星湖科技(600866)2023年扣非后凈利潤同比增長520.76%25公司擬建設(shè)60萬噸玉米深加工及配套熱電聯(lián)產(chǎn)項目

20240520240504公司研究/化工星湖科技（600866）證券研究報告520.76%，公司擬建設(shè)60萬噸玉米深加工及配套熱電聯(lián)產(chǎn)項目投資要點：投資要點：2023年扣非后歸母凈利潤同比增長6.31億公司223年實現(xiàn)營業(yè)收入73.40646.811.45%7.27520.76%。公司202211月將伊品生物納入合并范圍，因同一控制下企業(yè)合并產(chǎn)生的子公司期初至合并日的當(dāng)期凈損益屬202346.454.10%1.892.6011.38%，同比增長731.40股派發(fā)每股現(xiàn)金紅利3.80（含稅金紅利分配總額為6.31億元,占2023年度歸母凈利潤的93.13%。2024Q1扣非后凈利潤同比增長2024429.59%0.87%2.512.7110.9公司主要產(chǎn)品銷售價格同比下滑，但主要產(chǎn)品銷量同比上漲彌補了因銷售價格同比下滑對銷售收入的影響。公司歸母凈利潤大幅增長主要原因系24Q1主要產(chǎn)品銷量同比增加，主要原材料玉米及煤炭價格下降，影響營業(yè)毛利同1.49億元。公司擬投資建設(shè)60萬噸玉米深加工及配套熱電聯(lián)產(chǎn)項目。公司擬投資建設(shè)6037.1230%70%資金來源于銀行項目貸款融資。項目具體建設(shè)內(nèi)容包括新建60萬噸玉米深加工產(chǎn)線，生產(chǎn)各類小品種氨基酸11.5萬噸/年，其中主要產(chǎn)品為：纈氨酸、異亮氨酸、色氨酸、精氨酸，及配套生產(chǎn)相關(guān)副產(chǎn)品；配套建設(shè)辦公和生產(chǎn)服務(wù)設(shè)施，項目建設(shè)預(yù)計2-3年。公司擬通過該項目提升小品種氨基酸的產(chǎn)能規(guī)模，豐富產(chǎn)品種類，完善產(chǎn)品結(jié)構(gòu)，鞏固公司行業(yè)地位。盈利預(yù)測。2024-202611.01、12.21EPS0.66、0.73、0.81元。參考同行業(yè)可比公司估值，給2412PE7.92元，維持優(yōu)于大市的評級。風(fēng)險提示。主要財務(wù)數(shù)據(jù)及預(yù)測202220232024E2025E2026E營業(yè)收入（百萬元）1748617374177531876519703(+/-)YoY(%)329.5%-0.6%2.2%5.7%5.0%凈利潤（百萬元）608678110112211354(+/-)YoY(%)299.8%11.4%62.4%10.9%10.9%全面攤薄EPS(元)0.370.410.660.730.81毛利率(%)17.6%14.0%15.6%15.9%16.3%凈資產(chǎn)收益率(%)8.8%9.0%13.4%13.6%13.8%（22222TI備注：凈利潤為歸屬母公司所有者的凈利潤財務(wù)報表分析和預(yù)測主要財務(wù)指標20232024E2025E2026E利潤表（百萬元）20232024E2025E2026E每股指標（元）營業(yè)總收入17374177531876519703每股收益0.410.660.730.81營業(yè)成本14933149871577716485每股凈資產(chǎn)4.554.955.395.90毛利率%14.0%15.6%15.9%16.3%每股經(jīng)營現(xiàn)金流71.62營業(yè)稅金及附加92121128134每股股利0.380.280.300.30營業(yè)稅金率%0.5%0.7%0.7%0.7%價值評估（倍）營業(yè)費用321334353366P/E13.878.547.706.95營業(yè)費用率%1.8%1.9%1.9%1.9%P/B50.96管理費用640666685709P/S0.540.530.500.48管理費用率%3.7%3.8%3.7%3.6%EV/EBITDA5.134.964.343.59EBIT1197148316501828股息率%6.7%4.9%5.3%5.3%財務(wù)費用1768095103盈利能力指標（%）財務(wù)費用率%1.0%0.5%0.5%0.5%毛利率14.0%15.6%15.9%16.3%資產(chǎn)減值損失-120222凈利潤率3.9%6.2%6.5%6.9%投資收益7444凈資產(chǎn)收益率9.0%13.4%13.6%13.8%營業(yè)利潤867140615591728資產(chǎn)回報率4.7%6.5%6.7%6.9%營業(yè)外收支-4-4-4-4投資回報率8.0%8.9%9.0%9.2%利潤總額864140315551725盈利增長（%）EBITDA2052239226082829營業(yè)收入增長率-0.6%2.2%5.7%5.0%所得稅178289320355EBIT增長率-32.2%23.9%11.3%10.8%有效所得稅率%20.6%20.6%20.6%20.6%凈利潤增長率11.4%62.4%10.9%10.9%少數(shù)股東損益8131415償債能力指標資產(chǎn)負債率46.8%50.6%50.2%49.3%歸屬母公司所有者凈利潤678110112211354流動比率1.061.211.411.62速動比率0.530.580.781.03資產(chǎn)負債表（百萬元）20232024E2025E2026E現(xiàn)金比率0.310.400.590.83貨幣資金1419238235275083經(jīng)營效率指標應(yīng)收賬款及應(yīng)收票據(jù)756804850892應(yīng)收賬款周轉(zhuǎn)天數(shù)10.1511.5111.6811.71存貨2305353935063367存貨周轉(zhuǎn)天數(shù)67.9170.1980.3775.05其它流動資產(chǎn)432496522545總資產(chǎn)周轉(zhuǎn)率71.04流動資產(chǎn)合計4912722084059886固定資產(chǎn)周轉(zhuǎn)率2.002.142.332.49長期股權(quán)投資0000固定資產(chǎn)8449813479867844在建工程14968910141088無形資產(chǎn)667649631613現(xiàn)金流量表（百萬元）20232024E2025E2026E非流動資產(chǎn)合計9473967898349747凈利潤678110112211354資產(chǎn)總計14385168981