海内外估值研究，中国医疗服务公司被低估了吗？

Comparative Valuation Study Between China and Overseas: Are Healthcare Service Companies in China Undervalued?

孟科含 kh.meng@htisec.com

孙旭东 xd.sun@htisec.com

2024年4月3日

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，海通证券印度私人有限公司，海通国际株式会社和海通国际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请参阅附录。(Please see appendix for English translation of the disclaimer)

本篇报告解决的问题：

1）对比海外新兴和成熟市场医疗服务公司，中国公司被低估了么？

2）面对增长中枢下滑，资本市场应当如何给医疗服务公司定价？

3）从投资回报率视角，如何选出有吸引力的医疗服务资产？

判断：

判断1：中国公司仍拥有新兴市场最高增长中枢，和最低估值，处于价值位。

判断2：中国公司的投资回报率ROE和投资效率ROIC不弱于海外公司，有品牌，有壁垒。

判断3：关注医疗服务资产的长期价值，推荐肿瘤医疗服务龙头海吉亚，中医龙头固生堂。

国内市场对医疗服务公司定价缺乏共识，高增长给高定价。一旦低增长预期出现，估值显著回落。以眼科、齿科为主的A股医疗服务板块经过3年疫情，并未回到30%以上的收入增速；肿瘤代表公司海吉亚依靠低基数下大体量外延并购延续了较长期的快速扩张，但随首发募集资金消耗，市场逐渐更关注肿瘤医院的内生增长；中医代表公司固生堂在成熟的医生扩展模式下积极加深渗透一线城市，保持了爆发性业绩增长，因此仍在高定价通道上，但随板块增长中枢下修，资本市场也更加关注未来保持30%收入增速的确定性。

中国医疗服务公司正经历从高成长期向稳增长期过渡的阶段。随竞争加剧、区域市占率达到相当水平后，叠加支付端压力大，国内医疗服务公司增长中枢由30-40%下降至20-30%。但资本市场尚未对稳增长期定价逻辑形成共识，原因是对医疗服务公司的长期市占率提升和品牌壁垒缺乏信心。

表：中国医疗服务上市公司估值和收入增速对比

医疗服务	类型	市值（亿元）	归母净利润（亿元）		P/E		PEG		EV/EBITDA
		2024/3/6	2023E	2024E	2023E	2024E	2023E	2024E	2023E	2024E
爱尔眼科	眼科	1323	34.7	44.9	39	30	1.0	1.0	22	18
华厦眼科	眼科	242	6.9	9.0	35	27	1.0	0.9	18	15
通策医疗	口腔	205	6.0	7.4	35	28	3.7	1.2	22	18
美年健康	体检	211	5.4	8.5	39	25	0.2	0.4	15	12
海吉亚	肿瘤	166	7.2	9.6	22	17	0.4	0.5	15	11
普瑞眼科	眼科	95	3.0	3.3	32	30	0.0	3.8	18	15
固生堂	中医	99	2.7	3.6	36	26	0.8	0.7	25	19
环球医疗	综合	74	19.5	22.4	4	3	1.1	0.2	19	18

	收入增速
	2018	2019	2020	2021	2022	2023E	2024E
爱尔眼科	34%	25%	19%	26%	7%	30%	25%
华厦眼科	34%	14%	2%	22%	6%	28%	26%
通策医疗	31%	23%	8%	33%	-2%	6%	21%
美年健康	35%	1%	-8%	17%	-7%	26%	15%
海吉亚	28%	42%	29%	65%	38%	29%	40%
普瑞眼科	26%	17%	14%	26%	1%	58%	30%
固生堂	n.a.	24%	3%	48%	18%	39%	31%
环球医疗	26%	59%	25%	16%	20%	11%	16%

For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at equities.htisec.com

对比新兴市场医疗服务公司，低增长不一定代表低估值。海外新兴市场医疗服务公司大多增长中枢在10-20%，但仍有30-50xPE估值，主要归因于1）当地稳定或支持性的民营医疗服务政策；2）市场认可优质医疗资源的长期价值，医疗服务行业会随经济和支付能力提升不断增长。

龙头医疗服务公司有品牌溢价。医疗服务公司重资产，成熟医疗服务模型较难被颠覆。其医生资源和患者口碑不断积累形成品牌力，市场地位越来越稳定，而国家医疗卫生开支则会长期增长。如下图所示，印度龙头医院：Apollo（10-15%收入增速，2024年57xPE，29xEV/EBITDA）；沙特龙头医院：Dr Sulaiman（10-15%收入增速，2024年43xPE，34xEV/EBITDA）；泰国龙头医院：BDMS（5-10%收入增速，2024年27xPE，17xEV/EBITDA）。

表：海外新兴市场医疗服务上市公司估值和收入增速对比

医疗服务	类型	市值（亿USD）	净利润（亿USD）		P/E		EV/EBITDA
		2024/3/6	2023E	2024E	2023E	2024E	2023E	2024E
Apollo Hospital	印度连锁医院	105	1.2	1.8	89	57	38	29
Max Healthcare	印度连锁医院	89	1.6	1.9	56	48	39	32
Dr Sulaiman	沙特连锁医院	301	6.0	7.0	50	43	40	34
MEH	沙特连锁医院	28	0.5	0.8	54	36	23	20
Aster DM	印度连锁医院	27	0.6	0.8	48	34	14	12
Mouwasat	沙特连锁医院	67	1.8	2.1	37	32	25	22
CARE	沙特连锁医院	24	0.8	0.9	30	28	22	20
IHH	亚洲连锁医院	113	3.6	4.0	31	28	14	13
Narayana	印度连锁医院	30	1.0	1.1	30	27	22	19
BDMS	泰国连锁医院	131	4.4	4.8	30	27	18	17
Bumrungrad	泰国连锁医院	52	2.1	2.2	25	23	18	16

