china-comps-analysis
Purpose
Build A股可比公司分析 — peer group multiples comparison adapted for the Chinese equity market.
Data Sources
Tier 0 — 万得 Wind（最全面付费数据）
Tier 1 — 同花顺 iFind（付费精确数据）/ AkShare MCP（Tier-2 免费备选）
get_quote(ticker) → Current multiples (PE, PB, PS)
get_financials(ticker, "income") → Revenue, net income for calculations
get_financials(ticker, "balance") → Book value, debt
get_industry_stocks(industry="白酒") → Industry peers
Secondary Sources
- 东方财富 — industry classifications
- 巨潮 — financial statements
- Wind / Choice — comprehensive multiples
- 券商研报 — peer analysis
Workflow
Step 1: Select Peer Group
Peer selection criteria:
| Criterion |
China Context |
| Industry |
Same 东方财富 industry category |
| Market cap |
±3x of subject company |
| Revenue |
±2x of subject company |
| Growth |
Similar revenue growth profile |
| Profitability |
Comparable margins |
| Business model |
Same/related business model |
| Geography |
China-focused (A-share only) |
| Listing status |
All A-share (include 北交所 if relevant) |
Typical peer count: 8-15 companies
Step 2: Collect Financial Data
Data to collect for each peer:
| Data Item |
Source |
Notes |
| Current price |
AkShare |
|
| Market cap |
Calculated |
Shares outstanding × price |
| Revenue (LTM) |
AkShare financials |
|
| Net income (LTM) |
AkShare financials |
|
| EPS ( diluted ) |
AkShare |
|
| Book value |
Balance sheet |
|
| EBITDA |
Calculate |
Net income + tax + interest + D&A |
| EV |
Calculate |
Market cap + net debt |
Step 3: Calculate Trading Multiples
Standard multiples:
| Multiple |
Formula |
Typical Range (A-share) |
| P/E (动态) |
Price / 预测EPS |
10-50x |
| P/E (TTM) |
Price / TTM EPS |
10-50x |
| P/E (静态) |
Price / 上年EPS |
10-50x |
| PB |
Price / 每股净资产 |
1-10x |
| PS |
EV / Revenue |
1-10x |
| EV/EBITDA |
EV / EBITDA |
5-20x |
| PEG |
P/E / Growth |
0.5-2.0 |
| 股息率 |
Dividend / Price |
0-5% |
| ROE |
Net income / Equity |
5-30% |
Multiples calculation notes:
- P/E: use 归母净利润 (net income attributable to parent)
- PB: use 归属于母公司股东权益
- EBITDA: approximate as 营业利润 + 折旧摊销 (if D&A not separately stated)
Step 4: Peer Comparison Table
Standard comps table:
| Company |
Ticker |
Market Cap (亿) |
P/E (TTM) |
P/B |
P/S |
EV/EBITDA |
Revenue Growth |
Net Margin |
ROE |
| Subject |
|
|
X.Xx |
X.X |
X.X |
X.X |
X% |
X% |
X% |
| Peer 1 |
|
|
X.Xx |
X.X |
X.X |
X.X |
X% |
X% |
X% |
| Peer 2 |
|
|
X.Xx |
X.X |
X.X |
X.X |
X% |
X% |
X% |
| Peer 3 |
|
|
X.Xx |
X.X |
X.X |
X.X |
X% |
X% |
X% |
| ... |
|
|
|
|
|
|
|
|
|
| Median |
|
|
X.Xx |
X.X |
X.X |
X.X |
X% |
X% |
X% |
| Mean |
|
|
X.Xx |
X.X |
X.X |
X.X |
X% |
X% |
X% |
Step 5: Identify Outliers
Outlier analysis:
| Company |
P/E |
vs Median |
Reason for Premium/Discount |
|
|
±X% |
Growth, margin, quality, sentiment |
Common reasons for A-share premium/discount:
- 增速 (Growth rate)
- 盈利能力 (Profitability / ROE)
- 行业地位 (Market position)
- 技术壁垒 (Technology moat)
- 管理层质量 (Management quality)
- 流动性 (Liquidity — 北向资金持仓)
- 概念/题材 (Theme / concept premium)
- 治理结构 (Corporate governance)
Step 6: Valuation Range
Derive valuation range:
| Method |
Low |
Mid |
High |
Rationale |
| P/E |
Xx |
Xx |
Xx |
Based on peer range |
| P/B |
Xx |
Xx |
Xx |
Based on peer range |
| P/S |
Xx |
Xx |
Xx |
Based on peer range |
| EV/EBITDA |
Xx |
Xx |
Xx |
Based on peer range |
Implied price range:
- Low: ¥XX (using low multiples + conservative assumptions)
- Mid: ¥XX (using median multiples)
- High: ¥XX (using high multiples + optimistic assumptions)
Step 7: Relative Valuation Conclusion
Valuation summary:
可比公司估值结论
当前股价: ¥XX
目标价区间: ¥XX - ¥XX
当前估值水平: [Premium/Discount] vs peers
关键结论:
1. 相对估值: 较同业 [低/中/高]
2. 主要驱动: [Growth / Margin / Quality]
