1. sports

Company Research
Company update
Wisdom Holdings (1661 HK)
China / Media
The wind rises.
23 October 2014
We believe the sports industry is entering into long-term structural
growth backed by government policies. With 12 cooperation
agreements signed, Wisdom is rapidly seizing the market and will be a
major beneficiary from the 25%+ industry CAGR for 2013-25. Mediumterm earnings visibility has also improved significantly with more
confirmed events. We revise up our earnings forecast by 14% and 15%
for FY15 and FY16 and raise our TP by 19% to HK$6.62. Maintain BUY.
BUY
Target price
HK$6.62
HK$5.47
Last price (23 Oct 14)
Upside/downside (%)
HSI
Mkt cap (HK$bn/US$bn)
52 week range (HK$)
Avg trading volume daily (US$mn)
Free float (%)
21.0
23333.18
8.8/1.1
2.80 - 6.20
3.98
Source: Bloomberg
Government’s RMB5tn target translates into 25%+ CAGR for 2013-25.
On Oct 20, 2014, the State Council published detailed policies supporting the
sports industry and set a target of RMB5trillion output of the sports industry by
2025. Given that current sports industry output is only ~RMB300bn, the target
would translate into an industry CAGR of ~26% for 2013-25. In addition, qualified
high-tech companies in the sports industry would also enjoy a lower tax rate of
15%. As a leading sports event operating company, Wisdom is well positioned to
benefit from this structural long-term growth.
Performance
HK$
6.00
210%
190%
5.00
170%
4.00
150%
130%
3.00
Rapidly seizing the market through more cooperation agreements.
110%
Wisdom signed cooperation agreements with local governments of another four
regions (Anhui, Liaoning, Jiangsu and Chongqing), which involves >300 sports
events per year until 2018. Together with the existing cooperation agreements,
Wisdom has expanded its geographical coverage to 12 regions involving >600 mass
public sports events in total. They are expected to allow Wisdom to see
phenomenal growth driven by larger number of sports events, higher sponsorship
fees and more advertising revenue.
Higher earnings visibility backed by more confirmed events.
We believe earnings visibility of Wisdom has been improved significantly.
Following the success of the 1st Four Season Run held in Sept 14 (estimated
revenue ~RMB10mn), the company has scheduled this event to other cities in the
coming years (we assume 4 in FY15 and 6 in FY16). In addition, Wisdom has
secured Intime (1833.HK, NR) as the title sponsor of Hangzhou Marathon for 3
years starting 2014. Meanwhile, the new program DaLeJia (大乐驾), which would
be broadcasted on Sichuan Satellite TV every Friday night since Oct 24, is expected
to boost program & advertising revenue in FY15.
Raise TP to HK$6.62, maintain BUY.
2.00
Oct-13
90%
Jun-14
Price(LHS)
Performance
Absolute (%)
Absolute (US$, %)
Relative to HSI (%)
Source: Bloomberg
Rel. to HSI(RHS)
1M
13.5
13.4
15.6
3M
31.5
31.4
34.2
12M
93.3
93.2
91.8
Company background
Wisdom Holdings Group operates a a holding
company. The Company, through its subsidiaries,
provide media investment management, produce TV
programs and organize sports competitions.
Source: Bloomberg
We revise up our earnings forecast by 14% to RMB374mn in FY15 and 15% to
RMB486mn in FY16 to reflect higher earnings from the increased number of sports
events in the pipeline and higher profit visibility. We upgrade our target price by 19%
to HK$6.62 based on the sum of the parts (SOTP) valuation methodology. At our TP,
the stock would trade at PE of 22.3x in FY15 or 0.9x PEG for FY14-16.
