[Table_MainInfo]行业研究/机械工业/新能源板块证券研究报告行业专题报告2023年10月01日锂电板块2023中报总结：整体业绩保持稳健，各环节盈利分化[Table_Summary]投资要点：锂电板块2023H1整体经营业绩保持稳健。我们选取50家锂电板块上市公司，将其划分为9个子板块进行分析。2023H1，锂电板块合计实现营业收入7706.55亿元，同比+35.53%；合计实现归母净利润459.85亿元，同比+11.63%；板块平均毛利率为17.35%，基本与22年同期持平；板块平均归母净利率为5.97%，同比-1.28pct。分板块看，2023H1电池及结构件业绩保持增长，电池环节实现营收5289.04亿元，同比+61.41%，占锂电板块总体营收的68.63%，同比+11.00pct，实现归母净利润341.06亿元，同比+142.63%，占锂电板块总体归母净利润的74.17%，同比+40.04pct；结构件环节实现营收85.37亿元，同比+18.38%，实现归母净利润6.44亿元，同比+10.42%。受上半年动力电池去库存及下游需求放缓影响，正极、负极、隔膜、电解液、前驱体、铜箔铝箔、辅材等板块2023H1业绩呈不同程度下滑。毛利率方面，2023H1电池环节毛利率提升3.40pct，其他环节毛利率均不同程度下降，正极、负极、隔膜、电解液、前驱体、铜铝箔、结构件、辅材毛利率分别-10.17pct、-7.13pct、-4.89pct、-12.87pct、-2.97pct、-7.03pct、-0.32pct、-8.32pct。整体电池环节毛利率相比22年同期-0.63pct。2023Q2锂电板块各环节盈利分化，电池和结构件环节保持增长。2023Q2单季度锂电板块合计实现营业收入3982.74亿元，同比+26.59%；合计实现归母净利润257.23亿元，同比+3.88%；板块平均毛利率为17.51%，同比-1.02pct；板块平均归母净利率为6.46%，同比-1.41pct。分板块看，2023Q2电池和结构件环节业绩保持增长，其中电池环节表现较好，实现营收2812.71亿元，同比+53.80%，占板块总体营收的70.62%，占比+12.49pct，实现归母净利润194.25亿元，同比+76.43%，占板块总体归母净利润的75.51%，占比+31.05pct。结构件环节实现营收46.21亿元，同比+22.10%，实现归母净利润3.36亿元，同比+15.72%。其他环节，正极、负极、隔膜、电解液、前驱体、铜铝箔、辅材等板块业绩呈不同程度下滑，营收同比分别-19.13%、-0.44%、-5.68%、-24.06%、-7.19%、-6.60%、-21.10%，归母净利润同比分别-93.42%、-32.82%、-26.49%、-60.20%、-5.92%、-75.91%、-137.09%。毛利率方面，2023Q2电池环节毛利率同比+2.04pct，其他环节毛利率同比均不同程度下降，正极、负极、隔膜、电解液、前驱体、铜铝箔、结构件、辅材毛利率同比分别-9.31pct、-5.97pct、-7.03pct、-11.20pct、-4.11pct、-9.53pct、-0.42pct、-10.16pct。整体电池环节毛利率同比-1.02pct。投资策略。我们认为新能源车和储能赛道仍处于发展初期，渗透率还有较大提升空间，中游锂电各环盈利的压力为需求阶段性降速导致，但随着供给端出清、新增产能放缓及需求端的逐步回暖，中游环节利润底部正在出现，板块估值开始具备性价比。建议关注（1）中游具备成本差异化能力的龙头公司：宁德时代、亿纬锂能、天赐材料、新宙邦、容百科技、湖南裕能、德方纳米、富临精工、璞泰来、贝特瑞、尚太科技、恩捷股份、星源材质等。（2）快充、磷酸锰铁锂、复合铜箔、钠电等新技术相关企业：黑猫股份、信德新材、元力股份、曼恩斯特、德方纳米、东威科技、道森股份、三孚新科、振华新材等。风险提示。新能源汽车下游需求不及预期；新技术发展速度不及预期；原材料价格波动；竞争加剧；行业政策波动。请务必阅读正文之后的信息披露和法律声明行业研究·新能源板块行业2目录1.锂电板块半年报综述：整体业绩承压，各环节盈利分化...............................................51.1季度盈利能力变化....................................................................................................91.2费用率下滑，汇兑损益贡献较大..........................................................................112.锂电板块整体运营好转.....................................................................................................122.1现金流大幅提升......................................................................................................122.2周转速率提升，营运能力好转..............................................................................143.投资策略.............................................................................................................................164.风险提示.............................................................................................................................16请务必阅读正文之后的信息披露和法律声明行业研究·新能源板块行业3图目录图1正极单季度经营情况...................................................................................................9图2负极单季度经营情况...................................................................................................9图3隔膜单季度经营情况...................................................................................................9图4电解液单季度经营情况................................................................................................9图5电池单季度经营情况.................................................................................................10图6前驱体单季度经营情况..............................................................................................10图7铜箔铝箔单季度经营情况..........................................................................................10图8结构件单季度经营情况..............................................................................................10图9辅材单季度经营情况.................................................................................................10图10锂电板块总体单季度经营情况..................................................................................10图11锂电板块单季度期间费用率变化..............................................................................11图12锂电板块各环节单季度财务费用率变化..................................................................12请务必阅读正文之后的信息披露和法律声明rQuNnPpOoNrMmQrRvNwPsM6M8Q9PmOpPtRmPkPrQrReRmMpQaQpOnQMYmNmONZmOmN行业研究·新能源板块行业4表目录表1锂电板块2022H1-2023H1经营情况对比...................................................................5表2锂电板块2022Q2-2023Q2单季度经营情况对比.......................................................7表3锂电各子板块单季度期间费用率变化......................................................................11表4电池、前驱体公司汇兑损益汇总（亿元，负值代表收益）..................................12表5锂电各子板块单季度经营性现金流净额变化（亿元）..........................................13表6锂电各子板块货币资金合计（亿元）......................................................................13表7锂电各子板块应收账款及应收票据合计（亿元）..................................................13表8锂电各子板块存货合计（亿元）..............................................................................14表9锂电各子板块资产负债率（%）...............................................................................14表10锂电各子板块流动比率与速动比率..........................................................................15表11锂电各子板块存货周转天数、应收账款周转天数（天）......................................16请务必阅读正文之后的信息披露和法律声明行业研究·新能源板块行业51.锂电板块半年报综述：经营业绩保持稳健，各环节盈利分化我们选取50家锂电板块上市公司，将其划分为9个子板块进行分析。2023H1，锂电板块合计实现营业收入7706.55亿元，同比+35.53%；合计实现归母净利润459.85亿元，同比+11.63%；板块平均毛利率为17.35%，基本与22年同期持平；板块平均归母净利率为5.97%，同比-1.28pct。分板块看，2023H1电池及结构件业绩保持增长，电池环节实现营收5289.04亿元，同比+61.41%，占锂电板块总体营收的68.63%，同比+11.00pct，实现归母净利润341.06亿元，同比+142.63%，占锂电板块总体归母净利润的74.17%，同比+40.04pct；结构件环节实现营收85.37亿元，同比+18.38%，实现归母净利润6.44亿元，同比+10.42%。受上半年动力电池去库存及下游需求放缓影响，正极、负极、隔膜、电解液、前驱体、铜箔铝箔、辅材等板块2023H1业绩呈不同程度下滑。毛利率方面，2023H1电池环节毛利率提升3.40pct，其他环节毛利率均不同程度下降，正极、负极、隔膜、电解液、前驱体、铜铝箔、结构件、辅材毛利率分别-10.17pct、-7.13pct、-4.89pct、-12.87pct、-2.97pct、-7.03pct、-0.32pct、-8.32pct。整体电池环节毛利率相比22年同期-0.63pct。