比亚迪 BYD (002594 CH)

盈利阶段性波动，出海与技术红利释放在即

Earnings Temporarily Volatile, Overseas Expansion and Technology Upside Set to Unfold

观点聚焦 Investment Focus

维持优于大市 Maintain OUTPERFORM

评级

优于大市OUTPERFORM

现价

Rmb102.65

目标价

Rmb124.04

HTI ESG

4.4-1.9-3.0

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

Rmb697.12bn/US$100.91bn

日交易额(3个月均值)

US$753.90mn

发行股票数目

3,487mn

自由流通股(%)

67%

1年股价最高最低值

Rmb135.00-Rmb87.05

注：现价 Rmb102.65为2026年04月01日收盘价


资料来源：Factset

1mth

3mth

12mth

绝对值

14.9%

5.0%

-16.9%

绝对值（美元）

14.1%

6.3%

-12.7%

相对MSCI China

22.6%

14.0%

-17.9%

Rmb mn

Dec-25A

Dec-26E

Dec-27E

Dec-28E

Revenue

803,965

880,466

1,036,356

1,165,020

Revenue(+/-)

3%

10%

18%

12%

Net profit

32,619

40,429

52,197

66,328

Net profit(+/-)

-19%

24%

29%

27%

Diluted EPS(Rmb)

3.58

4.43

5.73

7.28

GPM

17.7%

18.6%

19.1%

19.6%

ROE

13.2%

14.3%

15.8%

17.0%

P/E

29

23

18

14

资料来源：公司信息，HTI

(Please see APPENDIX 1 for English summary)

业绩阶段性承压：规模突破新台阶，投入驱动长期能力强化。比亚迪发布2025年年报，整体呈现“收入稳增、利润承压”特征。全年实现营业收入8039.7亿元，同比增长 3.5%，首次突破8000亿元；归母净利润326.2亿元，同比下降 19%，主要受行业竞争加剧及费用投入上行影响。单季度看，2025年第四季度实现营收2377亿元、归母净利润92.9亿元，环比保持韧性。全年新能源汽车销量达460万辆，规模优势进一步巩固。现金流方面，经营活动净现金流591.4亿元，同比回落主要源于账期缩短及扩张投入；期末现金储备1678亿元，财务安全边际充足。研发投入持续提升至634亿元，占比进一步提高。我们认为，公司在行业竞争加剧阶段主动加大研发与产能投入，短期利润承压，但为后续产品周期与全球扩张奠定基础。

海外业务加速放量，本地化布局驱动中长期成长空间打开。2025年公司海外业务进入收获期，全年出口销量突破105万辆，同比增长1.4倍，境外收入达3107亿元，占比提升至约 39%，成为业绩结构优化的重要支撑。市场层面，公司已覆盖全球119个国家和地区，在东盟、拉美及欧洲实现多点突破，区域竞争力持续提升。运营层面，公司由“出口驱动”加速迈向“本地化制造+服务”，巴西工厂快速放量，欧洲总部落地匈牙利，公司预计印尼及欧洲工厂4月起逐步投产，叠加自有滚装船体系完善，全球交付能力持续强化。公司对2026年海外销量150万辆目标保持信心，考虑产能释放节奏与需求韧性，我们认为仍具上修空间。整体来看，海外业务盈利能力优于国内，有望成为未来数年销量与利润弹性的核心来源。

王沈昱 Oscar Wang, CFA

电动化与智能化持续引领，技术体系升级驱动新一轮产品周期。电动化方面，公司依托第二代刀片电池与兆瓦闪充体系实现补能效率跃迁，基于1000V高压架构实现最高1MW充电功率，显著缩短充电时间并优化低温性能，直击用户核心痛点。围绕该技术，公司正推进高功率充电网络建设，叠加储能及光储充一体化方案，强化补能体系闭环能力。智能化方面，公司持续推进整车智能布局，截至2025年底导航辅助驾驶车型累计超256万辆，“天神之眼”体系已成为差异化核心能力。根据公司规划，年中将发布新一轮智能驾驶战略，天神之眼5.0有望落地，进一步强化主动安全与全场景能力。整体来看，公司在电动化与智能化两大主线持续领先，技术红利正加速向产品竞争力与品牌溢价转化。