Figure 1: Financial Summary
Year to Dec 31 (RMBmn)
Revenue
Operating Profit
Underlying Profit
Underlying EPS (CNY)
DPS (CNY)
BVPS (CNY)
P/E (x)
Dividend Yield (%)
P/B (x)
ROE (%)
2012A
2013A
2014E
2015E
2016E
557
176
132
0.11
0.04
0.25
37.55
1.0
17.53
55.0
694
308
231
0.17
0.16
0.77
25.99
3.8
5.62
34.2
864
355
271
0.17
0.07
0.77
25.64
1.6
5.64
23.5
1,227
491
374
0.23
0.09
0.91
18.56
2.2
4.77
27.8
1,569
639
486
0.30
0.12
1.09
14.29
2.8
3.97
30.3
Maggie Zheng
SFC CE No.: AYO399
+852 2899 3130
[email protected]
Kevin Wong
SFC CE No.: BCB957
+852 2899 3141
[email protected]
Source: Guosen Securities(HK)
See the last page of this report for important disclosures
1
公司报告
公司快讯
智美控股集团
(1661 HK)
中国 / 媒体
风起了
买入
2014 年 10 月 23 日
我们认为中国体育行业在国家产业政策支持下正在进入长期结构性
成长过程，2013-2025 年年复合增长率有望达到 25%以上。智美通
过跑马圈地，与 12 个地区签订赛事合作开发合同，将成为行业增
长的主要受益者。且随着更多赛事安排的确定，业绩增长的可预见
性更为明朗。我们分别将 FY15&16 的盈利预测调高 14%与 15%，并
提高目标价 19%至人民币 HK$6.62,维持买入评级。
HK$6.62
HK$5.47
目标价
收盘价 (23 Oct 14)
Upside/downside (%)
恒生指数
总市值 (HK$/US$bn)
52 周最高/最低 (HK$)
日均成交额 (US$mn)
流通量 (%)
21.0
23333.18
8.8/1.1
2.80 - 6.20
3.98
资料来源: 彭博
2013-2025 体育行业年复合增长需达到 25%以上才能实现规模 5 万
亿产出目标
2014 年 10 月 20 日 ， 国 务 院 颁 布 了 《 关 于 加 快 发 展 体 育 产 业
促进体育消费的若干意见》，明确提出到 2025 年体育产业总规模超过 5
万亿的目标。2013 年我国体育产业规模约为 3 千亿，因此 2013-2025 体
育产业年复合增长需达到约 26%。此外，对经认定为高新技术企业的体育
企业，有望按 15%的优惠税率征收企业所得税。作为赛事运营行业的领军
企业，智美有望成为此轮结构性成长的直接受益者。
6.00
210%
190%
5.00
170%
4.00
150%
130%
110%
智美又与四地签订赛事合作协议，包括安徽，辽宁，江苏及重庆，合作期
限至 2018 年，每年赛事多达超过 300 场。目前公司已经在地域上覆盖了
12 个重点城市或地区，覆盖超过 600 场赛事。公司有望通过对大量地方
性赛事的商业开发从而获得更高的赛事赞助收入以及赛事广告收入。
更多赛事安排已经确定，盈利增长更为明朗
我们认为智美的盈利增长更为明确。首届“四季跑”上海站随即获得成功
（预计单场收入约达人民币 1000 万元），公司计划将“四季跑”引入更
多的城市（我们预计 FY15 有 4 场，FY16 有 6 场）。此外，智美已经和银
泰（1833.HK，未评级）签订 2014-2016 为期三年的杭州马拉松冠名赞助
协议。与此同时，新的栏目《大乐驾》也计划由 2014 年 10 月 24 日起每
周五晚于四川卫视直播，预计提升 FY15 的节目制作及广告收入增长。
调高目标价至 HK$6.62, 维持“买入”评级
基于赛事数量不断提高，盈利增长性更为明确，我们将 FY15 及 FY16 年盈
利预测分别提升 14%至 RMB374 百万元以及提升 15%至 RMB486 百万元。我
们基于分部加总估值法调高目标价 19%至 HK$6.62，相当于 FY15PE 22.3X,
FY14-16 PEG 0.9X.
