潍柴动力 Weichai Power (000338 CH)

“海外主供补缺+备电国产替代”，双轮驱动下估值重塑

"Overseas Supply Gap Filling + Domestic Backup Power Substitution": Dual-Engine Drive Re-rating Valuation

观点聚焦 Investment Focus

维持优于大市 Maintain OUTPERFORM

评级

优于大市OUTPERFORM

现价

Rmb26.79

目标价

Rmb38.52

HTI ESG

3.0-3.0-4.0

E-S-G:0-5,(Please refer to the Appendix for ESG comments)

义利评级

A+

来源:盟浪.Reproduced by permission;no further distribution

市值

Rmb233.57bn/US$33.84bn

日交易额(3个月均值)

US$306.93mn

发行股票数目

6,771mn

自由流通股(%)

90%

1年股价最高最低值

Rmb28.07-Rmb13.77

注：现价 Rmb26.79为2026年02月13日收盘价


资料来源：Factset

1mth

3mth

12mth

绝对值

42.2%

49.7%

90.0%

绝对值（美元）

43.7%

54.3%

101.2%

相对MSCI China

46.9%

56.2%

71.6%

Rmb mn

Dec-24A

Dec-25E

Dec-26E

Dec-27E

Revenue

215,691

236,480

258,350

277,184

Revenue(+/-)

1%

10%

9%

7%

Net profit

11,403

12,427

15,257

17,724

Net profit(+/-)

27%

9%

23%

16%

Diluted EPS(Rmb)

1.31

1.43

1.75

2.03

GPM

22.4%

22.6%

22.8%

22.9%

ROE

13.2%

13.0%

14.9%

16.1%

P/E

20

19

15

13

资料来源：公司信息，HTI

王凯 Kai Wang, CFA

k.wang@htisec.com

(Please see APPENDIX 1 for English summary)

王沈昱 Oscar Wang, CFA

sy.wang@htisec.com

核心观点：双轮驱动，估值重塑，被低估的AIDC能源全面供应商。市场目前仍将潍柴动力视为传统的重卡周期股，给予其显著低于科技能源股的估值，2026年PE仅为14.4倍。我们认为公司正加速转型为AIDC发电设备的全面供应商，市场尚未充分定价其在能源领域的深厚布局。随着全球算力基建浪潮爆发，公司有望凭借“海外主供补缺+备电国产替代”的双重逻辑，打破传统制造业的估值天花板，迎来价值重塑。

美国AIDC主供电短缺，PSI往复式燃气发电机组与SOFC空间广阔。北美AIDC正面临严峻的能源墙，需求端2030年数据中心增量需求高达90GW，而供给端电网扩容周期较久，AIDC分布式发电面临较大缺口。公司控股子公司PSI深耕北美，其往复式燃气发电机组具备10分钟快速启动优势，是填补这一缺口的最佳方案之一。 PSI2025上半年净利润同比激增 141%，业绩正处于兑现爆发期。同时，公司已获英国Ceres全球制造授权，布局SOFC技术，锁定下一代清洁主供电市场。

国产大缸径柴发：博杜安突围，备电市场国产替代。数据中心备用电源始终是刚需，全球柴发市场预计2029年将达588亿元。公司凭借全资收购的法国博杜安品牌掌握大缸径核心技术，正打破卡特彼勒、康明斯等外资巨头的长期垄断。2023上半年该业务营收同比大增 77%，国产替代逻辑清晰，正从微小份额向行业主流跨越

盈利预测与投资评级。在全球AIDC投资高速增长，“美国缺电”现象不断深入的背景下，潍柴动力旗下多种AIDC发电设备业务一一往复式燃气发电机组、SOFC以及作为备电的柴发均有望实现业绩的高增长。我们预计公司2025/26/27年归母净利润124/153/177亿元，对应EPS为1.43/1.75/2.03元。考虑到AIDC发电产业的增长有望持续增大潍柴动力该业务的利润占比，我们认为公司的成长空间较大。给予公司2026年22xPE，目标价38.52元，维持“优于大市”评级。