表1锂电板块2022H1-2023H1经营情况对比营业收入（亿元，%）毛利率（%，pct）归母净利润（亿元，%）归母净利率（%，pct）证券简称22H123H1同比22H123H1同比22H123H1同比22H123H1同比正极变动变动变动容百科技115.53128.9411.6112.867.90-4.967.363.79-48.466.372.94-3.4317.7517.58-0.179.129.261.4610.0111.021.01当升科技91.1384.02-7.8020.20-5.83-26.034.33-6.54-17.15-24.3617.275.80-11.477.580.65-250.977.211.32-8.61龙蟠科技60.1038.14-36.5418.693.96-14.736.66-0.36-91.499.93-1.10-13.3427.81-2.46-30.2812.80-10.44-105.3712.24-11.74-28.68长远锂科76.3348.90-35.9418.749.63-9.1116.3312.38-181.5516.945.34-6.2520.7518.59-2.163.54-3.23-24.1511.59-13.91-27.03振华新材54.4032.58-40.117.65-1.115.322.55-191.2713.123.14-0.598.76-2.30-24.404.94-8.39-52.173.72-14.52-29.08德方纳米75.5788.9217.6722.096.89-10.1777.99-0.33-269.7914.55-0.04-9.5817.06-100.439.53湖南裕能140.91231.7964.49富临精工26.9823.22-13.93厦钨新能143.0281.21-43.22万润新能33.9557.7770.15合计817.93815.49-0.30负极20.3322.349.9223.4010.60-12.802.63-1.25-147.5112.94-5.59-18.53中科电气9.429.935.3720.2121.511.300.930.69-25.259.866.99-2.86翔丰华31.5919.5614.97-4.599.188.47-7.699.006.31-2.69贝特瑞102.01134.2313.2137.4530.81-6.6413.9613.0416.71-3.53璞泰来68.9578.06-12.1125.3618.32-7.0416.6110.13-6.5520.2410.70-4.72杉杉股份107.7294.68-10.5244.5130.246.924.05-39.0115.4220.58-10.91尚太科技21.9819.67-19.1328.7914.74-14.270.790.22-41.5331.496.30-11.88信德新材3.498.2727.1220.00-14.0551.0135.36-71.9918.179.76-5.48合计4.32-7.13-30.6915.24334.72362.39隔膜57.5655.68-3.2750.0243.51-6.5120.2014.05-30.4535.0925.23-9.86恩捷股份13.3413.571.6847.2645.85-1.413.683.793.0027.5827.940.36星源材质13.2413.18-0.4718.0016.98-1.021.611.662.7512.1812.580.39沧州明珠请务必阅读正文之后的信息披露和法律声明行业研究·新能源板块行业6合计84.1482.43-2.0444.5439.65-4.8925.4919.49-23.5230.2923.65-6.64电解液103.6379.87-22.9343.0430.43-12.6129.0612.88-55.6728.0416.13-11.91天赐材料60.2752.65-12.6537.2917.40-19.8914.032.68-80.8823.275.09-18.18多氟多49.9134.33-31.2133.9230.95-2.9810.045.17-48.5220.12-5.06新宙邦166.85-21.9739.2926.42-12.8753.1320.73-60.9824.8515.05-12.42合计213.8212.43电池1129.711892.4667.5218.6821.632.9681.68207.17153.647.2310.953.72宁德时代86.38152.3976.4214.4215.350.930.652.09223.530.751.370.62国轩高科40.6543.7517.7318.841.112.442.516.005.74-0.25鹏辉能源149.26229.767.6214.9615.930.973.059.119.360.26亿纬锂能53.9313.5118.334.8213.5921.5158.272.394.211.82比亚迪1506.072601.2472.7213.58-11.2335.95109.54204.68-3.05-8.36孚能科技52.2369.8533.7416.782.35-3.58-1.59400.159.23-11.41-7.38蔚蓝锂芯38.0222.50-40.8118.2713.204.19-7.97-88.131.091.851.48珠海冠宇57.3754.74-4.5913.7622.470.713.510.42125.061.712.570.26欣旺达15.5714.463.400.621.4017.864.291.972.16合计217.18222.362.3918.973.724.38142.636.453276.875289.0461.41140.57341.06前驱体142.30172.6621.3411.1011.100.006.617.6816.294.644.45-0.19中伟股份9.4614.2750.8111.199.44-1.750.03-0.14-603.18-1.29芳源股份-7.0715.52-2.936.814.130.30-0.99-1.70格林美139.24129.4019.2212.58-4.3022.5620.85-39.32-1.02华友钴业310.18333.467.5014.1114.91-2.060.690.16-7.564.893.19-4.49帕瓦股份-47.3716.2812.05-2.9736.7032.68-1.02合计8.774.6113.31-77.217.276.25609.95654.407.29-10.937.923.436.024.99铜箔铝箔20.5322.409.1123.5212.64-10.882.030.86-57.799.893.83-6.07诺德股份19.7917.53-85.359.72铜冠铜箔14.0715.57-11.4514.633.64-10.991.920.28-84.7915.831.61-8.11中一科技29.7329.31-78.798.81德福科技19.3420.7810.6823.828.79-15.032.230.34-92.6214.892.18-13.65嘉元科技114.4592.19-41.285.21鼎胜新材217.92197.77-1.4119.419.04-10.372.620.56-67.428.101.90-6.92合计7.4227.516.62-20.882.880.211.02-13.87-19.4614.3513.30-1.055.973.503.80-1.41-9.2417.7110.68-7.0317.655.752.91-5.19结构件33.8849.1745.1224.5823.01-1.563.445.0947.8110.1610.350.19科达利25.1423.98-66.544.161.46-2.70震裕科技-4.6013.9914.380.391.050.35-18.049.08-2.78斯莱克6.597.05-35.5811.867.03-1.64金杨股份6.515.177.0131.6929.54-2.150.780.6410.428.677.55-0.54合计72.1285.378.09-20.5819.9417.57-2.380.560.3618.3821.1220.80-0.325.836.44辅材46.5544.23-4.986.46-0.72-7.180.68-2.36-445.791.47-5.33-6.80黑猫股份9.416.41-31.9033.2631.66-1.612.040.90-55.9821.6914.02-7.67天奈科技2.942.16-26.4342.4723.94-18.530.840.12-86.0528.555.41-23.14壹石通52.81-10.3612.54-8.323.56-1.34-137.70-2.54-8.59合计58.9035.5317.984.22-0.63411.93459.8511.636.05-1.28全部合计5686.387706.5517.357.245.97资料来源：Wind，HTI请务必阅读正文之后的信息披露和法律声明行业研究·新能源板块行业7按照季度进行拆分：2023Q2单季度锂电板块合计实现营业收入3982.74亿元，同比+26.59%；合计实现归母净利润257.23亿元，同比+3.88%；板块平均毛利率为17.51%，同比-1.02pct；板块平均归母净利率为6.46%，同比-1.41pct。分板块看，2023Q2电池和结构件环节业绩保持增长，其中电池环节表现较好，实现营收2812.71亿元，同比+53.80%，占板块总体营收的70.62%，占比+12.49pct，实现归母净利润194.25亿元，同比+76.43%，占板块总体归母净利润的75.51%，占比+31.05pct。结构件环节实现营收46.21亿元，同比+22.10%，实现归母净利润3.36亿元，同比+15.72%。其他环节，正极、负极、隔膜、电解液、前驱体、铜铝箔、辅材等板块业绩呈不同程度下滑，营收同比分别-19.13%、-0.44%、-5.68%、-24.06%、-7.19%、-6.60%、-21.10%，归母净利润同比分别-93.42%、-32.82%、-26.49%、-60.20%、-5.92%、-75.91%、-137.09%。毛利率方面，2023Q2电池环节毛利率同比+2.04pct，其他环节毛利率同比均不同程度下降，正极、负极、隔膜、电解液、前驱体、铜铝箔、结构件、辅材毛利率同比分别-9.31pct、-5.97pct、-7.03pct、-11.20pct、-4.11pct、-9.53pct、-0.42pct、-10.16pct。整体电池环节毛利率同比-1.02pct。表2锂电板块2022Q2-2023Q2单季度经营情况对比营业收入（亿元，%）毛利率（%，pct）归母净利润（亿元，%）归母净利率（%，pct）证券简称2Q222Q23同比2Q222Q23同比2Q222Q23同比2Q222Q23同比正极变动变动变动容百科技63.8545.26-29.1112.266.38-5.884.430.68-84.586.951.51-5.435.254.95-5.779.9613.343.38当升科技52.7137.10-29.6118.0019.031.042.20-4.31-295.856.38-24.93-31.314.540.64-85.9910.70-8.55龙蟠科技34.5217.31-49.8715.36-21.47-36.833.24-1.06-132.8911.312.15-19.815.18-3.27-163.00-8.50-20.66长远锂科42.4029.55-30.3018.617.24-11.366.299.5752.2812.39-8.271.701.431.9939.257.879.57-1.23振华新材28.6112.52-56.2418.36-5.67-24.033.261.39-57.2712.46-0.812.61-8.05-408.2913.693.07-44.11德方纳米41.8339.48-5.6222.19-5.56-27.7538.432.53-93.423.88-30.06-7.730.68湖南裕能79.86100.0325.2614.5115.370.8614.058.41富临精工10.4415.9753.0520.5217.67-2.85厦钨新能83.9345.35-45.978.897.88-1.01万润新能18.5926.7844.0919.99-18.93-38.92合计456.73369.35-19.1315.326.00-9.31负极11.7511.931.5820.6513.01-7.641.340.10-92.2511.410.87-10.54中科电气4.914.35-11.4620.0321.491.460.560.15-73.9911.453.36-8.08翔丰华18.1615.65-2.514.675.5418.738.320.70贝特瑞61.2266.588.7536.3927.67-8.717.596.02-20.657.6214.67-5.50璞泰来37.6441.079.1025.2020.04-5.178.544.40-48.4320.178.78-6.10杉杉股份57.4250.18-12.6144.1525.78-18.373.431.74-49.2914.8717.18-13.46尚太科技11.2110.14-9.5426.79-19.540.50-0.06-112.8630.64-3.38-21.20信德新材2.83-32.1425.897.25-5.9726.6417.90-32.8217.829.61-4.63合计186.981.92-0.4419.9114.25186.17隔膜31.6430.00-5.1951.2341.35-9.8811.047.55-31.5734.8925.18-9.71恩捷股份6.706.923.3050.0845.43-4.652.001.96-2.1529.9228.35-1.58星源材质8.146.92-14.9718.5518.04-0.511.030.83-19.3612.6411.99-0.65沧州明珠-5.6845.3438.31-7.0314.0710.35-26.4930.2823.60-6.68合计46.4843.84电解液请务必阅读正文之后的信息披露和法律声明行业研究·新能源板块行业8天赐材料52.1436.73-29.5742.0630.31-11.7514.085.94-57.8527.0116.16-10.85多氟多33.7327.93-17.2033.1318.75-14.386.711.59-76.3619.885.68-14.20新宙邦22.7917.86-21.6334.1230.414.922.71-44.9121.61-6.42合计108.6682.52-24.0637.6226.42-3.7225.7110.23-60.2023.6615.19-11.26-11.2012.40电池642.931002.0855.8621.8521.960.1166.75108.9563.2210.3810.870.49宁德时代47.2280.6270.7414.3712.15-2.220.321.33311.690.691.660.97国轩高科24.0318.79-21.7918.0217.36-0.661.530.69-55.106.383.66-2.72鹏辉能源81.9243.9215.9615.07-0.898.388.58-1.65亿纬锂能837.82117.9067.0414.3918.724.3427.8710.1120.6910.234.881.55比亚迪36.931399.51-12.0116.38-13.530.8568.24144.873.33-13.71-16.00孚能科技19.62-34.9416.062.860.221.51-4.46-625.662.294.25-3.44蔚蓝锂芯27.3232.5013.3417.5016.287.890.11-64.047.689.058.63珠海冠宇12.775.9614.0525.391.112.770.542337.790.425.132.63欣旺达110.9730.9753.8017.2115.162.042.80117.682.506.910.89合计1828.77117.5819.26110.106.036.022812.71194.2576