823919633少數(shù)股東損益8131415短期借款1201120112011201非現(xiàn)金支出9869089561000應(yīng)付票據(jù)及應(yīng)付賬款1040238424222531非經(jīng)營收益23691118138預(yù)收賬款0000營運資金變動118-48-25183其它流動負債2389238323502364經(jīng)營活動現(xiàn)金流2026206422842690流動負債合計4630596859736096資產(chǎn)-376-1116-1116-916長期借款1757235729573357投資-492000其它長期負債338230230230其他9244非流動負債合計2095258731873587投資活動現(xiàn)金流-859-1114-1112-912負債總計6725855591609683債權(quán)募資-312539590415實收資本1661166116611661股權(quán)募資50000歸屬于母公司所有者權(quán)益7562823289559810其他-440-539-617-637少數(shù)股東權(quán)益98110124140融資活動現(xiàn)金流-7020-27-222負債和所有者權(quán)益合計14385168981823919633現(xiàn)金凈流量46596311451556（4月0（）（22，TIAPPENDIX1SummaryInvestmentHighlights:In2023,netprofitattributabletoshareholdersexcludingnon-recurringitems(NPAtS)surgedby520.76%YoY.TheCompanyplanstodistributecashdividendsofapproximatelyRMB631million.RevenuereachedRMB17.37billion,aslightYoYdecreaseof0.64%,withNPAtSatRMB678million,up11.45%YoY,andNPAtSexcludingnon-recurringitemsatRMB727million,soaringby520.76%YoY.ThissignificantincreasewasmainlyduetotheconsolidationofEppenBiotechinNovember2022,withitsearningsbeforethemergerrecognizedasnon-recurring.Q42023sawRevenueofRMB4.65billion,up4.10%QoQand0.67%YoY,withNPAtSatRMB189million,down27.27%QoQbutup74.36%YoY,andNPAtSexcludingnon-recurringitemsatRMB260million,up11.38%QoQand1731.41%YoY.TheCompanyproposesacashdividendofRMB3.80per10shares,totalingRMB631million,representing93.13%ofthe2023NPAtS.ForQ12024,NPAtSexcludingnon-recurringitemsincreasedby110.94%YoY,benefitingfromlowerrawmaterialsprices.RevenuewasaboutRMB4.2billion,down9.59%QoQbutup0.87%YoY,withNPAtSatRMB251million,up33.38%QoQand108.66%YoY,andNPAtSexcludingnon-recurringitemsatRMB254million,down2.07%QoQbutup110.94%YoY.ThechangeinRevenuewasmainlyduetoaYoYdeclineinthesalesPriceofmainproducts,offsetbyanincreaseinvolume.ThesubstantialgrowthinNPAtSwasprimarilyduetoincreasedsalesvolumeandlowerpricesofcornandcoal,boostinggrossprofitbyRMB149millionYoY.TheCompanyplanstoinvestina600,000-toncorndeep-processingandcogenerationproject.ThetotalinvestmentisestimatedatRMB3.71billion,with30%self-financedandabout70%throughbankloans.Theprojectincludesanew600,000-toncorndeep-processingline,producing115,000tons/yearofvariousaminoacids,includingvaline,isoleucine,tryptophan,andarginine,alongwithrelatedby-products.Theproject,expectedtotake2-3years,aimstoenhancetheCompany’scapacityandproductrange,improvingitsindustryposition.EarningsForecast:WeprojectnetprofitsofRMB1.101billion,RMB1.221billion,andRMB1.354billionfor2024-2026,withcorrespondingEPSofRMB0.66,RMB0.73,andRMB0.81.Basedonpeervaluation,weassigna12xPEfor2024,withatargetpriceofRMB7.92,maintaininganOutperformrating.RiskWarning:Productpricevolatility,downstreamdemandweakerthanexpected.附錄APPENDIX重要信息披露本研究報告由海通國際分銷，海通國際是由海通國際研究有限公司(HTIRL)，HaitongSecuritiesIndiaPrivateLimited(HSIPL)，HaitongInternationalJapanK.K.(HTIJKK)和海通國際證券有限公司(HTISCL)的證券研究團隊所組成的全球品牌，海通國際證券集團(HTISG)各成員分別在其許可的司法管轄區(qū)內(nèi)從事證券活動。