研究报告全文：研究报告ResearchReport17Oct2023金徽酒JinhuiLiquor603919CH2023年三季报业绩点评规模优先提升市占践行龙头长期价值PrioritizeIncreasingMarketShareandAdheretotheLong-termValueofLeadingEnterprises观点聚焦Tableyemei1InvestmentFocusTableInfo维持优于大市MaintainOUTPERFORMPleaseseeAPPENDIX1forEnglishsummary事件金徽酒发布年三季报年公司实现营收亿评级优于大市OUTPERFORM2323Q1-Q3202元同比增长归母净利润亿元同比增长扣现价Rmb275429327276非归母净利润亿元同比增长其中实现营收目标价Rmb33002727023Q350亿元同比增长归母净利润亿元同比增长478028848HTIESG49-50-50扣非归母净利润02亿元同比增长1766E-S-G0-5立足省内提升市占聚焦单品省外渗透23Q3公司高档中档低市值Rmb1397bnUS191bn档白酒实现营收3810001亿元同比3821077-709日交易额3个月均值US2543mn截至三季度高档白酒收入占比同比提升19pct至679在省外发行股票数目50726mn名酒深耕下沉行业竞争趋于白热化的当下公司在省内市场聚自由流通股44焦多价位全渠道的产品布局年份系列柔和系列和星级系列前1年股价最高最低值Rmb3011-Rmb1991三季度增速预估在403030左右环西北市场以能量系列为注现价Rmb2754为2023年10月17日收盘价基础逐步导入金奖金徽和年份系列预估能量系列前三季度增速在20左右分区域来看23Q3公司东南部兰州中部西部其PriceReturnMSCIChina他地区营收同比253855296970292双节期间160公司已完成主流产品的营销政策发力终端反馈顺畅140规模优先稳固地位盈利阶段性承压受益于产品结构升级与生120产效能提升23Q3公司毛利率同比21pct至62623Q3销售费用率管理费用率所得税销售百分比同比10039pct-38pct25pct净利润率同比31pct至37受业务拓展带来的薪资提升及社保80基数调整影响公司人工成本提升较多同时公司在行业调整期间加大了广宣投放事件营销及消费者互动活动打造品牌势能精细化运营能力优于省内其他竞品行业竞争格局趋于改善在省外市场拓展方面当前公司在陕西市场逐步进入从到Volume1Oct-22Feb-23Jun-23Oct-2310的爬坡阶段同时积极拓展西北市场在华东和北方地区打造资料来源Factset样板市场23Q3公司省内省外经销商数量环比23Q2增加519家至246586家1mth3mth12mth全年目标稳中求进践行龙头长期价值当前白酒行业仍处于渠绝对值-78159184道以价换量的动销修复阶段挤压式竞争下公司深化营销转型绝对值美元-84131164突破在基地市场实施品牌引领坚持端置顶大力开展消费相对MSCIChina272523628C者运营工作目标提升省内市占率至45巩固省内龙头地位同TableProfit时积极推进省外招商工作精准聚焦当地核心价格带围绕大单RmbmnDec-22ADec-23EDec-24EDec-25E品进行发力市场管理方面公司在定期排查市场的同时借助营业收入2012253430613614数字化技术掌握渠道库存情况坚守长期主义保障市场的良性-12262118发展全年收入目标25亿达成可期净利润280371506618--14323722投资建议与盈利预测我们预计公司2023-2025年营收分别为全面摊薄EPS055073100122253306361亿元归母净利润分别为375162亿元对应EPSRmb分别为元前值为元参考可比公司毛利率628634638641073100122081101122年平均估值为倍考虑到公司具备长期成长性且激励机净资产收益率89112143161202421市盈率50382823制完善给予金徽酒2024年33倍PE前值为2023年35倍资料来源公司信息HTI目标价由28元上调至33元维持优于大市评级风险提示原材料价格上涨市场竞争加剧食品安全问题陈子叶TableAuthorSusieChen闻宏伟HongweiWensusiezychenhtiseccomhongweiwenhtiseccom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Tableyejiao1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PleaseseeappendixforEnglishtranslationofthedisclaimer金徽酒Tableheader2603919CH维持优于大市表1可比上市公司估值预测EPS元PE倍上市公司证券代码收盘价元20222023E2024E20222023E2024E古井贡酒000596SZ26295958201042449321252酒鬼酒000799SZ769323298381427258202水井坊600779SH579249262318339221182平均值266212资料来源windHTI注收盘价为2023年10月17日数据盈利预测来源于Wind一致预期17Oct20232金徽酒Tableheader2603919CH维持优于大市财务报表分析和预测主要财务指标2022A2023E2024E2025E利润表2022A2023E2024E2025E每股指标元营业收入2012253430613614每股收益055073100122营业成本74992811081299每股净资产621654700756营业毛利1263160619532315每股经营现金流063047057076销售费用420562643752每股股利030040054066管理费用217264312361价值评估倍营业利润6257809981202PE4985376827592259应占联营公司溢利0000PB443421393364其他收益净额-28203236PS694551456387EBITDA404528685817EVEBITDA3257249919361628折旧及摊销-114-108-105-107股息率11142024EBIT290420579710盈利能力指标财务费用-1000毛利率628634638641利息收入14887净利润率139146165171所得税-24-59-82-101净资产回报率89112143161净利润279369505616净利润未含少数股东损投资回报率7696124142280371506618益盈利增长股本507507507507营业收入增长率125260208181EPS055073100122EBIT增长率-242448379227净利润增长率-137323366221资产负债表百万元2022A2023E2024E2025E偿债能力指标流动资产2386261028923213资产负债率231225219212现金及现金等价物810782718671流动比率264282302324存货1512175921012464速动比率096092083076应收账款及票据15212630现金比率090085075068抵押银行存款0000经营效率指标其他48484848应收账款周转天数3333非流动资产1710167416551651存货周转天数692692692692固定资产1443141314001402总资产周转率049059067074预付租金24242424固定资产周转率139179219258商誉0000无形资产199193187182现金流量表百万元2022A2023E2024E2025E联营公司投资0000息税前利润417536692824递延所得税24242424财务费用收入-13-8-8-7其他20202020所得税245982101总资产4095428445484864营运资本变化158233315334流动负债905925956990其他292-1-2-2应付账款及票据144164196230经营活动现金流319237289384合同负债510510510510投资0000短期借款0000资本性支出-57-72-87-103应付税款58585858其他1887其他193193193193投资活动现金流-57-64-79-95非流动负债39393939借款变动0000长期借款0000支付利息-1000养老金固定收益3333支付股息-112-152-201-275递延所得说16161616股权融资0000其他19191919其他-8-49-74-61股本507507507507融资活动现金流-121-201-275-336储