高盛-中國科技股業(yè)績更新0719

18July2024|5:15PMCST

ChinaIndustrialTech

Updatingearningsestimates

WeareupdatingearningsestimatesforChinaIndustrialTechsectorcoverageon:

nUpdatedSolarcapexforecastof46%/34%yoydeclinein2024E/2025E,drivenbyanindustry-wideresetfollowinga1-2Xcapacityexpansionin2023-early2024:Wecut12mTPsand2024-2025EEPSforcompanieswithmeaningfulsolarend-marketexposuresuchasYiheda/HCFAby6%-10%.

n1Hend-marketdatapointsandcoverageordertrend:Ourcoverageorder

trendinJune(reportlink)andMay(reportlink)indicatedsequentialdeterioration.Asidefromthedragrelatedtosolarcapex,therewasdownsidefromslow

consumerelectronicscapexrecovery,andintensifyingpricingcompetitionin

FactoryAutomation.Separately,ourglobalautoteamloweredourglobalBEV

salesforecastfor2024to11.3mnunits(-5%vs.previousGSe)with+15%yoy

growthafterfactoringinaslowingpenetrationtrendintheUS/EUmarketand

poorvisibilityonthepoliticalenvironment.Allin,wecutTPsforconsumer

electronic/EV-relatednames(OPT/LeaderDrive/Luster/Sanhua/Best)andsmallFAplayers(e.g.Moons’Electric).

n1H24pre-announcementfrom8companiessofarandtheircross-reads:

OtherthanEnvicoolandTimesElectric,CTI,Estun,Kstar,Shuanghuan,SanhuaandHan’sLaserhavereleasedmostlymissesorinlinepre-announcements.

nOtherminorTPsandEPSchangesareduetosofteningoverseaslaser

_

equipmentdemand(Bochu/Raycus),weakchemicalsFAI(Supcon),sequentialHVACdemandheadwind(Cubic),lingeringmedicalanti-corruptionimpact(PonyTesting),improvingdatacenterdemand(Baosight/AVICJonhon)and1HMUstendering?owinginto2Hdelivery(CRRC/TimesElectric).

Research|Equity

JacquelineDu

+86(21)2401-8948|

jacqueline.du@GoldmanSachs(China)SecuritiesCompanyLimited

ZhouLi

+86(21)2401-8648|

zhou.li@

GoldmanSachs(China)SecuritiesCompanyLimited

HaoChen

+86(21)2401-8812|

hao.z.chen@

GoldmanSachs(China)SecuritiesCompanyLimited

ZhihanYe

+86(21)2411-8029|

zhihan.ye@

GoldmanSachs(China)SecuritiesCompanyLimited

GoldmanSachsdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,

investorsshouldbeawarethatthe?rmmayhaveacon?ictofinterestthatcouldaffecttheobjectivityofthis

report.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ForRegACcerti?cationandotherimportantdisclosures,seetheDisclosureAppendix,orgoto

/research/hedge.html.Analystsemployedbynon-USaf?liatesarenotregistered/quali?edasresearchanalystswithFINRAintheU.S.

GoldmanSachsChinaIndustrialTech

TableofContents

MajorTP/earningsestimatechanges5

PriceTargetRisks&Methodology9

DisclosureAppendix11

_

18July20242

GoldmanSachsChinaIndustrialTech

Exhibit1:ChinaIndustrialTechTP/EPSchanges

Source:Companydata,GoldmanSachsGlobalInvestmentResearch

_

18July20243

GoldmanSachsChinaIndustrialTech

Exhibit2:ChinaIndustrialTechcompsheet

AsofJul17,2024marketclose.

Source:Wind,GoldmanSachsGlobalInvestmentResearch

_

18July20244

GoldmanSachsChinaIndustrialTech

MajorTP/earningsestimatechanges

Best(300580.SZ,Buy)

Werevisedown2024E-27EEPSby6%~7%tore?ecttheloweredglobalEVsalesforecasts(seealso:GlobalAutomobiles:LoweringourBEVvolumeoutlookfor

US/Europemarkets)andtherecentrawmaterialcostin?ation(especiallycopperand

aluminum).Assuch,our12mTPmovestoRmb24.5(vs.Rmb26.3previously),stillbasedon28x2027EP/Ediscountedbackto2025EwithaCoEof9.5%.MaintainBuy.