王凯 Kai Wang, CFA

盈利预测：我们预计公司2026新车销量有望冲击500万台大关，同比+9%，出海贡献主要增量。预计公司2026-28营收为 8805/10364/11650亿元（下调 8%/4%/新引入），对应EPS为 4.43/5.73/7.28元（下调 8%/1%/新引入）。参照可比公司估值，综合实力显著优于大多数同行业自主车企，给予一定的估值溢价。给予公司2026年28xPE，对应合理目标价124.04元（原目标价 116.16元，对应26年24xPE，上调 7%），维持“优于大市”评级。

sy.wang@htisec.com

k.wang@htisec.com

风险提示：技术研发不及预期，出海不及预期，行业竞争加剧。

图表1 可比公司估值表

公司名称

市值(亿人民币)

营业收入(亿人民币)

净利润(亿人民币)

PE(倍)

PB(倍)

2025A

2026E

2025A

2026E

2025A

2026E

2025A

2026E

长城汽车

1,544

2,228

2,761

99

151

17.8

11.7

2.2

1.8

吉利汽车

2,099

3,452

4,332

166

210

10.6

10.0

1.9

1.9

长安汽车

887

1,637

2,002

55

76

17.3

13.2

1.5

1.2

上汽集团

1,704

6,661

7,207

94

136

61.2

12.5

0.6

0.5

奇瑞汽车

1,421

3,003

3,616

195

218

9.5

6.5

3.7

2.0

平均值

23.3

10.8

2.0

1.5

注：PE、PB为WIND一致预期，数据截至2026年4月1日收盘价资料来源：WIND，海通国际


财务报表分析和预测

资产负债表(百万元)

2024A

2025A

2026E

2027E

2028E

货币资金

102,739

75,425

133,853

214,976

358,179

交易性金融资产

40,511

54,533

64,533

55,033

63,353

应收账款及票据

62,299

37,005

40,355

47,500

53,397

存货

116,036

138,421

139,391

163,034

182,046

其他流动资产

48,987

66,085

63,274

73,902

77,804

流动资产合计

370,572

371,468

441,405

554,444

734,778

长期投资

19,082

21,781

22,971

24,163

24,163

固定资产

262,287

292,776

304,718

310,575

256,802

在建工程

19,954

48,294

49,405

50,016

39,352

无形资产及商誉

42,851

45,913

54,903

63,993

63,099

其他非流动资产

68,608

103,498

107,322

112,813

112,711

非流动资产合计

412,784

512,262

539,319

561,559

496,128

总资产

783,356

883,730

980,724

1,116,003

1,230,906

短期借款

12,103

38,485

43,485

50,485

55,485

应付账款及票据

244,027

209,206

223,026

251,537

262,667

一年内到期的非流动负债

10,223

6,312

6,312

6,312

6,312

其他流动负债

229,632

214,448

247,186

289,921

318,757

流动负债合计

495,985

468,451

520,009

598,255

643,220

长期借款

8,258

60,706

63,206

66,206

69,706

应付债券

0

4,998

4,998

4,998

4,998

租赁负债

9,876

8,620

13,620

18,620

23,620

其他非流动负债

70,549

82,415

82,415

82,415

82,415

非流动负债合计

88,682

156,739

164,239

172,239

180,739

总负债

584,668

625,191

684,248

770,494

823,960

实收资本(或股本)

2,909

9,117

9,117

9,117

9,117

其他归母股东权益

182,342

237,157

273,393

320,367

380,058

归属母公司股东权益

185,251

246,275

282,510

329,484

389,175

少数股东权益

13,437

12,265

13,966

16,025

17,772

股东权益合计

198,688

258,539

296,476

345,509

406,947

总负债及总权益

783,356

883,730

980,724

1,116,003

1,230,906

现金流量表(百万元)

2024A

2025A

2026E

2027E

2028E

经营活动现金流

133,454

59,136

157,274

162,172

158,136

投资活动现金流

-129,082

-197,463

-96,992

-79,213

-8,975

筹资活动现金流

-10,268

104,614

-1,707

-1,835

-5,958

汇率变动影响及其他

-359

-148

-148

0

0

现金净增加额

-6,255

-33,861

58,428

81,124

143,203

折旧与摊销

66,906

80,526

61,393

68,445

69,481

营运资本变动

21,878

-47,933

44,947

29,881

11,084

资本性支出

-96,292

-154,710

-84,279

-84,939

-100

备注：（1）表中计算估值指标的收盘价日期为4月1日；（2）以上各表均为简表资料来源：公司年报（2025），海通国际

利润表(百万元)

