美林的行业分析框架.ppt

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1、10/30/2023,HK000I5D_ML_ChinaOpportunities_0804.ppt,DRAFT,China Industry Primer,August 18,2004,CONFIDENTIAL,HK000I5X,10/30/2023,HK000I5D_ML_ChinaOpportunities_0804.ppt,1,Industry Primer,Market Overview,Break down to province/region and subsector as appropriateInclude as much detail as appropriate/pos

2、sible Footnote all your sources!,_Source:,Data to come,Data to come,Data to come,10/30/2023,HK000I5D_ML_ChinaOpportunities_0804.ppt,2,Industry Primer,Key Industry Characteristics,Fragmented marketState-ownershipImport or export drivenSegmentation of market spaceInnovation driven?Cyclical?Demographic

3、-driven,Protected sectorLow penetrationLacking certain expertiseScale-playBrand-drivenHigh barrier of entryHigh R&D,Recent Developments,Introduction of certain technologyOpening of certain marketsCutting import tariff,Rely on news run,industry sector reports,discussions in company annual reports,10/

4、30/2023,HK000I5D_ML_ChinaOpportunities_0804.ppt,3,Industry Primer,Key Industry Trends,Certain product type popularPrice cutsIntensifying competitionMargin compressionCoupled with financing electronics for exampleDomestic consolidationDiversification of customer baseInter-provincial expansionDeclinin

5、g import tariffGovernments stance and positionFunding more private sector capitalShift in distribution channel,Rely on news run,industry sector reports,discussions in company annual reports,10/30/2023,HK000I5D_ML_ChinaOpportunities_0804.ppt,4,Industry Primer,Key Drivers,Strong overall economic perfo

6、rmanceInfrastructure expansionIncreasing consumer awarenessIncrease in construction workIncrease in disposal income,Tie back to the Industry Characteristics and Trends,_Source:,Driver 1,Driver 2,Driver 3,Driver 4,Source:Industry reports,equity research on profiled companies,10/30/2023,HK000I5D_ML_Ch

7、inaOpportunities_0804.ppt,5,Industry Primer,Competitive Landscape,_Source:,List key domestic or foreign players and respective market share,Source:Industry reports,equity research on profiled companies,news runs,10/30/2023,HK000I5D_ML_ChinaOpportunities_0804.ppt,6,Industry Primer,Regulatory Environm

8、ent,Current situationWTO commitmentsFavorable treatment for HK companies?,Distribution?Manufacturing?Marketing?Investment restrictions,Favorable tax treatment for operation in certain region,To come,_Source:,Source:Industry reports,equity research on profiled companies,news runs;lawyers websites,10/

9、30/2023,HK000I5D_ML_ChinaOpportunities_0804.ppt,7,Industry Primer,Foreign Participation to date,Market Share Breakdown Year?,UNDER NO CIRCUMSTANCES SHOULD YOU CONTACT THE REGIONAL RMs,_Source:,Source:Industry reports,equity research on profiled companies,news runs;SDC M&A runs,10/30/2023,HK000I5D_ML

10、_ChinaOpportunities_0804.ppt,8,M&A Activity to Date,Industry Primer,_Source:,_(#)represent no.of deals,_(#)represent no.of deals,(10),(10),(10),(10),(10),(10),(10),(10),(10),(10),(10),(10),to come,to come,Sizable,notable transactions,Source:SDC M&A runs and news runs,10/30/2023,HK000I5D_ML_ChinaOppo

11、rtunities_0804.ppt,9,Summary of Players,Industry Primer,_Source:,to come,to come,Source:SDC M&A runs and news runs,to come,EV/EBITDA or P/E or P/B,10/30/2023,HK000I5D_ML_ChinaOpportunities_0804.ppt,10,Company Profile-,Industry Primer,To come,No.of employeesGeographic coverageProduct rangeRevenue breakdownKey brandsKey strategy,_Source:,10/30/2023,HK000I5D_ML_ChinaOpportunities_0804.ppt,11,To come,To come,Company Profile-(Contd),Industry Primer,+Other operating data:ie.No of outlets/production capacity,_Source:,