昆侖能源(00135.HK)工商業(yè)用戶占比持續(xù)擴大派息比例仍有上漲空間

研究報告ResearchReport22Apr2024昆侖能源KunlunEnergy(135HK)工商業(yè)用戶占比持續(xù)擴大，派息比例仍有上漲空間ExpansionofIndustrialandCommercialUserProportion,DividendPayoutRatioStillHasUpsidePotential維持優(yōu)于大市MaintainOUTPERFORMInvestmentFocus維持優(yōu)于大市MaintainOUTPERFORM評級 優(yōu)于大市現(xiàn)價 目標價 HTIESG E-S-G:0-5,(PleaserefertotheAppendixforESGcomments)市值 HK$60.61bn/US$7.75bn日交易額(3個月均值) 發(fā)行股票數(shù)目 自由流通股(%) 1年股價最高最低值 HK$7.63-HK$5.49注：現(xiàn)價HK$7.00為2024年3月8日收盤價PriceReturn MSCIChinolume70VolumeMar-23 Jul-23 Nov-23資料來源：Factset

(PleaseseeAPPENDIX1forEnglishsummary)2023年各業(yè)務板塊全面盈利，期間費用率有所下降。2023年1,773.53.2%12.0%0.2pct6.7%0.2pct5.2%，0.5pct56.88.7%。營收增長主要由于天然氣銷售量的的增長（9.6%492.9億立方米），尤其是來自于工商業(yè)用戶帶動的零售氣量增長。其他業(yè)務方面，LNG平均負荷率為90.6%，LNG加工業(yè)務的加工量穩(wěn)定上行，2023LNG1.1pct45.4%。LPG銷售量同比增長2.7%至576.8LPG銷售的稅前利潤同比增長53.9%。成本端方面，公司期間費用率逐年不斷下降，2023年期間費用率下降至2.6%。在營收增長及費用率下降的情況下，公司基本每股收益也得到了穩(wěn)定的提升。工商業(yè)用戶數(shù)增長強勁，為銷氣量及毛差保駕護航。2023年6.1%89.1及34.5%，近6年來公司新增工業(yè)用戶數(shù)的復合增長率更是達至23.5%，領先于同行。公司2023年毛差為0.501元/立方米，與2022年基本持平，得益于公司較高的工商業(yè)用戶的占比，其毛差波動202480萬戶，預計天然氣銷氣量同比增長為10%，同時公司零售氣價差有望2024年新增用戶數(shù)將小幅回落?，F(xiàn)金流不斷改善，每股派息持續(xù)提高。2023年經(jīng)營性現(xiàn)金流144.190.2億元，資本開支更是較前一1mth3mth12mth絕對值-0.4%1.4%6.7%絕對值（美元）-0.5%1.4%7.1%相對MSCIChina-3.7%3.5%24.9%年下降至53.5報率提供了一定的保障。近年來，公司每股派息持續(xù)上行，20230.28元/40%，1mth3mth12mth絕對值-0.4%1.4%6.7%絕對值（美元）-0.5%1.4%7.1%相對MSCIChina-3.7%3.5%24.9%全面攤薄EPS(Rmb)

0.60 0.66 0.65

估值預測和投資建議：展望2024，我們認為受制于宏觀及行業(yè)環(huán)境，公司新增接駁量的下降將對未來盈利影響仍然負面，但公司FY24-26年1,899.8/2,025.9/2,151.6億元（24-25年原預(Rmbmn)營業(yè)收入Dec-22A171,944Dec-23A(Rmbmn)營業(yè)收入Dec-22A171,944Dec-23A177,354Dec-24E189,983Dec-25E202,591(+/-)24%3%7%7%凈利潤5,2285,6825,6666,077(+/-)-77%9%0%7%毛利率 15.0% 14.8% 14.2% 凈資產(chǎn)收益率 13.7% 14.6% 13.8% 市盈率 12 11 11 10資料來源：公司信息,HTI

56.66/60.77/64.97億元（24-25年原預測為64.97/68.60億元），根DCF8.11HKD（7.96HKD，+2%），維持“優(yōu)于大市”評級。風險：宏觀經(jīng)濟政策風險；天然氣價格波動風險；終端需求不及預期風險。楊斌BinYang 毛瓊佩OliviaMao 鄧雅文LindaDengbin.yang@ olivia.qp.mao@ linda.yw.deng@(PleaseseeappendixforEnglishtranslationofdisclaimer)昆侖能源(135HK) 維持優(yōu)于大市APPENDIX1SummaryIn2023,allbusinesssegmentsofthecompanyachievedcomprehensiveprofitability,withadecreaseintheexpenseratio.Thecompany'srevenuein2023reachedCNY177.35billion,representingayear-on-yeargrowthof3.2%.Thegrossprofitmarginwas12.0%,adecreaseof0.2percentagepointscomparedtothepreviousyear.Theoperatingprofitmarginwas6.7%,anincreaseof0.2percentagepointscomparedtothepreviousyear.Thenetprofitmarginwas5.2%,anincreaseof0.5percentagepointscomparedtothepreviousyear.ThenetprofitattributabletotheparentcompanywasCNY5.68billion,anincreaseof8.7%comparedtothepreviousyear.Therevenuegrowthwasmainlydrivenbyanincreaseinnaturalgassalesvolume,whichgrewby9.6%to49.29billioncubicmeters,particularlydrivenbythegrowthinretailgasvolumefromindustrialandcommercialusers.Inotherbusinesssegments,theaverageutilizationrateoftheliquefiednaturalgas(LNG)facilitieswas90.6%,andtheprocessingvolumeoftheLNGprocessingbusinesssteadilyincreased.In2023,theaverageprocessingrateofLNGincreasedby1.1percentagepointsto45.4