Sanhua(002050.SZ,Buy)

Werevisedownour2024E-30EEPSby9-10%duetoloweredglobalEVsalesforecast(reportlink).GSforecastforglobalBEVsalesisloweredfrom21%yoygrowthto15%

yoygrowth,mainlyduetodownwardrevisionsintheUS(from+25%yoyto6%)and

Europe(from24%to9%).SanhuaEVrevenuehasmorethanhalfofitsexposuretotheex-Chinamarketandwillalsolikelybeaffectedbytheslowdownofex-ChinaEVsalesin

2024E.Our12-mTPisdownby9%toRmb32.7,stillbasedon2027EP/Eof25Xdiscountedto2025EwithaCoEof9.5%.

Kehua(002335.SZ,Buy)

Werevise24E-30EEPSdownby4%-13%onmoreintensepricecompetitionthanweexpected,updatingaverageunitcostforutility-scaleandC&IESS(Rmb1.1/WhinJune,or-17%yoy).Our12-mTPisnowrevisedtoRmb32.1(previouslyRmb34.1),stillbasedon2025EP/Eof20X.

Supcon(688777.SS,Buy)

Werevisedownour2024E-25EEPSforecastsby6%~10%tore?ecttheslowing

domesticchemicalscapexgrowth.PerNBSdata,domestic?xedassetinvestmentin

_

thechemicalrawmaterials&productsindustrysawagrowthmoderationto10%yoyin5M24(vs.+12%in1Q24and+13%infull-year2023).With56%oftotalrevenue

generatedfromthechemicalsandpetrochemicalsindustriesin2023,Supconwilllikely

seefurtherdomesticorderslowdowninthenearterm,inourview.Thatsaid,webelievethecompanyisontherighttrackintermsofoverseasexpansionwithcompany

guidanceofdoublingoverseasorderintaketoRmb2bnin2024.Assuch,wenowexpect2Q24Erevenue/netincometoachieve18%/-38%yoygrowth,or17%adjustednet

incomegrowthexcludingone-offFXgains.Accordingly,our12mTPmovestoRmb58.1(vs.Rmb64.3previously),stillbasedon2025EP/Eof30x.MaintainBuy.

Yiheda(301029.SZ,Buy)

Werevisedownour24E-30EEPSdownby6%onsharperthanexpectednewenergyandrenewablesend-marketcapexdecline.Perthecompany,Juneordersrecorded

-10%+yoydeclinewithproductshipmentmorethan-20%+yoydecline.Forproductshipment,3C(27%contribution)grew+18%yoy;lithiumbattery(19%contribution)

was-45%yoy;solar(4%contribution)was-85%yoy;auto(10%contribution)was

+20%yoy;semiconductor(5%contribution)was+20%yoy;broaderelectronics(43%

18July20245

GoldmanSachs

ChinaIndustrialTech

contribution),including3Candsemiconductor,was+28%yoy.Our12-mTPisreviseddownby6%toRmb27.6,stillbasedon2025EP/Eof30X.

OPTMachineVision(688686.SS,Buy)

Werevisedownour2024E-25Enetincomeforecastsby11%~12%tore?ectthe

weaker-than-expectedconsumerelectronicscapexrecoveryin2024.OPTguidedto

~20%consumerelectronicsrevenuegrowthduringits1Q24resultscallinApril,tuneddownfromtheprevious30%growthguidancewhenwevisitedthecompanyinearly

March(seealso:OPTMachineVisionTechCo.(688686.SS):Triptakeaways:Consumerelectronics30%+growthin2024,nosignofbatteryrecovery;Buy).However,we

attendedtheVisionChina2024ConferenceinShanghaionJuly9andindustryfeedbacksuggestedthatconsumerelectronicscapexgrowthwasslowin2024YTDandlikelywillremainsofortherestoftheyear,beforemoremeaningfulcapexramp-upacrossthe

supplychaintosupportApple’snewproductlaunchesin2025.Assuch,wenowexpectconsumerelectronicsrevenuetogrowat5%/27%in2024E/25EforOPTMachine

Vision(vs.previouslyexpecting20%/25%growth).Accordingly,our12mTPmovestoRmb91.5(vs.Rmb103.8previously),stillbasedon2025EP/Eof35x.MaintainBuy.