风险提示：AIDC投资不及预期，AIDC电力路径选择多样化，原材料价格大幅上涨。

盈利预测与投资评级

潍柴动力有望从一家以重卡链为主的动力链生产制造企业，逐渐转型成为 AIDC发电设备的全面供应商。在全球AIDC投资高速增长，“美国缺电”现象不断深入的背景下，潍柴动力旗下多种AIDC发电设备业务一一往复式燃气发电机组、SOFC以及作为备电的柴发均有望实现业绩的高增长。我们预计公司 2025/26/27年营业收入分别为2365/2584/2772亿元，同比+10%/+9%/+7%；毛利分别为534/590/635亿元，同比+10%/+10%/+8%；归母净利润124/153/177亿元，对应EPS为1.43/1.75/2.03元。

分业务盈利预测假设：

智能物流：我们预计公司智能物流业务2025/26/27年营业收入分别为 913.88/986.99/1036.34亿元，同比+3%/+8%/+5%；营业成本分别为 667.91/714.67/746.83亿元，同比+3%/+7%/+4%；对应毛利分别为 245.97/272.32/289.51亿元。

农业装备：我们预计公司农业装备业务2025/26/27年营业收入分别为 201.80/211.89/222.48亿元，同比+10%/+5%/+5%；营业成本分别为 175.05/183.80/192.99亿元，同比+10%/+5%/+5%；对应毛利分别为 26.75/28.09/29.49亿元。

整车及关键零部件：我们预计公司整车及关键零部件业务2025/26/27年营业收入分别为1032.46/1156.36/1271.99亿元，同比+15%/+12%/+10%；营业成本分别为824.20/923.11/1015.42亿元，同比+14%/+12%/+10%；对应毛利分别为 208.26/233.25/256.57亿元。

其他汽车零部件：我们预计公司其他汽车零部件业务2025/26/27年营业收入分别为116.03/127.63/140.39亿元，同比+15%/+10%/+10%；营业成本分别为 82.73/91.00/100.10亿元，同比+15%/+10%/+10%；对应毛利分别为 33.30/36.63/40.29亿元。

其他主营业务：我们预计公司其他主营业务2025/26/27年营业收入分别为 100.64/100.64/100.64亿元，同比+15%/0%/0%；营业成本分别为 81.11/81.11/81.11亿元，同比+15%/0%/0%；对应毛利分别为 19.52/19.52/19.52亿元。


图表：潍柴动力分业务预测

收入(百万元)

2024

2025E

2026E

2027E

智能物流

88726

91388

98699

103634

农业装备

18345

20180

21189

22248

整车及关键零部件

89779

103246

115636

127199

其他汽车零部件

10089

11603

12763

14039

其他主营业务

8751

10064

10064

10064

总营业收入

215691

236480

258350

277184

成本(百万元)

2024

2025E

2026E

2027E

智能物流

64846

66791

71467

74683

农业装备

15913

17505

18380

19299

整车及关键零部件

72299

82420

92311

101542

其他汽车零部件

7194

8273

9100

10010

其他主营业务

7053

8111

8111

8111

总营业成本

167305

183100

199369

213645

毛利(百万元)

2024

2025E

2026E

2027E

智能物流

23880

24597

27232

28951

农业装备

2432

2675

2809

2949

整车及关键零部件

17481

20826

23325

25657

其他汽车零部件

2896

3330

3663

4029

其他主营业务

1698

1952

1952

1952

总毛利

48386

53379

58981

63539

资料来源：潍柴动力2024年年报，潍柴动力2025年三季报，海通国际

参考可比公司，我们观察到与潍柴动力体量相当，且都参与AIDC发电业务的三菱重工、卡特彼勒、康明斯等公司，PE-TTM、2026年PE平均均为34.4x左右，而潍柴动力2026年2月13日收盘价仅对应2026年16.4xPE。考虑到AIDC发电产业的增长有望持续增大潍柴动力该业务的利润占比，我们认为潍柴动力的成长空间较大。给予公司2026年22xPE，目标价38.52元，维持“优于大市”评级。


图表：潍柴动力及AIDC发电相关可比公司估值情况

代码

简称

总市值(亿元)

EPS(元)

PE(倍)

2025A

2026E

2027E

2025A

2026E

2027E

7011.T

三菱重工

7,689.4

3.52

3.95

4.97

64.8

57.8

45.8

CAT.N

卡特彼勒

24,647.8

133.43

161.67

185.46

39.5

32.6

28.4

CMI.N

康明斯

5,650.4

144.63

-

-

28.3

-

-

7012.T

川崎重工

1,347.3

25.34

23.58

29.55

31.7

34.0

27.2

RR.L

罗罗控股

9,751.8

5.30

3.90

4.31

21.8

29.7

26.8

CYD.N

玉柴国际

136.4

16.69

20.34

24.40

21.8

17.9

14.9

均值

54.82

42.69

49.74

34.6

34.4

28.6

000338.SZ

潍柴动力

2341.0

1.43

1.64

1.81

18.7

16.4

14.8

注：收盘截至2026年2月13日；其中罗罗控股、玉柴国际和潍柴动力尚未披露2025年全年业绩，仍为Wind一致预测数据。资料来源：Wind，海通国际

图表：可比公司估值表

代码

简称

总市值(亿元)

EPS(元)

PE(倍)

2024A

2025E

2027E

2024A

2025E

2027E

000951.SZ

中国重汽

242.02

1.26

1.42

1.68

16.4

14.6

12.3

600166.SH

福田汽车

250.19

0.01

0.17

0.23

310.6

18.5

13.5

均值

0.63

0.79

0.96

163.5

16.5

12.9

注：收盘截至2026年2月13日。

资料来源：Wind，海通国际


宏观驱动：全球算力暴增与“美国缺电”的结构性红利

全球AIDC投资带来的能源缺口。AI行业的爆发式增长推动了数据中心的高能耗需求。根据IEA统计，2024年全球数据中心总装机功率为97GW，预计到 2030年将激增至226GW（复合增长率 15%）。实际峰值功率需求可能远超此预期。

图表：2020-2030年全球数据中心总装机功率（GW）


Source: IEA, HTI

“美国缺电”：电网和燃机双重瓶颈。美国作为AIDC建设的主战场，正面临严峻的供电瓶颈：（1）电网瓶颈：新增数据中心接入电网审批缓慢，而现有电网改造升级周期长、投资大。以德州供电公司ERCOT为例，2025年每月新申请接入负载达数十GW，但实际获批仅1GW左右。（2）燃气轮机供给不足：传统主力设备燃气轮机产能告急，设备供给侧（GEV、西门子等）产能已排至 2030年，供应极度紧张。

溢出效应带来分布式供电增长空间。我们测算，美国AIDC市场在2025年已存在约1.5GW的分布式发电缺口，到2030年这一缺口将扩大至近7GW（对应市场规模超80亿美元）。这部分无法被电网和燃机满足的需求，有望直接流向往复式燃气发电机组和SOFC。虑到全球其他地区，结构性也存在类似“美国缺电”的现象，我们认为对于往复式燃气发电机组、SOFC，实际的市场空间还要更大。

图表：美国新增发电需求缺口测算（GW）


Source: HTI


美国主供电方案补缺：燃气机即期爆发，SOFC决胜未来

1. 往复式燃气发电机（PSI）：即期填补美国缺口

技术路线：燃气轮机的完美替代者。在燃气轮机缺货背景下，往复式燃气发电机凭借“启动快+成本优”成为最佳替代方案，直接受益于美国市场的溢出效应。相比燃机20分钟启动，往复式机组仅需10分钟，更适合波动大的AI负载；单kW成本约1248美元，与燃机相当。此外，往复式燃气发电机既可作为主供电源，未来电网接入后又可无缝转为备用电源，避免资产浪费。

潍柴动力控股PSI，利润贡献显著提速。潍柴动力通过控股子公司PSI（Power Solutions International）深耕北美市场，持股比例约 46.5%，并掌握董事会控制权。受益于北美数据中心需求，PSI盈利能力大幅改善。2025年上半年净利润同比增长 141%至7000万美元，对潍柴归母净利润的贡献占比已提升至 4.5% （2024年仅为 2.2%）。预计2025年PSI全年营收将达7亿美元左右。

潍柴机组交付北美，支持美国新增设备需求。2025年10月，潍柴配套的4台 1100kW集装箱式燃气发电机组已成功交付美洲某电站项目，采用LNG燃料孤岛运行，标志着大缸径燃气发电产品在高端市场的实质性突破。我们认为，潍柴动力与子公司PSI已形成深度的相互赋能与协同效应，依托潍柴动力强大的供应链底座和PSI北美深耕多年的销售渠道与品牌认知，在“北美缺电”的产业红利下，潍柴动力携子公司PSI有望成为该领域主流的电力设备厂商。