2024A

2025A

2026E

2027E

2028E

营业总收入

777,102

803,965

880,466

1,036,356

1,165,020

营业成本

626,047

661,305

716,869

838,458

936,238

税金及附加

14,752

13,581

14,087

17,618

18,640

销售费用

24,085

26,185

26,414

32,127

36,116

管理费用

18,645

20,200

21,131

24,873

27,960

研发费用

53,195

57,978

60,752

72,027

81,551

EBIT

49,978

39,732

58,518

72,916

88,880

其他收益

14,052

13,800

15,848

19,691

20,970

公允价值变动收益

532

364

0

0

0

投资收益

2,291

2,857

2,641

3,109

3,495

财务费用

1,216

-649

8,953

9,085

8,792

减值损失

-5,425

-2,230

-784

-837

0

资产处置损益

-127

28

0

0

0

营业利润

50,486

40,185

49,965

64,130

80,188

营业外收支

-805

-432

-400

-300

-100

所得税

8,093

5,992

7,435

9,575

12,013

净利润

41,588

33,761

42,130

54,256

68,075

少数股东损益

1,334

1,142

1,701

2,059

1,747

归属母公司净利润

40,254

32,619

40,429

52,197

66,328

主要财务比率

2024A

2025A

2026E

2027E

2028E

ROE(摊薄,%)

21.7%

13.2%

14.3%

15.8%

17.0%

ROA(%)

5.7%

4.1%

4.5%

5.2%

5.8%

ROIC(%)

17.5%

8.9%

11.6%

12.6%

13.3%

销售毛利率(%)

19.4%

17.7%

18.6%

19.1%

19.6%

EBIT Margin(%)

6.4%

4.9%

6.6%

7.0%

7.6%

销售净利率(%)

5.4%

4.2%

4.8%

5.2%

5.8%

资产负债率(%)

74.6%

70.7%

69.8%

69.0%

66.9%

存货周转率(次)

6.1

5.2

5.2

5.5

5.4

应收账款周转率(次)

12.5

16.2

22.8

23.6

23.1

总资产周转率(次)

1.1

1.0

0.9

1.0

1.0

净利润现金含量

3.3

1.8

3.9

3.1

2.4

资本支出/收入

12.4%

19.2%

9.6%

8.2%

0.0%

EV/EBITDA

6.50

7.77

7.79

6.14

4.66

P/E(现价&最新股本摊薄)

23.25

28.69

23.15

17.93

14.11

P/B(现价)

5.05

3.80

3.31

2.84

2.40

P/S(现价)

1.20

1.16

1.06

0.90

0.80

EPS-最新股本摊薄(元)

4.42

3.58

4.43

5.73

7.28

DPS-最新股本摊薄(元)

1.32

0.36

0.44

0.57

0.73

股息率(现价,%)

1.3%

0.3%

0.4%

0.6%

0.7%


APPENDIX 1

Summary

Earnings under short-term pressure: scale reaches a new level while investment strengthens long-term capabilities. BYD released its FY2025 results, showing a pattern of "steady revenue growth but pressured profitability." Full-year revenue reached Rmb803.97bn, up 3.5% YoY, surpassing the Rmb800bn milestone for the first time; attributable net profit was Rmb32.62bn, down 19% YoY, mainly due to intensified industry competition and rising expense investments. On a quarterly basis, 4Q25 revenue and attributable net profit came in at Rmb237.7bn and Rmb9.29bn, respectively, with resilient sequential performance. Annual NEV sales reached 4.6mn units, further consolidating scale advantages. Operating cash flow was Rmb59.14bn, declining YoY primarily due to shortened payment cycles and expansion-related investments; ending cash balance stood at Rmb167.8bn, indicating a solid financial cushion. R&D expenses increased to Rmb63.4bn, with a higher revenue mix. We believe the Company is proactively increasing R&D and capacity investments amid intensifying competition; while near-term profitability is under pressure, this lays a solid foundation for the next product cycle and global expansion.

