeindexadecreaseofover5%versustherepresentativeindexnospecificratingsforlackofnecessaryinformation,ormajoruncertainties,orforotherreasons【GeneralDisclosures】ChinaIndustrialSecuritiesCorporationLimited(hereinafterreferredtoasthe“Company”)fulfillsitsdutyofdisclosureswithinitsknowledge.TheclientsmayvisitInsiderTradingPreventionandControlatforthearrangementsduringthequietperiodandtheshareholdingsinitsaffiliates.【GeneralDisclaimer】TheCompanyislicensedtoconductsecuritiesinvestmentconsultancybusinessbytheChinaSecuritiesRegulatoryCommission(CSRC).ThereportisfortheCompany’sclientsonly.TheCompanywillnottreatunauthorizedrecipientsofthisreportasitsclients.Theinformationandopinionscontainedhereinarefortheclients’referenceonly.Neithertheinformationnoranyopinionsexpressedconstitutesanofferoraninvitationtomakeanoffer,tobuyorsellanysecuritiesorotherfinancialinstrumentsoranyderivativesrelatedtosuchsecuritiesorinstruments(e.g.,options,futures,warrants,andcontractsfordifferences).Theinvestorsshallmaketheirowninvestmentdecisionsandbearthecorrespondinginvestmentrisks,andanycommitments,writtenororal,toshareinvestmentincomeorlossesarenullandvoid.Anyabstractsorexcerptsofthisreportdonotrepresentofficialandcompleteviewsherein.AllmattersaresubjecttothefullversionofthisreportissuedbytheCompanytoitsclients.Asithasbeenpreparedwithoutregardtothespecificobjectives,circumstancesanddemandofthosewhoreceiveit,thereportdoesnotconstituteindividuallytailoredinvestmentadvice.Theinvestorsshallindependentlyevaluatetheinformationandopinionsherein,takeintoaccounttheparticularinvestmentobjectives,circumstancesanddemand,andseekprofessionaladviceonbusiness,taxation,legalandfinancialaffairswhennecessary.NeithertheCompanynoranyofitsdirectors,employeesoragentsacceptsanyliabilityforanyloss(includinginvestmentloss)ordamagearisingoutoftheuseofalloranyoftheinformationherein.InformationcontainedhereinhasbeenobtainedfromsourcesbelievedtobereliablebuttheCompanydoesnotwarrantitsaccuracyorcompleteness,noritsanychanges.TheCompanyacceptsnoliabilitywhatsoeverforanydirectorconsequentiallossarisingfromanyuseofinformationcontainedhereinorotherwiseinconnectiontherewith.Information,opinionsandestimatescontainedhereinreflectthejudgmentofanalystsoftheCompanyonthedateofitsoriginalpublication證券研究報(bào)告COMPANYRESEARCHandaresubjecttochangeswithoutnotification.Thepriceandvalueofsecuritiesorinvestmentsreferredtohereinandtheincomefromthemmayfluctuate.Pastperformanceisnotnecessarilyaguidetofutureperformance.Indifferenttime,theCompanymayissuereportscontaininginformation,opinionsandestimatesthatareinconsistentwithwhatpresentedherein.TheCompanyisunderonobligationtoensuretheinformationcontainedhereinisuptodate.Unlessotherwisestated,thedatacitedhereinrepresentthepastperformance.Pastperformanceisnotnecessarilyindicativeoffutureresults.TheCompanymakesneithercommitmentnorwarrantiesthatanyestimatesoffutureperformancewillberealized.Estimatesoffutureperformancearebasedonassumptionswhoseanychangesmaysubstantiallyaffectreturns.Basedondifferentassumptionsandstandardsandwithdifferentanalyticalapproaches,theCompany’ssalespersons,tradersandotherprofessionalsmayprovide,oralorwritten,marketcommentaryortradingstrategieswhichareinconsistentwithopinionsandrecommendationscontainedherein.TheCompanyhasnoobligationtoupdatesuchinformationwithallrecipientsofthereport.TheCompany’sassetmanagementdepartment,proprietarybusinessdepartmentandotherinvestment-relateddepartmentsmaym