研究報告ResearchReport27Mar2024康諾亞生物KeymedBiosciences(2162HK)CM310上市前準備有序推進，新技術平臺管線進展積極CM310ExpectedtoCommercialLaunchin2024,PipelinesofNewModalityProgressingSmoothly觀點聚焦InvestmentFocus維持優于大市維持優于大市MaintainOUTPERFORM評級 優于大市OUTPERFORM現價 HK$32.65目標價 HK$68.44HTI2.7-3.0-3.0E-S-G:0-5,(PleaserefertotheAppendixforESGcomments)市值 HK$9.13bn/US$1.17bn日交易額(3個月均值) US$9.78mn發行股票數目 279.74mn自由流通股(%) 56%1年股價最高最低值 HK$71.20-HK$29.00注：現價HK$32.65為2024年3月26日收盤價PriceReturn MSCIChina7550Volume25VolumeMar-23Jul-23Nov-23資料來源：Factset絕對值1mth-0.3%3mth-28.8%12mth-43.6%絕對值（美元）-0.3%-28.8%-43.4%相對MSCIChina37.8%10.7%3.5%(Rmbmn)Dec-22ADec-23A(Rmbmn)Dec-22ADec-23ADec-24EDec-25E營業收入100354113515(+/-)-9%254%-68%358%凈利潤-308-359-1,062-959(+/-)n.m.n.m.n.m.n.m.全面攤薄EPS(Rmb)-1.15-1.37-4.06-3.67毛利率97.4%89.6%83.1%80.0%凈資產收益率-9.2%-12.0%-55.0%-91.7%市盈率n.m.n.m.n.m.n.m.資料來源：公司信息,HTI孟科含Meng 袁藝琳Yuankh.meng@ yl.yuan@

(PleaseseeAPPENDIX1forEnglishsummary)事件20233.5億元，主要來自阿斯利康授權許可的合作收入。研發費用6.0億元（+17.5%）1.8億（+32.1%）。歸母凈利潤億元，20223.1億元。截20231231日，公司在手現金、現金等價物及銀行理財產品總計27.2億元，較2022年12月31日減少4.6億元。點評首款產品CM310上市前準備有序推進。CM310（IL-4Ra）2023受理并納入優先審批審批程序，2024年內獲批上市。目前，公司在產品高質量、價格合理的商業化生產，以及產品商業化及市場推廣進行準備。在生產方面，成都商業規?；匾黄谝芽⒐げ⑼懂a，提供包18600L20243月，CMC及440+人（20236340+人）。在商業化2024330+，計劃在2024年底達到200-300人規模，涵蓋市場、醫學、準入、銷售及運營等核心部門。我們認為，結合產品在國內的先發優勢、團隊建設計劃及降本增效手段，CM310有潛力實現良好銷售放量及商業回報。CM310在適用年齡及適應癥的拓展順利。CM310現有5項適應癥進入注冊性臨床階段。其中慢性鼻竇炎伴鼻息肉的III期已于2023122024。青少20242月啟動，目2023年II/III期臨床亦正在CM310的在不同年齡段及適應癥的拓展，我們認為該產品的市場空間及差異化競爭力或有提升、生命周期亦有可能得到延長。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，海通證券印度私人有限公司，海通國際株式會社和海通國際證券集團其他各成員單位的證券研究團隊所組成的全球品牌，海通國際證券集團各成員分別在其許可的司法管轄區內從事證appendixEnglishtranslationtheTable1 DCF模型資料來源：HTIBalanceSheet(Rmbmn)2022A2023A2024E2025ECash2943BalanceSheet(Rmbmn)2022A2023A2024E2025ECash2943254520311031AccountReceivable0161151Inventory445600Othercurrentassets00238293Totalcurrentassets3310294024541549Long-termequityinvestment11600Fixedassets554803897807Intangibleassets1111Totalnon-currentassets6229431015925Totalassets3932388334692474Short-termborrowings207464646Accountpayable1612491651Othercurrentliabilities218656565Totalcurrentliabilities38031481117Long-termdebts2933211321132Otherlong-termliabilities185250322170Totalnon-currentliabilities21358214541302Totalliabilities59389615351419Paid-incapital0000NPatS3340298619291046Minorityinterests-1159Totalliabilitiesandequities3932388334692474Cashflow(Rmbmn)2022A2023A2024E2025ENetprofit-255-318-1057-955Minorityinterests5254Changeinworkingcapital-613-4018Operatingcashflow-402-304-1161-998Investment-279-300-2000Others-279468-2000Investmentcashflow-646468-2000Proceedsfromdebts008000Proceedsfromissueofshares0000Others-67400Financingcashflow-872798-2Netcashinflow-1056236-563-1000KeyRatios2022A2023AKeyRatios2022A2023A2024E2025EIndicator(pershare,Rmb）EPS-1.15-1.37-4.06-3.67BVPS12.5011.437.384.00Operatingcashflowpershare-1.50-1.16-4.44-3.82DPS0.000.000.000.00Profitability(%)GPM97%90%83%80%NPM-255%-90%-940%-185%ROE-9%-12%-55%-92%ROA-8%-9%-31%-39%