%comparedtothepreviousyear.Thesalesvolumeofliquefiedpetroleumgas(LPG)increasedby2.7%to5.768milliontons,andthepre-taxprofitfromLPGsalesincreasedby53.9%comparedtothepreviousyear.Onthecostside,thecompany'sexpenseratiohasbeendecreasingyearbyyear,reaching2.6%in2023.Despitetheincreaseinrevenueandthedecreaseintheexpenseratio,thecompany'sbasicearningspersharehasalsosteadilyincreased.Thestronggrowthinthenumberofindustrialandcommercialusershassupportedthesalesvolumeandgrossmargin.Thecompanyaddedatotalof891,000newusersin2023,representingayear-on-yeargrowthof6.1%andthenumberofindustrialusersandcommercialusersincreasedby22.3%and34.5%respectivelycomparedtothepreviousyear.Thecompoundannualgrowthrateofthecompany'snewindustrialusersinthepastsixyearsreached23.5%,surpassingindustrypeers.Thegrossmarginfor2023wasCNY0.501percubicmeter,whichremainedlargelystablecomparedtothepreviousyear,benefitingfromthehigherproportionofindustrialandcommercialusers,resultinginlowergrossmarginfluctuationcomparedtoindustrypeers.Lookingaheadto2024,thecompanyexpectstoadd800,000newusersanda10%year-on-yearincreaseinnaturalgassalesvolume,whiletheretailgaspricedifferentialisexpectedtoremainstable.Duetomacroeconomicfactors,thenumberofnewusersin2024isexpectedtoslightlydecline.Thecompany'scashflowcontinuestoimprove,anddividendspersharecontinuetoincrease.Thecompany'soperatingcashflowin2023reachedCNY14.41billion,withfreecashflowofCNY9.02billion,andcapitalexpendituredecreasedtoCNY5.35billioncomparedtothepreviousyear.Stablecashflowprovidesacertainguaranteeforthecompany'sfuturebusinessdevelopmentandshareholderreturns.Inrecentyears,thecompany'sdividendspersharehavecontinuedtorise,reachingCNY0.28persharein2023,correspondingtoapayoutratioof40%ofcoreprofit,withacompoundannualgrowthrateof16.9%individendspershareoverthepastthreeyears.Itisexpectedthatthedividendpayoutratiowillcontinuetoincreasein2024,reaching45%by2025.Valuationforecastandinvestmentrecommendation:Lookingaheadto2024,webelievethatthedecreaseinthecompany'snewconnectionvolumeduetomacroandindustryfactorswillcontinuetohaveanegativeimpactonfutureprofitability.However,theoveralloperationofthecompanyremainsrelativelystable.Basedonthecompany'sperformance,wehaveadjustedthemainbusinessrevenueforFY24-26toCNY189.98billion,CNY202.59billion,andCNY215.16billion,respectively,withcorrespondingnetprofitattributabletotheparentcompanyofCNY5.67billion,CNY6.08billion,andCNY6.50billion.OurtargetpriceisHKD8.11pershare,andwemaintainan"outperform"rating.Risk:macroeconomicpolicyrisk;Naturalgaspricefluctuationrisk;Riskofterminaldemandfallingshortofexpectations.附錄APPENDIX重要信息披露本研究報告由海通國際分銷，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)的證券研究團隊所組成的全球品牌，海通國際證券集團(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。IMPORTANTDISCLOSURESThisresearchreportisdistributedbyHaitongInternational,aglobalbrandnamefortheequityresearchteamsofHaitongInternationalResearchLimited(“HTIRL”),HaitongSecuritiesIndiaPrivateLimited(“HSIPL”),HaitongInternationalJapanK.K.