图表：配套潍柴集装箱式燃气发电机组的美洲某电站项


Source: 潍柴动力公众号，HTI

2. SOFC固态氧化物燃料电池：下一代清洁主供电

固态氧化物燃料电池（SOFC）具备超高效率（热电联产效率>90%）低碳排放、燃料多样性等特性，是AIDC摆脱电网依赖、实现绿色算力的终极方案：

• 产业趋势：美国AEP电力公司已向Bloom Energy采购1GW SOFC订单，标志着该技术在北美进入大规模商业化部署阶段。

• 全球授权，量产在即：潍柴持有全球技术龙头Ceres Power约 20%股权。 2025年11月，双方签署里程碑式协议，潍柴获得SOFC电池片与电堆的全球


制造许可。这意味着潍柴不再受限于区域，可利用中国制造的成本优势，向全球数据中心供货。

• 商业化提速：自潍柴2023年发布大功率SOFC产品刷新全球效率纪录以来，公司在潍柴燃料电池产业园和潍坊市能源集团的示范项目已累计运行超3万小时，并已成功交付陕西燃气集团（西部首个热电联供示范）及国家电投（首个公共卫生分布式供能）等项目，技术成熟度全球领先。

图表：潍柴动力与潍坊市能源集团开展SOFC示范项目


Source: 潍柴动力官网，HTI

AIDC备电需求高增：大缸经柴发国产替代

柴发是潍柴动力AIDC发电设备业务版图的重要一环，其作为优秀备电设备前景广阔。随着AIDC的高速投入，作为核心备用电源的柴发在中短期内很难被替代。受益于算力扩容，我们预计全球柴发市场规模预计将从2024年的297亿元增长至2029年的588亿元。考虑到柴发的产品属性和赛道参与者的特点，行业基本没有新进入者，现有玩家的扩产速度预计也较为平缓。因此我们认为，潍柴AIDC柴发业务有望在较长时间段内保持量价齐升。

收购博杜安打破海外垄断。大缸径发动机市场长期被卡特彼勒、康明斯等欧美巨头垄断。潍柴动力通过收购法国博杜安，掌握了大缸径核心技术，开启了国产替代进程。2023年上半年，潍柴大缸径业务营收同比大增 77%，全球市占率约为 2.1%（根据潍柴动力2020年再融资的说明，当时大缸径高速发动机全球市场容量约14万台/年，市场规模约1600亿元），仍有巨大提升空间。


图表：潍柴大缸径发动机营收及同比增速


Source: 潍柴动力2019-2023年财报，HTI

产能扩张共振AIDC柴发高景气。根据公司2020年再融资说明材料，公司拟投入约14亿元建设大缸径高端发动机实验室项目，拟投入约18.5亿元建设大缸径高端发动机建设项目。预计2027年达产，达产后年化营收98亿元，年化净利润约24亿元。同时，大型柴发单体供应链复杂，新增产能周期较长。25H1主要企业如玉柴国际、康明斯、PSI等景气度高增，预计现有国产企业潍柴动力、玉柴国际、重庆机电高景气持续。


财务报表分析和预测

主要财务指标

2024

2025E

2026E

2027E

每股指标(元)

每股收益

1.31

1.43

1.75

2.03

每股净资产

9.93

10.98

11.79

12.65

每股经营现金流

2.99

2.41

3.25

4.22

每股股利

0.72

0.75

1.03

1.26

价值评估(倍)

P/E

19.25

17.66

14.39

12.38

P/B

2.54

2.29

2.14

1.99

P/S

1.02

0.93

0.85

0.79

EV/EBITDA

3.04

7.37

5.98

4.85

股息率%

2.9%

3.0%

4.1%

5.0%

盈利能力指标(%)

毛利率

22.4%

22.6%

22.8%

22.9%

净利润率

5.3%

5.3%

5.9%

6.4%

净资产收益率

13.2%

13.0%

14.9%

16.1%

资产回报率

3.3%

3.4%

4.1%

4.5%

投资回报率

8.5%

8.5%

10.3%

11.2%

盈利增长(%)