.43前驱体79.0293.6318.5011.0110.99-0.024.064.275.275.144.56-0.57中伟股份5.41芳源股份69.576.2415.1912.1711.99-0.180.05-0.15-399.600.94-2.44-3.38格林美178.06华友钴业4.6368.11-2.1014.6912.33-2.363.502.41-31.075.023.54-1.49帕瓦股份336.69合计142.35-20.0519.7713.16-6.6110.4910.611.125.897.451.562.16-53.4111.4715.173.710.220.09-57.414.774.36-0.41312.49-7.1916.4312.32-4.1118.3217.23-5.925.445.510.07铜箔铝箔9.4110.8915.7523.1210.97-12.150.760.36-53.398.103.26-4.84诺德股份10.368.99-13.2513.631.91-11.72铜冠铜箔8.1214.6122.994.62-18.370.940.02-97.619.080.25-8.83中一科技7.0819.156.46-12.69德福科技15.2716.538.2624.902.91-21.991.17-0.11-109.2516.47-1.33-17.80嘉元科技9.7110.9412.6016.6312.65鼎胜新材57.9847.10-18.7718.398.86-3.971.390.15-89.319.100.90-8.20合计109.82102.57-6.60-9.531.14-0.16-113.6811.73-1.43-13.163.811.96-48.686.584.16-2.429.212.22-75.918.392.16-6.23结构件18.2225.9142.2025.0723.80-1.271.752.6752.689.6110.310.71科达利12.57震裕科技13.295.6914.1113.99-0.110.490.19-60.373.861.45-2.41斯莱克3.67金杨股份3.384.0911.6226.8124.61-2.200.350.26-23.599.426.45-2.97合计37.842.92-13.8119.5917.98-1.610.320.23-28.779.437.79-1.6446.2122.1021.1120.68-0.422.903.3615.727.667.26-0.40辅材黑猫股份28.0722.17-21.018.72-2.14-10.860.79-1.32-267.762.80-5.95-8.753.62-21.3834.4932.12-2.371.040.50-51.8822.6213.84-8.77天奈科技4.611.10-22.1641.3820.230.40-0.01-102.4928.59-0.92-29.5026.89-21.1013.56-21.162.23-0.83-137.096.55-3.08-9.63壹石通1.413982.7426.5918.543.39-10.16247.61257.23-1.4117.513.887.876.46合计34.09-1.02全部合计3146.07资料来源：Wind，HTI请务必阅读正文之后的信息披露和法律声明行业研究·新能源板块行业91.1季度盈利能力变化正极：短期业绩承压，盈利能力下降。2023Q2正极环节毛利率/归母净利率分别为6.00%/0.68%，同比-9.31pct/-7.73pct，环比-1.62pct/+1.33pct。行业盈利能力同环比下滑，我们认为主要原因是一季度碳酸锂价格快速下跌，下游客户采购时间递延，导致正极厂商产能利用率一定程度下降，二季度库存去化逐渐完成，排产逐步恢复。负极：盈利能力趋稳。2023Q2负极环节毛利率/归母净利率分别为19.91%/9.61%，同比-5.97pct/-4.63pct，环比-0.17pct/-0.30pct，盈利能力同环比略有下降。图1正极单季度经营情况图2负极单季度经营情况营业收入（亿元，左轴）净利润（亿元，左轴）营业收入（亿元，左轴）净利润（亿元，左轴）毛利率（%，右轴）净利率（%，右轴）毛利率（%，右轴）净利率（%，右轴）80025%25035%70020%30%60020025%50015%15020%40010%15%3001002005%5010%1005%0%00%0-1001Q203Q201Q213Q211Q223Q221Q23-5%1Q203Q201Q213Q211Q223Q221Q23资料来源：Wind，HTI资料来源：Wind，HTI隔膜：毛利率同环比略有下降，但仍保持较强盈利能力。2023Q2隔膜环节毛利率/归母净利率分别为38.31%/23.60%，同比-7.03pct/-6.68pct，环比-2.86pct/-0.11pct。电解液：盈利能力环比微降。2023Q2电解液环节毛利率/归母净利率分别为26.42%/12.40%，同比-11.20pct/-11.26pct，环比-0.01pct/-0.05pct。图3隔膜单季度经营情况图4电解液单季度经营情况营业收入（亿元，左轴）净利润（亿元，左轴）营业收入（亿元，左轴）净利润（亿元，左轴）毛利率（%，右轴）净利率（%，右轴）毛利率（%，右轴）净利率（%，右轴）6045%50%1405045%12040%40%35%4035%10030%30%8025%3025%20%20%602015%4015%10%10%10205%5%00%00%1Q203Q201Q213Q211Q223Q221Q231Q203Q201Q213Q211Q223Q221Q23资料来源：Wind，HTI资料来源：Wind，HTI电池：Q2业绩修复，盈利能力稳健。2023Q2电池环节业绩相比Q1有一定修复，毛利率/归母净利率分别为19.26%/6.91%，同比+2.04pct/+0.89pct，环比+0.61pct/+0.98pct，毛利率及归母净利率同环比均有提升，盈利能力稳健。前驱体：毛利率同环比略有下降。2023Q2前驱体环节毛利率/归母净利率分别为12.32%/5.51%，同比-4.11pct/+0.07pct，环比-1.89pct/+1.00pct。请务必阅读正文之后的信息披露和法律声明行业研究·新能源板块行业10图5电池单季度经营情况图6前驱体单季度经营情况营业收入（亿元，左轴）净利润（亿元，左轴）营业收入（亿元，左轴）净利润（亿元，左轴）毛利率（%，右轴）净利率（%，右轴）毛利率（%，右轴）净利率（%，右轴）1Q223Q221Q2320%350025%400300035018%20%30016%250014%200015%25012%20010%150010%1508%10001006%5%4%500502%00%00%1Q203Q201Q213Q211Q203Q201Q213Q211Q223Q221Q23资料来源：Wind，HTI资料来源：Wind，HTI铜箔铝箔：盈利能力延续下滑趋势。2023Q2铜箔铝箔环节毛利率/归母净利率分别为8.86%/2.16%，同比-9.53pct/-6.23pct，环比-3.78pct/-1.54pct。结构件：盈利能力趋于稳定，Q2业绩逐渐修复。2023Q2结构件环节毛利率/归母净利率分别为20.68%/7.26%，同比-0.42pct/-0.40pct，环比-0.25pct/-0.62pct。图7铜箔铝箔单季度经营情况图8结构件单季度经营情况营业收入（亿元，左轴）净利润（亿元，左轴）营业收入（亿元，左轴）净利润（亿元，左轴）毛利率（%，右轴）净利率（%，右轴）毛利率（%，右轴）净利率（%，右轴）12020%6035%1005030%15%25%80406010%20%30405%15%2010%20100%5%000%1Q203Q201Q213Q211Q223Q221Q231Q203Q201Q213Q211Q223Q221Q23-20-5%资料来源：Wind，HTI资料来源：Wind，HTI辅材：毛利率同环比均下降。2023Q2辅材环节毛利率/归母净利率分别为3.39%/-3.08%，同比-10.16pct/-9.63pct，环比-1.69pct/-1.09pct。总体看，二季度锂电板块整体盈利能力稳健，Q2毛利率同比略有下降，环比微增，业绩逐渐修复。2023Q2锂电板块毛利率/归母净利率分别为17.51%/6.46%，同比-1.02pct/-1.41pct，环比+0.34pct/+1.02pct。图9辅材单季度经营情况图10锂电板块总体单季度经营情况营业收入（亿元，左轴）净利润（亿元，左轴）营业收入（亿元，左轴）净利润（亿元，左轴）毛利率（%，右轴）净利率（%，右轴）毛利率（%，右轴）净利率（%，右轴）4025%30%60003525%3020%500020%2515%400015%2010%30001510%5%10200050%5%0-5%1000-51Q203Q201Q213Q211Q223Q221Q23-10%00%1Q203Q201Q213Q211Q223Q221Q23资料来源：Wind，HTI资料来源：Wind，HTI请务必阅读正文之后的信息披露和法律声明行业研究·新能源板块行业111.2费用率下滑，汇兑损益贡献较大锂电板块2023Q2期间费用率为9.24%，同比+0.88pct，环比-0.98pct，其中销售费用率、管理费用率、财务费用率、研发费用率环比分别+0.44pct、+0.05pct、-1.65pct、+0.18pct，期间费用率环比下降主要来自财务费用率下降，2023Q2财务费用率为-1.07%，我们认为财务费用率变化主要与外汇汇率变化带来汇兑损益有关。图11锂电板块单季度期间费用率变化16%期间费用率销售费用率管理费用率财务费用率研发费用率14%15.17%12%10%12.73%13.01%9.04%9.47%10.21%9.24%8%11.69%10.85%10.36%10.36%9.56%8.35%8.68%6%4%2%0%4Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q231Q202Q203Q20-2%资料来源：Wind，HTI分板块看，2023Q2正极、电解液环节期间费用率略有上升，环比分别+0.39pct、+0.17pct，其余各环节费用率均下降，其中前驱体、隔膜、辅材下降幅度最大，环比分别-3.07pct、-3.03pct、-1.60pct。表3锂电各子板块单季度期间费用率变化1Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q238.08%7.25%6.50%5.85%5.62%4.35%3.75%3.65%4.37%4.76%正极10.39%11.33%9.30%10.08%14.46%11.31%11.74%8.38%10.73%10.21%10.23%10.11%9.71%8.59%13.24%10.74%10.97%11.92%8.79%9.50%8.95%16.07%14.95%11.92%负极21.41%17.35%16.02%13.80%12.65%10.87%8.76%9.85%8.23%8.27%8.62%9.31%11.07%11.24%11.57%11.37%11.51%10.71%10.36%9.46%10.07%10.66%11.55%10.27%隔膜21.16%13.26%11.90%10.59%7.68%7.93%8.36%7.77%6.80%7.17%6.78%10.14%8.56%5.49%7.76%7.69%7.89%7.83%7.37%7.07%6.53%6.21%7.28%7.05%电解液19.31%17.35%16.04%8.70%12.62%14.79%12.05%7.93%10.00%11.06%10.00%10.38%11.42%10.87%6.37%5.27%6.02%5.61%5.85%3.90%4.42%5.87%7.73%6.12%电池16.56%12.69%13.87%12.89%前驱体9.25%10.10%8.36%8.88%铜箔铝箔9.56%11.63%10.60%5.54%结构件19.03%16.40%15.80%11.73%辅材12.10%13.94%11.69%0.16%资料来源：Wind，HTI2023Q2锂电板块财务费用率为-1.07%，环比-1.65pct，对期间费用率下降贡献最大。从细分板块来看，电池、前驱体财务费用率为负数，分别为-1.60%、-0.56%，环比分别-1.65pct、-3.62pct，对整体财务费用率影响最大。请务必阅读正文之后的信息披露和法律声明行业研究·新能源板块行业12图12锂电板块各环节单季度财务费用率变化6%正极负极隔膜电解液电池前驱体铜箔铝箔结构件辅材5%4%3%2%1%0%1Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q23-1%-2%资料来源：Wind，HTI我们认为，电池、前驱体环节财务费用率下降，主要与外汇汇率变化带来汇兑收益有关。我们选取的9家电池企业、5家前驱体企业中，除帕瓦股份外，其余公司2023年上半年全部实现汇兑收益，且较22年同期相比，汇兑收益增幅较大。表4电池、前驱体公司汇兑损益汇总（亿元，负值代表收益）公司2022H12023H1宁德时代-0.62-11.05国轩高科-0.19-3.96鹏辉能源-0.23-0.12亿纬锂能-1.29-1.11-6.63-9.96比亚迪-0.24-0.70孚能科技-0.20-0.06蔚蓝锂芯-0.10-0.95珠海冠宇0.26-2.120.57-1.43欣旺达0.00-0.01中伟股份-0.51-1.87芳源股份-1.04-4.360.000.00格林美-10.22-37.70华友钴业帕瓦股份合计资料来源：Wind，HTI2.锂电板块整体运营好转2.1现金流大幅提升现金流：锂电板块2023Q2经营性现金流量净额为1035.26亿元，环比+269.72%，9个子板块经营性现金流量净额环比均有较高增长，我们认为主要原因是二季度各环节生产经营活动逐渐恢复，营收增加，经营性现金流流入增加。