(“HTIJKK”),HaitongInternationalSecuritiesCompanyLimited(“HTISCL”),andanyothermemberswithintheHaitongInternationalSecuritiesGroupofCompanies(“HTISG”),eachauthorizedtoengageinsecuritiesactivitiesinitsrespectivejurisdiction.HTIRL分析師認證AnalystCertification:我，楊斌，在此保證（i）本研究報告中的意見準確反映了我們對本研究中提及的任何或所有目標公司或上市公司的個人觀點，并且（ii）我的報酬中沒有任何部分與本研究報告中表達的具體建議或觀點直接或間接相關(guān)；及就此報告中所討論目標公司的證券，我們（包括我們的家屬）在其中均不持有任何財務利益。我和我的家屬（我已經(jīng)告知他們）將不會在本研究報3個工作日內(nèi)交易此研究報告所討論目標公司的證券。I,BinYangcertifythatitheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchandiinopartofmycompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreport;andthatI(includingmembersofmyhousehold)havenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussed.Iandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin3businessdaysaftertheresearchreportispublished.我，毛瓊佩，在此保證（i）本研究報告中的意見準確反映了我們對本研究中提及的任何或所有目標公司或上市公司的個人觀點，并且（ii）我的報酬中沒有任何部分與本研究報告中表達的具體建議或觀點直接或間接相關(guān)；及就此報告中所討論目標公司的證券，我們（包括我們的家屬）在其中均不持有任何財務利益。我和我的家屬（我已經(jīng)告知他們）將不會在本研究3個工作日內(nèi)交易此研究報告所討論目標公司的證券。I,OliviaMao,certifythat(i)theviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchandiinopartofmycompensationwas,isorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreportandthatIincludingmembersofmyhouseholdhavenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussedIandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin3businessdaysaftertheresearchreportispublished.我，鄧雅文，在此保證（i）本研究報告中的意見準確反映了我們對本研究中提及的任何或所有目標公司或上市公司的個人觀點，并且（ii）我的報酬中沒有任何部分與本研究報告中表達的具體建議或觀點直接或間接相關(guān)；及就此報告中所討論目標公司的證券，我們（包括我們的家屬）在其中均不持有任何財務利益。我和我的家屬（我已經(jīng)告知他們）將不會在本研究3個工作日內(nèi)交易此研究報告所討論目標公司的證券。I,LindaDeng,certifythatitheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchandiinopartofmycompensationwas,isorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreport;andthatI(includingmembersofmyhousehold)havenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussed.Iandmyhousehold,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)務和/或?qū)Ρ狙芯恐械奶囟ü善被蚬具M行做市或持有自營頭寸。就本研究報告而言，以下是有關(guān)該等關(guān)系的披露事項（以下披露不能保證及時無遺漏，如需了解及時全面信息，請發(fā)郵件至ERD-Disclosure@）HTIandsomeofitsaffiliatesmayengageininvestmentbankingand/orserveasamarketmakerorholdproprietarytradingpositionsofcertainstocksorcompaniesinthisresearchreport.Asfarasthisresearchreportisconcerned,thefollowingarethedisclosuremattersrelatedtosuchrelationship(Asthefollowingdisclosuredoesnotensuretimelinessandcompleteness,pleasesendanemailtoERD-Disclosure@iftimelyandcomprehensiveinformationisneeded).評級定義（從2020年7月1日開始執(zhí)行）：海通國際（以下簡稱“HTI”）采用相對評級系統(tǒng)來為投資者推薦我們覆蓋的公HTI的評級定義。并且HTI發(fā)布分析師觀點的完整信息，投資者應仔細閱讀全文而非僅看評級。在任何情況下，分析師的評級和研究都不能作為投資建議。投資者的買賣股票的決策應基于各自情況（比如投資者的現(xiàn)有持倉）以及其他因素。分析師股票評級優(yōu)于大市12-1810%以上，基準定義如下中性12-18個月內(nèi)預期相對基準指數(shù)變化不大，基準定義如下。根據(jù)FINRA/NYSE的評級分布規(guī)則，我們會將中性評級劃入持有這一類別。弱于大市12-1810%以上，基準定義如下TOPIX,KOSPI,TAIEXNifty100美SP500MSCIChina.RatingsDefinitions(from1Jul2020):HaitongInternationalusesarelativeratingsystemusingOutperform,