Bochu(688188.SS,Neutral)

Werevisedown2024-25Enetincomeby5%giventhesofteningoverseaslaser

equipmentdemand.PerdatafromChinacustoms,Chineselaserprocessingmachine

toolexportvaluegrowthmoderatedto0%/+5%inApr/May2024vs.+41%in2Q23

and+24%infull-year2023.With~30%revenuecomingfromoverseasend-customers(by1Q24),wenowforecastBochutopost30%/31%revenue/netincomeyoygrowthin2Q24E(vs.ourpreviousestimatesof+40%/+41%yoy).Accordingly,our12mTPmovestoRmb227.8(vs.Rmb239.1previously),stillbasedon36x2025EP/E.

Cubic(688665.SS,Neutral)

Werevisedownour2024E-25Enetincomeforecastsby7%-10%,mainlygiventhe

prolongedpropertydowncycleaffectingCubic’sindoorairqualitysensorsales,

evidencedbythesequentiallyweakeningair-conditionerproductionin3Q24(seealso:

ChinaConsumerDurables:ApplianceTrackerApplianceTracker:May2024:ACdomesticshipmentreviseddown,higher618promotionlevel).Meanwhile,webelievethe

domesticdemandforhealthcaregassensorswillbeunderpressuregiventhelingeringimpactfromanti-corruptioncampaign(seealso:ChinaHealthcare:Wrap-upfromtheGSChinaHealthcareCorporateDayandglobalmarketingfeedback).Assuch,wenow

expect15%/9%revenue/netincomeyoygrowth(vs.20%/17%previously).Accordingly,our12mTPmovestoRmb34.0(vs.Rmb37.8previously),stillbasedon2025EP/Eof

20x.MaintainNeutral.

Kstar(002518.SZ,Neutral)

Kstarpre-announced1H24netpro?ttofallintherangeofRmb200-260mn,-48%~-60%yoy,belowGSeofRmb311mn,-38%yoy.Implied2Q24netpro?twillfallintherangeofRmb66-126mn,-53%~-75%yoy,belowGSeofRmb177mn,-34%yoy.Werevisedownour24E-30EEPSby6-21%onheightenedinventorieswithKstar’sbig

_

18July20246

GoldmanSachsChinaIndustrialTech

residentialESScustomer,SolarEdge,andthusexpectsigni?cantrevenuedeclinefor

Kstar’sESSsegmentin2024E.OurGSanalystforecastsSolarEdgerevenuetodeliver-59%yoyin2024E,with2Q/3Q/4Q24at-73%/-55%/+30%yoy,andweexpectKstar’srevenuerecoverywillhappenlaterthanSolarEdge(asinventorieswillbedigested?rst).Our12-mTPisrevisedtoRmb22.7(frompreviouslyRmb24.9),stillbasedon2025EP/Eof18X.

LeaderDrive(688017.SS,Neutral)

Werevisedown2024E-27Enetincomeforecastsby4%~13%mainlytore?ecttheweaker-than-expectedconsumerelectronicscapexrecoveryandintensepricing

competitionagainstachallengingmacrobackdrop.LeaderDrivehadatleast30%

revenuecomingfromtheelectronicssupplychainin2023,permanagement.Assuch,wenowexpectLeaderDrivetopost10%/14%revenue/netincomeyoygrowthin2Q24(vs.+20%/21%previously).Accordingly,our12mTPmovestoRmb93.0(vs.Rmb107.5previously),stillbasedon2027EP/Eof50xdiscountedbackto2025EwithaCoEof

11.5%.MaintainNeutral.

Moons’Electric(603728.SS,Neutral)

Werevisedownour2024E-30EEPSdownby12-17%duetoanextendeddowncycleforindustrialautomationdemand.Weexpectthatitwilltakelongerforthecompanytorecover(withheightenedSG&Aexpense).Our12-mTPisreviseddownby12%to

Rmb42.4,stillbasedon2027EP/Eof40Xdiscountedto2025EwithaCoEof9.5%.

Raycus(300747.SZ,Neutral)

Werevisedown2024E-25Enetincomeby10%tore?ectthelukewarmdomestic

automationdemandamidstachallengingmacrobackdrop,slowingoverseaslaser

equipmentgrowth,andintensepricingcompetition.PerdatafromChinacustoms,

Chineselaserprocessingmachinetoolexportvaluegrowthmoderatedto0%/+5%inApr/May2024vs.+41%in2Q23and+24%infull-year2023,whichshouldaffect

_

Raycus’snear-termgrowthoutlookgiven15%~20%revenueexposuretooverseasend-customersby2023.Assuch,wenowexpect2%/58%revenue/netincomeyoygrowthin2Q24E(vs.+10%/+72%previously).Accordingly,our12mTPmovesto

Rmb19.3(vs.Rmb21.3previously),stillbasedon2025EP/Eof25x.MaintainNeutral.

