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1 / 34 2021 02 22 -1 -2021.2.19 - -2021.2.7 - -2021.1.31 S0790520030003 S0790120030038 2020 1136 2015 2020 21.9% 1 2 3 1 2 3 GO + 1 2 3 -31% 0% 31% 62% 93% 123% 154% 2020-02 2020-06 2020-10 3002 / 34 1 . 4 1.1 . 7 1.2 . 9 2 . 14 2.1 . 14 2.2 . 17 2.3 VS . 20 2.4 VS . 21 3 . 25 3.1 . 25 3.2 . 27 3.3 . 30 4 . 32 5 . 32 1 2015 2020 9.8% . 4 2 . 5 3 2020 . 5 4 80 . 5 5 90 60% . 5 6 . 6 7 . 6 8 2017 2019 CAGR 26% . 7 9 2020 3.4 . 7 10 . 8 11 . 9 12 . 9 13 49% 8000 . 9 14 . 10 15 67% . 10 16 80% . 10 17 86% . 11 18 90 00 200-400 . 11 19 83% . 11 20 . 12 21 . 12 22 . 12 23 . 13 24 2017-2019 120% 138% . 13 25 . 163 / 34 26 . 16 27 . 17 28 . 17 29 . 17 30 . 20 31 . 22 32 . 22 33 . 22 34 . 23 35 . 23 36 GO . 24 37 PRO . 24 38 93% . 26 39 56.6% . 26 40 . 27 41 . 31 42 54% . 31 43 . 31 44 81% . 32 45 78% . 32 1 2024 2083 . 14 2 . 15 3 2020Q1-Q3 17.7% . 16 4 . 18 5 . 18 6 . 19 7 . 19 8 2019 . 20 9 . 21 10 . 25 11 2020 . 26 12 2020 . 28 13 2020 . 29 14 2020 . 30 15 . 324 / 34 1 2020 35% 5.8% 2015 2569 2020 4107 9.8% 1 2 3 1 2015 2020 9.8% 2020 43.1% 2015 2020 8.1% 29.2% 2015 2020 4.9% 2020 1200 1771 42 56 70 87 106 114 145 181 224 276 340 120 137 149 167 186 177 205 227 250 275 302 95 103 107 114 121 120 128 137 147 157 168 257 297 326 368 413 411 479 545 621 709 810 0 250 500 750 10005 / 34 2 3 2020 90 50% 90 35% 90 10% 1 2 60% 90 3 IP 4 80 5 90 60% -10% 0% 10% 20% 30% 40% ,28% ,43% ,29% ,57% ,43% ,43% ,576 / 34 6 2020 2 2019 50 2017-2019 CAGR 26% 2020 3.4 2015 2020 21.9% 2015 422 2020 1136 7 71% 61% 55% 52% 43% 38% 0% 20% 40% 60% 80% 214 305 383 482 600 727 905 1126 1395 1722 0% 10% 20% 30% 40% 50% 0 500 1000 1500 20007 / 34 8 2017 2019 CAGR 26% 9 2020 3.4 2020 2020 1.1 1 1990 -1995 20 90 10 3-5 2 1995 -2015 1995 2000 2005 COCO 2007 10-20 2012 25 45 50 48 55 0 10 20 30 40 50 60 2017 2018 2019 2020E 2021E 1.52 2.35 3.05 3.4 3.65 0 0.5 1 1.5 2 2.5 3 3.5 4 2017 2018 2019 2020E 2021E8 / 34 CoCo 3 2015 20 15-20 80-350 10 3.0 2015 3 1 1.0 2015 2018 2 2.0 2018 2020 lab 3 3.0 20209 / 34 11 2020 1.2 1 2020 49% 8000 8% 2 82% 61% 12 13 49% 8000 2020 2 2020 93% 90% 80% 31% 38% 0 0 5000 10000 15000 20000 25000 30000 35000 2015 2016 2017 2018 2019 5000 29% 5000- 7999 22% 8000- 109 11000- 13999 14% 14000- 19999 10% 20000 8% 5000 5000-7999 8000-10999 11000-13999 14000-19999 2000010 / 34 14 15 67% 2020 2020 3 2020 80% 00 90 80 80 16 80% 2020 4 2020 40% 90 00 18-24 70% 57% 90 00 200 27% 400 2020 83% 86% 12% 2019 4% 60% 31% 30% 