请务必阅读正文之后的信息披露和法律声明行业研究·新能源板块行业13表5锂电各子板块单季度经营性现金流净额变化（亿元）1Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q23-0.52-11.10-39.85-21.16-60.46-19.40-64.1543.55正极4.779.534.947.11-6.942.70-1.41-5.09-18.19-7.18-12.9923.715.082.469.63负极4.283.153.237.72-4.460.1111.5013.124.5710.433.672.167.939.37262.2224.9815.4025.208.7027.961.6931.74隔膜0.704.771.888.762.092.87-0.54529.91209.13440.74570.52855.57367.81874.765.59-26.48-48.28-15.94-22.1963.06-6.9038.84电解液1.715.621.396.042.395.852.2415.79-3.168.640.46-5.170.770.53-3.489.57-2.99-0.52-3.845.23电池79.37123.74190.90280.64124.02242.76284.690.10-2.010.680.91-4.387.29-0.66127.23-0.26488.602.07280.011035.26前驱体0.334.493.4825.394.7512.59548.11458.90924.18铜箔铝箔-0.020.70-5.902.14-5.396.49结构件-1.030.600.021.75-0.831.03辅材-3.263.130.92-0.350.071.97合计86.85155.71200.85339.20115.70276.35资料来源：Wind，HTI货币资金：2023Q2末，锂电板块货币资金合计4120.83亿元，环比+12.54%，各子板块中，正极、负极、电解液、铜箔铝箔环节货币资金环比有小幅下降。表6锂电各子板块货币资金合计（亿元）1Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q2346.8946.7699.14114.05123.21180.74217.18226.76246.70208.88正极29.4536.5046.5059.76110.03123.47121.98153.05135.64135.97186.58170.71159.51158.3430.0321.0030.64负极52.5449.0659.92100.9417.2341.6338.8325.2020.1835.2748.3656.5136.4176.991070.62997.831140.9942.0443.5546.68110.0797.61101.7392.72隔膜26.3616.6063.5826.45131.07114.60119.201511.431466.091950.891989.292468.842736.753183.3334.8932.6234.57160.64268.28239.01243.05284.31243.62264.47电解液10.7926.2521.1221.9213.189.4237.5984.6688.14108.29108.7492.575.048.348.728.2486.9726.0125.74电池477.78531.92836.58921.171458.981395.6712.619.288.888.3915.8317.0515.5917.791606.682061.5110.1914.9819.743456.0912.674120.83前驱体59.5270.8058.0574.002160.682700.052917.063661.73铜箔铝箔21.1517.8419.3130.21结构件4.164.284.7611.76辅材8.743.793.294.65合计690.50757.041113.101250.88资料来源：Wind，HTI应收账款及应收票据：2023Q2末，锂电板块应收账款及应收票据合计为2597.16亿元，环比+8.86%，各子板块中，正极、电解液、前驱体、辅材应收账款及应收票据小幅下降。表7锂电各子板块应收账款及应收票据合计（亿元）1Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q2384.7496.41181.67195.61302.38378.47406.69306.75262.35正极22.5526.4630.7664.9553.4690.5791.39121.51125.06157.13188.73204.81188.33199.4356.5660.1068.1493.78100.45负极42.9658.9067.6680.9395.5245.7453.7269.3273.4483.7280.7597.1787.21829.02854.16907.8273.3270.381311.3081.4590.7085.66隔膜34.0035.2442.5444.2351.8983.68104.05145.09917.331113.73201.881419.761340.761594.2867.0051.19172.70205.5562.00197.59221.07198.48电解液35.9030.8633.9131.7939.3118.6125.0070.7465.1566.9946.7874.9576.0120.6620.3630.7530.4438.9030.5553.4749.4082.49电池720.03783.90764.86872.02812.041296.571356.3824.2224.1730.752394.2527.7025.6350.321619.271677.242069.512563.592385.8523.70前驱体41.9939.7734.1757.3873.572597.16铜箔铝箔27.4035.9830.1748.7736.19结构件9.9812.0110.5919.9020.08辅材11.4911.3712.9116.5719.30合计946.301034.501027.571236.521201.35资料来源：Wind，HTI存货：2023Q2末，锂电板块存货合计为2707.89亿元，环比-7.95%，各子板块中，除电解液、前驱体环节存货微增外，其余环节存货环比均有不同程度下降，其中辅材、电池、铜箔铝箔环比下降幅度最大，环比分别为-35.13%、-10.22%、-8.23%。我们认为主要原因是受下游需求放缓及原材料价格下降影响，各环节在二季度继续去库存。请务必阅读正文之后的信息披露和法律声明行业研究·新能源板块行业14表8锂电各子板块存货合计（亿元）1Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q2357.7675.9092.48135.66175.83262.32280.32306.13220.65214.04正极18.2024.7730.5852.6887.2389.3799.51118.05149.55209.41241.81257.95270.43251.7220.5522.7724.0428.3832.89负极41.0155.5857.5258.3419.4720.9325.9824.3145.5638.1831.6231.9535.0733.91676.33826.49969.0037.121450.271665.0647.3951.9638.9339.12隔膜16.5314.8815.7217.79126.49145.64182.191077.36257.13290.621901.371956.271888.401695.4341.2448.9943.73213.2252.55309.02369.86352.55353.27电解液17.4415.8916.8217.3114.7415.9020.7354.4825.0857.2156.3774.3282.3375.559.9810.2222.5031.8128.7231.4332.7131.44电池486.03495.17551.90588.901053.809.551467.8712.1214.7615.4314.5317.3220.6613.401255.541694.812199.112602.942911.163097.202941.722707.89前驱体100.44108.6692.95119.71铜箔铝箔28.9631.8332.6337.54结构件9.4211.379.9813.09辅材9.688.969.007.33合计727.72767.12817.11912.71资料来源：Wind，HTI2.2周转速率提升，营运能力好转偿债能力：2023Q2末，锂电板块资产负债率为65.75%，环比+0.56pct，其中电池、前驱体环节资产负债率较高，分别为71.47%、61.87%，隔膜、辅材环节资产负债率较低，分别为37.38%、48.84%。表9锂电各子板块资产负债率（%）正极1Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q2328.03%39.49%39.54%44.21%48.69%51.49%48.62%53.81%56.27%59.46%58.20%59.87%56.93%55.92%49.88%51.50%50.38%51.90%51.98%54.65%54.44%53.86%53.56%52.43%负极48.23%46.19%44.79%39.17%42.85%42.81%40.28%42.07%42.35%45.78%41.87%44.95%43.37%37.38%47.32%43.15%42.86%45.26%45.29%45.58%50.87%50.01%48.64%48.69%隔膜55.23%54.71%43.89%42.01%58.82%60.60%64.39%65.40%69.09%67.81%70.56%70.57%70.01%71.47%52.87%53.61%58.38%57.71%63.84%65.01%64.75%63.79%63.88%61.87%电解液50.15%47.77%47.35%47.12%63.78%59.04%58.73%57.84%49.65%51.05%48.40%49.40%51.64%53.11%39.16%41.53%44.50%47.80%50.88%54.66%57.34%58.45%56.87%55.24%电池62.89%61.72%59.47%60.85%43.46%43.14%39.92%40.41%46.89%49.06%47.04%46.82%48.08%48.84%55.71%56.91%59.57%60.76%63.93%63.82%65.44%65.65%65.19%65.75%前驱体59.91%55.18%53.82%53.73%铜箔铝箔64.89%61.37%65.59%58.34%结构件35.44%37.71%38.26%39.51%辅材48.70%42.20%44.43%44.11%合计59.47%57.71%55.89%55.84%资料来源：Wind，HTI流动比率与速动比率：2023Q2锂电板块流动比率为1.12，环比-0.01，速动比率为0.87，环比+0.01，整体相对稳定。请务必阅读正文之后的信息披露和法律声明行业研究·新能源板块行业15表10锂电各子板块流动比率与速动比率流动比率1Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q231.571.381.521.431.501.431.481.451.571.52正极2.551.792.001.641.641.621.531.431.451.381.461.461.501.522.061.751.641.371.331.261.631.471.541.92负极1.281.351.471.841.231.521.551.471.501.541.901.711.851.761.421.261.141.101.041.071.021.031.011.00隔膜1.271.211.801.731.201.121.101.201.331.221.241.241.201.191.381.371.351.221.481.491.511.541.461.42电解液1.081.201.181.211.881.761.561.341.271.151.331.241.281.341.501.661.811.531.581.521.721.691.651.64电池1.221.281.451.371.431.301.221.181.151.161.151.141.131.121Q212Q213Q214Q211Q222Q223Q224Q221Q232Q23前驱体1.001.090.991.061.191.021.151.101.121.061.141.111.291.221.241.291.131.091.040.931.011.001.011.03铜箔铝箔1.161.151.151.261.751.451.361.151.081.031.411.281.301.691.031.331.331.211.231.311.651.441.641.53结构件1.531.391.731.801.120.950.850.830.740.770.750.780.770.790.850.760.730.820.950.840.860.820.810.80辅材1.171.281.361.421.051.081.040.941.201.221.241.261.181.171.501.351.150.990.910.811.040.991.001.07合计1.211.271.411.381.231.391.521.221.281.241.461.371.271.381.110.990.900.890.840.840.850.860.860.87速动比率1Q202Q203Q204Q20正极2.111.461.571.29负极0.970.991.121.48隔膜1.061.011.581.48电解液0.871.010.991.02电池0.951.011.151.09前驱体0.640.700.620.68铜箔铝箔0.910.890.870.96结构件1.030.931.191.43辅材0.941.011.081.22合计0.940.981.101.09资料来源：Wind，HTI周转速率：2023Q2锂电板块存货周转天数为82.02天，环比-6.08天，应收账款天数56.11天，环比+0.95天，整体看来企业营运能力好转，效率提升。分板块看，2023Q2负极、隔膜、电池、铜箔铝箔、结构件、辅材环节存货周转天数环比明显下降，正极、电解液、前驱体存货周转天数环比小幅提升；正极、负极、电池、铜箔铝箔环节应收账款天数环比有所增加，隔膜、电解液、前驱体、结构件、辅材环节应收账款周转天数环比不同程度下降。