美林的行業(yè)分析框架(中英文翻譯版本)

1、8/30/2022DRAFTChina Industry Primer（中國(guó)行業(yè)概況） August 18, 2004CONFIDENTIALHK000I5X8/30/20221Total Market Size and Performance（市場(chǎng)規(guī)模及業(yè)績(jī)）No. of Players / Total Production Capacity（參與者數(shù)量/總產(chǎn)量）Unit Price / Units Sold（價(jià)格/銷量）Industry Primer （行業(yè)概況）Market Overview（市場(chǎng)概述）Break down to province / region and subsect

2、or as appropriateInclude as much detail as appropriate / possible Footnote all your sources!_Source: Data to comeData to comeData to come8/30/20222Industry Primer Key Industry Characteristics（！主要行業(yè)特征）Fragmented market（細(xì)分市場(chǎng)）State-ownership（國(guó)有性）Import or export driven（進(jìn)出口導(dǎo)向）Segmentation of market spac

3、e（市場(chǎng)空間分割）Innovation driven ?（創(chuàng)新驅(qū)動(dòng)）Cyclical ?（周期性）Demographic-driven（人口驅(qū)動(dòng)）Protected sector（受保護(hù)方面）Low penetration（低行業(yè)滲透）Lacking certain expertise（特定專業(yè)知識(shí)匱乏）Scale-play（規(guī)模）Brand-driven（品牌驅(qū)動(dòng)）High barrier of entry（高進(jìn)入壁壘）High R&D（高研發(fā)投入）Recent DevelopmentsIntroduction of certain technology（特定技術(shù)引進(jìn)）Opening of

4、certain markets（特定市場(chǎng)開發(fā)）Cutting import tariff（進(jìn)口關(guān)稅削減）Rely on news run, industry sector reports, discussions in company annual reports近期發(fā)展走向8/30/20223Industry Primer Key Industry Trends（！主要行業(yè)趨勢(shì)）Certain product type popular產(chǎn)品類型流行Price cuts降價(jià)Intensifying competition增強(qiáng)的競(jìng)爭(zhēng)Margin compression利潤(rùn)壓縮Coupled wit

5、h financing electronics for example財(cái)務(wù)、電子設(shè)備的舉例Domestic consolidation國(guó)內(nèi)的兼并Diversification of customer base客戶基礎(chǔ)的多樣性Inter-provincial expansion跨省擴(kuò)張Declining import tariff進(jìn)口關(guān)稅下降Governments stance and position政府姿態(tài)Funding more private sector capital資金 - 更多的私營(yíng)部門的資金Shift in distribution channel分銷渠道的改變Rely on

6、news run, industry sector reports, discussions in company annual reports8/30/20224Industry Primer Key Drivers！主要驅(qū)動(dòng)力Strong overall economic performance強(qiáng)大的整體經(jīng)濟(jì)表現(xiàn)Infrastructure expansion基礎(chǔ)設(shè)施的擴(kuò)建Increasing consumer awareness消費(fèi)者意識(shí)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

7、Tie back to the Industry Characteristics and Trends回到行業(yè)的特點(diǎn)和趨勢(shì)_Source: Driver 1Driver 2Driver 3Driver 4Source: Industry reports, equity research on profiled companies8/30/20225Key Players and Market Share關(guān)鍵成員和市場(chǎng)份額Industry Primer Competitive Landscape！競(jìng)爭(zhēng)格局_Source: List key domestic or foreign players

8、and respective market share列出關(guān)鍵的國(guó)內(nèi)外成員，及其市場(chǎng)份額Source: Industry reports, equity research on profiled companies, news runs6Industry Primer（） Regulatory Environment（執(zhí)法環(huán)境）Key Regulations and Licensing RequirementsForeign Ownership Restrictions（國(guó)外所有制管制）Current situation（當(dāng)前環(huán)境）WTO commitments（世貿(mào)組織承諾）Favorabl

9、e treatment for HK companies?（港資公司的優(yōu)惠待遇？）Distribution? （分銷？）Manufacturing?（制造？） Marketing?（市場(chǎng)？）Investment restrictions（投資限制）Key Regulatory Agencies（關(guān)鍵執(zhí)法機(jī)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(yíng)的稅收優(yōu)惠待遇)To come（未來趨勢(shì)）_Source: Source: Industry rep

10、orts, equity research on profiled companies, news runs; lawyers websites8/30/2022Overview of Multinationals Presence（跨國(guó)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(chǎng)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？）_Sou

11、rce: Source: Industry reports, equity research on profiled companies, news runs; SDC M&A runs8/30/20228Cross-Bordered M&A（跨國(guó)并購(gòu)）Domestic M&A（國(guó)內(nèi)并購(gòu)）M&A Activity to Date（！目前為止企業(yè)并購(gòu)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)(

12、10)(10)(10)(10)(10)(10)(10)to cometo comeSizable, notable transactions（規(guī)?；?、顯著性交易）Source: SDC M&A runs and news runs8/30/20229Ranking 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(jià)值排

13、序） Ranking by EBITDA Margin（稅息折舊及攤銷前利潤(rùn)排序）to comeEV/EBITDA or P/E or P/B8/30/202210Company Profile - 公司簡(jiǎn)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(xì)分Key brands主要品牌Key strategy關(guān)鍵策略