IMPORTANTDISCLOSURESThisresearchreportisdistributedbyHaitongInternational,aglobalbrandnamefortheequityresearchteamsofHaitongInternationalResearchLimited(“HTIRL”),HaitongSecuritiesIndiaPrivateLimited(“HSIPL”),HaitongInternationalJapanK.K.(“HTIJKK”),HaitongInternationalSecuritiesCompanyLimited(“HTISCL”),andanyothermemberswithintheHaitongInternationalSecuritiesGroupofCompanies(“HTISG”),eachauthorizedtoengageinsecuritiesactivitiesinitsrespectivejurisdiction.HTIRL分析師認證AnalystCertification:我，劉威，在此保證（i）（ii）（包括我們的家屬）（我已經(jīng)告知他們）報告發(fā)布后的3I,WeiLiu,certifythat(i)theviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchand(iinopartofmycompensationwas,isorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreport;andthatI(includingmembersofmyhousehold)havenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussed.Iandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin3businessdaysaftertheresearchreportispublished.我，莊懷超，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（包括我們的家屬）（我已經(jīng)告知他們）3I,HuaichaoZhuang,certifythat(i)theviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchandiinopartofmycompensationwas,isorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreport;andthatI(includingmembersofmyhousehold)havenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussed.Iandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin3businessdaysaftertheresearchreportispublished.利益沖突披露ConflictofInterestDisclosures/（ERDDisclosure@htiseccom）HTIandsomeofitsaffiliatesmayengageininvestmentbankingand/orserveasamarketmakerorholdproprietarytradingpositionsofcertainstocksorcompaniesinthisresearchreport.Asfarasthisresearchreportisconcerned,thefollowingarethedisclosuremattersrelatedtosuchrelationship(Asthefollowingdisclosuredoesnotensuretimelinessandcompleteness,pleasesendanemailtoERD-Disclosure@htisec.comiftimelyandcomprehensiveinformationisneeded).評級定義（從2020年7月1日開始執(zhí)行）：（“HTI）HTI的評級定義。并且HTI基于各自情況（）分析師股票評級優(yōu)于大市12-1810%下中性，未來12-18FINRA/NYSE的評級分布規(guī)則，我們會將中性評級劃入持有這一類別。弱于大市12-1810%TOPIX,KOSPI,TAIEX,Nifty100,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,

評級分布RatingDistributionratings(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’slistedareasfollows:Japan–TOPIX,Korea–Taiwan–TAIEX,–Nifty100,US–SP500;forallotherChina-conceptstocks–MSCIChina.截至2024年3月31日海通國際股票研究評級分布優(yōu)于大市 中性 弱于大市(持有)海通國際股票研究覆蓋率 90.4% 8.8% 0.8%投資銀行客戶* 3.3% 4.9% 0.0%*在每個評級類別里投資銀行客戶所占的百分比。上述分布中的買入，中性和賣出分別對應(yīng)我們當(dāng)前優(yōu)于大市，中性和落后大市評級。