请务必阅读正文之后的信息披露和法律声明行业研究·新能源板块行业16表11锂电各子板块存货周转天数、应收账款周转天数（天）存货周转天数1Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q2362.7661.6557.6452.8046.7943.7257.5261.66正极102.2572.10107.7478.8963.7860.0194.5695.27120.05120.82120.44117.45168.83158.22108.21101.76111.53110.3399.8896.47132.85119.16负极215.77174.37156.39132.99113.5092.3654.3157.6559.9852.2154.2455.3065.9266.7791.8583.5290.8089.2183.0373.7385.8876.69隔膜203.36123.89109.56101.46117.02108.4296.1893.0593.0288.8087.1097.79110.82114.7257.8955.9457.9961.0060.6663.1784.7576.36电解液116.93100.1690.1677.2259.5755.1996.5487.7583.3385.9374.4870.4093.2083.6841.6043.6054.8548.1344.0548.0269.4754.66电池146.20110.18103.9092.4491.2290.2386.8480.7686.1583.2478.1272.5888.1182.023Q214Q211Q222Q223Q224Q221Q232Q23前驱体128.49126.90125.87113.6095.7291.5254.6058.0549.3148.5349.1844.3563.2566.7868.9373.0771.8469.0369.8968.2286.3386.68铜箔铝箔90.1375.1780.5067.2878.9759.97142.08141.31151.39145.54145.94146.42191.66187.9469.6165.5355.8354.4257.2556.3085.9884.49结构件231.84190.66198.08132.4797.00104.3774.5167.3254.9053.7749.9944.4247.3548.7639.2843.1348.9748.0145.7344.8151.6251.50辅材72.6967.4162.6848.8048.4641.8951.6846.8650.5250.6648.1446.1457.8458.6488.6587.5279.2281.7684.6384.09116.63107.81合计140.33111.07107.2793.8589.3684.9768.1373.4085.1081.8078.2874.2191.7486.6168.7664.8156.5255.2352.7748.1255.1756.11应收账款周转天数1Q202Q203Q204Q201Q212Q21正极103.3566.0791.4874.2751.0454.67负极180.10146.57136.17126.1891.3772.41隔膜252.04182.17163.35147.69153.02141.03电解液123.47105.46100.1489.8779.5375.11电池160.07124.95107.5798.3785.8679.30前驱体45.7742.1739.2941.1038.3136.11铜箔铝箔72.8567.2264.2759.3460.0653.21结构件178.44144.07146.57120.7697.1293.19辅材93.7190.7488.0184.8272.2369.51合计136.87110.63100.9491.0978.2171.64资料来源：Wind，HTI3.投资策略我们认为新能源车和储能赛道仍处于发展初期，渗透率还有较大提升空间，中游锂电各环节盈利压力是由需求阶段性降速导致的，但随着供给端出清、新增产能放缓及需求端的逐步回暖，中游环节利润底部正在出现，板块估值开始具备性价比。建议关注：（1）中游具备成本差异化能力的龙头公司：宁德时代、亿纬锂能、天赐材料、新宙邦、容百科技、湖南裕能、德方纳米、富临精工、璞泰来、贝特瑞、尚太科技、恩捷股份、星源材质等。（2）快充、磷酸锰铁锂、复合铜箔、钠电等新技术相关企业：黑猫股份、信德新材、元力股份、曼恩斯特、德方纳米、东威科技、道森股份、三孚新科、振华新材等。4.风险提示（1）新能源汽车下游需求不及预期；（2）新技术发展速度不及预期；（3）原材料价格波动；（4）竞争加剧；（5）行业政策波动。请务必阅读正文之后的信息披露和法律声明行业研究·新能源板块行业17APPENDIX1SummaryTheLithiumBatterysectormaintainedstableperformancein2023H1.Analysing50listedcompaniesdividedinto9sub-sectors,thesectortotaledrevenuesofRMB770.655billion,a35.53%YoYincrease,withnetprofitsofRMB45.985billion,a11.63%YoYincrease.Averagegrossmarginwas17.35%,steadyYoY,andnetprofitmarginaveragedat5.97%,adecreaseof1.28pctYoY.Batteryandstructuressegmentperformanceincreased.BatterysegmentpostedRMB528.904billioninrevenue,anincreaseof61.41%YoY,representing68.63%ofthesector’stotal,up11.00pctYoY,andnetprofitofRMB34.106billion,a142.63%YoYincrease,constituting74.17%ofthesector’snetprofit,up40.04pctYoY.In2023Q2,batteryandstructuressegmentcontinuedgrowth.TheoverallLithiumBatterysectorrevenueswereRMB398.274billion,a26.59%YoYincrease,withnetprofitsofRMB25.723billion,a3.88%YoYincrease.Averagegrossmarginwas17.51%,adecreaseof1.02pctYoY,andnetprofitmarginaveragedat6.46%,adecreaseof1.41pctYoY.InvestmentStrategy:LithiumBatterysectorisinitsearlystageswithamplegrowthopportunity.Thepressureonthemidstreamsectorearningsisduetosloweddemandbutthesituationisgraduallyimproving.Toppicksinclude:CATL,EVEEnergy,DangshengNano,FulinPrecision,Bettery,NEnergy,etc.RiskAlert:UncertaindemandforEVs;unpredictabletechnologydevelopment;unstablerawmaterialprices;competition;policychanges.请务必阅读正文之后的信息披露和法律声明[附Ta录bleA_PdPisEcNlaDimIXer]重要信息披露本研究报告由海通国际分销，海通国际是由海通国际研究有限公司(HTIRL)，HaitongSecuritiesIndiaPrivateLimited(HSIPL)，HaitongInternationalJapanK.K.(HTIJKK)和海通国际证券有限公司(HTISCL)的证券研究团队所组成的全球品牌，海通国际证券集团(HTISG)各成员分别在其许可的司法管辖区内从事证券活动。IMPORTANTDISCLOSURESThisresearchreportisdistributedbyHaitongInternational,aglobalbrandnamefortheequityresearchteamsofHaitongInternationalResearchLimited(“HTIRL”),HaitongSecuritiesIndiaPrivateLimited(“HSIPL”),HaitongInternationalJapanK.K.(“HTIJKK”),HaitongInternationalSecuritiesCompanyLimited(“HTISCL”),andanyothermemberswithintheHaitongInternationalSecuritiesGroupofCompanies(“HTISG”),eachauthorizedtoengageinsecuritiesactivitiesinitsrespectivejurisdiction.HTIRL分析师认证AnalystCertification:我，吴杰，在此保证（i）本研究报告中的意见准确反映了我们对本研究中提及的任何或所有目标公司或上市公司的个人观点，并且（ii）我的报酬中没有任何部分与本研究报告中表达的具体建议或观点直接或间接相关；及就此报告中所讨论目标公司的证券，我们（包括我们的家属）在其中均不持有任何财务利益。我和我的家属（我已经告知他们）将不会在本研究报告发布后的3个工作日内交易此研究报告所讨论目标公司的证券。I,JieWu,certifythat(i)theviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchand(ii)nopartofmycompensationwas,isorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreport;andthatI(includingmembersofmyhousehold)havenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussed.Iandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin3businessdaysaftertheresearchreportispublished.利益冲突披露ConflictofInterestDisclosures海通国际及其某些关联公司可从事投资银行业务和/或对本研究中的特定股票或公司进行做市或持有自营头寸。就本研究报告而言，以下是有关该等关系的披露事项（以下披露不能保证及时无遗漏，如需了解及时全面信息，请发邮件至ERD-Disclosure@htisec.com）HTIandsomeofitsaffiliatesmayengageininvestmentbankingand/orserveasamarketmakerorholdproprietarytradingpositionsofcertainstocksorcompaniesinthisresearchreport.Asfarasthisresearchreportisconcerned,thefollowingarethedisclosuremattersrelatedtosuchrelationship(Asthefollowingdisclosuredoesnotensuretimelinessandcompleteness,pleasesendanemailtoERD-Disclosure@htisec.comiftimelyandcomprehensiveinformationisneeded).海通证券股份有限公司和/或其子公司（统称“海通”）在过去12个月内参与了600884.CHand002074.CH的投资银行项目。投资银行项目包括：1、海通担任上市前辅导机构、保荐人或主承销商的首次公开发行项目；2、海通作为保荐人、主承销商或财务顾问的股权或债务再融资项目；3、海通作为主经纪商的新三板上市、目标配售和并购项目。HaitongSecuritiesCo.,Ltd.and/oritssubsidiaries(collectively,the"Haitong")havearoleininvestmentbankingprojectsof600884.CHand002074.CHwithinthepast12months.Theinvestmentbankingprojectsinclude1.IPOprojectsinwhichHaitongactedaspre-listingtutor,sponsor,orlead-underwriter;2.equityordebtrefinancingprojectsof600884.CHand002074.CHforwhichHaitongactedassponsor,lead-underwriterorfinancialadvisor;3.listingbyintroductioninthenewthreeboard,targetplacement,M&AprojectsinwhichHaitongactedaslead-brokeragefirm.600884.CH及002074.CH目前或过去12个月内是海通的投资银行业务客户。600884.CHand002074.CHare/wereaninvestmentbankclientsofHaitongcurrentlyorwithinthepast12months.002108.CH,002074.CH,孚能科技产业投资（北京）有限责任公司,688772.CH及300919.CH目前或过去12个月内是海通的客户。海通向客户提供非投资银行业务的证券相关业务服务。002108.CH,002074.CH,孚能科技产业投资（北京）有限责任公司,688772.CHand300919.CHare/wereaclientofHaitongcurrentlyorwithinthepast12months.Theclienthasbeenprovidedfornon-investment-bankingsecurities-relatedservices.景德镇市古镇投资管理有限公司,景德镇公共交通有限公司,杭州杉球光伏发电有限公司/金华杉宝光伏发电有限公司,合肥国轩高科动力能源有限公司,欣旺达惠州动力新能源有限公司,内蒙古潇龙冶金有限公司,荆门市格林美新材料有限公司及湖南金富力新能源股份有限公司目前或过去12个月内是海通的客户。