ROIC-5%-6%-20%-29%ProfitGrowth(%)Revenuegrowth-9%254%-68%358%EBITgrowth-91%22%166%-9%Netprofitgrowth-14%25%233%-10%SolvencyRatiosAsset/liabilityratio15%23%44%57%Currentratio872%936%3013%1327%Quickratio836%875%3013%1327%Cashratio775%810%2494%883%OperatingEfficiencyAccountreceivableturnoverdays0.016.636.536.5Inventoryturnoverdays347.9347.9347.9347.9Totalassetturnoverrate3%9%3%21%Fixedassetturnoverrate18%44%13%64%IncomeStatement(Rmbmn)2022A2023A2024E2025ERevenue100354113515COGS33719103GPM(%)1111Administrativeexpense134177218250Administrativeexpenseratio(%)1020EBIT-348-423-1124-1022FinancialExpense8171717Financialexpenseratio(%)0000Assetsimpairmentloss36698890Investmentgains0000Operatingprofit-544-456-1040-938Non-operatingincomeandexpenses84848484Totalprofit-304-358-1057-955EBITDA-311-354-1036-932IncomeTax0200Taxrate(%)0000Minorityinterests5254NPatS-308-359-1062-955資料來源：HTIAPPENDIX1SummaryEvent.KeymedBiosciences'srevenuein2023was354millionyuan,mainlyfromupfrontpaymentofAstraZenecaout-licensingdeal.R&Dexpenseswere596millionyuan(+17.5%)andadministrativeexpenseswere177millionyuan(+32.1%).Thenetprofitattributabletotheparentcompanywas-359millionyuan,comparedwith308millionyuanin2022.AsofDecember31,2023,thecompany'scashpositiontotaled2.72billionyuan,adecreaseof0.46billionyuanfromDecember31,2022.Comment.Thepre-launchpreparationsforCM310werecarriedoutinanorderlymanner.Thecompany'scoreproductCM310(IL-4Ra)wasNDAacceptedinDecember2023andincludedinthepriorityreview,andweexpecttheproducttobeapprovedformarketingwithin2024.Atpresent,thecompanyispreparingforthecommercialproductionofhigh-qualityandreasonablypricedproducts,aswellasthecommercializationandmarketingteam.Intermsofproduction,theChengduPhaseIconstructionhasbeencompletedandputintooperation,providingatotalproductioncapacityof18,600Lincludingcommercialproduction;AsofMarch2024,CMCandproductionstaffare440+(340+asofJune30,2023).Intermsofcommercializationteambuilding,asofMarch2024,thecompanyhas30+commercializationpersonnel,andplanstoreach200-300bytheendof2024,coveringcoredepartmentssuchasmarketing,medicine,access,salesandoperations.WebelievethattheCM310hasthepotentialtoachievegoodsalesvolumeandcommercialreturnsbycombiningtheproduct'sfirst-moveradvantageinChina,adequateteambuildingplansandcostreductionandefficiencyimprovementmeasures.CM310isinprogressinexpandingapplicableageandindications.CM310has5indicationsintheregistrationalclinicalstage.Amongthem,thephaseIIIofCRSwNPhasreachedtheprimaryendpointinDecember2023,andthecompanyexpectstosubmitanNDAin2024.ThePhaseIIIclinicaltrialfortheindicationofmoderatetosevereADinadolescentswasinitiatedinFebruary2024,andcurrentlyenrolling.ThephaseIIIclinicalstudyofseasonalallergicrhinitiswasinitiatedin2023.Inaddition,thePhaseII/IIIclinicaltrialofmoderatetosevereasthmaofwhichCSPCleadisalsobeingenrolled.WiththeexpansionofCM310indifferentagegroupsandindications,webelievethatthemarketspaceanddifferentiatedcompetitivenessofthisproductmaybeimproved,andthelifecyclemayalsobeextended.CLDN18.2ADCandanumberofCD3bispecificantibodiesareprogressingsmoothly,andtheR&Dplatformcontinuestobevalidated.ThecompanyhasafullyintegratedintegratedR&Dplatform.Amongthem,anumberofpipelinesgeneratedfromnTCEbispecificandADCplatformhaveenteredtheclinic.CLDN18.2ADCauthorizedAstraZeneca,thefirstindicationCLDN18.2-positive2/3LgastriccancerhasenteredtheglobalphaseIII,first-linegastriccancer,pancreaticcancerandotherindicationsarealsobeingexplored.TheoncologyindicationsofCD20*CD3,BCMA*CD3andGPC3*CD3areallinphaseI/IIstage,ofwhichtheearlyefficacydataofCD20*CD3ispositive,andaccordingtothecompany'searningscall,CD20*CD3andBCMA*CD3alsohavethepotentialtoexpandtoautoimmuneindications.In2023,thecompanystrokecollaborationdealinthefieldofsiRNAs.DrivenbyR&Dcapabilities,welookforwardtothecompany'snewmoleculesinbispecificantibodies,ADCsandsiRNAsenteringclinicaltrialsinthefuture,andformingagoodcomplementaryrelationshipwiththeexistingautoimmuneandtumorpipelines.Earningsforecastsandvaluations.TakingintoaccountthepotentialmilestonepaymentsforCMG901enteringPhaseIII,thetimingofCM310launch,andthecommercializationteamplanning,wehaverevisedour2024-25revenueforecastto113/515millionyuan(prior2024-25E:159/656millionyuan),representingayear-on-yearincreaseof-68/+358%.Consideringthecommercialteambuildingandpipelinedevelopmentplan,weexpectanetprofitof-1062/-959millionyuanin2024-25.UsingtheDCFvaluationmethod,WACCisgiven10.0%,theperpetualgrowthrateis3.0%(unchanged),assumingtheexchangerateRMB:HKD=1.10(unchanged),weadjustthetargetpriceto68.44HKD/share(previousvalue:77.52HKD/share),andmaintainthe"outperform"rating.Risks.Risksinnewdrugresearchanddevelopment,risksinnewdrugapproval,risksincommercializingnewdrugs,risksintechnologicaliteration.APPENDIX2ESGCommentsEnvironmental:environmentalprotectioninmanufacuturingSocial:protectiononhumanresourceGovernance:goodcorporategovernance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內從事證券活動。IMPORTANTDISCLOSURESThisresearchreportisdistributedbyHaitongInternational,aglobalbrandnamefortheequityresearchteamsofHaitongInternationalResearchLimited(“HTIRL”),HaitongSecuritiesIndiaPrivateLimited(“HSIPL”),HaitongInternationalJapanK.K.(“HTIJKK”),HaitongInternationalSecuritiesCompanyLimited(“HTISCL”),andanyothermemberswithintheHaitongInternationalSecuritiesGroupofCompanies(“HTISG”),eachauthorizedtoengageinsecuritiesactivitiesinitsrespectivejurisdiction.HTIRL分析師認證AnalystCertification:我，孟科含，在此保證（i）（ii）我的報酬中沒有任何部分與本研究報告中表（包括我們的家屬）（）將不會在本研究報告發布后的3I,KehanMeng,certifythat(itheviewsexpressedinthisresearchreportaccuratelyreectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchandiinopartofmycompensationwasisorwillbedirectlyorindirectlyrelatedtothespecicrecommendationsorewsexpressedinthisresearchreportandthatIincludingmembersofmyhousehold)havenonancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussedIandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin3businessdaysaftertheresearchreportispublished.