2.00
Oct-13
90%
Jun-14
Price(LHS)
股票数据
绝对回报 (%)
绝对回报 (US$, %)
相对 HSI 回报 (%)
资料来源: 彭博
Rel. to HSI(RHS)
1M
13.5
13.4
15.6
3M
31.5
31.4
34.2
12M
93.3
93.2
91.8
公司簡介
Wisdom Holdings Group operates a a holding company.
The Company, through its subsidiaries, provide
media investment management, produce TV programs
and organize sports competitions.
资料来源: 彭博
郑梦奇
证监会中央编号:AYO399
+852 2899 3130
[email protected]
黄敬璋
Figure 2: 盈利预测
营业额
经营盈利
实际盈利
每股实际盈利 (CNY)
每股股息 (CNY)
每股账面价值 (CNY)
市盈率 (x)
股息率 (%)
市净率 (x)
净资产收益率 (%)
HK$
3.00
通过与各地政府签订合约跑马圈地，抢夺市场
截至 Dec 31 (人民币百万)
股价表现
2012A
2013A
2014E
2015E
2016E
557
176
132
0.11
0.04
0.25
37.55
1.0
17.53
55.0
694
308
231
0.17
0.16
0.77
25.99
3.8
5.62
34.2
864
355
271
0.17
0.07
0.77
25.64
1.6
5.64
23.5
1,227
491
374
0.23
0.09
0.91
18.56
2.2
4.77
27.8
1,569
639
486
0.30
0.12
1.09
14.29
2.8
3.97
30.3
SFC CE No.: BCB957
+852 2899 3141
[email protected]
资料来源：国信证券(香港)
研究报告仅代表分析员个人观点，请务必阅读正文之后的免责声明。
2
Wisdom Holdings (1661 HK)
Maggie Zheng, +852 2899 3130, [email protected]
Supportive sports industry policy to grow the market size to
RMB 5trillion.
Encourage the commercialization of sports events and facilities
Output of sports industry in
China in 2013 was
~RMB300bn, which implies
an industry output of ~26%
for 2013-25 to meet the
target of RMB5trillion in
2025.
On Oct 20, the State Council published a policy supporting the sports industry.
(http://www.gov.cn/zhengce/content/2014-10/20/content_9152.htm). We believe this suggests
that the central government now views the sports industry as an engine to drive domestic demand.
The policy sets a target of RMB5trillion sports industry output in China by 2025. In 2013, the sports
industry output was ~RMB300bn, which implies an industry CAGR of ~26% for 2013-25.
Key points include:
1)
Transfer of sports event operation rights from local government to private enterprises.
Previously local governments and sports bureaus have both approval rights and operation
rights of sports event. Under the new policy, no government approval is required for sports
events, and the operation rights are transferred to capable private enterprises. The role of the
government is to facilitate the operation of sports events.
2)
Upgrade of the sports industry. The previous policy focused on sportswear/equipment
manufacturing sector. However, the new policy has expanded the scope to include sports
training, events operation, consulting and athlete agency. More importantly, the new policy
emphasizes on the commercialization of sports events.
3)
Increase in supply of sports events. More sports events should be hosted. High-quality
regional sports events should be further improved to draw worldwide attention. Also, the
cooperation with overseas sports events operators should be enhanced to introduce more
international events into China.
4)
Tax benefit for qualified companies in the sports industry. Companies in the sports industry,
which successfully gained high-tech status, may qualify for a 15% corporate income tax rate.
Qualified companies in sports and culture industry are entitled for 3% business tax.
5)
Development and protection of intellectual property rights. Sponsorships, advertisements
and franchisee would be introduced to fully explore the value of intellectual rights for sports
events, stadiums and sports associations. The development of derivative products are
encouraged and all intellectual property should be protected.
Wisdom is well-positioned to take a bite from the growing
industry.
Successful Four Season Run will be introduced to other cities
In Sep 14, Wisdom launched its first self-developed sports event “Four Season Run” in Shanghai.
