美林的行业分析框架

1、hk000i5d11/22/2021hk000i5d_ml_chinaopportunities_0804.pptchina industry primer august 18, 2004confidentialhk000i5xhk000i5d11/22/2021hk000i5d_ml_chinaopportunities_0804.ppt1total market size and performanceno. of players / total production capacityunit price / units soldindustry primer market overvie

2、w1. break down to province / region and subsector as appropriate2. include as much detail as appropriate / possible 3. footnote all your sources!_source: data to comedata to comedata to comehk000i5d11/22/2021hk000i5d_ml_chinaopportunities_0804.ppt2industry primer key industry characteristicsnfragmen

3、ted marketnstate-ownershipnimport or export drivennsegmentation of market spaceninnovation driven ?ncyclical ?ndemographic-drivennprotected sectornlow penetrationnlacking certain expertisenscale-playnbrand-drivennhigh barrier of entrynhigh r&drecent developmentsnintroduction of certain technolog

4、ynopening of certain marketsncutting import tariff1. rely on news run, industry sector reports, discussions in company annual reportshk000i5d11/22/2021hk000i5d_ml_chinaopportunities_0804.ppt3industry primer key industry trendsncertain product type popularnprice cutsnintensifying competitionnmargin c

5、ompressionncoupled with financing electronics for examplendomestic consolidationndiversification of customer baseninter-provincial expansionndeclining import tariffngovernments stance and positionnfunding more private sector capitalnshift in distribution channel1. rely on news run, industry sector r

6、eports, discussions in company annual reportshk000i5d11/22/2021hk000i5d_ml_chinaopportunities_0804.ppt4industry primer key driversnstrong overall economic performanceninfrastructure expansionnincreasing consumer awarenessnincrease in construction worknincrease in disposal incometie back to the indus

7、try characteristics and trends_source: driver 1driver 2driver 3driver 4source: industry reports, equity research on profiled companieshk000i5d11/22/2021hk000i5d_ml_chinaopportunities_0804.ppt5key players and market shareindustry primer competitive landscape_source: list key domestic or foreign playe

8、rs and respective market sharesource: industry reports, equity research on profiled companies, news runshk000i5d11/22/2021hk000i5d_ml_chinaopportunities_0804.ppt6industry primer regulatory environmentkey regulations and licensing requirementsforeign ownership restrictionsncurrent situationnwto commi

9、tmentsnfavorable treatment for hk companies?ndistribution? manufacturing? marketing?ninvestment restrictionskey regulatory agenciesrelevant tax regulationsnfavorable tax treatment for operation in certain region nto come_source: source: industry reports, equity research on profiled companies, news r

10、uns; lawyers websiteshk000i5d11/22/2021hk000i5d_ml_chinaopportunities_0804.pptoverview of multinationals presence7industry primer foreign participation to datemarket share breakdown year?under no circumstances should you contact the regional rms_source: source: industry reports, equity research on p

11、rofiled companies, news runs; sdc m&a runshk000i5d11/22/2021hk000i5d_ml_chinaopportunities_0804.ppt8cross-bordered m&adomestic m&am&a activity to dateindustry primer _source: key transactions_(#) represent no. of deals_(#) represent no. of deals(10)(10)(10)(10)(10)(10)(10)(10)(10)(10

12、)(10)(10)date acquiror / target transaction value multiple paid comments to cometo comesizable, notable transactionssource: sdc m&a runs and news runshk000i5d11/22/2021hk000i5d_ml_chinaopportunities_0804.ppt9ranking by roaranking by roesummary of playersindustry primer _source: to cometo comesou

13、rce: sdc m&a runs and news runsranking by valuation ranking by ebitda marginto comeev/ebitda or p/e or p/bhk000i5d11/22/2021hk000i5d_ml_chinaopportunities_0804.ppt10company profile - stock market performancerecent developmentsbusiness overviewkey managementindustry primer nto comenno. of employeesngeographic coveragenproduct rangenrevenue breakdownnkey brandsnkey strategy_source: hk000i5d11/22/2021hk000i5d_ml_chinaopportunities_0804.ppt11key operating metricsswot