	收入增速
	2018	2019	2020	2021	2022	2023E	2024E
Apollo Hospital	18%	8%	15%	-10%	38%	5%	11%
Max Healthcare	10%	-8%	-37%	124%	56%	7%	46%
Dr Sulaiman	5%	9%	17%	24%	15%	15%	25%
MEH	-5%	8%	17%	7%	15%	24%	14%
Aster DM	18%	9%	7%	-4%	19%	8%	15%
Mouwasat	11%	11%	10%	5%	9%	14%	14%
CARE	-11%	-7%	14%	5%	8%	18%	21%
IHH	10%	26%	-11%	30%	-1%	12%	2%
Narayana	26%	16%	8%	-21%	43%	13%	9%
BDMS	13%	11%	-18%	7%	13%	10%	4%
Bumrungrad	6%	5%	-34%	-1%	52%	23%	4%

For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at equities.htisec.com
数据来源：BBG，HTI；注：净利润及EBITDA为经调整口径

美国主要医疗服务公司的收入增长中枢基本稳定在5-10%水平，利润增长中枢在10%上下，享有2024年10-20xPE， 8-11x EV/EBITDA。

新加坡Raffles和以澳洲和欧洲为主营经营区域的Ramsay同样具有成熟市场定价特征。

表：海外成熟市场医疗服务上市公司估值和收入增速对比

医疗服务	类型	市值（亿USD）	净利润（亿USD）		P/E		EV/EBITDA ?
		2024/3/6	2023E	2024E	2023E	2024E	2023E	2024E
Raffles	新加坡连锁医院	14	0.6	0.6	24	22	12	11
Ramsay	澳洲/法国/英国/瑞典连锁医院	85	2.1	3.0	41	29	11	10
Encompass	美国连锁康复医院	77	4.0	4.5	19	17	11	10
SelectMedical	美国连锁康复医院	36	2.6	2.8	14	13	11	10
HCA	美国连锁医院	855	54.1	58.2	16	15	10	9
DaVita	美国连锁透析中心	116	8.1	8.5	14	14	10	9
Tenet	美国连锁医院	97	6.3	7.2	15	13	8	8

	收入增速
	2018	2019	2020	2021	2022	2023E	2024E
Raffles	5%	6%	8%	31%	3%	-5%	1%
Ramsay	8%	16%	-1%	18%	0%	4%	9%
Encompass	9%	8%	1%	-14%	8%	10%	9%
Select Medical	16%	7%	1%	12%	2%	5%	4%
HCA	7%	10%	0%	14%	3%	8%	6%
DaVita	5%	0%	1%	1%	0%	5%	4%
Tenet	-5%	1%	-5%	10%	-2%	7%	-2%

For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at equities.htisec.com

我们认为，医疗服务企业发展基本符合以下三个阶段：

1）发展期：企业主要通过股权融资扩张。市场使用现金流折现方法进行估值，或相对稳定年份的P/E，或可比同业P/S，对商业模式差别较大的公司较少使用P/S。

2）高增长期：企业拥有一定正现金流/造血能力，配合财务杠杆发展，使用P/E估值和EV/EBITDA估值方法。

3）稳健增长期：一/二级市场资产价格趋同，较难实现高于融资成本的外延收益，企业通过稳定分红/回购注销股本回馈股东，更多使用EV/EBITDA估值。

我们认为，医疗服务公司股价的上涨长期归因于两个因素，1）高增长期估值扩张，P/E提升。2）高增长期和稳增长期EPS提升，主要来自盈利能力提升和股本回购注销。从海外医疗服务企业发展看，企业增速下降是自然过程，稳增长期国际医疗服务龙头依然享有2-2.5xPEG，主要因稳增长期P/E相对稳定，高永续增长率下EPS可持续提升。

表：可参考的国际医疗服务龙头定价

利润增长中枢	P/E（2024）	EV/EBITDA（2024）	海外公司	中国公司
>20%	30-60x	20-35x	沙特MEH印度Narayana	爱尔眼科、华厦眼科、海吉亚、固生堂等
10-20%	20-40x	20-30x	印度Apollo沙特Dr Sulaiman
<10%	10-20x	10-20x	美国HCA泰国BDMS	环球医疗、华润医疗

图：医疗服务公司稳增长期市值仍有可观提升空间，其永续增长率与经济和医疗卫生费用开支增速正相关

For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at equities.htisec.com

印度医疗服务民营强，公立弱。根据CRISIL Research，2019年印度医疗卫生开支的66%由民营提供，公立仅占34%。医疗卫生开支占GDP比例仅为3%。Apollo Hospital成立于1983年，是印度首家民营医院，也是印度最大的连锁医院集团。根据其年报及公告，截至2023财年公司拥有70家医院（开放床位9957张），5541家药房，530家诊所和1750个诊断中心及日间手术室。公司拥有医生超过13200名，护理人员22700名。除首家位于印度金奈的医院，公司拥有多家旗舰医疗机构，提供世界级医疗设备、医疗专家，包括开设阿波罗质子癌症中心、引入Zap-X放疗手术机器人；提供定制化服务，如ProHealth慢病监测项目，19000种药物两小时送达等。