This event became an immediate hit with CCTV live-broadcast and GAC as title sponsor. The
distance is only 6 kilometers and the runway is divided into 4 themes based on 4 seasons. The
event attracted thousands of participants and was featured “family group” and “ladies group”
which targeted family participants and lady participants. These two groups coincided with the
target customer of two sponsors, GAC Auto and Naruko Cosmetics. GAC introduced its latest car
model Levin, which targets family customers. Naruko, on the other hand, targets the lady runners.
The feature of the events is tailor-made to match sponsor needs, which explains why Four Season
Run can attract sponsors at the 1st station.
Guosen Securities (HK)
3
Wisdom Holdings (1661 HK)
Maggie Zheng, +852 2899 3130, [email protected]
Picture 1 Four Season Run， Sep 14, 2014, Shanghai
1st Four Season Run in
Shanghai achieved
immediate success with
GAC
Source: Guosen Securities(HK) Research, Company data
Looking forward, Wisdom will introduce this model to other cities, like Changsha and aims to
operate 5-6 Four Season Run per year. The Shanghai model can serve as a successful example
when Wisdom is negotiating with other cities and other sponsors. We expect average revenue for
a matured Four Season run with title sponsors could reach ~RMB10mn.
Cooperation with 4 more regions to boost local sports industry
Wisdom signed cooperation agreements with local governments of another four regions (Anhui,
Liaoning, Jiangsu and Chongqing), which involves >300 sports events per year until 2018. Together
with the existing cooperation agreements, Wisdom has expanded its geographical coverage to 12
regions involving >600 mass public sports events in total. They are expected to allow Wisdom to
see phenomenal growth driven by larger number of sports events, higher sponsorship fees and
more advertising revenue. We expect the mass public sports events would generate revenue
starting from FY15.
Guosen Securities (HK)
4
Wisdom Holdings (1661 HK)
Maggie Zheng, +852 2899 3130, [email protected]
Higher profit visibility
Intime (1833.HK, NR) as Hangzhou Marathon title sponsor for 2014-16
Wisdom organized a successful Marathon in Hangzhou. The registration desk was set right outside
Intime’s Hangzhou department store, and attracted a lot of customer traffic to the department. As
a result, Wisdom secured Intime (1833.HK, NR) as the title sponsor of Hangzhou Marathon for 3
years starting 2014. Based on Guangzhou Marathon, title sponsorship fee would equal to
~RMB15mn.
Picture 3 The crowd of Marathon participants at the registration desk
Source: Guosen Securities(HK) Research, Company Data
A new program launched on Sichuan Satellite TV
A new progam DaLeJia (大乐驾) would be broadcasting on Sichuan Satellite TV every Friday night
at 23:30 since Oct 24, 2014. This is expected to boost program & advertising revenue in FY15. The
program is a combination of talk show and trial drive, featuring some latest models of branded
cars. Also, the program is broadcasted both via TV, mobile App and online targeting audience aged
between 20-45. Each quarter, up to 10 off-line events are planned in communities/squares to
interact with target audience. We believe the all round broadcasting channel of this program with
off-line events would be attractive to auto manufactures as a vehicle to introduce their new
models to the market.
Guosen Securities (HK)
5
Wisdom Holdings (1661 HK)
Maggie Zheng, +852 2899 3130, [email protected]
Assumption and valuation
We revise up our earnings forecast by 14% in FY15 and 15% in FY16 to reflect:
1.
4 Four Season Run in FY15, 6 in FY16
2.
30 of the ~600 mass sports events start to yield in FY15, 40 in FY16
3.
Moderate growth of 15% for Program & Advertisement business in FY15 and 10% in FY16
On higher earnings, we upgrade our target price by 19% from HK$5.54 to HK$6.62 based on sum of
the parts (SOTP) valuation methodology.