我，袁藝琳，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（）（）將不會在本研究報告發布后的3IYilinYuan,certifythat(itheewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchandiinopartofmycompensationwas,isorwillbedirectlyorindirectlyrelatedtothespecicrecommendationsorewsexpressedinthisresearchreportandthatIincludingmembersofmyhouseholdhavenonancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussedIandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin3businessdaysaftertheresearchreportispublished.利益沖突披露ConflictofInterestDisclosures/（以下披露不能保ERDDisclosure@htiseccom）HTIandsomeofitsaffiliatesmayengageininvestmentbankingand/orserveasamartmakerorholdproprietarytradingpositionsofcertainstocksorcompaniesinthisresearchreport.Asrasthisresearchreportisconcerned,thefollowingarethedisclosuremattersrelatedtosuchrelationship(Asthefollowingdisclosuredoesnotensuretimelinessandcompleteness,pleasesendanemailtoERD-Disclosure@htisec.comiftimelyandcomprehensiveinformationisneeded).評級定義（從2020年7月1日開始執行）：（“HTI”）HTIHTI策應基于各自情況（）以及其他因素。分析師股票評級優于大市，未來12-18個月內預期相對基準指數漲幅在10%以上，基準定義如下中性，未來1218FINRA/NYSE的評級分布規則，我們會將中性評級劃入持有這一類別。弱于大市，未來12-18個月內預期相對基準指數跌幅在10%以上，基準定義如下各地股票基準指數：日本TOPIX,–KOSPI,臺灣TAIEX,–Nift00,美–SP500;其他所有中國概念股MSCIChina.RatingsDefinitions(from1Jul2020):HaitongInternationalusesarelativeratingsystemusingOutperform,Neutral,orUnderperformforrecommendingthestockswecovertoinvestors.InvestorsshouldcarefullyreadthedefinitionsofallratingsusedinHaitongInternationalResearch.Inaddition,sinceHaitongInternationalResearchcontainsmorecompleteinformationconcerningtheanalyst'sviews,investorsshouldcarefullyreadHaitongInternationalResearch,initsentirety,andnotinferthecontentsfromtheratingalone.Inanycase,ratings(orresearch)shouldnotbeusedorrelieduponasinvestment

評級分布RatingDistributionadvice.Aninvestor'sdecisiontobuyorsellastockshoulddependonindividualcircumstances(suchastheinvestor'sexistingholdings)andotherconsiderations.AnalystStockRatingsOutperform:Thestock’stotalreturnoverthenext12-18monthsisexpectedtoexceedthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.NeutraThestock’stotalreturnoverthenext12-18monthsisexpectedtobeinlinewiththereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.ForpurposesonlyofFINRA/NYSEratingsdistributionrules,ourNeutralratingfallsintoaholdratingcategory.Underperform:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobebelowthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.Benchmarksforeachstock’slistedregionaasfollows:Japan–TOPIX,Korea–KOSPI,Taiwan–TAX,India–Nifty100,US–SP500;foraotherChina-conceptstocks–MSCIChina.截至20231231日海通國際股票研究評級分布優于大市中性弱于大市(持有)海通國際股票研究覆蓋率 89.4%9.6%1.0%投資銀行客戶* 3.9%*在每個評級類別里投資銀行客戶所占的百分比。5.1%5.6%上述分布中的買入，中性和賣出分別對應我們當前優于大市，中性和落后大市評級。只有根據FINRA/NYSE此前的評級系統定義（直至2020年6月30日）：買入，未來1218個月內預期相對基準指數漲幅在10%中性，未來1218FINRA/NYSE賣出，未來1218個月內預期相對基準指數跌幅在10%各地股票基準指數：日本–TOPIX,韓國–KOSPI,臺灣–TAIEX,印度–Nifty100;其他所有中國概念股–MSCIChina.HaitongInternationalEquityResearchRatingsDistribution,asofDecember31,2023Outperform Neutral Underperform(hold)HTIEquityResearchCoverage 89.4% 9.6% 1.0%IBclients* 3.9% 5.1% 5.6%*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：海通國際發布計量、篩選或短篇報告，并在報告中根據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提出建議價格。