收入10年复合增速16%，稳定的外延扩张计划和派息。2023财年公司实现收入约20亿美金（FY13-23 CAGR 16%，其中医疗服务板块14%；药店板块20%），其中医疗服务收入占比53%，药房占比40%，诊断中心及诊所占比7%；实现EBITDA约2.5亿美金（EBITDA Margin=12.5%），净利润1.0亿美金（NPM=4.9%）；宣告全年共派息15卢比/股（派息比例约25%，股息率约0.3%）。公司计划2023-2025财年继续在非一线城市通过自建和收购扩张1170张床位，花费约1.7亿美元。

随经济增长持续提升的单床产出，10年复合增速9%。FY23集团门诊人次约661万，住院人次约54万。FY13-FY23集团医院住院人次从23万增长至54万，平均住院天数从4.8天下降至3.41天，床位使用率从73%下降至64%，单床产出从7.3万美金增长至22.6万美金（CAGR 9%）。

图：Apollo Hospital股票复盘，2013-2023年

For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at equities.htisec.com

7数据来源：BBG，HTI；Apollo Hospital财报及官网（财年截至日期为3月31日）；

一线城市包括Chennai, Hyderabad, Bangalore, Mumbai, Kolkata and Delhi，不分先后；INRUSD=0.012

数据来源：BBG，VISION 2030.GOV，OECD，Dr Sulaiman Al Habib Medical

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	股价	P/E	EPS
			净利润	总股本
贡献（P/S=P/E*EPS）	4.4x	+2.3x	+1.6x	0
2022年/2020年	441%	231%	156%	0
2020年	13.31 USD	20.06	0.72亿美元	350百万股
2022年	58.67 USD	46.72	1.12亿美元	350百万股

沙特实行居民免费医疗制度。根据沙特财政部，2018年政府承担约75%的医疗保健支出，约25%由私营部门提供。与中国相似，在老龄化和慢病需求增长背景下，政府面临快速增长的医疗卫生开支压力。根据OECD数据，2020-2030年沙特50岁以上人口预计从530万人增加至960万人（CAGR 6.3%）。同时，沙特糖尿病患病率（18%）远高于全球主要国家，美国和英国为13%和6%，心脑血管疾病死亡率攀升。政府鼓励民营部门扩张。在疾病负担快速增长背景下，2016年沙特内阁批准了“Saudi Vision 2030”和“National Transformation Program”以降低能源出口依赖，提高私营部门贡献。作为该计划的一环，沙特卫生部（MoH）计划到2030年“私有化”其295家医院和2259个初级保健中心，包括鼓励民营医院扩张，贷款建设医院等。根据其国家私有化中心（NCP）数据，沙特政府计划通过PPP等模式投资超过650亿美元发展医疗基础设施、重组医疗服务并私有化。

政府鼓励政策下高速自建扩张，负债率较高。 Dr Sulaiman成立于1995年，是沙特最大上市医疗服务公司。截至2023年公司拥有25家医疗机构和超过60家附属专科，24个药房，1900张床位。17500名雇员，3900名医生。公司在建医院8个，医疗中心2个。预计2024年将有7家医院完工。其D/A从2022年的51%上升至2023年的57%，2023年负债总额达到24亿美金。

利润稳健增长。2021-2023年收入复合增速15%，利润复合增速22%。高比例派息， DPS复合增速24%。2023年公司实现收入约25.7亿美金（+14%），其中医院收入占比77%，药房21%，其他2%。2023年公司毛利率34%，实现EBITDA约6.8亿美金（EBITDA margin=27%），净利润5.5亿美金（yoy=24%，NPM=22%），派息4.1亿美金，派息比例74%（2021-2023年派息比例分别为71%，74%，74%），股息率约2%。2023年ROE=33%，较2022年进一步提升3.7pp。整体床位使用率约为80%。

不依赖公共开支，95%收入来自商业保险和自费。2023年公司收入的73.3%来自商业保险，较2022年上涨4.3%；22.4%来自现金自费，较2022年下降2.4%；2.3%来自政府；2.0%来自其他。

图：Dr Sulaiman（HMG）股票复盘，2020-2023年

For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at equities.htisec.com

中国医生的人工成本更高。Apollo和Sulaiman的人工成本占比分别为50%和35%，和睦家为58%。

中国高端医院折旧摊销成本高。 Apollo和Sulaiman的折旧摊销费用成本占比为4%，和睦家为7-14%。

表：海内外公司经营情况对比

	Apollo	私立医院		DrSulaiman	私立医院	和睦家	高端民营
成本项目/收入	2021	2022		2022	2023	2018	2019
收入	100%	100%		100%	100%	100%	100%
COGS				67%	66%	89%	89%
人工成本	68% 46%	68% 51%		35%	n.a.	58%	58%
材料成本	18%	14%		28%	n.a.	15%	16%
折旧摊销	■ 4%	■ 4%	■	4%	n.a.	7%	14%
其他					租金	10%	1%
GPM
1销售费用	32%	32%		33%	34%	11%	11%
2管理费用	<1%	<1%	□	4% □	4%	<1%	<1%
3财务费用	21% 3%	23% 2%		9% 1%	8%	18%	23%
					1%	1%	□ 7%
NPM 7% 5%				20% 22%		-8%	-18%
自有床位数（张)		8544		1900			394
医疗服务收入/床位数 (万美金)		12.4	47.6				87.0
床位使用率		64%		80%			38%
使用床位单产 (万美金)		■ 19.4	L	59.5			227.2
次均住院花费 (美金)		1,707		n.a.			11,989

数据来源：相关公司年报及公告，HTI；注释，为统一口径，和睦家管理费用包括非租金的年报
other operating expense项目下费用，主要为专家费、医院办公费，培训费，会议和差旅等
For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at equities.htisec.com