只有根據(jù)FINRA/NYSE此前的評級系統(tǒng)定義（直至2020年6月30日）：買入，未來1218個月內(nèi)預(yù)期相對基準指數(shù)漲幅在10%中性，未來1218FINRA/NYSE賣出，未來1218個月內(nèi)預(yù)期相對基準指數(shù)跌幅在10%各地股票基準指數(shù)：日本–TOPIX,韓國–KOSPI,臺灣–TAIEX,印度–Nifty100;其他所有中國概念股–MSCIChina.HaitongInternationalEquityResearchRatingsDistribution,asofMarch31,2024Outperform Neutral Underperform(hold)HTIEquityResearchCoverage 90.4% 8.8% 0.8%IBclients* 3.3% 4.9% 0.0%*Percentageofinvestmentbankingclientsineachratingcategory.BUY,Neutral,andSELLintheabovedistributioncorrespondtoourcurrentratingsofOutperform,Neutral,andUnderperform.ForpurposesonlyofFINRA/NYSEratingsdistributionrules,ourNeutralratingfallsintoaholdratingcategory.PleasenotethatstockswithanNRdesignationarenotincludedinthetableabove.Previousratingsystemdefinitions(until30Jun2020):BUY:Thestock’stotalreturnoverthenext12-18monthsisexpectedtoexceedthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.NEUTRAL:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobeinlinewiththereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.ForpurposesonlyofFINRA/NYSEratingsdistributionrules,ourNeutralratingfallsintoaholdratingcategory.SELL:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobebelowthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.Benchmarksforeachstock’slistedregionareasfollows:Japan–TOPIX,Korea–Taiwan–TAIEX,–Nifty100;forallotherChina-conceptstocks–MSCIChina.海通國際非評級研究：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,screeningorshortreportswhichmayrankstocksaccordingtovaluationandothermetricsormaysuggestpricesbasedonpossiblevaluationmultiples.Suchrankingsorsuggestedpricesdonotpurporttobestockratingsortargetpricesorfundamentalvaluesandareforinformationonly.海通國際A股覆蓋：海通國際可能會就滬港通及深港通的中國A（600837CH）A是，海通國際使用與海通證券不同的評級系統(tǒng)，所以海通國際與海通證券的中國A股評級可能有所不同。HaitongInternationalCoverageofA-Shares:HaitongInternationalmaycoverandrateA-SharesthataresubjecttotheHongKongStockConnectschemewithShanghaiandShenzhen.HaitongSecurities(HS;600837CH),theultimateparentcompanyofHTISGbasedinShanghai,coversandpublishesresearchonthesesameA-SharesfordistributioninmainlandChina.However,theratingsystememployedbyHSdiffersfromthatusedbyHTIandasaresulttheremaybeadifferenceintheHTIandHSratingsforthesameA-sharestocks.海通國際優(yōu)質(zhì)100A股（Q100）指數(shù)：海通國際Q100指數(shù)是一個包括100支由海通證券覆蓋的優(yōu)質(zhì)中國A股的計量產(chǎn)品。這些股票是通過基于質(zhì)量的篩選過程，并結(jié)合對海通證券A股團隊自下而上的研究。海通國際每季對Q100指數(shù)成分作出復(fù)審。HaitongInternationalQuality100A-share(Q100)Index:HTI’sQ100Indexisaquantproductthatconsistsof100ofthehighest-qualityA-sharesundercoverageatHSinShanghai.Thesestocksarecarefullyselectedthroughaquality-basedscreeningprocessincombinationwithareviewoftheHSA-shareteam’sbottom-upresearch.TheQ100constituentcompaniesarereviewedquarterly.盟浪義利（FIN-ESG）數(shù)據(jù)通免責(zé)聲明條款：在使用盟浪義利（FIN-ESG）數(shù)據(jù)之前，請務(wù)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(xiàn)不作為日后回報的預(yù)測。（（））SusallWaveFIN-ESGDataServiceDisclaimer:PleasereadthesetermsandconditionsbelowcarefullyandconfirmyouragreementandacceptancewiththesetermsbeforeusingSusallWaveFIN-ESGDataService.FIN-ESGDataisproducedbySusallWaveDigitalTechnologyCo.,Ltd.