28% 25% 13% 12% 0% 10% 20% 30% 40% 0% 5% 10% 15% 20% 25% 30% 35% 40% 80% 51% 49% 42% 30% 0% 30% 60% 9011 / 34 17 86% 18 90 00 200-400 2020 2020 19 83% 2020 5 2-5 2015 7 2020 284 2015 2020 107.6% 2015 1.7% 2020 25% ,12% 3-5 ,41% 1-2 ,33% ,14% 3-5 1-2 100 , 16% 100-200 , 26% 200-400 , 30% 400 , 27% 100 100-200 200-400 400 ,67% 1-2 ,16% ,13% ,4% 1-212 / 34 20 21 1 5-6 2020 60% 22 2 2020 50% 0.7 3.2 6.6 11.1 17.1 28.4 38.4 50.6 66.4 86.7 112.9 0% 20% 40% 60% 80% 100% 120% 0 30 60 90 120 1.7% 5.7% 9.5% 12.9% 16.1% 25.0% 26.5% 28.0% 29.6% 31.4% 33.2% 0% 10% 20% 30% 40% 15.8% 5.6% 3.2% 8.0% 1.0% 0.7% 6.8% 0.4% 33.4% 0% 10% 20% 30% 4013 / 34 23 2017-2019 120% 138% 59% 96% 2020 4 9-16 2020 6 18 24 2017-2019 120% 138% 36 2024 2083 0 50 100 150 200 2015 2016 2017 2018 2019 59% 96% 120% 138% 0% 20% 40% 60% 80% 100% 120% 140% 160% 2017-201914 / 34 1 2024 2083 2020E 2021E 2022E 2023E 2024E 45000 45900 46818 47286 47759 YOY 2% 2% 1% 1% 28 29 29 30 30 YOY 2% 2% 2% 2% 36000 36720 37454 38203 38968 YOY 2% 2% 2% 2% 455 483 513 539 566 85000 87550 89301 90194 91096 YOY 3% 2% 1% 1% 22 22 23 24 24 YOY 3% 3% 3% 3% 28800 29664 30554 31471 32415 YOY 3% 3% 3% 3% 529 578 625 670 718 90000 94500 98280 101228 104265 YOY 5% 4% 3% 3% 20 20 21 21 22 YOY 3% 3% 3% 3% 21600 22248 22915 23603 24311 YOY 3% 3% 3% 3% 381 424 468 512 559 175000 227500 288925 361156 451445 YOY 30% 27% 25% 25% 17 17 18 18 19 YOY 3% 3% 3% 3% 14400 15840 17266 18474 19767 YOY 10% 9% 7% 7% 416 612 873 1203 1657 1781 2098 2479 2923 3500 YOY 18% 18% 18% 20% 57.5% 58.0% 58.5% 59.0% 59.5% 1024 1217 1450 1725 2083 YOY 19% 19% 19% 21% 2 2.115 / 34 1 2 3 4 30-60 80-200 2017 2019 23000 2019 26000 90% 20% 500 5 1 2 3 2 20 10-20 10 CBD coco 2015 8 2020 129 3.516 / 34 19.4% 2015 2020 75.8% 2020Q1-Q3 CR2 43.2% 25.5% 17.7% 25 26 3 2020Q1-Q3 17.7% 1 A 25.5% 600 100% 54 25 40 2 17.7% 420 100% 61 27 43 3 B 4.4% 194 100% 21 20 35 4 C 3.8% 58 100% 12 22 40 5 D 3.5% 170 50% 54 21 29 1 1 2 5 10 13 20 26 34 42 52 12 18 23 27 31 32 40 51 66 83 106 10 13 15 18 21 21 26 32 38 45 53 0% 40% 80% 120% 160% 0 30 60 90 120 3.5% 4.0% 5.5% 9.6% 16.3% 19.4% 23.2% 24.2% 24.6% 24.7% 24.7% 53.7% 55.9% 56.5% 54.0% 50.2% 48.6% 46.5% 47.0% 48.0% 49.1% 50.2% 42.9% 40.4% 37.8% 36.4% 33.5% 31.8% 30.3% 28.8% 27.5% 26.2% 25.0% 0% 20% 40% 60% 80% 10017 / 34 2020 2020 3000 2020 12 20% 31% 27 28 2020 2020 29 2020 1828 2020 9-16 M+ 2.2 66% 19% 8% 4% 2% 0% 10% 20% 30% 40% 50% 60% 70% 90 227 289 112 175 200 52 74 130 27 12 12 0 50 100 150 200 250 300 350 2018 2019 2020 229% 139% 133% 124% 118% 744% 0% 200% 400% 600% 80018 / 34 1 2 4 YoTea 菓 COCO 2012 36% 30% 17% 2019 2.77 642 43.1 25% 14.7 2019 11.1% 1 2 5 2018-2020 % / / 2012 82% 58 5256 2530 2015 70% 61 4050 2226 2015 49% 3 3035 1520 2016 45% 13 4045 202519 / 34 coco 55% 55-60% 15-18% 3 1 1 2 6 7 1997 5-8 2007 10-18 菓 2009 18-28 COCO 1997 2007 11-16 2006 14-22 2013 19-23 2010 9-14 2012 7-10 1994 2009 10-15 2014 5-6 2013 11-16 2010 13-1820 / 34 30 2.3 VS 2020 12 31 61 695 2020 6 2019 COCO 17.2% 14.5% 11.9% 4.4% 3.9% 8 2019 % % 17.2 0.67 COCO 14.5 0.89 11.9 2.22 4.4 0.09 3.9 0.08 51.9 3.72 28 60% 30% 80-150 8-10 10 60-450 55-60% 15-18% 30-60 4-7 2019 65 8 SKU 20 10 10 7 5 3 3 3 10 5 5 5 2 1.5 1.5 1 0 5 10 15 20 25 coco21 / 34 2020 1.2 4-5 12-14 1-2 SKU 50 30-35 20 SKU 30 5 5 10 6 28 / 200-250 36-40 4-6 1 4 9 90% 3 2020 2.4 VS22 / 34 31 32 2020 2020 1 2 3 4 5 33 1 IP23 / 34 150 + 2 SKU + + + SKU 34 35 GO 3 201824 / 34 GO +GO GO GO GO 2020 11 25 PRO PRO + + 36 GO 37 PRO25 / 34 10 / / 500 70% LAB / /DP 2018 6 10 GO 2018 6 160 20% 400 85% / 2018 11 10% Pro 2020 11 300 90% 2020 10 / 2020 11 10 50 90% 2018 9 3 3.1 1 93% 50% 2020 56.6% 34.4% 6.1% 22.2% 3% 026 / 34 38 93% 39 56.6% 2020 2 IP 70 11 2020 1 2 3 4 5 6 QQ QQ 7 8 9 10 11 PRO&OATLY 12 93% 73% 47% 27% 26% 18% 12% 1% 0% 20% 40% 60% 80% 100% % , 34.4% , 22.2% , 43.427 / 34 2014 28.6 2019 26.3 50% 50% 30.9% 50% 45.2% 2020 53% 40 2019 10% 2020 22 2025 101 35.4% 3.2 50% 1 APP 2 IP IP CUP28 / 34 12 2020 1 & & & 2 3 WonderLab CORKCICLE &WonderLab &CORKCICLE & 4 Contigo &Contigo & 5 QQ 燚 &QQ QQ & & 燚 & 6 QQ &QQ 7 MANITO & &MONITO 8 Adidas & &Adidas A-ZX sneaker 9 % R BIC &% R BIC oversize & 10 & & 11 INNERSECT &INNERSECT 12 DIGIWAY Wallpaper & &DIGIWAY & Wallpaper29 / 34 13 2020 1 2 3 & & 4 5 CDR & &CDR 6 HONOR & & HONOR HONOR life 7 V oss &V oss 8 BOTTLOOP &BOTTLOOP & & 9 CDR &CDR & & 10 BranD CAUDALIE & BranD &CAUDALIE Q & & 11 & Q 12 WHIKO &WHIKO 3 2018 2019 2020 PRO PRO 2020 7 7-eleven 2020 190 25 1830 / 34 14 2020 1 2 3 4 5 6 7 8 9 2020 10 - 11 12 3.3 1 2 ERP 331 / 34 41 2020 2020 54% 2019 20% 81% 78% 2020 2020 43 GO 3500 1300 42 54% 43 2020 2020 , 54% , 46% 67% 42% 38% 27% 0% 20% 40% 60% 8032 / 34 44 81% 45 78% 2020 2020 4 GO + 15 2018 2019 2020Q1-Q3 1087 2502 2115 -66 -39 -26 Wind 5 , 81% , 19% , 78% , 2233 / 34 2017 7 1 R3 C3 C4 C5 C3 C4 C5 Buy 20% outperform 5% 20% Neutral 5% 5% underperform 5% overweight Neutral underperform 612 A 300 50034 / 34 1788 1 10 200120 2030 1 45 518000 18 C2 16 100044 1 B 5 710065