Figure 4 SOTP Valuation
Source: Guosen Securities(HK) Research
Figure 5 Peer comparison
Source: Guosen Securities(HK) Research
Guosen Securities (HK)
6
Wisdom Holdings (1661 HK)
Maggie Zheng, +852 2899 3130, [email protected]
Figure 6 12 months forward PE band chart
Figure 7 12 months forward PB band chart
HK$
7.00
7.00
6.00
6.00
max 5.9X
+1sd 5.3X
5.00
max 26.8X
+1sd 24.2X
4.00
avg 19.0X
4.00
avg 4.2X
-1sd 13.9X
min 10.6X
3.00
-1sd 3.0X
2.00
min 2.3X
PE(x) 23.3X
3.00
2.00
1.00
5.00
PB(x) 5.1X
1.00
0.00
Aug-13
Source: Bloomberg, Guosen Securities(HK) Research
Guosen Securities (HK)
Aug-14
0.00
Aug-13
Aug-14
Source: Bloomberg, Guosen Securities(HK) Research
7
Wisdom Holdings (1661 HK)
Maggie Zheng, +852 2899 3130, [email protected]
Summary financial statements
Profit & Loss (RMBmn)
Revenue
2012A 2013A 2014E 2015E 2016E
Financial Ratios
2012A 2013A
2014E
2015E 2016E
557
694
864
1,227
1,569
Revenue growth (%)
18.2
24.6
24.5
42.0
27.8
Cost of sales
(340)
(351)
(454)
(619)
(780)
Operating profit growth (%)
54.1
74.8
15.1
38.6
30.1
Gross profit
217
343
411
608
788
Reported profit growth (%)
54.5
75.3
17.0
38.2
29.9
Underlying profit growth (%)
54.6
75.2
17.0
38.2
29.9
Underlying EPS growth (%)
54.6
44.5
1.3
38.2
29.9
Dividend growth (%)
25.0
359
(52.8)
38.2
29.9
Other income/(expense)
0
27
26
0
0
Operating expenses
(41)
(62)
(82)
(117)
(149)
Operating profit
176
308
355
491
639
Other non operating inc/(exp)
0
0
0
0
0
Gross profit margin (%)
38.9
49.4
47.5
49.5
50.3
Finance income
2
9
7
8
9
Operating profit margin (%)
31.6
44.4
41.0
40.0
40.8
Finance expenses
0
(5)
0
0
0
Underlying profit margin (%)
23.7
33.3
31.3
30.5
31.0
Associates & JCE
0
0
0
0
0
Net debt/equity (%)
(35.2)
(76.6)
(54.1)
(53.4) (52.4)
Profit before taxation
178
311
361
499
648
Net debt/total assets (%)
(26.8)
(68.0)
(48.1)
(46.7) (45.4)
Taxation
(46)
(80)
(90)
(125)
(162)
0
0
0
0
0
132
232
271
374
486
Non-controlling interests
Net profit
Other Adjustments on UP
Underlying Profit
0
0
0
0
0
132
231
271
374
486
Source: Guosen Research estimates
Current ratio (%)
378
865
880
780
727
Dividend payout (%)
37.9
99.2
40.0
40.0
40.0
5,872.0
57.7
2.6
1.0
2.5
2.5
2.5
2012A 2013A
2014E
Interest cover (x)
Dividend cover (x)
Dupont Analysis
Tax burden (%)
74.3
74.4
75.0
2015E 2016E
75.0
75.0
Interest burden (%)
101
101
102
102
101
Operating profit margin (%)
31.6
44.4
41.0
40.0
40.8
Asset turnover (x)
1.6
0.9
0.7
0.8
0.9
Leverage ratio (x)
1.4
1.2
1.1
1.1
1.1
ROA (%)
39.0
29.4
20.9
24.5
26.4
ROE (%)
54.9
34.2
23.5
27.8
30.3
2012A 2013A
2014E
Source: Guosen Research estimates
Balance Sheet (RMBmn)
Fixed assets
2012A 2013A 2014E 2015E 2016E
Cashflow (RMBmn)
36
36
35
37
40
Associates & JCE
0
0
0
0
0
Depreciation & amortization
Others
3
3
5
5
5
Interest income
39
39
40
42
44
Non-current assets
Inventories
Operating profit
Change in working capital
178
311
361
499
4
5
5
6
648
6
(2)
(9)
(7)
(8)
(9)
(135)
(105)
(50)
(77) (100)
(31)
(36)
(90)
(125) (162)
0
0
0
0
0
0
0
0
227
344
410
542
705
Other operating cashflow
0
0
99
820
667
778
917
Operating activities
15
167
220
295
383
5
3
269
304
355
Purchase of non-current assets (Capex)
(5)
(5)
(7)
(7)
(8)
331
1,166
1,346
1,624
1,977
Free cash flow
0
0
0
0
0
Trade & payables
31
26
30
40
52
Taxation
28
82
91
125
162
Others
29
27
33
44
57
Current liabilities
88
135