(Inshort,SusallWave)’sassessmentbasedonlegalpubliclyaccessibleinformation.SusallWaveshallnotberesponsibleforanyaccuracyandcompletenessoftheinformation.Theassessmentresultisforreferenceonly.Itisnotforanyinvestmentadviceforanyindividualorinstitutionandnotforbasisofpurchasing,sellingorholdinganyrelativefinancialproducts.WewillnotbeliableforanydirectorindirectlossofanyindividualorinstitutionasaresultofusingSusallWaFIN-ESGData.SusallWadonotconsiderrecipientsascustomersforreceivingthesedata.Whenusingthedata,recipientsshallmakeyourownindependentjudgmentaccordingtoyourpracticalindividualstatus.Thecontentsofthedatareflectthejudgmentofusonlyonthereleaseday.Wehaverighttoupdateandamendthedataandreleaseotherdatathatcontainsinconsistentcontentsordifferentconclusionswithoutnotification.Unlessexpresslystated,thedata(e.g.,financialperformancedata)representspastperformanceonlyandthepastperformancecannotbeviewedasthepredictionoffuturereturn.ThecopyrightofthisdatabelongstoSusallWa,andreserveallrightsinaccordancewiththelaw.Withoutthepriorwrittenpermissionofourcompany,noneofindividualorinstitutioncanusethesedataforanyprofitablepurpose.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,UserService(includingauthentication)AgreementofSusallWaveWebsite,PrivacyPolicyofSusallwaveWebsite),itshouldbeexecutedaccordingtootheragreements.Ifthereisanydifferencebetweenthisdisclaimandotheragreements,thisdisclaimershallbeapplied.重要免責(zé)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”）（571章）4（）HTISGLHaitongInternational(Japan)K.K.（“HTIJKK）HTIJKK管為投資顧問。印度證券的研究報告：SecuritiesandExchangeBoardofIndia（“SEBI”）HaitongSecuritiesIndiaPrivateLimited（“HTSIPL）BSELimited（“BSE”）NationalStockExchangeofIndiaLimited（“NSE）（）HTSIPL20161222并成為海通國際證券集團有限公司（“HTISG）所有研究報告均以海通國際為名作為全球品牌，經(jīng)許可由海通國際證券股份有限公司及/或海通國際證券集團的其他成員在其司法管轄區(qū)發(fā)布。HTIRL、HTISCL或任何其他屬于海通國際證券集團有限公司（“HTISG）/HTISG任。HTISGHTISG的銷售員、交易員和其他專業(yè)人士均可向HTISGHTISG一致的投資決策。但HTIRL請訪問海通國際網(wǎng)站www.equities.htisec.com，查閱更多有關(guān)海通國際為預(yù)防和避免利益沖突設(shè)立的組織和行政安排的內(nèi)容信息。非美國分析師披露信息：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(yīng)的資格，并且不受美國FINRA有關(guān)與本項研究目標公司進行溝通、公開露面和自營證券交易的第2241條規(guī)則之限制。IMPORTANTDISCLAIMERForresearchreportsonnon-Indiansecurities:TheresearchreportisissuedbyHaitongInternationalResearchLimited(“HTIRL”),awhollyownedsubsidiaryofHaitongInternationalSecuritiesGroupLimited(“HTISGL”)andalicensedcorporationtocarryonType4regulatedactivity(advisingonsecurities)forthepurposeoftheSecuritiesandFuturesOrdinance(Cap.571)ofHongKong,withtheassistanceofHaitongInternational(Japan)K.K.(“HTIJKK”),awhollyownedsubsidiaryofHTISGLandwhichisregulatedasanInvestmentAdviserbytheKantoFinanceBureauofJapan.ForresearchreportsonIndiansecurities:TheresearchreportisissuedbyHaitongSecuritiesIndiaPrivateLimited(“HSIPL”),anIndiancompanyandaSecuritiesandExchangeBoardofIndia(“SEBI”)registeredStockBroker,MerchantBankerandResearchAnalystthat,interalia,producesanddistributesresearchreportscoveringlistedentitiesontheBSELimited(“BSE”)andtheNationalStockExchangeofIndiaLimited(“NSE”)(collectivelyreferredtoas“IndianExchanges”).HSIPLwasacquiredandbecamepartoftheHaitongInternationalSecuritiesGroupofCompanies(“HTISG”)on22December2016.AlltheresearchreportsaregloballybrandedunderthenameHaitongInternationalandapprovedfordistributionbyHaitongInternationalSecuritiesCompanyLimited(“HTISCL”)and/oranyothermemberswithinHTISGintheirrespectivejurisdictions.Theinformationandopinionscontainedinthisresearchreporthavebeencompiledorarrivedatfromsourcesbelievedtobereliableandingoodfaithbutnorepresentationorwarranty,expressorimplied,ismadebyHTIRL,HTISCL,HSIPL,HTIJKKoranyothermemberswithinHTISGfromwhichthisresearchreportmaybereceived,astotheiraccuracy,completenessorcorrectness.Allopinionsexpressedhereinareasofthedateofthisresearchreportandaresubjecttochangewithoutnotice.Thisresearchreportisforinformationpurposeonly.Descriptionsofanycompaniesortheirsecuritiesmentionedhereinarenotintendedtobecompleteandthisresearchreportisnot,andshouldnotbeconstruedexpresslyorimpliedlyas,anoffertobuyorsellsecurities.Thesecuritiesreferredtointhisresearchreportmaynotbeeligibleforpurchaseorsaleinsomejurisdictions.Ifaninvestmentproductisdenominatedinacurrencyotherthananinvestor'shomecurrency,achangeinexchangeratesmayadverselyaffecttheinvestment.Pastperformanceisnotnecessarilyindicativeoffutureresults.Certaintransactions,includingthoseinvolvingderivatives,giverisetosubstantialriskandarenotsuitableforallinvestors.Youshouldalsobearinmindthatrecommendationsinthisresearchreportarenottailor-madeforyou.Theanalysthasnottakenintoaccountyouruniquefinancialcircumstances,suchasyourfinancialsituationandriskappetite.Youmust,therefore,analyzeandshould,whereapplicable,consultyourownlegal,tax,accounting,financialandotherprofessionaladviserstoevaluatewhethertherecommendationssuitsyoubeforeinvestment.NeitherHTISGnoranyofitsdirectors,employeesoragentsacceptsanyliabilitywhatsoeverforanydirectorconsequentiallossarisingfromanyuseofthematerialscontainedinthisresearchreport.HTISGandouraffiliates,officers,directors,andemployees,excludingtheanalystsresponsibleforthecontentofthisdocument,willfromtimetotimehavelongorshortpositionsin,actasprincipalin,andbuyorsell,thesecuritiesorderivatives,ifany,referredtointhisresearchreport.Sales,traders,andotherprofessionalsofHTISGmayprovideoralorwrittenmarketcommentaryortradingstrategiestotherelevantclientsandthecompanieswithinHTISGthatreflectopinionsthatarecontrarytotheopinionsexpressedinthisresearchreport.HTISGmaymakeinvestmentdecisionsthatareinconsistentwiththerecommendationsorviewsexpressedinthisresearchreport.HTIisundernoobligationtoensurethatsuchothertradingdecisions,ideasorrecommendationsarebroughttotheattentionofanyrecipientofthisresearchreport.PleaserefertoHTI’swebsiteforfurtherinformationonHTI’sorganizationalandadministrativearrangementssetupforthepreventionandavoidanceofconflictsofinterestwithrespecttoResearch.NonU.S.AnalystDisclosure:TheHTIanalyst(s)listedonthecoverofthisResearchis(are)notregisteredorqualifiedasaresearchanalystwithFINRAandarenotsubjecttoU.S.FINRARule2241restrictionsoncommunicationswithcompaniesthatarethesubjectoftheResearch;publicappearances;andtradingsecuritiesbyaresearchanalyst.