海通向客户提供非证券业务服务。景德镇市古镇投资管理有限公司,景德镇公共交通有限公司,杭州杉球光伏发电有限公司/金华杉宝光伏发电有限公司,合肥国轩高科动力能源有限公司,欣旺达惠州动力新能源有限公司,内蒙古潇龙冶金有限公司,荆门市格林美新材料有限公司and湖南金富力新能源股份有限公司are/wereaclientofHaitongcurrentlyorwithinthepast12months.Theclienthasbeenprovidedfornon-securitiesservices.海通在过去的12个月中从景德镇市古镇投资管理有限公司,景德镇公共交通有限公司,杭州杉球光伏发电有限公司/金华杉宝光伏发电有限公司,002108.CH,合肥国轩高科动力能源有限公司,孚能科技产业投资（北京）有限责任公司,欣旺达惠州动力新能源有限公司,内蒙古潇龙冶金有限公司,荆门市格林美新材料有限公司及湖南金富力新能源股份有限公司获得除投资银行服务以外之产品或服务的报酬。Haitonghasreceivedcompensationinthepast12monthsforproductsorservicesotherthaninvestmentbankingfrom景德镇市古镇投资管理有限公司,景德镇公共交通有限公司,杭州杉球光伏发电有限公司/金华杉宝光伏发电有限公司,002108.CH,合肥国轩高科动力能源有限公司,孚能科技产业投资（北京）有限责任公司,欣旺达惠州动力新能源有限公司,内蒙古潇龙冶金有限公司,荆门市格林美新材料有限公司and湖南金富力新能源股份有限公司.评级定义（从2020年7月1日开始执行）：评级分布RatingDistribution1海通国际（以下简称“HTI”）采用相对评级系统来为投资者推荐我们覆盖的公司：优于大市、中性或弱于大市。投资者应仔细阅读HTI的评级定义。并且HTI发布分析师观点的完整信息，投资者应仔细阅读全文而非仅看评级。在任何情况下，分析师的评级和研究都不能作为投资建议。投资者的买卖股票的决策应基于各自情况（比如投资者的现有持仓）以及其他因素。分析师股票评级优于大市，未来12-18个月内预期相对基准指数涨幅在10%以上，基准定义如下中性，未来12-18个月内预期相对基准指数变化不大，基准定义如下。根据FINRA/NYSE的评级分布规则，我们会将中性评级划入持有这一类别。弱于大市，未来12-18个月内预期相对基准指数跌幅在10%以上，基准定义如下各地股票基准指数：日本–TOPIX,韩国–KOSPI,台湾–TAIEX,印度–Nifty100,美国–SP500;其他所有中国概念股–MSCIChina.RatingsDefinitions(from1Jul2020):HaitongInternationalusesarelativeratingsystemusingOutperform,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2023年6月30日海通国际股票研究评级分布中性弱于大市优于大市(持有)海通国际股票研究覆盖率89.6%9.2%1.1%投资银行客户4.7%5.6%10.0%在每个评级类别里投资银行客户所占的百分比。上述分布中的买入，中性和卖出分别对应我们当前优于大市，中性和落后大市评级。只有根据FINRA/NYSE的评级分布规则，我们才将中性评级划入持有这一类别。请注意在上表中不包含非评级的股票。此前的评级系统定义（直至2020年6月30日）：买入，未来12-18个月内预期相对基准指数涨幅在10%以上，基准定义如下中性，未来12-18个月内预期相对基准指数变化不大，基准定义如下。根据FINRA/NYSE的评级分布规则，我们会将中性评级划入持有这一类别。卖出，未来12-18个月内预期相对基准指数跌幅在10%以上，基准定义如下各地股票基准指数：日本–TOPIX,韩国–KOSPI,台湾–TAIEX,印度–Nifty100;其他所有中国概念股–MSCIChina.2HaitongInternationalEquityResearchRatingsDistribution,asofJun30,2023OutperformNeutralUnderperform(hold)HTIEquityResearchCoverage89.6%9.2%1.1%IBclients4.7%5.6%10.0%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.海通国际非评级研究：海通国际发布计量、筛选或短篇报告，并在报告中根据估值和其他指标对股票进行排名，或者基于可能的估值倍数提出建议价格。这种排名或建议价格并非为了进行股票评级、提出目标价格或进行基本面估值，而仅供参考使用。HaitongInternationalNon-RatedResearch:HaitongInternationalpublishesquantitative,screeningorshortreportswhichmayrankstocksaccordingtovaluationandothermetricsormaysuggestpricesbasedonpossiblevaluationmultiples.Suchrankingsorsuggestedpricesdonotpurporttobestockratingsortargetpricesorfundamentalvaluesandareforinformationonly.海通国际A股覆盖：海通国际可能会就沪港通及深港通的中国A股进行覆盖及评级。海通证券（600837.CH），海通国际于上海的母公司，也会于中国发布中国A股的研究报告。但是，海通国际使用与海通证券不同的评级系统，所以海通国际与海通证券的中国A股评级可能有所不同。HaitongInternationalCoverageofA-Shares:HaitongInternationalmaycoverandrateA-SharesthataresubjecttotheHongKongStockConnectschemewithShanghaiandShenzhen.HaitongSecurities(HS;600837CH),theultimateparentcompanyofHTISGbasedinShanghai,coversandpublishesresearchonthesesameA-SharesfordistributioninmainlandChina.However,theratingsystememployedbyHSdiffersfromthatusedbyHTIandasaresulttheremaybeadifferenceintheHTIandHSratingsforthesameA-sharestocks.海通国际优质100A股（Q100）指数：海通国际Q100指数是一个包括100支由海通证券覆盖的优质中国A股的计量产品。这些股票是通过基于质量的筛选过程，并结合对海通证券A股团队自下而上的研究。海通国际每季对Q100指数成分作出复审。HaitongInternationalQuality100A-share(Q100)Index:HTI’sQ100Indexisaquantproductthatconsistsof100ofthehighest-qualityA-sharesundercoverageatHSinShanghai.Thesestocksarecarefullyselectedthroughaquality-basedscreeningprocessincombinationwithareviewoftheHSA-shareteam’sbottom-upresearch.TheQ100constituentcompaniesarereviewedquarterly.盟浪义利（FIN-ESG）数据通免责声明条款：在使用盟浪义利（FIN-ESG）数据之前，请务必仔细阅读本条款并同意本声明：第一条义利（FIN-ESG）数据系由盟浪可持续数字科技有限责任公司（以下简称“本公司”）基于合法取得的公开信息评估而成，本公司对信息的准确性及完整性不作任何保证。对公司的评估结果仅供参考，并不构成对任何个人或机构投资建议，也不能作为任何个人或机构购买、出售或持有相关金融产品的依据。本公司不对任何个人或机构投资者因使用本数据表述的评估结果造成的任何直接或间接损失负责。第二条盟浪并不因收到此评估数据而将收件人视为客户，收件人使用此数据时应根据自身实际情况作出自我独立判断。本数据所载内容反映的是盟浪在最初发布本数据日期当日的判断，盟浪有权在不发出通知的情况下更新、修订与发出其他与本数据所载内容不一致或有不同结论的数据。除非另行说明，本数据（如财务业绩数据等）仅代表过往表现，过往的业绩表现不作为日后回报的预测。第三条本数据版权归本公司所有，本公司依法保留各项权利。未经本公司事先书面许可授权，任何个人或机构不得将本数据中的评估结果用于任何营利性目的，不得对本数据进行修改、复制、编译、汇编、再次编辑、改编、删减、缩写、节选、发行、出租、展览、表演、放映、广播、信息网络传播、摄制、增加图标及说明等，否则因此给盟浪或其他第三方造成损失的，由用户承担相应的赔偿责任，盟浪不承担责任。第四条如本免责声明未约定，而盟浪网站平台载明的其他协议内容（如《盟浪网站用户注册协议》《盟浪网用户服务（含认证）协议》《盟浪网隐私政策》等）有约定的，则按其他协议的约定执行；若本免责声明与其他协议约定存在冲突或不一致的，则以本免责声明约定为准。SusallWaveFIN-ESGDataServiceDisclaimer:PleasereadthesetermsandconditionsbelowcarefullyandconfirmyouragreementandacceptancewiththesetermsbeforeusingSusallWaveFIN-ESGDataService.1.FIN-ESGDataisproducedbySusallWaveDigitalTechnologyCo.,Ltd.(Inshort,SusallWave)’sassessmentbasedonlegalpubliclyaccessibleinformation.SusallWaveshallnotberesponsibleforanyaccuracyandcompletenessoftheinformation.Theassessmentresultisforreferenceonly.Itisnotforanyinvestmentadviceforanyindividualorinstitutionandnotforbasisofpurchasing,sellingorholdinganyrelativefinancialproducts.WewillnotbeliableforanydirectorindirectlossofanyindividualorinstitutionasaresultofusingSusallWaveFIN-ESGData.2.SusallWavedonotconsiderrecipientsascustomersforreceivingthesedata.Whenusingthedata,recipientsshallmakeyourownindependentjudgmentaccordingtoyourpracticalindividualstatus.Thecontentsofthedatareflectthejudgmentofusonlyonthereleaseday.Wehaverighttoupdateandamendthedataandreleaseotherdatathatcontainsinconsistentcontentsordifferentconclusionswithoutnotification.Unlessexpresslystated,thedata(e.g.,financialperformancedata)representspastperformanceonlyandthepastperformancecannotbeviewedasthepredictionoffuturereturn.3.ThecopyrightofthisdatabelongstoSusallWave,andwereserveallrightsinaccordancewiththelaw.Withoutthepriorwrittenpermissionofourcompany,noneofindividualorinstitutioncanusethesedataforanyprofitablepurpose.Besides,noneofindividualorinstitutioncantakeactionssuchasamendment,replication,translation,compilation,re-editing,adaption,deletion,abbreviation,excerpts,issuance,rent,exhibition,performance,projection,broadcast,informationnetworktransmission,shooting,addingiconsandinstructions.IfanylossofSusallWaveorany3third-partyiscausedbythoseactions,usersshallbearthecorrespondingcompensationliability.SusallWaveshallnotberesponsibleforanyloss.4.Ifanytermisnotcontainedinthisdisclaimerbutwritteninotheragreementsonourwebsite(e.g.UserRegistrationProtocolofSusallWaveWebsite,UserService(includingauthentication)AgreementofSusallWaveWebsite,PrivacyPolicyofSusallwaveWebsite),itshouldbeexecutedaccordingtootheragreements.Ifthereisanydifferencebetweenthisdisclaimandotheragreements,thisdisclaimershallbeapplied.