153
208
272
Bank & other borrowings
0
0
0
0
0
Investing activities
Others
0
0
0
0
0
Non-current liabilities
0
0
0
0
0
283
1,070
1,233
1,457
1,749
Debtors & prepayments
Bank deposits & cash
Others
Current assets
Bank & other borrowings
Net assets
Share capital
Tax paid
2015E 2016E
10
162
213
287
375
Disposal of non-current assets
0
0
0
0
0
Associates & JCE (net)
0
0
0
0
0
Interest received
2
7
7
8
9
Dividends received
0
0
0
0
0
Other investing cashflow
0
0
(265)
(35)
(50)
(4)
3
(265)
(34)
(49)
New loans raised
0
0
0
0
0
Repayment of loans
0
0
0
0
0
(49)
(85)
(108)
Dividends paid
3
639
639
639
639
1
636
0
Premium & reserves
280
431
594
818
1,110
Financing activities
(48)
551
(108)
Shareholders' funds
283
1,070
1,233
1,457
1,749
Inc/(dec) in cash
(37)
720
(153)
111
140
0
0
0
0
0
Cash at beginning of year
136
99
820
667
778
283
1,070
1,233
1,457
1,749
Non-controlling interests
Total equity
Source: Guosen Research estimates
Other financing cashflow
(150) (195)
Foreign exchange effect
Cash at end of year
0
0
(150) (195)
0
0
0
0
0
99
820
667
778
917
Source: Guosen Research estimates
Guosen Securities (HK)
8
Wisdom Holdings (1661 HK)
Maggie Zheng, +852 2899 3130, [email protected]
Information Disclosures
Stock ratings, sector ratings and related definitions
Stock Ratings:
Buy: A return potential of 10 % or more relative to overall market within 6 – 12 months.
Neutral: A return potential ranging from -10% to 10% relative to overall market within 6 – 12 months.
Sell: A negative return of 10% or more relative to overall market within 6 –12 months.
Sector Ratings:
Overweight: The sector will outperform the overall market by 10% or higher within 6 –12 months.
Neutral: The sector performance will range from -10% to 10% relative to overall market within 6 –12 months.
Underweight: The sector will underperform the overall market by 10% or lower within 6 – 12 months.
Interest disclosure statement
The analyst is licensed by the Hong Kong Securities and Futures Commission. Neither the analyst nor his/her associates serves as an
officer of the listed companies covered in this report and has no financial interests in the companies.
Guosen Securities (HK) Brokerage Co., Ltd. and its associated companies (collectively “Guosen Securities (HK)”) has no disclosable
financial interests (including securities holding) or make a market in the securities in respect of the listed companies. Guosen
Securities (HK) has no investment banking relationship within the past 12 months, to the listed companies. Guosen Securities (HK)
has no individual employed by the listed companies.
Disclaimers
The prices of securities may fluctuate up or down. It may become valueless. It is as likely that losses will be incurred rather than
profit made as a result of buying and selling securities.
The content of this report does not represent a recommendation of Guosen Securities (HK) and does not constitute any
buying/selling or dealing agreement in relation to the securities mentioned. Guosen Securities (HK) may be seeking or will seek
investment banking or other business (such as placing agent, lead manager, sponsor, underwriter or proprietary trading in such
securities) with the listed companies. Individuals of Guosen Securities (HK) may have personal investment interests in the listed
companies.