营业收入增长率

0.8%

9.6%

9.2%

7.3%

EBIT增长率

28.5%

2.0%

23.6%

15.5%

净利润增长率

26.5%

9.0%

22.8%

16.2%

偿债能力指标

资产负债率

64.5%

63.4%

61.4%

60.6%

流动比率

1.19

1.23

1.26

1.32

速动比率

0.88

0.89

0.90

0.96

现金比率

0.47

0.43

0.42

0.49

经营效率指标

应收账款周转天数

45.59

51.00

52.67

53.13

存货周转天数

79.19

71.59

69.23

68.28

总资产周转率

0.64

0.67

0.70

0.72

固定资产周转率

4.72

4.67

4.79

5.17

现金流量表(百万元)

2024

2025E

2026E

2027E

净利润

11,403

12,427

15,257

17,724

少数股东损益

2,874

2,728

3,349

3,891

非现金支出

14,301

10,621

11,283

12,038

非经营收益

3,163

1,314

1,355

1,160

营运资金变动

-5,648

-6,109

-2,918

1,965

经营活动现金流

26,094

20,980

28,326

36,779

资产

-6,600

-16,020

-10,000

-9,500

投资

-22,460

-1,633

0

0

其他

149

-4,705

0

0

投资活动现金流

-28,911

-22,358

-10,000

-9,500

债权募资

-8,801

-1,728

-8,000

0

股权募资

0

210

0

0

其他

-5,037

-2,350

-10,355

-12,160

融资活动现金流

-13,838

-3,867

-18,355

-12,160

现金净流量

-16,666

-4,761

-29

15,119

利润表(百万元)

2024

2025E

2026E

2027E

营业总收入

215,691

236,480

258,350

277,184

营业成本

167,305

183,100

199,369

213,645

毛利率%

22.4%

22.6%

22.8%

22.9%

营业税金及附加

707

828

904

970

营业税金率%

0.3%

0.4%

0.4%

0.4%

营业费用

12,485

13,479

14,209

14,691

营业费用率%

5.8%

5.7%

5.5%

5.3%

管理费用

10,259

12,533

12,917

13,305

管理费用率%

0

0

0

0

EBIT

17,106

17,442

21,562

24,908

财务费用

231

-387

-328

-522

财务费用率%

0.1%

-0.2%

-0.1%

-0.2%

资产减值损失

-1,068

-1,800

-1,800

-1,800

投资收益

421

0

0

0

营业利润

17,428

17,829

21,890

25,430

营业外收支

-106

0

0

0

利润总额

17,322

17,829

21,890

25,430

EBITDA

29,833

26,263

31,045

35,146

所得税

3,044

2,674

3,283

3,814

有效所得税率%

17.6%

15.0%

15.0%

15.0%

少数股东损益

2,874

2,728

3,349

3,891

归属母公司所有者净利润

11,403

12,427

15,257

17,724

资料来源：公司报表，HTI

资产负债表(百万元)

2024

2025E

2026E

2027E

货币资金

72,067

67,306

67,277

82,395

应收账款及应收票据

38,768

45,982

50,235

53,897

存货

35,675

37,146

39,535

41,509

其它流动资产

38,240

42,876

44,351

45,624

流动资产合计

184,750

193,311

201,398

223,426

长期股权投资

4,915

4,915

4,915

4,915

固定资产

47,303

53,904

53,967

53,337

在建工程

6,500

6,750

6,875

6,938

无形资产

22,205

22,705

23,205

23,205

非流动资产合计

159,130

171,637

172,155

171,416

资产总计

343,879

364,948

373,553

394,842

短期借款

1,742

3,742

742

742

应付票据及应付账款

92,159

94,093

96,915

103,855

预收账款

0

0

0

0

其它流动负债

60,939

58,941

62,317

65,251

流动负债合计

154,839

156,776

159,974

169,848

长期借款

8,517

12,017

7,017

7,017

其它长期负债

58,565

62,501

62,501

62,501

非流动负债合计

67,081

74,517

69,517

69,517

负债总计

221,921

231,293

229,491

239,366

实收资本

8,727

8,714

8,714

8,714

归属于母公司所有者权益

86,696

95,665

102,722

110,246

少数股东权益

35,262

37,990

41,339

45,230

负债和所有者权益合计

343,879

364,948

373,553

394,842


APPENDIX 1

Summary

Core View: Dual-Engine Drive and Valuation Reshaping- An Undervalued Comprehensive Supplier of AIDC Energy Solutions. The market currently views Weichai Power as a traditional cyclical heavy-duty truck stock, assigning it a valuation significantly lower than technology-driven energy peers, with a 2026E P/E of only 14.4x. We believe the company is accelerating its transformation into a comprehensive supplier of AIDC (Artificial Intelligence Data Center) power generation equipment, and the market has yet to fully price in its extensive layout in the energy sector. As the global computing infrastructure wave surges, we expect the company to break through the valuation ceiling of traditional manufacturing and achieve a valuation re-rating, driven by the dual logic of "filling the overseas primary power supply gap + domestic substitution in backup power."

US AIDC Primary Power Shortage: Vast Potential for PSI Reciprocating Gas Generator Sets and SOFCs. North American AIDC faces a severe "energy wall." On the demand side, incremental demand from data centers is projected to reach 90GW by 2030, while on the supply side, grid expansion cycles are lengthy, creating a significant gap for AIDC distributed power generation. The company's controlling subsidiary, PSI, is deeply entrenched in North America. Its reciprocating gas generator sets, featuring a 10minute fast-start capability, represent one of the optimal solutions to bridge this gap. PSI's net profit surged 141% YoY in 1H25, marking a period of explosive performance realization. Simultaneously, the company has secured global manufacturing licensing from Ceres (UK) to deploy SOFC (Solid Oxide Fuel Cell) technology, targeting the next-generation market for clean primary power supply.

Domestic Large-Bore Diesel Generators: Baudouin's Breakout and Import Substitution in the Backup Power Market. Backup power for data centers remains a rigid demand, with the global diesel generator market expected to reach RMB 58.8 billion by 2029. Leveraging the core large-bore technology mastered through the full acquisition of the French brand Baudouin, the company is breaking the long-standing monopoly of foreign giants like Caterpillar and Cummins. In 1H23, revenue from this segment surged 77% YoY, validating the import substitution logic as the company leaps from a niche share to becoming an industry mainstream player.

Earnings Forecast and Investment Rating. Against the backdrop of rapid growth in global AIDC investment and the deepening "US power shortage," Weichai Power's diverse AIDC power generation equipment businesses—reciprocating gas generator sets, SOFCs, and diesel generators for backup power—are all expected to achieve high performance growth. We project the company's net profit attributable to the parent for 2025/2026/2027 to be RMB 12.4/15.3/17.7 billion, respectively, corresponding to an EPS of RMB 1.43/1.75/2.03. Given that the growth of the AIDC power generation industry is expected to continuously increase the profit contribution of this segment to Weichai Power, we believe the company possesses significant growth potential. We assign a 2026 P/E of 22x, with a target price of RMB 38.52, and maintain an "OutPerform" rating.


APPENDIX 2

ESG Comments

Environmental:

Weichai Power continues to advance its transition toward lower-emission powertrain technologies, with increasing investments in fuel cell systems, hybrid solutions, and high-efficiency engines that support decarbonization across heavy-duty transport and industrial applications. The company has also been improving energy efficiency within its manufacturing footprint through process optimization and energy management initiatives. While its legacy internal combustion engine business still represents a significant portion of revenue, ongoing product electrification and hydrogen technology development position the company to gradually reduce lifecycle emissions intensity.

Social:

The company maintains a strong focus on product reliability and safety, which is critical given its exposure to commercial vehicle and industrial customers. Weichai has continued to invest in workforce training, technical talent development, and occupational safety systems across its manufacturing operations. In addition, its role as a key supplier to logistics and infrastructure sectors supports broader economic development and employment, though continued transparency on supply chain labor standards and diversity metrics would further strengthen its social disclosure.

Governance:

Weichai Power benefits from relatively stable governance structures, with a clear ownership framework and established board oversight mechanisms. The company has been enhancing internal controls, risk management processes, and disclosure practices in line with domestic regulatory expectations. However, as a large state-influenced enterprise, investors continue to monitor related-party transactions, capital allocation discipline, and the alignment between strategic investments and minority shareholder interests. Further improvements in disclosure granularity and independent board representation could enhance governance confidence.


附录 APPENDIX

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，王凯，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30个自然日内交易此研究报告所讨论目标公司的证券。I, Kai Wang, 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 30 calendar days after the research report is published.

