国泰海通证券 | 研究所 韩其成 建筑工程首席分析师 行业核心洞察 宏观:经济周期政策主题投资 中观:实物工作量产业链验证 微观:科技转型第二增长曲线 价值主张 一供需关系变化为本,DCF 现金流贴现为纲;基 于商业模式和竞争优势,致力挖掘最快业绩加 速度和永续现金流的拾贝龙头。 年度代表作 . . . . . . . . . 点击下方图片 查看电话会回放详细议程 推 荐 阅 读 上线了！国泰海通2025研究框架培训视频版｜洞察价值，共创未来 报告来源 :: 13:41 观点来自国泰海通证券已发布的研究报告。报告名称：拾贝龙头复盘：商业模式特质与业绩估值规律； 报告日期：20250706；报告作者：韩其成S0880516030004；风险提示：总结方法见仁见智，相关公 司所涉及股价和业绩等为已披露年报历史数据资料，不代表未来趋势的判断和投资建议。 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我 ...

Core Viewpoint - Valuation modeling is an essential skill in the financial industry, applicable across various fields such as primary equity, private placements, and secondary markets like IPOs and mergers and acquisitions [1] Group 1: Issues in Current Valuation Modeling - The existing valuation modeling systems in the market face several practical issues, including: - Logical issues where data presentation is overly complex, making it difficult for company leaders to understand [2] - Problems with the selection and combination of valuation methods, leading to significantly different results from methods like DCF, PE, PB, EV/EBITDA, and others [2] - Deficiencies in assumptions used in DCF calculations, often based on arbitrary reasoning rather than solid evidence [2] Group 2: Training Program Details - A training program titled "DCF Cash Flow Discounting - Rapid Skill Building Guide" will be held on July 19-20, 2025, in Shanghai, organized by Wutong Classroom in collaboration with M&A Academy [2] - The program aims to address the key challenges affecting valuation judgment and decision-making communication [2] Group 3: Instructors' Background - The instructors have extensive experience in industry research and investment, covering various sectors: - Instructor Liu has 10 years of industry research and investment experience, specializing in cash flow discount valuation modeling [7] - Instructor Yu is familiar with valuation methods for innovative drugs and vaccines, having provided training for multiple institutions [7] - Instructor Xue has experience in cyclical and consumer industries, focusing on profit estimation and price-volume decomposition [8] Group 4: Course Structure and Content - The course will cover several modules, including: - Valuation issues and frameworks, including valuation laws and profit forecasting [13][14] - Practical exercises in DCF valuation modeling, including the underlying principles and preparation for modeling [15][18] - Building revenue forecasting tables and case studies using various methods such as market share and comprehensive methods [21][22] - Special valuation methods like EV/EBITDA and NAV, along with practical issues in valuation [24][22] Group 5: Course Outcomes - Participants will gain skills in tracking economic conditions, understanding capital market information pricing mechanisms, and applying safety margin thinking in valuation [28]