Luster(688400.SS,Sell)

Werevisedownour2024E-25Enetincomeforecastsby10%-11%tore?ecttheweaker-than-expectedconsumerelectronicscapexrecoveryin2024,solarcapex

contractionin2024-25E,anddomesticsubstitutionputtingpressureonLuster’sagencybusiness.Consumerelectronicscontributedto25%oftotalrevenuein2023andwe

nowexpect5%segmentrevenuegrowth(vs.23%previously),basedonindustry

feedbackwegatheredfromtheVisionChina2024ConferenceinShanghai(seealso

earningsrevisionsforOPTMachineVisionabove).Attheconference,wealsonotedtheincreasingproductcompetitivenessfromdomesticmachinevisionproviders,while

globalpeersincludingCognexandBasleracknowledgedthattheyhadbeenlosingdomesticmarketshareduetonarrowinghardwaretechnologygapvs.thedomestic

18July20247

GoldmanSachsChinaIndustrialTech

players,slowerdeliveryanddeploymentpace,andhigherpricing.Assuch,our12mTPmovestoRmb13.2(vs.Rmb14.9previously),stillbasedon2025EP/Eof28x.MaintainSell.

PonyTesting(300887.SZ,Sell)

Weadjust2024Enetincomeby-41%tore?ectthenetlossin1Q24pluscontinuous

orderintakeweaknessin2Q24E.For2025E-27E,werevisenetincomeby-11%~-7%

asweexpectthecompanywilllikelytakelongertorecover.Pony’sordertrendin2Q24Ere?ectedslightrecoveryvs.1Q24,butbothtoplineandbottomlinewilllikelyrecord

double-digityoydecrease.Assuch,wenowexpect2Q24Erevenue/netincometo

achieve-15%/-46%yoygrowth,and3Q24E/4Q24Erevenueyoygrowthtorecoverto

+15%~+20%dueto2023’slowbase.Lookingahead,medicalsegmentwilllikelystillbeunderpressuregiventhenegativeimpactfromanti-corruption.Moreover,thenewsonedibleoilfoodsafetyincidentmightdriveadditionalinspectiondemandinF&B,butnodetailedannouncementsorregulationsarereleasedyet.Allin,our12mTPmovestoRmb6.4(vs.Rmb7.2previously),stillbasedon20x2025EP/E.MaintainSell.

HCFA(688320.SS,Sell)

Werevisedownour2024EEPSto-Rmb0.10fromRmb0.39duetomoredrasticsolarcapexcontractionthanpreviousexpectationsandathinpro?tbase.Weexpectthe

companytobelossmakingin2024Eduetodrasticpricecompetitioninthesolarspace(inlinewithEstuncommentingon-50%solarrevenueyoyin1H24anddrasticprice

competition,seereport).Accordingly,werevise2025E-30EEPSdownby-10%.Our12-mTPisreviseddownby10%toRmb17.3,stillbasedon2025EP/Eof30X.

_

18July20248

GoldmanSachs

PriceTargetRisks&Methodology

Exhibit3:PriceTargetRisks&MethodologyofChinaIndustrialTechcoverage

PricingasofJul17,2024.ForSanhua,LeaderDrive,Moons’ElectricandBESTtargetmultiplesshownaboveappliedto2027Einsteadof2025E.Source:Wind,GoldmanSachsGlobalInvestmentResearch

ChinaIndustrialTech

_

18July20249

GoldmanSachsChinaIndustrialTech

Exhibit4:PriceTargetRisks&MethodologyofChinaIndustrialTechcoverage(continued)

_

PricingasofJul17,2024.ForSanhua,LeaderDrive,Moons’ElectricandBESTtargetmultiplesshownaboveappliedto2027Einsteadof2025E.Source:Wind,GoldmanSachsGlobalInvestmentResearch

18July202410

GoldmanSachsChinaIndustrialTech

DisclosureAppendix

RegAC

I,JacquelineDu,herebycertifythatalloftheviewsexpressedinthisreportaccuratelyre?ectmypersonalviewsaboutthesubjectcompanyorcompaniesanditsortheirsecurities.Ialsocertifythatnopartofmycompensationwas,isorwillbe,directlyorindirectly,relatedtothespeci?crecommendationsorviewsexpressedinthisreport.