Overseas business accelerates, with localization unlocking mid- to long-term growth potential. In 2025, BYD's overseas business entered a harvest phase, with exports exceeding 1.05mn units (+140% YoY) and overseas revenue reaching Rmb310.7bn, accounting for ~39% of total revenue and becoming a key driver of mix improvement. Geographically, the Company has expanded to 119 countries and regions, achieving multi-point breakthroughs across ASEAN, Latin America, and Europe, with strengthening regional competitiveness. Operationally, BYD is transitioning from an "export-driven" model to "localized manufacturing + services": the Brazil plant ramped up rapidly, the European HQ was established in Hungary, and plants in Indonesia and Europe are expected to gradually commence production from April 2026. Together with its self-operated roll-on/roll-off vessel fleet, global delivery capability continues to improve. Management remains confident in achieving its 2026 overseas sales target of 1.5mn units; considering capacity ramp-up and demand resilience, we see potential upside. Overall, overseas markets offer a more favorable competitive landscape and higher profitability than domestic markets, and are likely to become the core source of volume and earnings elasticity in the coming years.

Electrification and intelligence continue to lead, with technology upgrades driving a new product cycle. On electrification, BYD is reshaping the refueling experience through its second-generation Blade Battery and megawatt-level fast-charging system, achieving a step-change in charging efficiency. Based on a 1000V high-voltage architecture, the system delivers up to 1MW charging power, significantly reducing charging time and improving low-temperature performance, directly addressing key user pain points. The Company is accelerating deployment of high-power charging networks, complemented by energy storage and integrated solar-storage-charging solutions to enhance system reliability. On intelligence, BYD continues to advance its vehicle-level smart architecture; as of end-2025, cumulative deliveries of navigation-assisted driving vehicles exceeded 2.56mn units, with the "God's Eye" system becoming a key differentiator. According to management, a new smart driving strategy will be unveiled mid-year, with "God's Eye 5.0" expected to launch, further strengthening active safety and full-scenario capabilities. Overall, BYD maintains leadership across electrification and intelligence, with technological advantages increasingly translating into product competitiveness and pricing power.

Earnings forecast and valuation: We expect 2026 vehicle sales to approach 5.0mn units (+9% YoY), with overseas markets contributing the majority of incremental growth. We forecast revenue of Rmb880.5bn/Rmb1,036.4bn/Rmb1,165.0bn for 2026 28 （-8%/-4%/new), and EPS of Rmb4.43/Rmb5.73/Rmb7.28 （-8%/-1%/new). Benchmarking against peers, we believe BYD's comprehensive strengths are significantly superior to most domestic OEMs, justifying a valuation premium. We assign a 2026E PE of 28x, implying a target price of Rmb124.04 (previous: Rmb116.16 based on 24x 2026E PE, +7%) , and maintain our OUTPERFORM rating.

Risks: Slower-than-expected technological progress, weaker overseas expansion, and intensifying industry competition.


APPENDIX 2

ESG Comments

Environmental:

BYD leads in the production of electric vehicles and renewable energy solutions, significantly reducing carbon emissions. Social:

BYD is committed to creating sustainable urban development and transportation, enhancing the quality of life for communities. Governance:

BYD upholds high standards of corporate governance, ensuring transparency, accountability, and ethical business practices.


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.

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.

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).

国泰海通证券股份有限公司和/或其子公司（统称“国泰海通”）在过去12个月内参与了002594.CH的投资银行项目。投资银行项目包括：1、国泰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、国泰海通作为保荐人、主承销商或财务顾问的股权或债务再融资项目；3、国泰海通作为主经纪商的新三板上市、目标配售和并购项目。

Guotai Haitong Securities Co., Ltd. and/or its subsidiaries (collectively, the "Guotai Haitong") have a role in investment banking projects of 002594.CH within the past 12 months. The investment banking projects include 1. IPO projects in which Guotai Haitong acted as pre-listing tutor, sponsor, or lead-underwriter; 2. equity or debt refinancing projects of 002594.CH for which Guotai 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 Guotai Haitong acted as lead-brokerage firm.

