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<!-- ==================================================================
     EQUITY REPORT · English · parchment design system
     2-3 page A4 equity research / valuation / investment memo
     Structure: header -> metrics -> charts -> financials -> comps -> risks -> summary
     ================================================================== -->
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<head>
<meta charset="UTF-8">
<title>{{COMPANY_NAME}} · Equity Report</title>
<meta name="author" content="{{AUTHOR}}">
<meta name="description" content="{{DESCRIPTION}}">
<meta name="keywords" content="{{KEYWORDS}}">
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</style>
</head>
<body>

<!-- HEADER -->
<div class="report-header">
  <div class="ticker-block">
    <div class="ticker-eyebrow">{{EYEBROW - e.g. Equity Research / Valuation / Investment Memo}}</div>
    <div class="ticker-name">{{COMPANY_NAME}} <span style="font-size: 14pt; color: var(--stone);">{{TICKER}}</span></div>
    <div class="ticker-sub">{{SECTOR}} · {{EXCHANGE}} · {{One-line thesis.}}</div>
  </div>
  <div class="price-block">
    <div class="price-current">{{CURRENT_PRICE}}</div>
    <div class="price-change up">{{CHANGE - e.g. "+12.3%"}}</div>
    <div class="price-date">{{DATE}}</div>
  </div>
</div>

<!-- METRICS -->
<div class="metrics">
  <div class="metric">
    <div class="metric-value">{{NUMBER}}</div>
    <div class="metric-label">Market Cap</div>
  </div>
  <div class="metric">
    <div class="metric-value">{{NUMBER}}</div>
    <div class="metric-label">P/E Ratio</div>
  </div>
  <div class="metric">
    <div class="metric-value">{{NUMBER}}</div>
    <div class="metric-label">Revenue</div>
  </div>
  <div class="metric">
    <div class="metric-value">{{NUMBER}}</div>
    <div class="metric-label">Margin</div>
  </div>
</div>

<!-- INVESTMENT THESIS -->
<h2>Investment Thesis</h2>
<p>{{Two or three sentences laying out the core thesis. Use <span class="hl">key figures</span> to support the argument. This paragraph is the soul of the report.}}</p>

<div class="callout">
  {{One-line verdict: buy / hold / watch, and the single strongest reason.}}
</div>

<!-- CHART -->
<h2>Price Action</h2>
<figure>
  <div class="chart-placeholder" style="height: 60mm;">
    [Candlestick / price chart placeholder - extract SVG from diagrams/]
  </div>
  <figcaption>{{Chart title, e.g. "20-day price action showing accumulation phase."}}</figcaption>
</figure>

<!-- FINANCIALS -->
<h2>Financial Overview</h2>
<table class="financial striped">
  <thead>
    <tr>
      <th>Metric</th>
      <th>FY2023</th>
      <th>FY2024</th>
      <th>FY2025E</th>
    </tr>
  </thead>
  <tbody>
    <tr><td>Revenue</td><td>{{VAL}}</td><td>{{VAL}}</td><td>{{VAL}}</td></tr>
    <tr><td>Net Income</td><td>{{VAL}}</td><td>{{VAL}}</td><td>{{VAL}}</td></tr>
    <tr><td>EPS</td><td>{{VAL}}</td><td>{{VAL}}</td><td>{{VAL}}</td></tr>
    <tr><td>Gross Margin</td><td>{{VAL}}</td><td>{{VAL}}</td><td>{{VAL}}</td></tr>
    <tr><td>ROE</td><td>{{VAL}}</td><td>{{VAL}}</td><td>{{VAL}}</td></tr>
  </tbody>
</table>

<!-- REVENUE BREAKDOWN -->
<h2>Revenue Breakdown</h2>
<figure>
  <div class="chart-placeholder" style="height: 50mm;">
    [Revenue breakdown chart placeholder - donut or waterfall]
  </div>
  <figcaption>{{Chart title.}}</figcaption>
</figure>

<!-- COMPETITIVE POSITIONING -->
<div class="page-break"></div>
<h2>Competitive Landscape</h2>
<p>{{Industry landscape overview, one or two paragraphs.}}</p>

<table class="financial compact striped">
  <thead>
    <tr>
      <th>Company</th>
      <th>Mkt Cap</th>
      <th>P/E</th>
      <th>Rev Growth</th>
      <th>Margin</th>
    </tr>
  </thead>
  <tbody>
    <tr><td><strong>{{TARGET}}</strong></td><td>{{VAL}}</td><td>{{VAL}}</td><td>{{VAL}}</td><td>{{VAL}}</td></tr>
    <tr><td>{{COMP_A}}</td><td>{{VAL}}</td><td>{{VAL}}</td><td>{{VAL}}</td><td>{{VAL}}</td></tr>
    <tr><td>{{COMP_B}}</td><td>{{VAL}}</td><td>{{VAL}}</td><td>{{VAL}}</td><td>{{VAL}}</td></tr>
    <tr><td>{{COMP_C}}</td><td>{{VAL}}</td><td>{{VAL}}</td><td>{{VAL}}</td><td>{{VAL}}</td></tr>
  </tbody>
</table>

<!-- RISKS -->
<h2>Risk Factors</h2>
<div class="risk-grid">
  <div class="risk-item">
    <div class="risk-label">{{Risk Type 1}}</div>
    <div class="risk-desc">{{Risk description.}}</div>
  </div>
  <div class="risk-item">
    <div class="risk-label">{{Risk Type 2}}</div>
    <div class="risk-desc">{{Risk description.}}</div>
  </div>
  <div class="risk-item">
    <div class="risk-label">{{Risk Type 3}}</div>
    <div class="risk-desc">{{Risk description.}}</div>
  </div>
  <div class="risk-item">
    <div class="risk-label">{{Risk Type 4}}</div>
    <div class="risk-desc">{{Risk description.}}</div>
  </div>
</div>

<!-- ANALYST SUMMARY -->
<div class="analyst-box">
  <div class="analyst-label">Analyst Summary</div>
  {{Three to five sentences summarizing the position. Include target price (if applicable), rating, key catalysts, and core assumptions.}}
</div>

<!-- FOOTER -->
<div class="report-footer">
  <span>{{FIRM / DISCLAIMER}}</span>
  <span>{{AUTHOR}} · {{DATE}}</span>
</div>

</body>
</html>
