可转债策略系列：横、纵向估值法挖掘正股估值性价比

Group 1 - The report constructs a valuation scoring system to assess the price-performance ratio of convertible bond underlying stocks, focusing on quickly and accurately evaluating individual stock valuation levels while controlling for drawdown risks [1][9] - The valuation framework employs both vertical (relative to historical levels) and horizontal (relative to peers) analyses to position stocks in a two-dimensional space, allowing for a comprehensive assessment of their valuation [1][9] - The horizontal analysis identifies which underlying stocks have better valuation cost-effectiveness compared to others, using a set of primary and secondary indicators to filter out unsuitable metrics [1][10][11] Group 2 - The horizontal valuation framework aims to determine which convertible bonds (or underlying stocks) are relatively inexpensive at a given moment, addressing the challenge of cross-industry valuation comparisons [10][11] - The report identifies suitable primary indicators for various industries, categorizing them based on the adequacy of data points, stability across periods, and the dispersion of individual stock valuations [11][12][16] - The report highlights that the PE (3-year non-negative average) and PB indicators are widely applicable across industries, with the introduction of PE (3-year non-negative average) providing a more reliable alternative to traditional PE metrics [17][18] Group 3 - The vertical analysis framework assesses which underlying stocks have improved valuation cost-effectiveness compared to their historical levels, using data from June 2021 to the present [28][29] - The report finds that stocks with low vertical valuations tend to exhibit greater upward elasticity in bullish markets, with those above the 80% valuation threshold showing significantly lower average price increases [29][30] - The report identifies low-valued convertible bond targets worth attention, particularly in industries such as defense, basic chemicals, and construction decoration, which have shown high elasticity in the current market environment [34][36]