中国肿瘤和中医医疗服务龙头的人力成本不高于海外龙头。2022年海吉亚和固生堂的医护人工成本分别占收入的28%和24%。

中国公司的管理能力对标海外较高水平。2022年海吉亚和固生堂的管理费用率分别为9%和6%。

表：海内外公司经营情况对比

	Apollo		私立医院		Dr Sulaiman 私立医院			海吉亚	肿瘤综合	固生堂	中医诊所
成本项目/收入	2021		2022	2022		2023		2021	2022	2021	2022
收入	100%		100%		100% 100%		100%		100%	100%	100%
						66%		67%
COGS 人工成本	68% 46%		68% 51%		67% 35%				68% 26% 28%	71% 包括医生激励 33%	69% 24%
材料成本	18%		14% 1		28%				28% 28%	32%	31%
折旧摊销	■ 4%		■ 4%		□ 4%				■ 3%	□ 8%	□ 8%
其他							4% 专家/服务费 9%		8%	租金/水电 6%	6%
GPM	32%
1销售费用	<1%		32% <1%		33% 4%	34% 4%		33% 1%	32% 1%	39% 14%	31% 13%
2管理费用	21% □		23%		□ 9% ■		包括激励	□ 10%		包括董事激励 □ 13%	■ 6%
3财务费用		3%	2%		1%	8% 1%	含FX损益/税	□□ 1%	9% 8%	含转股/FX损益 32%	0%
NPM	7%		5%		20%			20%
自有床位数（张）			8544		1900	22%			15% 9092	-37%	11%
医疗服务收入/床位数（万美金)			12.4		47.6				4.9	经营面积 5.3万平米	6.3万平米
			64%		80%			~70%
床位使用率								7.0
使用床位单产 (万美金)			■ 19.4 1,707		159.5 n.a.					线下坪效	2.3万元/平米2.2万元/平米

For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at equities.htisec.com

HCA是全球第一大医疗服务公司，2022年收入达到602亿美金。2022年股价是2013年的8x，主要来自于三方面，1）净利润贡献3.6x，贡献主要上涨；2）总股本减少36%，贡献1.6x。3）P/E提升1.9x，从2013年的8x提升至2022年的14x。

HCA对中国公司的借鉴意义：1）成熟医疗服务公司随居民医疗开支扩大长期增长，成熟阶段P/E基本稳定在10-15x，EV/EBITDA约10x，可以赚利润增长的回报；2）成熟公司外部投资效率下降后，可通过回购股本注销提升EPS，回馈股东。

图：美国HCA股票复盘，2013-2023年

For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at equities.htisec.com

股东回报最终取决于ROE，能够直接实现ROE提升的方式是高效率投资ROIC或股本回购注销，高投资效率应当给予高估值。

印度Apollo高定价的原因：龙头品牌，服务于支付能力最强的婆罗门等富人阶层，极低的医生和药品成本，较强的周转和运营能力。

沙特Sulaiman高定价的原因：龙头品牌，服务于支付能力最强的王室家族等富人阶层，全球优质医生供给，政策大力支持民营医院扩张。

医疗服务公司值得溢价的四个维度： 1）优质的人力资源和品牌；2）高投资效率或并购整合能力；3）差异化医疗服务手段；4）鼓励性行业政策。

表：海内外医疗服务公司ROE和ROIC对比

公司	ROE					ROIC					P/E
	2018	2019	2020	2021	2022	2018	2019	2020	2021	2022	2024E
印度Apollo Hospital	7%	14%	4%	20%	14%	5%	8%	5%	12%	10%	57
沙特Dr Sulaiman	19%	20%	23%	27%	29%	12%	13%	14%	16%	18%	43
沙特MEH	12%	7%	6%	1%	6%	7%	3%	4%	1%	3%	36
泰国BDMS	14%	12%	6%	10%	15%	8%	14%	7%	7%	11%	27
亚洲IHH	3%	3%	3%	7%	8%	3%	2%	1%	7%	4%	28

爱尔眼科	21%	28%	29%	28%	21%	17%	18%	19%	18%	14%	30
普瑞眼科	8%	9%	15%	11%	2%	9%	9%	14%	8%	1%	30
通策医疗	29%	30%	25%	27%	18%	20%	23%	20%	20%	13%	28
华厦眼科	16%	18%	26%	28%	14%	14%	14%	24%	27%	13%	27
海吉亚				9%	10%			10%	9%	9%	17
固生堂
					11%
					11%					10%	26

For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at equities.htisec.com

观点：1、刚需肿瘤赛道，需求攀升。2、肿瘤高毛利率，精益管理，净利率远超同业。3、床位爬坡期，业绩有望提速。

1、推荐：24-25年我们预计收入57.21亿/67.95亿元，同比增长40.3%/18.8%；经调整净利润9.13亿/10.98亿，同比增长28.0%/20.3%，对应
19x/16xPE。

2、核心壁垒：1）体内大多为三级和二级医院，品牌力强；2）资金使用效率高，收并购整合能力强。如2021年收购永鼎案例，预计2023年收购的西安长安医院和宜兴海吉亚医院整合后利润率持续提升。3）供应链优势。公司集采已成体系，药耗端可通过商业公司独立谈判提高毛利率。