1. CH目前或过去12个月内是国泰海通的投资银行业务客户。

1. CH is/was an investment bank clients of Guotai Haitong currently or within the past 12 months.

1. CH,002594.CH及600104.CH目前或过去12个月内是国泰海通的客户。国泰海通向客户提供非投资银行业务的证券相关业务服务。

1. CH, 002594.CH and 600104.CH are/were a client of Guotai Haitong currently or within the past 12 months. The client has been provided for non-investment-banking securities-related services.

国泰海通在过去12个月中获得对002594.CH提供投资银行服务的报酬。

Guotai Haitong received in the past 12 months compensation for investment banking services provided to 002594.CH.

国泰海通预计将（或者有意向）在未来三个月内从002594.CH获得投资银行服务报酬。

Guotai Haitong expects to receive, or intends to seek, compensation for investment banking services in the next three months from 002594.CH.

国泰海通在过去的12个月中从601633.CH获得除投资银行服务以外之产品或服务的报酬。

Guotai Haitong has received compensation in the past 12 months for products or services other than investment banking from 601633.CH.

国泰海通担任 601633.CH,002594.CH及0175.HK有关证券的做市商或流通量提供者。

Guotai Haitong acts as a market maker or liquidity provider in the securities of 601633.CH,002594.CH and 0175.HK.


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.

as of December 31,2025

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):

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


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 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。

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SusallWave FIN-ESG Data Service Disclaimer: Please read these terms and conditions below carefully and confirm your agreement and acceptance with these terms before using SusallWave FIN-ESG Data Service.

1. FIN-ESG Data is produced by SusallWave Digital Technology Co., Ltd. (In short, SusallWave)'s assessment based on legal publicly accessible information. SusallWave shall not be responsible for any accuracy and completeness of the information. The assessment result is for reference only. It is not for any investment advice for any individual or institution and not for basis of purchasing, selling or holding any relative financial products. We will not be liable for any direct or indirect loss of any individual or institution as a result of using SusallWave FIN-ESG Data.

1. SusallWave do not consider recipients as customers for receiving these data. When using the data, recipients shall make your own independent judgment according to your practical individual status. The contents of the data reflect the judgment of us only on the release day. We have right to update and amend the data and release other data that contains inconsistent contents or different conclusions without notification. Unless expressly stated, the data (e.g., financial performance data) represents past performance only and the past performance cannot be viewed as the prediction of future return.

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1. If any term is not contained in this disclaimer but written in other agreements on our website (e.g. User Registration Protocol of SusallWave Website, User Service (including authentication) Agreement of SusallWave Website, Privacy Policy of Susallwave Website), it should be executed according to other agreements. If there is any difference between this disclaim and other agreements, this disclaimer shall be applied.

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 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


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.

Please refer to HTI's website www.equities.htisec.com for further information on HTI's organizational and administrative arrangements set up for the prevention and avoidance of conflicts of interest with respect to Research.

Non U.S. Analyst Disclosure: The HTI analyst(s) listed on the cover of this Research is (are) not registered or qualified as a research analyst with FINRA and are not subject to U.S. FINRA Rule 2241 restrictions on communications with companies that are the subject of the Research; public appearances; and trading securities by a research analyst.

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 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，FL18，New York，NY10036 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”。

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。

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


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".

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BYD - 002594 CH


1. 28 Apr 2023 OUTPERFORM at 255.86 target 318.06.

1. 18 Jul 2023 OUTPERFORM at 265.48 target 308.00.

1. 30 Aug 2023 OUTPERFORM at 246.71 target 316.14.

1. 1 Nov 2023 OUTPERFORM at 238.54 target 366.52.

1. 19 Jan 2024 OUTPERFORM at 190.48 target 366.52.

1. 28 Mar 2024 OUTPERFORM at 211.98 target 251.68.

1. 5 Jun 2024 OUTPERFORM at 237.10 target 280.92.

1. 5 Sep 2024 OUTPERFORM at 250.32 target 289.56.

1. 1 Nov 2024 OUTPERFORM at 293.19 target 329.05.

1. 19 Nov 2024 OUTPERFORM at 288.68 target 329.05.

1. 12 Feb 2025 OUTPERFORM at 329.90 target 329.05.

1. 2 Nov 2025 OUTPERFORM at 100.79 target 116.16.

3-for-1 split implemented on 29 Jul 2025

Source: Company data Bloomberg, HTI estimates