評級分布RatingDistribution Neutral,orUnderperformforrecommendingthestockswecovertoinvestors.InvestorsshouldcarefullyreadthedefinitionsofallratingsusedinHaitongInternationalResearch.Inaddition,sinceHaitongInternationalResearchcontainsmorecompleteinformationconcerningtheanalyst'sviews,investorsshouldcarefullyreadHaitongInternationalResearch,initsentirety,andnotinferthecontentsfromtheratingalone.Inanycase,ratings(orresearch)shouldnotbeusedorrelieduponasinvestmentadvice.Aninvestor'sdecisiontobuyorsellastockshoulddependonindividualcircumstances(suchastheinvestor'sexistingholdings)andotherconsiderations.AnalystStockRatingsOutperform:Thestock’stotalreturnoverthenext12-18monthsisexpectedtoexceedthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.Neutral:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobeinlinewiththereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.ForpurposesonlyofFINRA/NYSEratingsdistributionrules,ourNeutralratingfallsintoaholdratingcategory.Underperform:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobebelowthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.Benchmarksforeachstock’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級分布優(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%*在每個評級類別里投資銀行客戶所占的百分比。上述分布中的買入，中性和賣出分別對應我們當前優(yōu)于大市，中性和落后大市評級。只有根據(jù)FINRA/NYSE的評級分布規(guī)則，我們才將中性評級劃入持有這一類別。請注意在上表中不包含非評級的股票。此前的評級系統(tǒng)定義（直至2020年6月30日）：買入，未來12-18個月內(nèi)預期相對基準指數(shù)漲幅在10%以上，基準定義如下中性，未來12-18FINRA/NYSE的評級分布規(guī)則，我們會將中性評級劃入持有這一類別。賣出，未來12-18個月內(nèi)預期相對基準指數(shù)跌幅在10%以上，基準定義如下各地股票基準指數(shù)：日本–TOPIX,韓國–KOSPI,臺灣–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.海通國際非評級研究：海通國際發(fā)布計量、篩選或短篇報告，并在報告中根據(jù)估值和其他指標對股票進行排名，或者基于可能的估值倍數(shù)提出建議價格。這種排名或建議價格并非為HaitongInternationalNon-RatedResearch:HaitongInternationalpublishesquantitative,screeningorshortreportswhichmayrankstocksaccordingtovaluationandothermetricsormaysuggestpricesbasedonpossiblevaluationmultiples.Suchrankingsorsuggestedpricesdonotpurporttobestockratingsortargetpricesorfundamentalvaluesandareforinformationonly.海通國際A股覆蓋：海通國際可能會就滬港通及深港通的中國A股進行覆蓋及評級。海通證券（600837.CH），海通國際于上海的母公司，也會于中國發(fā)布中國A股的研究報告。但是，海通國際使用與海通證券不同的評級系統(tǒng)，所以海通國際與海通證券的中國A股評級可能有所不同。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)是一個包括100支由海通證券覆蓋的優(yōu)質(zhì)中國A股的計量產(chǎn)品。這些股票是通過基于質(zhì)量的篩選過程，并結(jié)合對海通證券A股團隊自下而上的研究。海通國際每季對Q100指數(shù)成分作出復審。HaitongInternationalQuality100A-share(Q100)Index:HTI’sQ100Indexisaquantproductthatconsistsof100ofthehighest-qualityA-sharesundercoverageatHSinShanghai.Thesestocksarecarefullyselectedthroughaquality-basedscreeningprocessincombinationwithareviewoftheHSA-shareteam’sbottom-upresearch.TheQ100constituentcompaniesarereviewedquarterly.盟浪義利（FIN-ESG）數(shù)據(jù)通免責聲明條款：在使用盟浪義利（FIN-ESG）數(shù)據(jù)之前，請務必仔細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)字科技有限責任公司（以下簡稱“本公司”）基于合法取得的公開信息評估而成，本公司對信息的準確性及完整性不作任何保證。對公司的評估結(jié)果僅供參考，并不構(gòu)成對任何個人或機構(gòu)投資建議，也不能作為任何個人或機構(gòu)購買、出售或持有相關(guān)金融產(chǎn)品的依據(jù)。本公司不對任何個人或機構(gòu)投資者因使用本數(shù)據(jù)表述的評估結(jié)果造成的任何直接或間接損失負責。第二條盟浪并不因收到此評估數(shù)據(jù)而將收件人視為客戶，收件人使用此數(shù)據(jù)時應根據(jù)自身實際情況作出自我獨立判斷。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)（如財務業(yè)績數(shù)據(jù)等）僅代表過往表現(xiàn)，過往的業(yè)績表現(xiàn)不作為日后回報的預測。