這種排名或建議價格并非為了進行股票評級、提出目標價格或進行基本面估值，而僅供參考使用。HaitongInternationalNon-RatedResearch:HaitongInternationalpublishesquantitative,screeningorshortreportswhichmayrankstocksaccordingtoluationandothermetricsormaysuggestpricesbasedonpossiblevaluationmultiples.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，所以海通國際與海通證券的中國A股評級可能有所不同。HaitongInternationalCoverageofAhares:HaitongInternationalmaycoverandrateAharesthataresubjecttotheHongKongStockConnectschemewithShanghaiandShenzhen.HaitongSecurities(HS;600837CH),theultimateparentcompanyofHTISGbasedinShanghai,coversandpublishesresearchonthesesameA-SharesfordistributioninmainlandChina.However,theratingsystememployedbyHSdiffersfromthatusedbyHTIandasaresulttheremaybeadifferenceintheHTIandHSratingsforthesameA-sharestocks.海通國際優質100A股（Q100）指數：海通國際Q100指數是一個包括100支由海通證券覆蓋的優質中國A股的計量產品。這些股票是通過基于質量的篩選過程，并結合對海通證券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）數據通免責聲明條款：在使用盟浪義利（FIN-ESG）數據之前，請務必仔細閱讀本條款并同意本聲明：第一條義利（FINESG）（以下簡稱本公司”）（）績表現不作為日后回報的預測。（（））SusallWaveFINSGDataServiceDisclaimer:PleasereadthesetermsandconditionsbelowcarefullyandconfirmyouragreementandacceptancewiththesetermsbeforeusingSusallWaveFIN-ESGDataService.FIN-ESGDataisproducedbySusallWaveDigitalTechnologyCo.,Ltd.(Inshort,SusallWave)’sassessmentbasedonlegalpubliclyaccessibleinformation.SusallWaveshallnotberesponsibleforanyaccuracyandcompletenessoftheinformation.TheassessmentresultisforreferenceonlItisnotforanyinvestmentadviceforanyindividualorinstitutionandnotforbasisofpurchasing,sellingorholdinganyrelativefinancialproducts.WewillnotbeliableforanydirectorindirectlossofanyindividualorinstitutionasaresultofusingSusallWaFIN-ESGData.SusallWavedonotconsiderrecipientsascustomersforreceingthesedata.Whenusingthedata,recipientsshallmakeyourownindependentjudgmentaccordingtoyourpracticalindidualstatus.Thecontentsofthedatareectthejudgmentofusonlyonthereleaseday.Wehaverighttoupdateandamendthedataandreleaseotherdatathatcontainsinconsistentcontentsordifferentconclusionsthoutnotication.Unlessexpresslystated,thedata(e.g.,nancialperformancedata)representspastperformanceonlyandthepastperformancecannotbeviewedasthepredictionoffuturereturn.ThecopyrightofthisdatabelongstoSusallWa,andwereserveallrightsinaccordancewiththelaw.Withoutthepriorwrittenpermissionofourcompany,noneofindidualorinstitutioncanusethesedataforanyprofitablepurpose.Besides,noneofindividualorinstitutioncantakeactionssuchasamendment,replication,translation,compilation,re-editing,adaption,deletion,abbreviation,excerpts,issuance,rent,exhibition,performance,projection,broadcast,informationnetworktransmission,shooting,addingiconsandinstructions.IfanylossofSusallWaoranythird-partyiscausedbythoseactions,usersshallbearthecorrespondingcompensationliability.SusallWaveshallnotberesponsibleforanyloss.Ifanytermisnotcontainedinthisdisclaimerbutwritteninotheragreementsonourwebsite(e.g.UserRegistrationProtocolofSusallWaWebsite,Userrce(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”）（第571章）持有第4類受規管活動（就證券提供意見）HTISGLHaitongInternationalJapan)KK（“HTIJKK）HTIJKK是由日本關東財務局監管為投資顧問。