華東醫(yī)藥(000963)業(yè)績符合預(yù)期藥品板塊轉(zhuǎn)型布局加速

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