备2643281230443326股东权益不含少数股东净现金流142-28-65-473150331935513833权益汇率变动2000少数股东权益1111期末现金及等价物810782718671负债及所有者权益4095428445484864备注1表中计算估值指标的收盘价日期为2023年10月17日2以上各表均为简表资料来源公司年报2022HTI17Oct20233金徽酒Tableheader2603919CH维持优于大市APPENDIX1SummaryThecompanydisclosedtheinterimreportfor23Q3whichrecordedrevenueof202billionyuanayear-on-yearincreaseof293Thenetprofitattributabletotheparentcompanywas272millionyuanayear-on-yearincreaseof276Therevenueof23Q3was496millionyuanup478year-on-yearThenetprofitattributabletotheparentcompanywas18millionayear-on-yearincreaseof8848Weestimatethatthecompanysrevenuefrom2023to2025willbe253306361billionyuanwithnetprofitattributabletotheparentcompanyof375162billionyuanandcorrespondingEPSof073100122yuanthepreviousvaluewas081101122Referringtotheaveragevaluationofcomparablecompaniesin2024thecompanyisgivenaPEof33xin2024previousvalue35xin2023andthetargetpricewasrevisedfrom28yuanto33yuanmaintainingaoutperformratingRiskwarningRisingpricesofrawmaterialsintensifiedmarketcompetitionfoodsafetyissues17Oct20234TableAPPENDIX附录TabledisclaimerAPPENDIX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HTIRLHaitongSecuritiesIndiaPrivateLimitedHSIPLHaitongInternationalJapanKKHTIJKK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IMPORTANTDISCLOSURESThisresearchreportisdistributedbyHaitongInternationalaglobalbrandnamefortheequityresearchteamsofHaitongInternationalResearchLimitedHTIRLHaitongSecuritiesIndiaPrivateLimitedHSIPLHaitongInternationalJapanKKHTIJKKHaitongInternationalSecuritiesCompanyLimitedHTISCLandanyothermemberswithintheHaitongInternationalSecuritiesGroupofCompaniesHTISGeachauthorizedtoengageinsecuritiesactivitiesinitsrespectivejurisdictionHTIRL分析师认证AnalystCertification我陈子叶在此保证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ISusieChencertifythatitheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchandiinopartofmycompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreportandthatIincludingmembersofmyhouseholdhavenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussedIandmyhouseholdwhomIhavealreadynotifiedofthiswillnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin3businessdaysaftertheresearchreportispublished我闻宏伟在此保证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IHongweiWencertifythatitheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchandiinopartofmycompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreportandthatIincludingmembersofmyhouseholdhavenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussedIandmyhouseholdwhomIhavealreadynotifiedofthiswillnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin3businessdaysaftertheresearchreportispublished利益冲突披露ConflictofInterestDisclosures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-DisclosurehtiseccomHTIandsomeofitsaffiliatesmayengageininvestmentbankingandorserveasamarketmakerorholdproprietarytradingpositionsofcertainstocksorcompaniesinthisresearchreportAsfarasthisresearchreportisconcernedthefollowingarethedisclosuremattersrelatedtosuchrelationshipAsthefollowingdisclosuredoesnotensuretimelinessandcompletenesspleasesendanemailtoERD-Disclosurehtiseccomiftimelyandcomprehensiveinformationisneeded000596CH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000596CHiswasaclientofHaitongcurrentlyorwithinthepast12monthsTheclienthasbeenprovidedfornon-investment-bankingsecurities-relatedservices评级定义从2020年7月1日开始执行评级分布RatingDistribution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FINRANYSE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MSCIChinaRatingsDefinitionsfrom1Jul2020HaitongInternationalusesarelativeratingsystemusingOutperformNeutralorUnderperformforrecommendingthestockswecovertoinvestorsInvestorsshouldcarefullyreadthedefinitionsofallratingsusedinHaitongInternationalResearchInadditionsinceHaitongInternationalResearchcontainsmorecompleteinformationconcerningtheanalystsviewsinvestorsshouldcarefullyreadHaitongInternationalResearchinits5entiretyandnotinferthecontentsfromtheratingaloneInanycaseratingsorresearchshouldnotbeusedorrelieduponasinvestmentadviceAninvestorsdecisiontobuyorsellastockshoulddependonindividualcircumstancessuchastheinvestorsexistingholdingsandotherconsiderationsAnalystStockRatingsOutperformThestockstotalreturnoverthenext12-18monthsisexpectedtoexceedthereturnofitsrelevantbroadmarketbenchmarkasindicatedbelowNeutralThestockstotalreturnoverthenext12-18monthsisexpectedtobeinlinewiththereturnofitsrelevantbroadmarketbenchmarkasindicatedbelowForpurposesonlyofFINRANYSEratingsdistributionrulesourNeutralratingfallsintoaholdratingcategoryUnderperformThestockstotalreturnoverthenext12-18monthsisexpectedtobebelowthereturnofitsrelevantbroadmarketbenchmarkasindicatedbelowBenchmarksforeachstockslistedregionareasfollowsJapanTOPIXKoreaKOSPITaiwanTAIEXIndiaNifty100USSP500forallotherChina-conceptstocksMSCIChina截至2023年6月30日海通国际股票研究评级分布优于大市中性弱于大市持有海通国际股票研究覆盖率8969211投资银行客户4756100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FINRANYSE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6月30日买入未来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FINRANYSE的评级分布规则我们会将中性评级划入持有这一类别卖出未来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其他所有中国概念股MSCIChinaHaitongInternationalEquityResearchRatingsDistributionasofJun302023OutperformNeutralUnderperformholdHTIEquityResearchCoverage8969211IBclients4756100PercentageofinvestmentbankingclientsineachratingcategoryBUYNeutralandSELLintheabovedistributioncorrespondtoourcurrentratingsofOutperformNeutralandUnderperformForpurposesonlyofFINRANYSEratingsdistributionrulesourNeutralratingfallsintoaholdratingcategoryPleasenotethatstockswithanNRdesignationarenotincludedinthetableabovePreviousratingsystemdefinitionsuntil30Jun2020BUYThestockstotalreturnoverthenext12-18monthsisexpectedtoexceedthereturnofitsrelevantbroadmarketbenchmarkasindicatedbelowNEUTRALThestockstotalreturnoverthenext12-18monthsisexpectedtobeinlinewiththereturnofitsrelevantbroadmarketbenchmarkasindicatedbelowForpurposesonlyofFINRANYSEratingsdistributionrulesourNeutralratingfallsintoaholdratingcategorySELLThestockstotalreturnoverthenext12-18monthsisexpectedtobebelowthereturnofitsrelevantbroadmarketbenchmarkasindicatedbelowBenchmarksforeachstockslistedregionareasfollowsJapanTOPIXKoreaKOSPITaiwanTAIEXIndiaNifty100forallotherChina-conceptstocksMSCIChina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HaitongInternationalNon-RatedResearchHaitongInternationalpublishesquantitativescreeningorshortreportswhichmayrankstocksaccordingtovaluationandothermetricsormaysuggestpricesbasedonpossiblevaluationmultiplesSuchrankingsorsuggestedpricesdonotpurporttobestockratingsortargetpricesorfundamentalvaluesandareforinformationonly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600837CH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6HaitongInternationalCoverageofA-SharesHaitongInternationalmaycoverandrateA-SharesthataresubjecttotheHongKongStockConnectschemewithShanghaiandShenzhenHaitongSecuritiesHS600837CHtheultimateparentcompanyofHTISGbasedinShanghaicoversandpublishesresearchonthesesameA-SharesfordistributioninmainlandChinaHowevertheratingsystememployedbyHSdiffersfromthatusedbyHTIandasaresulttheremaybeadifferenceintheHTIandHSratingsforthesameA-sharestocks海通国际优质100A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HaitongInternationalQuality100A-shareQ100IndexHTIsQ100Indexisaquantproductthatconsistsof100ofthehighest-qualityA-sharesundercoverageatHSinShanghaiThesestocksarecarefullyselectedthroughaquality-basedscreeningprocessincombinationwithareviewoftheHSA-shareteamsbottom-upresearchTheQ100constituentcompaniesarereviewedquarterly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第二条盟浪并不因收到此评估数据而将收件人视为客户收件人使用此数据时应根据自身实际情况作出自我独立判断本数据所载内容反映的是盟浪在最初发布本数据日期当日的判断盟浪有权在不发出通知的情况下更新修订与发出其他与本数据所载内容不一致或有不同结论的数据除非另行说明本数据如财务业绩数据等仅代表过往表现过往的业绩表现不作为日后回报的预测第三条本数据版权归本公司所有本公司依法保留各项权利未经本公司事先书面许可授权任何个人或机构不得将本数据中的评估结果用于任何营利性目的不得对本数据进行修改复制编译汇编再次编辑改编删减缩写节选发行出租展览表演放映广播信息网络传播摄制增加图标及说明等否则因此给盟浪或其他第三方造成损失的由用户承担相应的赔偿责任盟浪不承担责任第四条如本免责声明未约定而盟浪网站平台载明的其他协议内容如盟浪网站用户注册协议盟浪网用户服务含认证协议盟浪网隐私政策等有约定的则按其他协议的约定执行若本免责声明与其他协议约定存在冲突或不一致的则以本免责声明约定为准SusallWaveFIN-ESGDataServiceDisclaimerPleasereadthesetermsandconditionsbelowcarefullyandconfirmyouragreementandacceptancewiththesetermsbeforeusingSusallWaveFIN-ESGDataService1FIN-ESGDataisproducedbySusallWaveDigitalTechnologyCoLtdInshortSusallWavesassessmentbasedonlegalpubliclyaccessibleinformationSusallWaveshallnotberesponsibleforanyaccuracyandcompletenessoftheinformationTheassessmentresultisforreferenceonlyItisnotforanyinvestmentadviceforanyindividualorinstitutionandnotforbasisofpurchasingsellingorholdinganyrelativefinancialproductsWewillnotbeliableforanydirectorindirectlossofanyindividualorinstitutionasaresultofusingSusallWaveFIN-ESGData2SusallWavedonotconsiderrecipientsascustomersforreceivingthesedataWhenusingthedatarecipientsshallmakeyourownindependentjudgmentaccordingtoyourpracticalindividualstatusThecontentsofthedatareflectthejudgmentofusonlyonthereleasedayWehaverighttoupdateandamendthedataandreleaseotherdatathatcontainsinconsistentcontentsordifferentconclusionswithoutnotificationUnlessexpresslystatedthedataegfinancialperformancedatarepresentspastperformanceonlyandthepastperformancecannotbeviewedasthepredictionoffuturereturn3ThecopyrightofthisdatabelongstoSusallWaveandwereserveallrightsinaccordancewiththelawWithoutthepriorwrittenpermissionofourcompanynoneofindividualorinstitutioncanusethesedataforanyprofitablepurposeBesidesnoneofindividualorinstitutioncantakeactionssuchasamendmentreplicationtranslationcompilationre-editingadaptiondeletionabbreviationexcerptsissuancerentexhibitionperformanceprojectionbroadcastinformationnetworktransmissionshootingaddingiconsandinstructionsIfanylossofSusallWaveoranythird-partyiscausedbythoseactionsusersshallbearthecorrespondingcompensationliabilitySusallWaveshallnotberesponsibleforanyloss4IfanytermisnotcontainedinthisdisclaimerbutwritteninotheragreementsonourwebsiteegUserRegistrationProtocolofSusallWaveWebsiteUserServiceincludingauthenticationAgreementofSusallWaveWebsitePrivacyPolicyofSusallwaveWebsiteitshouldbeexecutedaccordingtootheragreementsIfthereisanydifferencebetweenthisdisclaimandotheragreementsthisdisclaimershallbeapplied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HaitongInternationalJapanKKHTIJKK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SecuritiesandExchangeBoardofIndiaSEBI监管的HaitongSecuritiesIndiaPrivateLimitedHTSIPL所发行包括制作及发布涵盖BSELimitedBSE和NationalStockExchangeofIndiaLimitedNSE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HTIRLHTISCL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7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wwwequitieshtiseccom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IMPORTANTDISCLAIMERForresearchreportsonnon-IndiansecuritiesTheresearchreportisissuedbyHaitongInternationalResearchLimitedHTIRLawhollyownedsubsidiaryofHaitongInternationalSecuritiesGroupLimitedHTISGLandalicensedcorporationtocarryonType4regulatedactivityadvisingonsecuritiesforthepurposeoftheSecuritiesandFuturesOrdinanceCap571ofHongKongwiththeassistanceofHaitongInternationalJapanKKHTIJKKawhollyownedsubsidiaryofHTISGLandwhichisregulatedasanInvestmentAdviserbytheKantoFinanceBureauofJapanForresearchreportsonIndiansecuritiesTheresearchreportisissuedbyHaitongSecuritiesIndiaPrivateLimitedHSIPLanIndiancompanyandaSecuritiesandExchangeBoardofIndiaSEBIregisteredStockBrokerMerchantBankerandResearchAnalystthatinteraliaproducesanddistributesresearchreportscoveringlistedentitiesontheBSELimitedBSEandtheNationalStockExchangeofIndiaLimitedNSEcollectivelyreferredtoasIndianExchangesHSIPLwasacquiredandbecamepartoftheHaitongInternationalSecuritiesGroupofCompaniesHTISGon22December2016AlltheresearchreportsaregloballybrandedunderthenameHaitongInternationalandapprovedfordistributionbyHaitongInternationalSecuritiesCompanyLimitedHTISCLandoranyothermemberswithinHTISGintheirrespectivejurisdictionsTheinformationandopinionscontainedinthisresearchreporthavebeencompiledorarrivedatfromsourcesbelievedtobereliableandingoodfaithbutnorepresentationorwarrantyexpressorimpliedismadebyHTIRLHTISCLHSIPLHTIJKKoranyothermemberswithinHTISGfromwhichthisresearchreportmaybereceivedastotheiraccuracycompletenessorcorrectnessAllopinionsexpressedhereinareasofthedateofthisresearchreportandaresubjecttochangewithoutnoticeThisresearchreportisforinformationpurposeonlyDescriptionsofanycompaniesortheirsecuritiesmentionedhereinarenotintendedtobecompleteandthisresearchreportisnotandshouldnotbeconstruedexpresslyorimpliedlyasanoffertobuyorsellsecuritiesThesecuritiesreferredtointhisresearchreportmaynotbeeligibleforpurchaseorsaleinsomejurisdictionsIfaninvestmentproductisdenominatedinacurrencyotherthananinvestorshomecurrencyachangeinexchangeratesmayadverselyaffecttheinvestmentPastperformanceisnotnecessarilyindicativeoffutureresultsCertaintransactionsincludingthoseinvolvingderivativesgiverisetosubstantialriskandarenotsuitableforallinvestorsYoushouldalsobearinmindthatrecommendationsinthisresearchreportarenottailor-madeforyouTheanalysthasnottakenintoaccountyouruniquefinancialcircumstancessuchasyourfinancialsituationandriskappetiteYoumustthereforeanalyzeandshouldwhereapplicableconsultyourownlegaltaxaccountingfinancialandotherprofessionaladviserstoevaluatewhethertherecommendationssuitsyoubeforeinvestmentNeitherHTISGnoranyofitsdirectorsemployeesoragentsacceptsanyliabilitywhatsoeverforanydirectorconsequentiallossarisingfromanyuseofthematerialscontainedinthisresearchreportHTISGandouraffiliatesofficersdirectorsandemployeesexcludingtheanalystsresponsibleforthecontentofthisdocumentwillfromtimetotimehavelongorshortpositionsinactasprincipalinandbuyorsellthesecuritiesorderivativesifanyreferredtointhisresearchreportSalestradersandotherprofessionalsofHTISGmayprovideoralorwrittenmarketcommentaryortradingstrategiestotherelevantclientsandthecompanieswithinHTISGthatreflectopinionsthatarecontrarytotheopinionsexpressedinthisresearchreportHTISGmaymakeinvestmentdecisionsthatareinconsistentwiththerecommendationsorviewsexpressedinthisresearchreportHTIisundernoobligationtoensurethatsuchothertradingdecisionsideasorrecommendationsarebroughttotheattentionofanyrecipientofthisresearchreportPleaserefertoHTIswebsitewwwequitieshtiseccomforfurtherinformationonHTIsorganizationalandadministrativearrangementssetupforthepreventionandavoidanceofconflictsofinterestwithrespecttoResearchNonUSAnalystDisclosureTheHTIanalystslistedonthecoverofthisResearchisarenotregisteredorqualifiedasaresearchanalystwithFINRAandarenotsubjecttoUSFINRARule2241restrictionsoncommunicationswithcompaniesthatarethesubjectoftheResearchpublicappearancesandtradingsecuritiesbyaresearchanalyst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HTIRLHSIPL或HTIJKK编写HTIRLHSIPLHTIJKK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MajorUSInstitutionalInvestor和机构投资者USInstitutionalInvestors在向美国机构投资者分发研究报告时HaitongInternationalSecuritiesUSAIncHTIUSA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HTIUSAHTIUSA位于340MadisonAvenue12thFloorNewYorkNY10173电话212351-6050HTIUSA是在美国于USSecuritiesandExchangeCommissionSEC注册的经纪商也是FinancialIndustryRegulatoryAuthorityIncFINRA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HSIPLHTIRL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HSIPLHTIRL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HaitongInternationalSecuritiesUSAInc8340MadisonAvenue12thFloorNewYorkNY10173联系人电话2123516050DISTRIBUTIONANDREGIONALNOTICESExceptasotherwiseindicatedbelowanyRecipientwishingtodiscussthisresearchreportoreffectanytransactioninanysecuritydiscussedinHTIsresearchshouldcontacttheHaitongInternationalsalespersonintheirowncountryorregionNoticetoHongKonginvestorsTheresearchreportisdistributedbyHaitongInternationalSecuritiesCompanyLimitedHTISCLwhichisalicensedcorporationtocarryonType1regulatedactivitydealinginsecuritiesinHongKongThisresearchreportdoesnotconstituteasolicitationoranofferofsecuritiesoraninvitationtothepublicwithinthemeaningoftheSFOThisresearchreportisonlytobecirculatedtoProfessionalInvestorsasdefinedintheSFOThisresearchreporthasnotbeenreviewedbytheSecuritiesandFuturesCommissionYoushouldnotmakeinvestmentdecisionssolelyonthebasisoftheinformationcontainedinthisresearchreportRecipientsofthisresearchreportaretocontactHTISCLsalespersonsinrespectofanymattersarisingfromorinconnectionwiththeresearchreportNoticetoUSinvestorsAsdescribedabovethisresearchreportwaspreparedbyHTIRLHSIPLorHTIJKKNeitherHTIRLHSIPLHTIJKKnoranyofthenonUSHTISGaffiliatesisregisteredintheUnitedStatesandthereforeisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsThisresearchreportisprovidedfordistributiontomajorUSinstitutionalinvestorsandUSinstitutionalinvestorsinrelianceontheexemptionfromregistrationprovidedbyRule15a-6oftheUSSecuritiesExchangeActof1934asamendedWhendistributingresearchreportstoUSinstitutionalinvestorsHTIUSAwillaccepttheresponsibilitiesforthecontentofthereportsAnyUSrecipientofthisresearchreportwishingtoeffectanytransactiontobuyorsellsecuritiesorrelatedfinancialinstrumentsbasedontheinformationprovidedinthisresearchreportshoulddosoonlythroughHaitongInternationalSecuritiesUSAIncHTIUSAlocatedat340MadisonAvenue12thFloorNewYorkNY10173USAtelephone2123516050HTIUSAisabroker-dealerregisteredintheUSwiththeUSSecuritiesandExchangeCommissiontheSECandamemberoftheFinancialIndustryRegulatoryAuthorityIncFINRAHTIUSAisnotresponsibleforthepreparationofthisresearchreportnorfortheanalysiscontainedthereinUndernocircumstancesshouldanyUSrecipientofthisresearchreportcontacttheanalystdirectlyoreffectanytransactiontobuyorsellsecuritiesorrelatedfinancialinstrumentsdirectlythroughHSIPLHTIRLorHTIJKKTheHSIPLHTIRLorHTIJKKanalystswhosenameappearsinthisresearchreportisnotregisteredorqualifiedasaresearchanalystwithFINRAandthereforemaynotbesubjecttoFINRARule2241restrictionsoncommunicationswithasubjectcompanypublicappearancesandtradingsecuritiesheldbyaresearchanalystaccountInvestinginanynon-USsecuritiesorrelatedfinancialinstrumentsincludingADRsdiscussedinthisresearchreportmaypresentcertainrisksThesecuritiesofnon-USissuersmaynotberegisteredwithorbesubjecttoUSregulationsInformationonsuchnon-USsecuritiesorrelatedfinancialinstrumentsmaybelimitedForeigncompaniesmaynotbesubjecttoauditandreportingstandardsandregulatoryrequirementscomparabletothoseineffectwithintheUSThevalueofanyinvestmentorincomefromanysecuritiesorrelatedfinancialinstrumentsdiscussedinthisresearchreportdenominatedinacurrencyotherthanUSdollarsissubjecttoexchangeratefluctuationsthatmayhaveapositiveoradverseeffectonthevalueoforincomefromsuchsecuritiesorrelatedfinancialinstrumentsAllinquiriesbyUSrecipientsshouldbedirectedtoHaitongInternationalSecuritiesUSAInc340MadisonAvenue12thFloorNewYorkNY10173AttnSalesDeskat2123516050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HaitongInternationalSecuritiesUSAIncHTIUSA予以实施该公司是一家根据NationalInstrument31-103RegistrationRequirementsExemptionsandOngoingRegistrantObligationsNI31-103的规定得到国际交易商豁免InternationalDealerExemption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NationalInstrument45-106ProspectusExemptions第11节或者SecuritiesActOntario第7331节所规定的认可投资者AccreditedInvestor或者在适用情况下NationalInstrument31-103第11节所规定的许可投资者PermittedInvestor新加坡投资者的通知事项本研究报告由HaitongInternationalSecuritiesSingaporePteLtdHTISSPL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HaitongInternationalSecuritiesSingaporePteLtd50RafflesPlace33-03SingaporeLandTowerSingapore048623电话6565361920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611条第17-111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HaitongInternationalSecuritiesCompanyLimited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HaitongInternationalSecuritiesCompanyLimited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05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HaitongInternationalSecuritiesSingaporePteLtdHaitongInternationalSecuritiesCompanyLimited和HaitongInternationalSecuritiesUKLimited分别根据澳9大利亚证券和投资委员会以下简称ASIC公司废除及过度性文书第2016396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wwwlegislationgovau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SecuritiesandExchangeBoardofIndiaSEBI监管的HaitongSecuritiesIndiaPrivateLimitedHTSIPL所发布包括制作及发布涵盖BSELimitedBSE和NationalStockExchangeofIndiaLimitedNSE统称为印度交易所研究报告研究机构名称HaitongSecuritiesIndiaPrivateLimitedSEBI研究分析师注册号INH000002590地址1203AFloor12ATower2AOneWorldCenter841SenapatiBapatMargElphinstoneRoadMumbai400013IndiaCINU74140MH2011FTC224070电话912243156800传真912224216327合规和申诉办公室联系人PrasannaChandwaskar电话912243156803电子邮箱prasannachandwaskarhtiseccom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本项研究仅供收件人使用未经海通国际的书面同意不得予以复制和再次分发版权所有海通国际证券集团有限公司2019年保留所有权利PeoplesRepublicofChinaPRCInthePRCtheresearchreportisdirectedforthesoleuseofthosewhoreceivetheresearchreportinaccordancewiththeapplicablePRClawsandregulationsFurthertheinformationontheresearchreportdoesnotconstituteproductionandbusinessactivitiesinthePRCunderrelevantPRClawsThisresearchreportdoesnotconstituteapublicofferofthesecuritywhetherbysaleorsubscriptioninthePRCFurthernolegalornaturalpersonsofthePRCmaydirectlyorindirectlypurchaseanyofthesecurityoranybeneficialinterestthereinwithoutobtainingallpriorPRCgovernmentapprovalsorlicensesthatarerequiredwhetherstatutorilyorotherwisePersonswhocomeintopossessionofthisresearcharerequiredtoobservetheserestrictionsNoticetoCanadianInvestorsUndernocircumstancesisthisresearchreporttobeconstruedasanoffertosellsecuritiesorasasolicitationofanoffertobuysecuritiesinanyjurisdictionofCanadaAnyofferorsaleofthesecuritiesdescribedhereininCanadawillbemadeonlyunderanexemptionfromtherequirementstofileaprospectuswiththerelevantCanadiansecuritiesregulatorsandonlybyHaitongInternationalSecuritiesUSAIncadealerrelyingontheinternationaldealerexemptionunderNationalInstrument31-103RegistrationRequirementsExemptionsandOngoingRegistrantObligationsNI31-103inAlbertaBritishColumbiaOntarioandQuebecThisresearchreportisnotandundernocircumstancesshouldbeconstruedasaprospectusanofferingmemorandumanadvertisementorapublicofferingofanysecuritiesinCanadaNosecuritiescommissionorsimilarregulatoryauthorityinCanadahasreviewedorinanywaypasseduponthisresearchreporttheinformationcontainedhereinorthemeritsofthesecuritiesdescribedhereinandanyrepresentationtothecontraryisanoffenceUponreceiptofthisresearchreporteachCanadianrecipientwillbedeemedtohaverepresentedthattheinvestorisanaccreditedinvestorassuchtermisdefinedinsection11ofNationalInstrument45-106ProspectusExemptionsorinOntarioinsection7331oftheSecuritiesActOntarioasapplicableandapermittedclientassuchtermisdefinedinsection11ofNI31-103respectivelyNoticetoSingaporeinvestorsThisresearchreportisprovidedinSingaporebyorthroughHaitongInternationalSecuritiesSingaporePteLtdHTISSPLCoRegNo201311400GHTISSPLisanExemptFinancialAdviserundertheFinancialAdvisersActCap110FAAtoaadviseonsecuritiesunitsinacollectiveinvestmentschemeexchange-tradedderivativescontractsandover-the-counterderivativescontractsandbissueorpromulgateresearchanalysesorresearchreportsonsecuritiesexchange-tradedderivativescontractsandover-the-counterderivativescontractsThisresearchreportisonlyprovidedtoinstitutionalinvestorswithinthemeaningofSection4AoftheSecuritiesandFuturesActCap289RecipientsofthisresearchreportaretocontactHTISSPLviathedetailsbelowinrespectofanymattersarisingfromorinconnectionwiththeresearchreportHaitongInternationalSecuritiesSingaporePteLtd10CollyerQuay19-01-19-05OceanFinancialCentreSingapore049315Telephone6565361920NoticetoJapaneseinvestorsThisresearchreportisdistributedbyHaitongInternationalSecuritiesCompanyLimitedandintendedtobedistributedtoFinancialServicesProvidersorRegisteredFinancialInstitutionsengagedininvestmentmanagementasdefinedintheJapanFinancialInstrumentsandExchangeActFIELArt611OrderforEnforcementofFIELArt17-111andrelatedarticlesNoticetoUKandEuropeanUnioninvestorsThisresearchreportisdistributedbyHaitongInternationalSecuritiesCompanyLimitedThisresearchisdirectedatpersonshavingprofessionalexperienceinmattersrelatingtoinvestmentsAnyinvestmentorinvestmentactivitytowhichthisresearchrelatesisavailableonlytosuchpersonsorwillbeengagedinonlywithsuchpersonsPersonswhodonothaveprofessionalexperienceinmattersrelatingtoinvestmentsshouldnotrelyonthisresearchHaitongInternationalSecuritiesCompanyLimitedsaffiliatesmayhaveanetlongorshortfinancialinterestinexcessof05ofthetotalissuedsharecapitaloftheentitiesmentionedinthisresearchreportPleasebeawarethatanyreportinEnglishmayhavebeenpublishedpreviouslyinChineseoranotherlanguageNoticetoAustralianinvestorsTheresearchreportisdistributedinAustraliabyHaitongInternationalSecuritiesSingaporePteLtdHaitongInternationalSecuritiesCompanyLimitedandHaitongInternationalSecuritiesUKLimitedinrelianceonASICCorporationsRepealandTransitionalInstrument2016396whichexemptsthoseHTISGentitiesfromtherequirementtoholdanAustralianfinancialserviceslicenseundertheCorporationsAct2001inrespectofthefinancialservicesitprovidestowholesaleclientsinAustraliaAcopyoftheASICClassOrdersmaybeobtainedatthefollowingwebsitewwwlegislationgovauFinancialservicesprovidedbyHaitongInternationalSecuritiesSingaporePteLtdHaitongInternationalSecuritiesCompanyLimitedandHaitong10InternationalSecuritiesUKLimitedareregulatedunderforeignlawsandregulatoryrequirementswhicharedifferentfromthelawsapplyinginAustraliaNoticetoIndianinvestorsTheresearchreportisdistributedbyHaitongSecuritiesIndiaPrivateLimitedHSIPLanIndiancompanyandaSecuritiesandExchangeBoardofIndiaSEBIregisteredStockBrokerMerchantBankerandResearchAnalystthatinteraliaproducesanddistributesresearchreportscoveringlistedentitiesontheBSELimitedBSEandtheNationalStockExchangeofIndiaLimitedNSEcollectivelyreferredtoasIndianExchangesNameoftheentityHaitongSecuritiesIndiaPrivateLimitedSEBIResearchAnalystRegistrationNumberINH000002590Address1203AFloor12ATower2AOneWorldCenter841SenapatiBapatMargElphinstoneRoadMumbai400013IndiaCINU74140MH2011FTC224070Ph912243156800Fax912224216327DetailsoftheComplianceOfficerandGrievanceOfficerPrasannaChandwaskarPh912243156803EmailidprasannachandwaskarhtiseccomPleasenotethatRegistrationgrantedbySEBIandCertificationfromNISMinnowayguaranteeperformanceoftheintermediaryorprovideanyassuranceofreturnstoinvestorsThisresearchreportisintendedfortherecipientsonlyandmaynotbereproducedorredistributedwithoutthewrittenconsentofanauthorizedsignatoryofHTISGCopyrightHaitongInternationalSecuritiesGroupLimited2019AllrightsreservedhttpequitieshtiseccomxlegalhtmlRecommendationChartTableRecommendationChartSourceCompanydataBloombergHTIestimates11