印度證券的研究報告：SecuritiesandExchangeBoardofIndia（“SEBI”）監管的HaitongSecuritiesIndiaPrivateLimited（“HTSIPL”）所發BSELimited（“BSE”）NationalStockExchangeofIndiaLimited（“NSE）（）的研究報告。HTSIPL20161222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發布。HTIRL、HTISCL或任何其他屬于海通國際證券集團有限公司（“HTISG）/HTISG及其董事、雇員或代理人對此均不承擔任何責任。除對本文內容承擔責任的分析師除外，HTISGHTISG的銷售員、交易員和其他專業人士均可向HTISGHTISG可做出與本文件所述建議或意見不一致的投資決策。但HTIRL請訪問海通國際網站www.equities.htisec.com，查閱更多有關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容信息。非美國分析師披露信息：本項研究首頁上列明的海通國際分析師并未在FINRA進行注冊或者取得相應的資格，并且不受美國FINRA有關與本項研究目標公司進行溝通、公開露面和自營證券交易的第2241條規則之限制。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.Theinformationandopinionscontainedinthisresearchreporthavebeencompiledorarridatfromsourcesbelievedtobereliableandingoodfaithbutnorepresentationorwarranty,expressorimplied,ismadebyHTIRL,HTISCL,HSIPL,HTIJKKoranyothermemberswithinHTISGomwhichthisresearchreportmaybereceid,astotheiraccuracy,completenessorcorrectness.Allopinionsexpressedhereinareasofthedateofthisresearchreportandaresubjecttochangethoutnotice.Thisresearchreportisforinformationpurposeonly.Descriptionsofanycompaniesortheirsecuritiesmentionedhereinarenotintendedtobecompleteandthisresearchreportisnot,andshouldnotbeconstruedexpresslyorimpliedlyas,anoffertobuyorsellsecurities.Thesecuritiesreferredtointhisresearchreportmaynotbeeligibleforpurchaseorsaleinsomejurisdictions.Ifaninvestmentproductisdenominatedinacurrencyotherthananinvestor'shomecurrency,achangeinexchangeratesmayadverselyaffecttheinvestment.Pastperformanceisnotnecessarilyindicativeoffutureresults.Certaintransactions,includingthoseinvolvingderivatives,giverisetosubstantialriskandarenotsuitableforallinvestors.Youshouldalsobearinmindthatrecommendationsinthisresearchreportarenottailor-madeforyou.Theanalysthasnottakenintoaccountyouruniquenancialcircumstances,suchasyournancialsituationandriskappetite.Youmust,therefore,analyzeandshould,whereapplicable,consultyourownlegal,tax,accounting,nancialandotherprofessionaladviserstoevaluatewhethertherecommendationssuitsyoubeforeinvestment.NeitherHTISGnoranyofitsdirectors,employeesoragentsacceptsanyliabilitywhatsoeverforanydirectorconsequentiallossarisingfromanyuseofthematerialscontainedinthisresearchreport.HTISGandouraffiliates,officers,directors,andemployees,excludingtheanalystsresponsibleforthecontentofthisdocument,willomtimetotimehalongorshortpositionsin,actasprincipalin,andbuyorsell,thesecuritiesorderitives,ifany,referredtointhisresearchreport.Sales,traders,andotherprofessionalsofHTISGmayprovideoralorwrittenmarketcommentaryortradingstrategiestotherelevantclientsandthecompanieswithinHTISGthatreflectopinionsthatarecontrarytotheopinionsexpressedinthisresearchreport.HTISGmaymakeinvestmentdecisionsthatareinconsistentwiththerecommendationsorewsexpressedinthisresearchreport.HTIisundernoobligationtoensurethatsuchothertradingdecisions,ideasorrecommendationsarebroughttotheattentionofanyrecipientofthisresearchreport.PleaserefertoHTI’swebsiteforfurtherinformationonHTI’sorganizationalandadministrativearrangementssetupforthepreventionandavoidanceofconflictsofinterestwithrespecttoResearch.NonU.S.AnalystDisclosure:TheHTIanalyst(s)listedonthecoverofthisResearchis(are)notregisteredorqualifiedasaresearchanalystwithFINRAandarenotsubjecttoU.S.FINRARule2241restrictionsoncommunicationswithcompaniesthatarethesubjectoftheResearch;publicappearances;andtradingsecuritiesbyaresearchanalyst.分發和地區通知：除非下文另有規定，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系其所在國家或地區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”)負責分發該研究報告，HTISCL是在香港有權實施第1類受規管活動（）的持牌公司。該研究報告并不構成《證券及期貨條例》（香港法例第571章）（“SFO”）SFO所界定的“專業投資者”。本研究報告未經過證券及期貨事務監察委員會的審查。您不應僅根據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生或與之相關的任何事宜請聯系HTISCL銷售人員。美國投資者的通知事項：本研究報告由HTIRLHSIPLHTIJKK編寫。HTIRLHSIPLHTIJKKHTISG1934年“美國證券交易法15a6條規定的豁免注冊的「美國主要機構投資者」（“MajorUS.InstitutionalInvestor）和「機構投資者」（”USInstitutionalInvestors）HaitongInternationalSecuritiesUSAInc.（“HTIUSA”）國投資者，希望根據本研究報告提供的信息進行任何證券或相關金融工具買賣的交易，只能通過HTIUSA。HTIUSA位于340MadisonAvenue,12thFloor,NewYork,NY10173，電話（212）3516050HTIUSAUS.SecuritiesandExchangeCommission（“SEC”）FinancialIndustryRegulatoryAuthority,Inc（“FINRA”）HTIUSA不HSIPLHTIRL或HTIJKK直接進行買賣HSIPLHTIRLHTIJKK分析師沒有注冊或具備FINRA的研究分析師資格，因此可能不受FINRA2241條規定的與目標公司的交流，（ADR）HaitongInternationalSecurities(USA)Inc.340MadisonAvenue,12thFloorNewYork,NY10173聯系人電話：(212)3516050DISTRIBUTIONANDREGIONALNOTICESExceptasotherseindicatedbelow,anyRecipientwishingtodiscussthisresearchreportoreffectanytransactioninanysecuritydiscussedinHTI’sresearchshouldcontacttheHaitongInternationalsalespersonintheirowncountryorregion.NoticetoHongKonginvestors:TheresearchreportisdistributedbyHaitongInternationalSecuritiesCompanyLimited(“HTISCL”),whichisalicensedcorporationtocarryonType1regulatedactivity(dealinginsecurities)inHongKong.ThisresearchreportdoesnotconstituteasolicitationoranofferofsecuritiesoraninvitationtothepublicwithinthemeaningoftheSFO.Thisresearchreportisonlytobecirculatedto"ProfessionalInvestors"asdenedintheSFO.ThisresearchreporthasnotbeenreviewedbytheSecuritiesandFuturesCommission.Youshouldnotmakeinvestmentdecisionssolelyonthebasisoftheinformationcontainedinthisresearchreport.RecipientsofthisresearchreportaretocontactHTISCLsalespersonsinrespectofanymattersarisingfrom,orinconnectionwith,theresearchreport.NoticetoU.S.investors:Asdescribedabove,thisresearchreportwaspreparedbyHTIRL,HSIPLorHTIJKK.NeitherHTIRL,HSIPL,HTIJKK,noranyofthenonU.S.HTISGaffiliatesisregisteredintheUnitedStatesand,therefore,isnotsubjecttoU.S.rulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalysts.Thisresearchreportisprovidedfordistributi