我，王沈昱，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30个自然日内交易此研究报告所讨论目标公司的证券。I, Oscar Wang, 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 30 calendar 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).

No Disclosure

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.


截至2025年12月31日海通国际股票研究评级分布

截至2025年9月30日海通国际股票研究评级分布

优于大市

中性(持有)

弱于大市

优于大市

中性(持有)

弱于大市

海通国际股票研究覆盖率

93.9%

6.0%

0.1%

92.3%

7.5%

0.2%

投资银行客户*

3.0%

4.0%

0.0%

3.3%

3.9%

0.0%

*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。

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-MSCI China.

Haitong International Equity Research Ratings Distribution,

Haitong International Equity Research Ratings Distribution,as of December 31,2025

Haitong International Equity Research Ratings Distribution,as of September 30,2025

Outperform

Neutral(hold)

Underperform

Outperform

Neutral(hold)

Underperform

HTI Equity Research Coverage

93.9%

6.0%

0.1%

92.3%

7.5%

0.2%

IB clients*

3.0%

4.0%

0.0%

3.3%

3.9%

0.0%

*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):

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。国泰海通证券（601211.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，海通国际使用与国泰海通证券不同的评级系统，所以海通国际与国泰海通证券的中国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. GUOTAI HAITONG SECURITIES (601211 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 GTHS differs from that used by HTI and as a result there may be a difference in the HTI and GTHS ratings for the same A-share stocks.

海通国际优质100A股（Q100）指数：海通国际Q100指数是一个包括100支由国泰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，并结合对国泰海通证券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 GTHS in Shanghai. These stocks are carefully selected through a quality-based screening process in combination with a review of the GTHS 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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第三条


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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 India Private 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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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 International Securities (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130 West 42nd Street, FL 18, New York, NY 10036 USA，电话+1212-351-6052。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.

130 West 42nd Street, FL 18

New York, NY 10036

联系人电话：+1212-351-6052

DISTRIBUTION AND REGIONAL NOTICES

Except as otherwise indicated below, any Recipient wishing to discuss this research report or effect any transaction in any security discussed in HTI's research should contact the Haitong International salesperson in their own country or region.

Notice to Hong Kong investors: The research report is distributed by Haitong International Securities Company Limited ("HTISCL"), which is a licensed corporation to carry on Type 1 regulated activity (dealing in securities) in Hong Kong. This research report does not constitute a solicitation or an offer of securities or an invitation to the public within the meaning of the SFO. This research report is only to be circulated to "Professional Investors" as defined in the SFO. This research report has not been reviewed by the Securities and Futures Commission. You should not make investment decisions solely on the basis of the information contained in this research report. Recipients of this research report are to contact HTISCL salespersons in respect of any matters arising from, or in connection with, the research report.

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 130 West 42nd Street, FL 18, New York, NY 10036 USA; telephone +1 212-351-6052. 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.

130 West 42nd Street, FL 18

New York, NY 10036

Attn: Sales Desk at +1 212-351-6052

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.（“HTI USA”）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”）于新加坡提供。HTISSPL是符合《财务顾问法》2001（“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》2001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

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

电话：(65)67130473

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 Securities Company 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 International Securities (UK) Limited分别根据澳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2016/396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 India Private 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。

（条款链接：https://www.htisec.com/sites/all/themes/hitong/files/india/Terms%20and%20Conditions%20for%20Research%20Analyst.pdf）

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：+912243156800传真：+912224216327

合规和申诉办公室联系人：Prasanna Chandwaskar；电话：+912243156803；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”。

版权所有：海通国际证券集团有限公司2019年。保留所有权利。

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"). HTISSPL is an Exempt Financial Adviser under the Financial Advisers Act 2001 ("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 2001. 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) 6713 0473

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 Corporations (Repeal and Transitional) Instrument 2016/396, 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").

(Link to the Terms and Conditions document: https://www.htisec.com/sites/all/themes/hitong/files/india/Terms%20and%20Conditions%20for%20Research%20Analyst.pdf)

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: +912243156800

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".


Recommendation Chart

Weichai Power - 000338 CH


1. 5 Nov 2024 OUTPERFORM at 13.49 target 19.28.

Source: Company data Bloomberg, HTI estimates