GSFactorPro?le

TheGoldmanSachsFactorPro?leprovidesinvestmentcontextforastockbycomparingkeyattributestothemarket(i.e.ourcoverageuniverse)anditssectorpeers.Thefourkeyattributesdepictedare:Growth,FinancialReturns,Multiple(e.g.valuation)andIntegrated(acompositeofGrowth,FinancialReturnsandMultiple).Growth,FinancialReturnsandMultiplearecalculatedbyusingnormalizedranksforspeci?cmetricsforeachstock.The

normalizedranksforthemetricsarethenaveragedandconvertedintopercentilesfortherelevantattribute.Theprecisecalculationofeachmetricmayvarydependingonthe?scalyear,industryandregion,butthestandardapproachisasfollows:

Growthisbasedonastock’sforward-lookingsalesgrowth,EBITDAgrowthandEPSgrowth(for?nancialstocks,onlyEPSandsalesgrowth),withahigherpercentileindicatingahighergrowthcompany.FinancialReturnsisbasedonastock’sforward-lookingROE,ROCEandCROCI(for?nancial

stocks,onlyROE),withahigherpercentileindicatingacompanywithhigher?nancialreturns.Multipleisbasedonastock’sforward-lookingP/E,P/B,price/dividend(P/D),EV/EBITDA,EV/FCFandEV/DebtAdjustedCashFlow(DACF)(for?nancialstocks,onlyP/E,P/BandP/D),withahigherpercentileindicatingastocktradingatahighermultiple.TheIntegratedpercentileiscalculatedastheaverageoftheGrowthpercentile,FinancialReturns

percentileand(100%-Multiplepercentile).

FinancialReturnsandMultipleusetheGoldmanSachsanalystforecastsatthe?scalyear-endatleastthreequartersinthefuture.Growthusesinputsforthe?scalyearatleastsevenquartersinthefuturecomparedwiththeyearatleastthreequartersinthefuture(onaper-sharebasisforallmetrics).

ForamoredetaileddescriptionofhowwecalculatetheGSFactorPro?le,pleasecontactyourGSrepresentative.

M&ARank

Acrossourglobalcoverage,weexaminestocksusinganM&Aframework,consideringbothqualitativefactorsandquantitativefactors(whichmayvaryacrosssectorsandregions)toincorporatethepotentialthatcertaincompaniescouldbeacquired.WethenassignaM&Arankasameansofscoring

companiesunderourratedcoveragefrom1to3,with1representinghigh(30%-50%)probabilityofthecompanybecominganacquisitiontarget,2representingmedium(15%-30%)probabilityand3representinglow(0%-15%)probability.Forcompaniesranked1or2,inlinewithourstandard

departmentalguidelinesweincorporateanM&Acomponentintoourtargetprice.M&Arankof3isconsideredimmaterialandthereforedoesnotfactorintoourpricetarget,andmayormaynotbediscussedinresearch.

Quantum

QuantumisGoldmanSachs’proprietarydatabaseprovidingaccesstodetailed?nancialstatementhistories,forecastsandratios.Itcanbeusedforin-depthanalysisofasinglecompany,ortomakecomparisonsbetweencompaniesindifferentsectorsandmarkets.

Disclosures

Otherdisclosure

PursuanttoExecutiveOrder13959,asamended,theUnitedStateshasimposedsanctionsrestrictionsoncertainChinesecompaniesthatgenerally

prohibitU.S.personsfrominvestinginsecuritiesissuedbysuchcompanies.Thisresearchreportisnot,andshouldnotbeconstruedas,aninducementtotransactinanysecuritiesincontraventionofU.S.sanctionslaws.