This report is based on information available to the public that we consider reliable, however, the authenticity, accuracy or
completeness of such information is not guaranteed by Guosen Securities (HK). This report does not take into account the particular
investment objectives, financial situation or needs of individual clients and does not constitute a personal investment
recommendation to anyone. Clients are wholly responsible for any investment decision based on this report. Clients are advised to
consider whether any advice or recommendation contained in this report is suitable for their particular circumstances. This report is
not intended to be an offer to buy or sell or a solicitation of an offer to buy or sell the securities mentioned.
This report is for distribution only to clients of Guosen Securities (HK). Without Guosen Securities (HK)’s written authorization, any
form of quotation, reproduction or transmission to third parties is prohibited, or may be subject to legal action. Such information
and opinions contained therein are subject to change and may be amended without any notification. This report is not directed at,
or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any jurisdiction where such
distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject Guosen
Securities (HK) and its group companies to any registration or licensing requirement within such jurisdiction.
Guosen Securities (HK)
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Wisdom Holdings (1661 HK)
Maggie Zheng, +852 2899 3130, [email protected]
信息披露
公司评级、行业评级及相关定义
公司评级
买入：我们预计未来 6-12 个月内，个股相对大盘涨幅在 10%以上；
中性：我们预计未来 6-12 个月内，个股相对大盘涨幅介于-10%与 10%之间；
减持：我们预计未来 6-12 个月内，个股相对大盘跌幅大于 10%。
行业评级
超配：我们预计未来 6-12 个月内，行业整体回报高于市场整体水平 10%以上；
中性：我们预计未来 6-12 个月内，行业整体回报介于市场整体水平-10%与 10%之间；
低配：我们预计未来 6-12 个月内，行业整体回报低于市场整体水平 10%以上。
利益披露声明
报告作者为香港证监会持牌人士，分析员本人或其有联系者并未担任本研究报告所评论的上市法团高级管理人员，也未持有
其任何财务权益。
本报告中，国信证券（香港）经纪有限公司及其所属关联机构（合称国信证券（香港））并无持有该公司须作出披露的财务
权益(包括持股)，在过去 12 个月内与该公司并无投资银行关系，亦无进行该公司有关股份的庄家活动。本公司员工均非该
上市公司的雇员。
免责条款
证券价格有时可能非常波动。证券价格可升可跌，甚至变成毫无价值。买卖证券未必一定能够赚取利润，反而可能会招致损
失。
本研究报告内容既不代表国信证券（香港）的推荐意见，也并不构成所涉及的个别股票的买卖或交易要约。国信证券（香港）
或其集团公司有可能会与本报告涉及的公司洽谈投资银行业务或其它业务（例如配售代理、牵头经办人、保荐人、包销商或
从事自营投资于该股票）。国信证券（香港）不排除其员工有个人投资于本报告内所提及的上市法团。
报告中的资料均来自公开信息，我们力求准确可靠，但对这些信息的正确性、公正性及完整性不做任何保证。本报告没有考
虑到个别客户特殊的投资目标、财务状况或需要，并不构成个人投资建议，客户据此投资，责任自负。客户在阅读本研究报
告时应考虑报告中的任何意见或建议是否符合其个人特定状况。本报告并不存在招揽或邀约购买或出售任何证券的企图。
本报告仅向特定客户传送，未经国信证券香港书面授权许可，任何人不得引用、转载以及向第三方传播，否则可能将承担法
律责任。研究报告所载的资料及意见，如有任何更改，本司将不作另行通知。在一些管辖区域内，针对或意图向该等区域内
的市民、居民、个人或实体发布、公布、供其使用或提供获取渠道的行为会违反该区域内所适用的法律或规例或令国信证券
（香港）受制于任何注册或领牌规定，则本研究报告不适用于该等管辖区域内的市民、居民或身处该范围内的任何人或实体。
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