分發(fā)和地區(qū)通知：除非下文另有規(guī)定，否則任何希望討論本報告或者就本項研究中討論的任何證券進行任何交易的收件人均應(yīng)聯(lián)系其所在國家或地區(qū)的海通國際銷售人員。香港投資者的通知事項：海通國際證券股份有限公司(“HTISCL”)HTISCL是在香港有權(quán)實施第1類受規(guī)管活動（）《證券及期貨條例》（香港法例第571）（以下簡稱“SFO”）SFO所界定的“專業(yè)投資者”期貨事務(wù)監(jiān)察委員會的審查。您不應(yīng)僅根據(jù)本研究報告中所載的信息做出投資決定。本研究報告的收件人就研究報告中產(chǎn)生或與之相關(guān)的任何事宜請聯(lián)系HTISCL銷售人員。美國投資者的通知事項：HTIRLHSIPLHTIJKK編寫。HTIRLHSIPLHTIJKKHTISG1934年“美國證券交易法”15a6（“MajorU.S.InstitutionalInvestor）資者」（”US.InstitutionalInvestors）HaitongInternationalSecurities(USA)Inc.（“HTIUSA”）HTIUSA。HTIUSA340MadisonAvenue,12thFloor,NewYork,NY10173，電話（212）351-6050。HTIUSA是在美國于US.SecuritiesandExchangeCommission（“SEC”）FinancialIndustryRegulatoryAuthority,Inc.（“FINRA”）HTIUSAHSIPLHTIRL或HTIJKKHSIPLHTIRLHTIJKKFINRAFINRA2241（包括ADR）HaitongInternationalSecurities(USA)Inc.340MadisonAvenue,12thFloorNewYork,NY10173聯(lián)系人電話：(212)3516050DISTRIBUTIONANDREGIONALNOTICESExceptasotherwiseindicatedbelow,anyRecipientwishingtodiscussthisresearchreportoreffectanytransactioninanysecuritydiscussedinHTI’sresearchshouldcontacttheHaitongInternationalsalespersonintheirowncountryorregion.NoticetoHongKonginvestors:TheresearchreportisdistributedbyHaitongInternationalSecuritiesCompanyLimited(“HTISCL”),whichisalicensedcorporationtocarryonType1regulatedactivity(dealinginsecurities)inHongKong.ThisresearchreportdoesnotconstituteasolicitationoranofferofsecuritiesoraninvitationtothepublicwithinthemeaningoftheSFO.Thisresearchreportisonlytobecirculatedto"ProfessionalInvestors"asdefinedintheSFO.ThisresearchreporthasnotbeenreviewedbytheSecuritiesandFuturesCommission.Youshouldnotmakeinvestmentdecisionssolelyonthebasisoftheinformationcontainedinthisresearchreport.RecipientsofthisresearchreportaretocontactHTISCLsalespersonsinrespectofanymattersarisingfrom,orinconnectionwith,theresearchreport.NoticetoU.S.investors:Asdescribedabove,thisresearchreportwaspreparedbyHTIRL,HSIPLorHTIJKK.NeitherHTIRL,HSIPL,HTIJKK,noranyofthenonU.S.HTISGaffiliatesisregisteredintheUnitedStatesand,therefore,isnotsubjecttoU.S.rulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalysts.Thisresearchreportisprovidedfordistributionto“majorU.S.institutionalinvestors”and“U.S.institutionalinvestors”inrelianceontheexemptionfromregistrationprovidedbyRule15a-6oftheU.S.SecuritiesExchangeActof1934,asamended.Whendistributingresearchreportsto“U.S.institutionalinvestors,”HTIUSAwillaccepttheresponsibilitiesforthecontentofthereports.AnyU.S.recipientofthisresearchreportwishingtoeffectanytransactiontobuyorsellsecuritiesorrelatedfinancialinstrumentsbasedontheinformationprovidedinthisresearchreportshoulddosoonlythroughHaitongInternationalSecurities(USA)Inc.(“HTIUSA”),locatedat340MadisonAvenue,12thFloor,NewYork,NY10173,USA;telephone(212)3516050.HTIUSAisabroker-dealerregisteredintheU.S.with