重要免责声明：非印度证券的研究报告：本报告由海通国际证券集团有限公司（“HTISGL”）的全资附属公司海通国际研究有限公司（“HTIRL”）发行，该公司是根据香港证券及期货条例（第571章）持有第4类受规管活动（就证券提供意见）的持牌法团。该研究报告在HTISGL的全资附属公司HaitongInternational(Japan)K.K.（“HTIJKK”）的协助下发行，HTIJKK是由日本关东财务局监管为投资顾问。印度证券的研究报告：本报告由从事证券交易、投资银行及证券分析及受SecuritiesandExchangeBoardofIndia（“SEBI”）监管的HaitongSecuritiesIndiaPrivateLimited（“HTSIPL”）所发行，包括制作及发布涵盖BSELimited（“BSE”）和NationalStockExchangeofIndiaLimited（“NSE”）上市公司（统称为「印度交易所」）的研究报告。HTSIPL于2016年12月22日被收购并成为海通国际证券集团有限公司（“HTISG”）的一部分。所有研究报告均以海通国际为名作为全球品牌，经许可由海通国际证券股份有限公司及/或海通国际证券集团的其他成员在其司法管辖区发布。本文件所载信息和观点已被编译或源自可靠来源，但HTIRL、HTISCL或任何其他属于海通国际证券集团有限公司（“HTISG”）的成员对其准确性、完整性和正确性不做任何明示或暗示的声明或保证。本文件中所有观点均截至本报告日期，如有更改，恕不另行通知。本文件仅供参考使用。文件中提及的任何公司或其股票的说明并非意图展示完整的内容，本文件并非/不应被解释为对证券买卖的明示或暗示地出价或征价。在某些司法管辖区，本文件中提及的证券可能无法进行买卖。如果投资产品以投资者本国货币以外的币种进行计价，则汇率变化可能会对投资产生不利影响。过去的表现并不一定代表将来的结果。某些特定交易，包括设计金融衍生工具的，有产生重大风险的可能性，因此并不适合所有的投资者。您还应认识到本文件中的建议并非为您量身定制。分析师并未考虑到您自身的财务情况，如您的财务状况和风险偏好。因此您必须自行分析并在适用的情况下咨询自己的法律、税收、会计、金融和其他方面的专业顾问，以期在投资之前评估该项建议是否适合于您。若由于使用本文件所载的材料而产生任何直接或间接的损失，HTISG及其董事、雇员或代理人对此均不承担任何责任。除对本文内容承担责任的分析师除外，HTISG及我们的关联公司、高级管理人员、董事和雇员，均可不时作为主事人就本文件所述的任何证券或衍生品持有长仓或短仓以及进行买卖。HTISG的销售员、交易员和其他专业人士均可向HTISG的相关客户和公司提供与本文件所述意见相反的口头或书面市场评论意见或交易策略。HTISG可做出与本文件所述建议或意见不一致的投资决策。但HTIRL没有义务来确保本文件的收件人了解到该等交易决定、思路或建议。请访问海通国际网站www.equities.htisec.com，查阅更多有关海通国际为预防和避免利益冲突设立的组织和行政安排的内容信息。非美国分析师披露信息：本项研究首页上列明的海通国际分析师并未在FINRA进行注册或者取得相应的资格，并且不受美国FINRA有关与本项研究目标公司进行沟通、公开露面和自营证券交易的第2241条规则之限制。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’swebsitewww.equities.htisec.comforfurtherinformationonHTI’sorganizationalandadministrativearrangementssetupforthepreventionandavoidanceofconflictsofinterest4withrespecttoResearch.NonU.S.AnalystDisclosure:TheHTIanalyst(s)listedonthecoverofthisResearchis(are)notregisteredorqualifiedasaresearchanalystwithFINRAandarenotsubjecttoU.S.FINRARule2241restrictionsoncommunicationswithcompaniesthatarethesubjectoftheResearch;publicappearances;andtradingsecuritiesbyaresearchanalyst.分发和地区通知：除非下文另有规定，否则任何希望讨论本报告或者就本项研究中讨论的任何证券进行任何交易的收件人均应联系其所在国家或地区的海通国际销售人员。香港投资者的通知事项：海通国际证券股份有限公司(“HTISCL”)负责分发该研究报告，HTISCL是在香港有权实施第1类受规管活动（从事证券交易）的持牌公司。该研究报告并不构成《证券及期货条例》（香港法例第571章）（以下简称“SFO”）所界定的要约邀请，证券要约或公众要约。本研究报告仅提供给SFO所界定的“专业投资者”。本研究报告未经过证券及期货事务监察委员会的审查。您不应仅根据本研究报告中所载的信息做出投资决定。本研究报告的收件人就研究报告中产生或与之相关的任何事宜请联系HTISCL销售人员。美国投资者的通知事项：本研究报告由HTIRL，HSIPL或HTIJKK编写。HTIRL，HSIPL，HTIJKK以及任何非HTISG美国联营公司，均未在美国注册，因此不受美国关于研究报告编制和研究分析人员独立性规定的约束。本研究报告提供给依照1934年“美国证券交易法”第15a-6条规定的豁免注册的「美国主要机构投资者」（“MajorU.S.InstitutionalInvestor”）和「机构投资者」（”U.S.InstitutionalInvestors”）。在向美国机构投资者分发研究报告时，HaitongInternationalSecurities(USA)Inc.（“HTIUSA”）将对报告的内容负责。任何收到本研究报告的美国投资者，希望根据本研究报告提供的信息进行任何证券或相关金融工具买卖的交易，只能通过HTIUSA。HTIUSA位于340MadisonAvenue,12thFloor,NewYork,NY10173，电话（212）351-6050。HTIUSA是在美国于U.S.SecuritiesandExchangeCommission（“SEC”）注册的经纪商，也是FinancialIndustryRegulatoryAuthority,Inc.（“FINRA”）的成员。HTIUSA不负责编写本研究报告，也不负责其中包含的分析。在任何情况下，收到本研究报告的任何美国投资者，不得直接与分析师直接联系，也不得通过HSIPL，HTIRL或HTIJKK直接进行买卖证券或相关金融工具的交易。本研究报告中出现的HSIPL，HTIRL或HTIJKK分析师没有注册或具备FINRA的研究分析师资格，因此可能不受FINRA第2241条规定的与目标公司的交流，公开露面和分析师账户持有的交易证券等限制。投资本研究报告中讨论的任何非美国证券或相关金融工具（包括ADR）可能存在一定风险。非美国发行的证券可能没有注册，或不受美国法规的约束。有关非美国证券或相关金融工具的信息可能有限制。外国公司可能不受审计和汇报的标准以及与美国境内生效相符的监管要求。本研究报告中以美元以外的其他货币计价的任何证券或相关金融工具的投资或收益的价值受汇率波动的影响，可能对该等证券或相关金融工具的价值或收入产生正面或负面影响。美国收件人的所有问询请联系：HaitongInternationalSecurities(USA)Inc.340MadisonAvenue,12thFloorNewYork,NY10173联系人电话：(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.issuersmaynotberegisteredwith,orbesubjecttoU.S.regulations.Informationonsuchnon-U.S.securitiesorrelatedfinancialinstrumentsmaybelimited.ForeigncompaniesmaynotbesubjecttoauditandreportingstandardsandregulatoryrequirementscomparabletothoseineffectwithintheU.S.ThevalueofanyinvestmentorincomefromanysecuritiesorrelatedfinancialinstrumentsdiscussedinthisresearchreportdenominatedinacurrencyotherthanU.S.dollarsissubjecttoexchangeratefluctuationsthatmayhaveapositiveoradverseeffectonthevalueoforincomefromsuchsecuritiesorrelatedfinancialinstruments.AllinquiriesbyU.S.recipientsshouldbedirectedto:HaitongInternationalSecurities(USA)Inc.340MadisonAvenue,12thFloorNewYork,NY10173Attn:SalesDeskat(212)3516050中华人民共和国的通知事项：在中华人民共和国（下称“中国”，就本报告目的而言，不包括香港特别行政区、澳门特别行政区和台湾）只有根据适用的中国法律法规而收到该材料的人员方可使用该材料。并且根据相关法律法规，该材料中的信息并不构成“在中国从事生产、经营活动”。本文件在中国并不构成相关证券的公共发售或认购。无论根据法律规定或其他任何规定，在取得中国政府所有的批准或许可之前，任何法人或自然人均不得直接或间接地购买本材料中的任何证券或任何实益权益。接收本文件的人员须遵守上述限制性规定。加拿大投资者的通知事项：在任何情况下该等材料均不得被解释为在任何加拿大的司法管辖区内出售证券的要约或认购证券的要约邀请。本材料中所述证券在加拿大的任何要约或出5售行为均只能在豁免向有关加拿大证券监管机构提交招股说明书的前提下由HaitongInternationalSecurities(USA)Inc.（“HTIUSA”）予以实施，该公司是一家根据NationalInstrument31-103RegistrationRequirements,ExemptionsandOngoingRegistrantObligations（“NI31-103”）的规定得到「国际交易商豁免」（“InternationalDealerExemption”）的交易商，位于艾伯塔省、不列颠哥伦比亚省、安大略省和魁北克省。在加拿大，该等材料在任何情况下均不得被解释为任何证券的招股说明书、发行备忘录、广告或公开发行。加拿大的任何证券委员会或类似的监管机构均未审查或以任何方式批准该等材料、其中所载的信息或所述证券的优点，任何与此相反的声明即属违法。在收到该等材料时，每个加拿大的收件人均将被视为属于NationalInstrument45-106ProspectusExemptions第1.1节或者SecuritiesAct(Ontario)第73.3(1)节所规定的「认可投资者」（“AccreditedInvestor”），或者在适用情况下NationalInstrument31-103第1.1节所规定的「许可投资者」（“PermittedInvestor”）。新加坡投资者的通知事项：本研究报告由HaitongInternationalSecurities(Singapore)PteLtd（“HTISSPL”）[公司注册编号201311400G]于新加坡提供。HTISSPL是符合《财务顾问法》（第110章）（“FAA”）定义的豁免财务顾问，可（a）提供关于证券，集体投资计划的部分，交易所衍生品合约和场外衍生品合约的建议（b）发行或公布有关证券、交易所衍生品合约和场外衍生品合约的研究分析或研究报告。本研究报告仅提供给符合《证券及期货法》（第289章）第4A条项下规定的机构投资者。对于因本研究报告而产生的或与之相关的任何问题，本研究报告的收件人应通过以下信息与HTISSPL联系：HaitongInternationalSecurities(Singapore)Pte.Ltd50RafflesPlace,#33-03SingaporeLandTower,Singapore048623电话:(65)65361920日本投资者的通知事项：本研究报告由海通国际证券有限公司所发布，旨在分发给从事投资管理的金融服务提供商或注册金融机构（根据日本金融机构和交易法（“FIEL”））第61（1）条，第17-11（1）条的执行及相关条款）。英国及欧盟投资者的通知事项：本报告由从事投资顾问的HaitongInternationalSecuritiesCompanyLimited所发布，本报告只面向有投资相关经验的专业客户发布。任何投资或与本报告相关的投资行为只面对此类专业客户。没有投资经验或相关投资经验的客户不得依赖本报告。HaitongInternationalSecuritiesCompanyLimited的分支机构的净长期或短期金融权益可能超过本研究报告中提及的实体已发行股本总额的0.5％。特别提醒有些英文报告有可能此前已经通过中文或其它语言完成发布。澳大利亚投资者的通知事项：HaitongInternationalSecurities(Singapore)PteLtd,HaitongInternationalSecuritiesCompanyLimited和HaitongInternationalSecurities(UK)Limited分别根据澳大利亚证券和投资委员会（以下简称“ASIC”）公司（废除及过度性）文书第2016/396号规章在澳大利亚分发本项研究，该等规章免除了根据2001年《公司法》在澳大利亚为批发客户提供金融服务时海通国际需持有澳大利亚金融服务许可的要求。ASIC的规章副本可在以下网站获取：www.legislation.gov.au。海通国际提供的金融服务受外国法律法规规定的管制，该等法律与在澳大利亚所适用的法律存在差异。印度投资者的通知事项：本报告由从事证券交易、投资银行及证券分析及受SecuritiesandExchangeBoardofIndia（“SEBI”）监管的HaitongSecuritiesIndiaPrivateLimited（“HTSIPL”）所发布，包括制作及发布涵盖BSELimited（“BSE”）和NationalStockExchangeofIndiaLimited（“NSE”）（统称为「印度交易所」）研究报告。