图：海吉亚核心经营指标，2017-2023年

数据来源：公司年报及公告，HTI预测；截至2024年4月3日；注释：

For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at equities.htisec.com

在手现金包括现金及现金等价物，以及视为现金的以公允价值计量的金融资产

观点：1、政策春风，国家鼓励中医“治未病”及医疗资源下沉。2、内生强劲增长，轻资产，坪效高。3、一线城市加深渗透，支付能力强。

1、推荐：24-25年我们预计收入30.67亿/38.08亿元，同比增长32.0%/24.2%；经调整利润4.15亿元/5.20亿元，同比增长36.1%/25.5%，对应
24x/19xPE。

2、核心能力：1）成体系获取、管理名中医师；2）跨区域经营能力，新城新店快速盈亏平衡。3）供应链优势。集团中药饮片采购议价能力强。

图：固生堂核心经营指标，2018-2023年

For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at equities.htisec.com

Summary

This report addresses the following issues:

Compared to emerging and mature market healthcare service companies overseas, are Chinese companies undervalued?
Faced with a declining growth center, how should the capital market price healthcare service companies?
From the perspective of return on investment, how can we select attractive healthcare service assets?

Judgments:

Judgment 1: Chinese companies still have the highest growth center in emerging markets and the lowest valuation, placing them in a value position.

Judgment 2: The return on equity (ROE) and return on invested capital (ROIC) of Chinese companies are not inferior to overseas companies, as they have brand recognition and barriers to entry.

Judgment 3: Focus on the long-term value of healthcare service assets, recommend the leading oncology healthcare service provider Hygeia Medical, and the leader in traditional Chinese medicine, Gushengtang.

For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at equities.htisec.com

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)，Haitong Securities India Private Limited (HSIPL)，Haitong International Japan K.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。IMPORTANT DISCLOSURES

This research report is distributed by Haitong International, a global brand name for the equity research teams of Haitong International Research Limited (“HTIRL”), Haitong Securities India Private Limited (“HSIPL”), Haitong International Japan K.K. (“HTIJKK”), Haitong International Securities Company Limited (“HTISCL”), and any other members within the Haitong International Securities Group of Companies (“HTISG”), each authorized to engage in securities activities in its respective jurisdiction.

HTIRL分析师认证Analyst Certification:

我，孟科含，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, Kehan Meng, certify that (i) the views expressed in this research report accurately reflect my personal views about any or all of the subject companies or issuers referred to in this research and (ii) no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this research report; and that I (including members of my household) have no financial interest in the security or securities of the subject companies discussed. I and my household, whom I have already notified of this, will not deal in or trade any securities in respect of the issuer that I review within 3 business days after the research report is published.

我，孙旭东，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, Xudong Sun, certify that (i) the views expressed in this research report accurately reflect my personal views about any or all of the subject companies or issuers referred to in this research and (ii) no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this research report; and that I (including members of my household) have no financial interest in the security or securities of the subject companies discussed. I and my household, whom I have already notified of this, will not deal in or trade any securities in respect of the issuer that I review within 3 business days after the research report is published.

利益冲突披露Conflict of Interest Disclosures

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）

HTI and some of its affiliates may engage in investment banking and / or serve as a market maker or hold proprietary trading positions of certain stocks or companies in this research report. As far as this research report is concerned, the following are the disclosure matters related to such relationship (As the following disclosure does not ensure timeliness and completeness, please send an email to ERD-Disclosure@htisec.com if timely and comprehensive information is needed).

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2273.HK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。

Haitong Securities Co., Ltd. and/or its subsidiaries (collectively, the "Haitong") have a role in investment banking projects of 2273.HK within the past 12 months. The investment banking projects include 1. IPO projects in which Haitong acted as pre-listing tutor, sponsor, or lead-underwriter; 2. equity or debt refinancing projects of 2273.HK for which Haitong acted as sponsor, lead-underwriter or financial advisor; 3. listing by introduction in the new three board, target placement, M&A projects in which Haitong acted as lead-brokerage firm.

2273.HK目前或过去12个月内是海通的投资银行业务客户。

2273.HK is/was an investment bank clients of Haitong currently or within the past 12 months.

300015.CH 及 002044.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。

300015.CH and 002044.CH are/were a client of Haitong currently or within the past 12 months. The client has been provided for non-investment-banking securitiesrelated services.

海通在过去12个月中获得对2273.HK提供投资银行服务的报酬。

Haitong received in the past 12 months compensation for investment banking services provided to 2273.HK.

海通在过去的12个月中从002044.CH获得除投资银行服务以外之产品或服务的报酬。

Haitong has received compensation in the past 12 months for products or services other than investment banking from 002044.CH.

评级定义（从2020年7月1日开始执行）：

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 – MSCI China.

Ratings Definitions (from 1 Jul 2020):

Haitong International uses a relative rating system using Outperform, Neutral, or Underperform for recommending the stocks we cover to investors. Investors should carefully read the definitions of all ratings used in Haitong International Research. In addition, since Haitong International Research contains more complete information concerning the analyst's views, investors should carefully read Haitong International Research, in its entirety, and not infer the contents from the rating alone. In any case, ratings (or research) should not be used or relied upon as investment advice. An investor's decision to buy or sell a stock should depend on individual circumstances (such as the investor's existing holdings) and other considerations.

Analyst Stock Ratings

Outperform: The stock’s total return over the next 12-18 months is expected to exceed the return of its relevant broad market benchmark, as indicated below.

Neutral: The stock’s total return over the next 12-18 months is expected to be in line with the return of its relevant broad market benchmark, as indicated below. For purposes only of FINRA/NYSE ratings distribution rules, our Neutral rating falls into a hold rating category.

Underperform: The stock’s total return over the next 12-18 months is expected to be below the return of its relevant broad market benchmark, as indicated below.