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權(quán)利。未經(jīng)本公司事先書面許可授權(quán)，任何個人或機構(gòu)不得將本數(shù)據(jù)中的評估結(jié)果用于任何營利性目的，不得對本數(shù)據(jù)進行修改、復制、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)絡傳播、攝制、增加圖標及說明等，否則因此給盟浪或其他第三方造成損失的，由用戶承擔相應的賠償責任，盟浪不承擔責任。第四條如本免責聲明未約定，而盟浪網(wǎng)站平臺載明的其他協(xié)議內(nèi)容（如《盟浪網(wǎng)站用戶注冊協(xié)議》《盟浪網(wǎng)用戶服務（含認證）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；若本免責聲明與其他協(xié)議約定存在沖突或不一致的，則以本免責聲明約定為準。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.重要免責聲明：非印度證券的研究報告：本報告由海通國際證券集團有限公司（“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（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)東財務局監(jiān)管為投資顧問。印度證券的研究報告：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」）的研究報告。HTSIPL于2016年1222日被收購并成為海通國際證券集團有限公司（“HTISG”）的一部分。所有研究報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有限公司（“HTISG”）的成員對其準確性、完整性和正確性不做任何明示或暗示的/不應被解釋為對證券買賣的明示或暗示地出價或征價。在某些司法管轄區(qū)，本文件中提及的證券可能無法進行買賣。如果投資產(chǎn)品以投資者本國貨幣以外的幣種進行計價，則匯率變化可能會對投資產(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，包括設計金融衍生工具的，有產(chǎn)生重大風險的可能性，因此并不適合所有的投資者。您還應認識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務情況，如您的財務狀況和風險偏好。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、會計、金融和其他方面的專業(yè)顧問，以期在投資之前評估該項建議是否適合于您。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、雇員或代理人對此均不承擔任何責任。除對本文內(nèi)容承擔責任的分析師除外，HTISG及我們的關(guān)聯(lián)公司、高級管理人員、董事和雇員，均可不時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。請訪問海通國際網(wǎng)站，查閱更多有關(guān)海通國際為預防和避免利益沖突設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進行注冊或者取得相應的資格，并且不受美國FINRA有關(guān)與本項研究目標公司進行溝通、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告或者就本項研究中討論的任何證券進行任何交易的收件人均應聯(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：海通國際證券股份有限公司(“HTISCL”)負責分發(fā)該研究報告，HTISCL1類受規(guī)管活動（從事證券交易）的持牌公司。該研究報告并不構(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”。本研究報告未經(jīng)過證券及期貨事務監(jiān)察委員會的審查。您不應僅根據(jù)本研究報告中所載的信息做出投資決定。本研究報告的收件人就研究報告中產(chǎn)生或與之相關(guān)的任何事宜請聯(lián)系HTISCL銷售人員。美國投資者的通知事項：HTIRL，HSIPLHTIJKKHTIRL，HSIPL，HTIJKKHTISG美國聯(lián)營公司，均未在美國注冊，因此不受美國關(guān)于研究報告編制和研1934年“美國證券交易法”第15a-6條規(guī)定的豁免注冊的「美國主要機構(gòu)投資者」（“MajorU.SInstitutionalInvestor”）和「機構(gòu)投資者」（”U.SInstitutionalInvestors”）。在向美國機構(gòu)投資者分發(fā)研究報告時，HaitongInternationalSecuritiesUSAInc（“HTIUSA”）HTIUSA。HTIUSA340MadisonAvenue,12thFloorNewYorkNY10173，電話（212）351-6050HTIUSAU.SSecuritiesandExchangeCommission（“SEC”）FinancialIndustryRegulatoryAuthorityInc.（“FINRA”）HTIUSA不負責編寫HSIPL，HTIRLHTIJKK直接進行買賣證券或相HSIPL，HTIRLHTIJKKFINRAFINRA2241條規(guī)定的與目標公司的交流，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）可能存在一定風險。非美國發(fā)行的證券可能沒有注冊，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和匯報的標準以及與美國境內(nèi)生效相符的監(jiān)管要求。本研究報告中以美元以外的其他貨幣計價的任何證券或相關(guān)金融工具的投資或收益的價值受匯率波動的影響，可能對該等證券或相關(guān)金融工具的價值或收入產(chǎn)生正面或負面影響。美國收件人的所有問詢請聯(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.recipientofthisresearchreportwishingtoeffectanytransactiontobuyorsellsecuritiesorrelatedfinancialinstrumentsbasedontheinformationprovidedinthisresearchreportshoulddosoonlythroughHaitongInternationalSecuritie