研究机构名称:HaitongSecuritiesIndiaPrivateLimitedSEBI研究分析师注册号:INH000002590地址:1203A,Floor12A,Tower2A,OneWorldCenter841SenapatiBapatMarg,ElphinstoneRoad,Mumbai400013,IndiaCINU74140MH2011FTC224070电话:+912243156800传真:+912224216327合规和申诉办公室联系人：PrasannaChandwaskar；电话:+912243156803;电子邮箱:prasanna.chandwaskar@htisec.com“请注意，SEBI授予的注册和NISM的认证并不保证中介的表现或为投资者提供任何回报保证”。本项研究仅供收件人使用，未经海通国际的书面同意不得予以复制和再次分发。版权所有：海通国际证券集团有限公司2019年。保留所有权利。People’sRepublicofChina(PRC):InthePRC,theresearchreportisdirectedforthesoleuseofthosewhoreceivetheresearchreportinaccordancewiththeapplicablePRClawsandregulations.Further,theinformationontheresearchreportdoesnotconstitute"productionandbusinessactivitiesinthePRC"underrelevantPRClaws.Thisresearchreportdoesnotconstituteapublicofferofthesecurity,whetherbysaleorsubscription,inthePRC.Further,nolegalornaturalpersonsofthePRCmaydirectlyorindirectlypurchaseanyofthesecurityoranybeneficialinterestthereinwithoutobtainingallpriorPRCgovernmentapprovalsorlicensesthatarerequired,whetherstatutorilyorotherwise.Personswhocomeintopossessionofthisresearcharerequiredtoobservetheserestrictions.NoticetoCanadianInvestors:UndernocircumstancesisthisresearchreporttobeconstruedasanoffertosellsecuritiesorasasolicitationofanoffertobuysecuritiesinanyjurisdictionofCanada.AnyofferorsaleofthesecuritiesdescribedhereininCanadawillbemadeonlyunderanexemptionfromtherequirementstofileaprospectuswiththerelevantCanadiansecuritiesregulatorsandonlybyHaitongInternationalSecurities(USA)Inc.,adealerrelyingonthe“internationaldealerexemption”underNationalInstrument31-103RegistrationRequirements,ExemptionsandOngoingRegistrantObligations(“NI31-103”)inAlberta,BritishColumbia,OntarioandQuebec.Thisresearchreportisnot,andundernocircumstancesshouldbeconstruedas,aprospectus,anofferingmemorandum,anadvertisementorapublicofferingofanysecuritiesinCanada.NosecuritiescommissionorsimilarregulatoryauthorityinCanadahasreviewedorinanywaypasseduponthisresearchreport,theinformationcontainedhereinorthemeritsofthesecuritiesdescribedhereinandanyrepresentationtothecontraryisanoffence.Uponreceiptofthisresearchreport,eachCanadianrecipientwillbedeemedtohaverepresentedthattheinvestorisan“accreditedinvestor”assuchtermisdefinedinsection1.1ofNationalInstrument45-106ProspectusExemptionsor,inOntario,insection73.3(1)oftheSecuritiesAct(Ontario),asapplicable,anda“permittedclient”assuchtermisdefinedinsection1.1ofNI31-103,respectively.NoticetoSingaporeinvestors:ThisresearchreportisprovidedinSingaporebyorthroughHaitongInternationalSecurities(Singapore)PteLtd(“HTISSPL”)[CoRegNo201311400G.HTISSPLisan6ExemptFinancialAdviserundertheFinancialAdvisersAct(Cap.110)(“FAA”)to(a)adviseonsecurities,unitsinacollectiveinvestmentscheme,exchange-tradedderivativescontractsandover-the-counterderivativescontractsand(b)issueorpromulgateresearchanalysesorresearchreportsonsecurities,exchange-tradedderivativescontractsandover-the-counterderivativescontracts.Thisresearchreportisonlyprovidedtoinstitutionalinvestors,withinthemeaningofSection4AoftheSecuritiesandFuturesAct(Cap.289).RecipientsofthisresearchreportaretocontactHTISSPLviathedetailsbelowinrespectofanymattersarisingfrom,orinconnectionwith,theresearchreport:HaitongInternationalSecurities(Singapore)Pte.Ltd.10CollyerQuay,#19-01-#19-05OceanFinancialCentre,Singapore049315Telephone:(65)65361920NoticetoJapaneseinvestors:ThisresearchreportisdistributedbyHaitongInternationalSecuritiesCompanyLimitedandintendedtobedistributedtoFinancialServicesProvidersorRegisteredFinancialInstitutionsengagedininvestmentmanagement(asdefinedintheJapanFinancialInstrumentsandExchangeAct("FIEL")Art.61(1),OrderforEnforcementofFIELArt.17-11(1),andrelatedarticles).NoticetoUKandEuropeanUnioninvestors:ThisresearchreportisdistributedbyHaitongInternationalSecuritiesCompanyLimited.Thisresearchisdirectedatpersonshavingprofessionalexperienceinmattersrelatingtoinvestments.Anyinvestmentorinvestmentactivitytowhichthisresearchrelatesisavailableonlytosuchpersonsorwillbeengagedinonlywithsuchpersons.Personswhodonothaveprofessionalexperienceinmattersrelatingtoinvestmentsshouldnotrelyonthisresearch.HaitongInternationalSecuritiesCompanyLimited’saffiliatesmayhaveanetlongorshortfinancialinterestinexcessof0.5%ofthetotalissuedsharecapitaloftheentitiesmentionedinthisresearchreport.PleasebeawarethatanyreportinEnglishmayhavebeenpublishedpreviouslyinChineseoranotherlanguage.NoticetoAustralianinvestors:TheresearchreportisdistributedinAustraliabyHaitongInternationalSecurities(Singapore)PteLtd,HaitongInternationalSecuritiesCompanyLimited,andHaitongInternationalSecurities(UK)LimitedinrelianceonASICCorporations(RepealandTransitional)Instrument2016/396,whichexemptsthoseHTISGentitiesfromtherequirementtoholdanAustralianfinancialserviceslicenseundertheCorporationsAct2001inrespectofthefinancialservicesitprovidestowholesaleclientsinAustralia.AcopyoftheASICClassOrdersmaybeobtainedatthefollowingwebsite,www.legislation.gov.au.FinancialservicesprovidedbyHaitongInternationalSecurities(Singapore)PteLtd,HaitongInternationalSecuritiesCompanyLimited,andHaitongInternationalSecurities(UK)Limitedareregulatedunderforeignlawsandregulatoryrequirements,whicharedifferentfromthelawsapplyinginAustralia.NoticetoIndianinvestors:TheresearchreportisdistributedbyHaitongSecuritiesIndiaPrivateLimited(“HSIPL”),anIndiancompanyandaSecuritiesandExchangeBoardofIndia(“SEBI”)registeredStockBroker,MerchantBankerandResearchAnalystthat,interalia,producesanddistributesresearchreportscoveringlistedentitiesontheBSELimited(“BSE”)andtheNationalStockExchangeofIndiaLimited(“NSE”)(collectivelyreferredtoas“IndianExchanges”).Nameoftheentity:HaitongSecuritiesIndiaPrivateLimitedSEBIResearchAnalystRegistrationNumber:INH000002590Address:1203A,Floor12A,Tower2A,OneWorldCenter841SenapatiBapatMarg,ElphinstoneRoad,Mumbai400013,IndiaCINU74140MH2011FTC224070Ph:+912243156800Fax:+912224216327DetailsoftheComplianceOfficerandGrievanceOfficer:PrasannaChandwaskar:Ph:+912243156803;Emailid:prasanna.chandwaskar@htisec.com“PleasenotethatRegistrationgrantedbySEBIandCertificationfromNISMinnowayguaranteeperformanceoftheintermediaryorprovideanyassuranceofreturnstoinvestors”.ThisresearchreportisintendedfortherecipientsonlyandmaynotbereproducedorredistributedwithoutthewrittenconsentofanauthorizedsignatoryofHTISG.Copyright:HaitongInternationalSecuritiesGroupLimited2019.Allrightsreserved.http://equities.htisec.com/x/legal.html7
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