Benchmarks for each stock’s listed region are as follows: Japan – TOPIX, Korea – KOSPI, Taiwan – TAIEX, India – Nifty100, US – SP500; for all other China-concept stocks – MSCI China.

评级分布Rating Distribution

Most Recent Full Quarter

Prior Full Quarter

截至2023年12月31日海通国际股票研究评级分布
榄手关帝	中性 (持有)	弱于大市
海通国际股票研究覆盖率 89.4% 赛银声	9.6 %	1.0%
5bu-3.9%	5.1%	5.6%

*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9月30日）：

内预期相对基准指数涨幅在10%以上，基准定义如下

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。

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 – MSCI China.

Haitong International Equity Research Ratings Distribution, as of December 31, 2023 Outperform Neutral Underperform

	Outperform (hold)	Neutral	Underperform
HTI Equity Research Coverage	89.4%	9.6.%	1.0%
iB clients*	3.9% 5.1%	5.6%

*Percentage of investment banking clients in each rating category.
BUY, Neutral, and SELL in the above distribution correspond to our current ratings of Outperform, Neutral, and Underperform.
For purposes only of FINRA/NYSE ratings distribution rules, our Neutral rating falls into a hold rating category. Please note that stocks with an NR designation are not included in the table above.

Previous rating system definitions (until 30 Jun 2020):

BUY: The stock’s total return over the next 12-18 months is expected to exceed the return of its relevant broad market benchmark, as indicated below.

NEUTRAL: The stock’s total return over the next 12-18 months is expected to be in line with the return of its relevant broad market benchmark, as indicated below. For purposes only of FINRA/NYSE ratings distribution rules, our Neutral rating falls into a hold rating category.

SELL: The stock’s total return over the next 12-18 months is expected to be below the return of its relevant broad market benchmark, as indicated below.

Benchmarks for each stock’s listed region are as follows: Japan – TOPIX, Korea – KOSPI, Taiwan – TAIEX, India – Nifty100; for all other China-concept stocks – MSCI China.

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。

Haitong International Non-Rated Research: Haitong International publishes quantitative, screening or short reports which may rank stocks according to valuation and other metrics or may suggest prices based on possible valuation multiples. Such rankings or suggested prices do not purport to be stock ratings or target prices or fundamental values and are for information only.

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。

Haitong International Coverage of A-Shares: Haitong International may cover and rate A-Shares that are subject to the Hong Kong Stock Connect scheme with Shanghai and Shenzhen. Haitong Securities (HS; 600837 CH), the ultimate parent company of HTISG based in Shanghai, covers and publishes research on these same A-Shares for distribution in mainland China. However, the rating system employed by HS differs from that used by HTI and as a result there may be a difference in the HTI and HS ratings for the same A-share stocks.

海通国际优质100 A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。

Haitong International Quality 100 A-share (Q100) Index: HTI’s Q100 Index is a quant product that consists of 100 of the highest-quality A-shares under coverage at HS in Shanghai. These stocks are carefully selected through a quality-based screening process in combination with a review of the HS A-share team’s bottom-up research. The Q100 constituent companies are reviewed quarterly.

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。

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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Haitong International (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Securities and Exchange Board of India（“SEBI”）监管的Haitong Securities IndiaPrivate Limited（“HTSIPL”）所发行，包括制作及发布涵盖BSE Limited（“BSE”）和National Stock Exchange of India Limited（“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。

IMPORTANT DISCLAIMER

For research reports on non-Indian securities: The research report is issued by Haitong International Research Limited (“HTIRL”), a wholly owned subsidiary of Haitong International Securities Group Limited (“HTISGL”) and a licensed corporation to carry on Type 4 regulated activity (advising on securities) for the purpose of the Securities and Futures Ordinance (Cap. 571) of Hong Kong, with the assistance of Haitong International (Japan) K.K. (“HTIJKK”), a wholly owned subsidiary of HTISGL and which is regulated as an Investment Adviser by the Kanto Finance Bureau of Japan.

For research reports on Indian securities: The research report is issued by Haitong Securities India Private Limited (“HSIPL”), an Indian company and a Securities and Exchange Board of India (“SEBI”) registered Stock Broker, Merchant Banker and Research Analyst that, inter alia, produces and distributes research reports covering listed entities on the BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”) (collectively referred to as “Indian Exchanges”). HSIPL was acquired and became part of the Haitong International Securities Group of Companies (“HTISG”) on 22 December 2016.

All the research reports are globally branded under the name Haitong International and approved for distribution by Haitong International Securities Company Limited (“HTISCL”) and/or any other members within HTISG in their respective jurisdictions.

The information and opinions contained in this research report have been compiled or arrived at from sources believed to be reliable and in good faith but no representation or warranty, express or implied, is made by HTIRL, HTISCL, HSIPL, HTIJKK or any other members within HTISG from which this research report may be received, as to their accuracy, completeness or correctness. All opinions expressed herein are as of the date of this research report and are subject to change without notice. This research report is for information purpose only. Descriptions of any companies or their securities mentioned herein are not intended to be complete and this research report is not, and should not be construed expressly or impliedly as, an offer to buy or sell securities. The securities referred to in this research report may not be eligible for purchase or sale in some jurisdictions. If an investment product is denominated in a currency other than an investor's home currency, a change in exchange rates may adversely affect the investment. Past performance is not necessarily indicative of future results. Certain transactions, including those involving derivatives, give rise to substantial risk and are not suitable for all investors. You should also bear in mind that recommendations in this research report are not tailor-made for you. The analyst has not taken into account your unique financial circumstances, such as your financial situation and risk appetite. You must, therefore, analyze and should, where applicable, consult your own legal, tax, accounting, financial and other professional advisers to evaluate whether the recommendations suits you before investment. Neither HTISG nor any of its directors, employees or agents accepts any liability whatsoever for any direct or consequential loss arising from any use of the materials contained in this research report.

