UBS 瑞银： 中信证券 首次关注深度 56页

UBS Investment Research

CITIC Securities ：China’s leading securities firm

Contents page
Summary and investment case 3
Risk analysis 7
Competitive analysis 10
— Assessment of industry attractiveness................................................................10
— Management strategy and competitive strengths................................................11
Return on capital 14
Financials 16
— Balance sheet ....................................................................................................16
— Profit & loss........................................................................................................17
— Cash flow...........................................................................................................18
Valuation 37
— Price target derivation ........................................................................................37
— Comparables......................................................................................................38
Appendix 41
— 1: Company background ....................................................................................41
— 2. Potential Catalysts .........................................................................................43
— 3: China equity market .......................................................................................46
— 4. Industry major players ....................................................................................47