美林的行業(yè)分析框架（中英文翻譯版本）

1、7/30/2022HK000I5D_ML_ChinaOpportunities_0804.pptDRAFTChina Industry Primer中國行業(yè)概況 August 18, 2004CONFIDENTIALHK000I5X7/30/2022HK000I5D_ML_ChinaOpportunities_0804.ppt1Total Market Size and Performance（市場規(guī)模及業(yè)績）No. of Players / Total Production Capacity（參與者數(shù)量/總產(chǎn)量）Unit Price / Units Sold（價格/銷量）Industry P

2、rimer 行業(yè)概況Market Overview市場概述Break down to province / region and subsector as appropriateInclude as much detail as appropriate / possible Footnote all your sources!_Source: Data to comeData to comeData to come7/30/2022HK000I5D_ML_ChinaOpportunities_0804.ppt2Industry Primer Key Industry Characteristi

3、cs！主要行業(yè)特征Fragmented market細分市場State-ownership國有性Import or export driven進出口導(dǎo)向Segmentation of market space市場空間分割I(lǐng)nnovation driven ?創(chuàng)新驅(qū)動Cyclical ?周期性Demographic-driven人口驅(qū)動Protected sector受保護方面Low penetration低行業(yè)滲透Lacking certain expertise特定專業(yè)知識匱乏Scale-play規(guī)模Brand-driven品牌驅(qū)動High barrier of entry高進入壁壘High

4、 R&D高研發(fā)投入Recent DevelopmentsIntroduction of certain technology特定技術(shù)引進Opening of certain markets特定市場開發(fā)Cutting import tariff進口關(guān)稅削減Rely on news run, industry sector reports, discussions in company annual reports近期開展走向7/30/2022HK000I5D_ML_ChinaOpportunities_0804.ppt3Industry Primer Key Industry Trends！主要

5、行業(yè)趨勢Certain product type popular產(chǎn)品類型流行Price cuts降價Intensifying competition增強的競爭Margin compression利潤壓縮Coupled with financing electronics for example財務(wù)、電子設(shè)備的舉例Domestic consolidation國內(nèi)的兼并Diversification of customer base客戶根底的多樣性Inter-provincial expansion跨省擴張Declining import tariff進口關(guān)稅下降Governments stanc

6、e and position政府姿態(tài)Funding more private sector capital資金 - 更多的私營部門的資金Shift in distribution channel分銷渠道的改變Rely on news run, industry sector reports, discussions in company annual reports7/30/2022HK000I5D_ML_ChinaOpportunities_0804.ppt4Industry Primer Key Drivers！主要驅(qū)動力Strong overall economic performanc

7、e強大的整體經(jīng)濟表現(xiàn)Infrastructure expansion根底設(shè)施的擴建Increasing consumer awareness消費者意識的提高Increase in construction work建設(shè)工作的增加Increase in disposal income人均可支配收入的增加Tie back to the Industry Characteristics and Trends回到行業(yè)的特點和趨勢_Source: Driver 1Driver 2Driver 3Driver 4Source: Industry reports, equity research on pr

8、ofiled companies7/30/2022HK000I5D_ML_ChinaOpportunities_0804.ppt5Key Players and Market Share關(guān)鍵成員和市場份額Industry Primer Competitive Landscape！競爭格局_Source: List key domestic or foreign players and respective market share列出關(guān)鍵的國內(nèi)外成員，及其市場份額Source: Industry reports, equity research on profiled companies, n

9、ews runs6Industry Primer Regulatory Environment執(zhí)法環(huán)境Key Regulations and Licensing RequirementsForeign Ownership Restrictions（國外所有制管制）Current situation當(dāng)前環(huán)境WTO commitments世貿(mào)組織承諾Favorable treatment for HK companies?港資公司的優(yōu)惠待遇？Distribution? 分銷？Manufacturing?制造？ Marketing?市場？Investment restrictions投資限制Key

10、Regulatory Agencies（關(guān)鍵執(zhí)法機構(gòu)）Relevant Tax Regulations（相關(guān)稅收規(guī)則）Favorable tax treatment for operation in certain region (特定地區(qū)經(jīng)營的稅收優(yōu)惠待遇)To come未來趨勢_Source: Source: Industry reports, equity research on profiled companies, news runs; lawyers websites7/30/2022HK000I5D_ML_ChinaOpportunities_0804.pptOverview o

11、f Multinationals Presence（跨國公司概況）7Industry Primer Foreign Participation to date！目前為止外資參與情況Market Share Breakdown Year?市場份額下降UNDER NO CIRCUMSTANCES SHOULD YOU CONTACT THE REGIONAL RMs在任何情況下你都不能聯(lián)系區(qū)域經(jīng)理？_Source: Source: Industry reports, equity research on profiled companies, news runs; SDC M&A runs7/30

12、/2022HK000I5D_ML_ChinaOpportunities_0804.ppt8Cross-Bordered M&A（跨國并購）Domestic M&A（國內(nèi)并購）M&A Activity to Date！目前為止企業(yè)并購情況Industry Primer _Source: Key Transactions（關(guān)鍵環(huán)節(jié)）_(#) represent no. of deals_(#) represent no. of deals(10)(10)(10)(10)(10)(10)(10)(10)(10)(10)(10)(10)to cometo comeSizable, notable tr

13、ansactions規(guī)?；@著性交易Source: SDC M&A runs and news runs7/30/2022HK000I5D_ML_ChinaOpportunities_0804.ppt9Ranking by ROA（總資產(chǎn)收益率排序）Ranking by ROE（凈資產(chǎn)收益率排序）Summary of Players！參與者情況匯總Industry Primer _Source: to cometo comeSource: SDC M&A runs and news runsRanking by Valuation（企業(yè)價值排序） Ranking by EBITDA Marg

14、in（稅息折舊及攤銷前利潤排序）to comeEV/EBITDA or P/E or P/B7/30/2022HK000I5D_ML_ChinaOpportunities_0804.ppt10Company Profile - 公司簡介Stock Market Performance股市表現(xiàn)Recent Developments近期發(fā)展Business Overview業(yè)務(wù)概況Key Management主要管理層Industry Primer No. of employees員工人數(shù)Geographic coverage地理覆蓋范圍Product range產(chǎn)品類別Revenue breakdown收入細分Key brands主要品牌Key strategy關(guān)鍵策略_Source: 7/30/2022HK000I5D_ML_ChinaOpportunities_0804.pp