HTISG and our affiliates, officers, directors, and employees, excluding the analysts responsible for the content of this document, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research report. Sales, traders, and other professionals of HTISG may provide oral or written market commentary or trading strategies to the relevant clients and the companies within HTISG that reflect opinions that are contrary to the opinions expressed in this research report. HTISG may make investment decisions that are inconsistent with the recommendations or views expressed in this research report. HTI is under no obligation to ensure that such other trading decisions, ideas or recommendations are brought to the attention of any recipient of this research report.

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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」（“Major U.S. Institutional Investor”）和「机构投资者」（”U.S. Institutional Investors”）。在向美国机构投资者分发研究报告时，Haitong InternationalSecurities (USA) Inc. （“HTI USA”）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HTI USA。HTI USA位于340 Madison Avenue, 12th Floor, New York, NY 10173，电话（212）351-6050。 HTI USA是在美国于U.S.Securities and Exchange Commission（“SEC”）注册的经纪商，也是Financial Industry Regulatory Authority, 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：

Haitong International Securities (USA) Inc. 340 Madison Avenue, 12th Floor New York, NY 10173 联系人电话：(212) 351 6050

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Notice to U.S. investors: As described above, this research report was prepared by HTIRL, HSIPL or HTIJKK. Neither HTIRL, HSIPL, HTIJKK, nor any of the non U.S. HTISG affiliates is registered in the United States and, therefore, is not subject to U.S. rules regarding the preparation of research reports and the independence of research analysts. This research report is provided for distribution to “major U.S. institutional investors” and “U.S. institutional investors” in reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended. When distributing research reports to “U.S. institutional investors,” HTI USA will accept the responsibilities for the content of the reports. Any U.S. recipient of this research report wishing to effect any transaction to buy or sell securities or related financial instruments based on the information provided in this research report should do so only through Haitong International Securities (USA) Inc. (“HTI USA”), located at 340 Madison Avenue, 12th Floor, New York, NY 10173, USA; telephone (212) 351 6050. HTI USA is a broker-dealer registered in the U.S. with the U.S. Securities and Exchange Commission (the “SEC”) and a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”). HTI USA is not responsible for the preparation of this research report nor for the analysis contained therein. Under no circumstances should any U.S. recipient of this research report contact the analyst directly or effect any transaction to buy or sell securities or related financial instruments directly through HSIPL, HTIRL or HTIJKK. The HSIPL, HTIRL or HTIJKK analyst(s) whose name appears in this research report is not registered or qualified as a research analyst with FINRA and, therefore, may not be subject to FINRA Rule 2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. Investing in any non-U.S. securities or related financial instruments (including ADRs) discussed in this research report may present certain risks. The securities of non-U.S. issuers may not be registered with, or be subject to U.S. regulations. Information on such non-U.S. securities or related financial instruments may be limited. Foreign companies may not be subject to audit and reporting standards and regulatory requirements comparable to those in effect within the U.S. The value of any investment or income from any securities or related financial instruments discussed in this research report denominated in a currency other than U.S. dollars is subject to exchange rate fluctuations that may have a positive or adverse effect on the value of or income from such securities or related financial instruments. All inquiries by U.S. recipients should be directed to:

Haitong International Securities (USA) Inc.

340 Madison Avenue, 12th Floor

New York, NY 10173

Attn: Sales Desk at (212) 351 6050

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Haitong International Securities (USA) Inc. （“HTIUSA”）予以实施，该公司是一家根据National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations（“NI 31-103”）的规定得到「国际交易商豁免」（“International Dealer Exemption” ）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National Instrument 45-106 Prospectus Exemptions第1.1节或者Securities Act (Ontario)第73.3(1)节所规定的「认可投资者」（“Accredited Investor”），或者在适用情况下National Instrument 31-103第1.1节所规定的「许可投资者」（“Permitted Investor”）。

新加坡投资者的通知事项：本研究报告由Haitong International Securities (Singapore) Pte Ltd（“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:

Haitong International Securities (Singapore) Pte. Ltd

50 Raffles Place, #33-03 Singapore Land Tower, Singapore 048623

电话: (65) 6536 1920

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Haitong International Securities Company Limited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。Haitong International SecuritiesCompany Limited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：Haitong International Securities (Singapore) Pte Ltd, Haitong International Securities Company Limited和Haitong InternationalSecurities (UK) Limited分别根据澳大利亚证券和投资委员会（以下简称“ASIC”）第03/1102、03/1103或03/1099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Securities and Exchange Board of India（“SEBI”）监管的Haitong Securities IndiaPrivate Limited（“HTSIPL”）所发布，包括制作及发布涵盖BSE Limited（“BSE”）和National Stock Exchange of India Limited（“NSE”）（统称为「印度交易所」）研究报告。

研究机构名称: Haitong Securities India Private Limited

SEBI 研究分析师注册号: INH000002590

地址: 1203A, Floor 12A, Tower 2A, One World Center

841 Senapati Bapat Marg, Elphinstone Road, Mumbai 400 013, India

CIN U74140MH2011FTC224070

电话: +91 22 43156800 传真:+91 22 24216327

合规和申诉办公室联系人： Prasanna Chandwaskar ；电话: +91 22 43156803; 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”。

，未经海通国际的书面同意不得予以复制和再次分发。

People’s Republic of China (PRC): In the PRC, the research report is directed for the sole use of those who receive the research report in accordance with the applicable PRC laws and regulations. Further, the information on the research report does not constitute "production and business activities in the PRC" under relevant PRC laws. This research report does not constitute a public offer of the security, whether by sale or subscription, in the PRC. Further, no legal or natural persons of the PRC may directly or indirectly purchase any of the security or any beneficial interest therein without obtaining all prior PRC government approvals or licenses that are required, whether statutorily or otherwise. Persons who come into possession of this research are required to observe these restrictions.