Therating(s)forAVICJonhon,Best,Bochu,CRRCCorp.(A),CRRCCorp.(H),CentreTestingIntlGroup,CubicSensor&Instrument,Estun

AutomationCo.,Faratronic,HCFA,HaitianInternationalHoldings,Han’sLaserTechnology,HangKeTechnology,HongfaTechnology,KehuaData

Co.,LeadIntelligent,LeaderHarmoniousDriveSystemsCo.,LusterLightTechCo.,Moons’Electric,NantongJianghaiCapacitorCo.,OPT

_

MachineVisionTechCo.,PonyTesting,RaytronTechnology,SanhuaIntelligentControls,ShanghaiBaosightSoftware,ShenzhenEnvicool

Technology,ShenzhenInovanceTechnologyCo.,ShenzhenKstarScience&Tech,ShuanghuanDriveline,TechtronicIndustries,WuhanRaycusFiberLaserTech,YihedaAutomation,ZhejiangSupconTechnologyCo.,ZhuzhouCRRCTimesElectricCo.(A)andZhuzhouCRRCTimesElectricCo.(H)is/arerelativetotheothercompaniesinits/theircoverageuniverse:AVICJonhon,Best,Bochu,CRRCCorp.(A),CRRCCorp.(H),Centre

TestingIntlGroup,CubicSensor&Instrument,EstunAutomationCo.,Faratronic,HCFA,HaitianInternationalHoldings,Han’sLaserTechnology,HangKe

Technology,HongfaTechnology,KehuaDataCo.,LeadIntelligent,LeaderHarmoniousDriveSystemsCo.,LusterLightTechCo.,Moons’Electric,NantongJianghaiCapacitorCo.,OPTMachineVisionTechCo.,PonyTesting,RaytronTechnology,SanhuaIntelligentControls,ShanghaiBaosight

Software,ShenzhenEnvicoolTechnology,ShenzhenInovanceTechnologyCo.,ShenzhenKstarScience&Tech,ShuanghuanDriveline,Techtronic

Industries,WuhanRaycusFiberLaserTech,YihedaAutomation,ZhejiangSupconTechnologyCo.,ZhuzhouCRRCTimesElectricCo.(A),ZhuzhouCRRCTimesElectricCo.(H)

Company-speci?cregulatorydisclosures

Compendiumreport:pleaseseedisclosuresat/research/hedge.html.Disclosuresapplicabletothecompaniesincludedinthiscompendiumcanbefoundinthelatestrelevantpublishedresearch

Distributionofratings/investmentbankingrelationships

GoldmanSachsInvestmentResearchglobalEquitycoverageuniverse

RatingDistributionInvestmentBankingRelationships

Hold35%

Sell17%

Buy64%

Hold57%

Sell41%

Global

Buy48%

AsofJuly1,2024,GoldmanSachsGlobalInvestmentResearchhadinvestmentratingson2,925equitysecurities.GoldmanSachsassignsstocksasBuysandSellsonvariousregionalInvestmentLists;stocksnotsoassignedaredeemedNeutral.SuchassignmentsequatetoBuy,HoldandSellforthepurposesoftheabovedisclosurerequiredbytheFINRARules.See‘Ratings,Coverageuniverseandrelatedde?nitions’below.TheInvestmentBankingRelationshipschartre?ectsthepercentageofsubjectcompanieswithineachratingcategoryforwhomGoldmanSachshasprovided

18July202411

GoldmanSachsChinaIndustrialTech

investmentbankingserviceswithintheprevioustwelvemonths.

Pricetargetandratinghistorychart(s)

Compendiumreport:pleaseseedisclosuresat/research/hedge.html.Disclosuresapplicabletothecompaniesincludedinthiscompendiumcanbefoundinthelatestrelevantpublishedresearch

Regulatorydisclosures

DisclosuresrequiredbyUnitedStateslawsandregulations

Seecompany-speci?cregulatorydisclosuresaboveforanyofthefollowingdisclosuresrequiredastocompaniesreferredtointhisreport:managerorco-managerinapendingtransaction;1%orotherownership;compensationforcertainservices;typesofclientrelationships;managed/co-managedpublicofferingsinpriorperiods;directorships;forequitysecurities,marketmakingand/orspecialistrole.GoldmanSachstradesormaytradeasa

principalindebtsecurities(orinrelatedderivatives)ofissuersdiscussedinthisreport.

Thefollowingareadditionalrequireddisclosures:Ownershipandmaterialcon?ictsofinterest:GoldmanSachspolicyprohibitsitsanalysts,professionalsreportingtoanalystsandmembersoftheirhouseholdsfromowningsecuritiesofanycompanyintheanalyst’sareaofcoverage.

Analystcompensation:Analystsarepaidinpartbasedonthepro?tabilityofGoldmanSachs,whichincludesinvestmentbankingrevenues.Analyst

asof?cerordirector:GoldmanSachspolicygenerallyprohibitsitsanalysts,persons