Notice to Canadian Investors: Under no circumstances is this research report to be construed as an offer to sell securities or as a solicitation of an offer to buy securities in any jurisdiction of Canada. Any offer or sale of the securities described herein in Canada will be made only under an exemption from the requirements to file a prospectus with the relevant Canadian securities regulators and only by Haitong International Securities (USA) Inc., a dealer relying on the “international dealer exemption” under National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (“NI 31-103”) in Alberta, British Columbia, Ontario and Quebec. This research report is not, and under no circumstances should be construed as, a prospectus, an offering memorandum, an advertisement or a public offering of any securities in Canada. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon this research report, the information contained herein or the merits of the securities described herein and any representation to the contrary is an offence. Upon receipt of this research report, each Canadian recipient will be deemed to have represented that the investor is an “accredited investor” as such term is defined in section 1.1 of National Instrument 45-106 Prospectus Exemptions or, in Ontario, in section 73.3(1) of the Securities Act (Ontario), as applicable, and a “permitted client” as such term is defined in section 1.1 of NI 31-103, respectively.

Notice to Singapore investors: This research report is provided in Singapore by or through Haitong International Securities (Singapore) Pte Ltd (“HTISSPL”) [Co Reg No 201311400G. HTISSPL is an Exempt Financial Adviser under the Financial Advisers Act (Cap. 110) (“FAA”) to (a) advise on securities, units in a collective investment scheme, exchange-traded derivatives contracts and over-the-counter derivatives contracts and (b) issue or promulgate research analyses or research reports on securities, exchange-traded derivatives contracts and over-the-counter derivatives contracts. This research report is only provided to institutional investors, within the meaning of Section 4A of the Securities and Futures Act (Cap. 289). Recipients of this research report are to contact HTISSPL via the details below in respect of any matters arising from, or in connection with, the research report:

Haitong International Securities (Singapore) Pte. Ltd.

10 Collyer Quay, #19-01 - #19-05 Ocean Financial Centre, Singapore 049315

Telephone: (65) 6536 1920

Notice to Japanese investors: This research report is distributed by Haitong International Securities Company Limited and intended to be distributed to Financial Services Providers or Registered Financial Institutions engaged in investment management (as defined in the Japan Financial Instruments and Exchange Act ("FIEL") Art. 61(1), Order for Enforcement of FIEL Art. 17-11(1), and related articles).

Notice to UK and European Union investors: This research report is distributed by Haitong International Securities Company Limited. This research is directed at persons having professional experience in matters relating to investments. Any investment or investment activity to which this research relates is available only to such persons or will be engaged in only with such persons. Persons who do not have professional experience in matters relating to investments should not rely on this research. Haitong International Securities Company Limited’s affiliates may have a net long or short financial interest in excess of 0.5% of the total issued share capital of the entities mentioned in this research report. Please be aware that any report in English may have been published previously in Chinese or another language.

Notice to Australian investors: The research report is distributed in Australia by Haitong International Securities (Singapore) Pte Ltd, Haitong International Securities Company Limited, and Haitong International Securities (UK) Limited in reliance on ASIC Class Order 03/1102, 03/1103 or 03/1099, respectively, which exempts those HTISG entities from the requirement to hold an Australian financial services license under the Corporations Act 2001 in respect of the financial services it provides to wholesale clients in Australia. A copy of the ASIC Class Orders may be obtained at the following website, www.legislation.gov.au. Financial services provided by Haitong International Securities (Singapore) Pte Ltd, Haitong International Securities Company Limited, and Haitong International Securities (UK) Limited are regulated under foreign laws and regulatory requirements, which are different from the laws applying in Australia.

Notice to Indian investors: The research report is distributed by Haitong Securities India Private Limited (“HSIPL”), an Indian company and a Securities and Exchange Board of India (“SEBI”) registered Stock Broker, Merchant Banker and Research Analyst that, inter alia, produces and distributes research reports covering listed entities on the BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”) (collectively referred to as “Indian Exchanges”).

Name of the entity: Haitong Securities India Private Limited

SEBI Research Analyst Registration Number: INH000002590

Address : 1203A, Floor 12A, Tower 2A, One World Center

841 Senapati Bapat Marg, Elphinstone Road, Mumbai 400 013, India

CIN U74140MH2011FTC224070

Ph: +91 22 43156800 Fax:+91 22 24216327

Details of the Compliance Officer and Grievance Officer : Prasanna Chandwaskar : Ph: +91 22 43156803; Email id: prasanna.chandwaskar@htisec.com

“Please note that Registration granted by SEBI and Certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors”.

This research report is intended for the recipients only and may not be reproduced or redistributed without the written consent of an authorized signatory of HTISG.
Copyright: Haitong International Securities Group Limited 2019. All rights reserved.

http://equities.htisec.com/x/legal.html

海通国际-医疗行业：海内外估值研究，中国医疗服务公司被低估了吗？-240403.pdf