3. 估值折价/溢价原因: [Explanation]
投资建议: [Buy / Hold / Sell]
China-Specific Considerations
A-share Multiples Quirks
| Issue |
Impact |
Mitigation |
| 盈利波动大 |
TTM earnings volatile |
Use 3Y average |
| 一次性损益 |
Distorts P/E |
Use 扣非净利润 for P/E |
| 亏损公司 |
Negative P/E meaningless |
Use P/S or EV/EBITDA |
| 新股次新股 |
Limited history |
Use 静态市盈率 cautiously |
| ST股票 |
Distressed |
Exclude from peer set |
Chinese Market Premiums
| Factor |
Typical Premium |
| 消费龙头 (Consumer leader) |
+20-50% |
| 科技/创新 (Tech/innovation) |
+30-100% |
| 医药 (Pharma) |
+15-40% |
| 国企 (SOE) |
-10 to -30% |
| 高股息 (High dividend) |
-5 to +10% |
| 北向资金重仓 |
+5-20% |
东方财富 Industry Categories
Common categories for peer selection:
- 白酒, 啤酒 — Beverages
- 半导体, 芯片 — Semiconductors
- 银行, 证券, 保险 — Financial services
- 创新药, 医疗器械 — Healthcare
- 光伏设备, 锂电池 — New energy
- 汽车整车, 汽车零部件 — Auto
- 软件开发, IT服务 — Software/IT
- 房地产, 建材 — Real estate / Materials
Quality Checks
Before delivering:
1---2name: china-comps-analysis3description: Comparable company analysis for A-share equities. Adapts the original comps-analysis skill for Chinese market data sources, A-share trading multiples, and domestic peer selection. Triggers on "A股可比公司", "可比分析", "comps China", "peer comparison A-share", "可比公司分析", or "trading comps [industry]".4---56# china-comps-analysis78## Purpose910Build **A股可比公司分析** — peer group multiples comparison adapted for the Chinese equity market.1112## Data Sources1314### Tier 0 — 万得 Wind（最全面付费数据）15- 覆盖：A股/港美股/基金/指数/债券/宏观/研报/分析（44个工具）16- MCP 服务：`wind-mcp`（需 `WIND_API_KEY` 密钥，以 `ak_` 开头）17- 优势：全市场覆盖面最广、数据最全面、包含研报和量化分析18- 密钥申请：https://aifinmarket.wind.com.cn/#/home1920### Tier 1 — 同花顺 iFind（付费精确数据）/ AkShare MCP（Tier-2 免费备选）2122```python23get_quote(ticker) → Current multiples (PE, PB, PS)24get_financials(ticker, "income") → Revenue, net income for calculations25get_financials(ticker, "balance") → Book value, debt26get_industry_stocks(industry="白酒") → Industry peers27```2829### Secondary Sources30- 东方财富 — industry classifications31- 巨潮 — financial statements32- Wind / Choice — comprehensive multiples33- 券商研报 — peer analysis3435## Workflow3637### Step 1: Select Peer Group3839**Peer selection criteria:**4041| Criterion | China Context |42|-----------|---------------|43| Industry | Same 东方财富 industry category |44| Market cap | ±3x of subject company |45| Revenue | ±2x of subject company |46| Growth | Similar revenue growth profile |47| Profitability | Comparable margins |48| Business model | Same/related business model |49| Geography | China-focused (A-share only) |50| Listing status | All A-share (include 北交所 if relevant) |5152**Typical peer count:** 8-15 companies5354### Step 2: Collect Financial Data5556**Data to collect for each peer:**5758| Data Item | Source | Notes |59|-----------|--------|-------|60| Current price | AkShare | |61| Market cap | Calculated | Shares outstanding × price |62| Revenue (LTM) | AkShare financials | |63| Net income (LTM) | AkShare financials | |64| EPS ( diluted ) | AkShare | |65| Book value | Balance sheet | |66| EBITDA | Calculate | Net income + tax + interest + D&A |67| EV | Calculate | Market cap + net debt |6869### Step 3: Calculate Trading Multiples7071**Standard multiples:**7273| Multiple | Formula | Typical Range (A-share) |74|----------|---------|------------------------|75| P/E (动态) | Price / 预测EPS | 10-50x |76| P/E (TTM) | Price / TTM EPS | 10-50x |77| P/E (静态) | Price / 上年EPS | 10-50x |78| PB | Price / 每股净资产 | 1-10x |79| PS | EV / Revenue | 1-10x |80| EV/EBITDA | EV / EBITDA | 5-20x |81| PEG | P/E / Growth | 0.5-2.0 |82| 股息率 | Dividend / Price | 0-5% |83| ROE | Net income / Equity | 5-30% |8485**Multiples calculation notes:**86- P/E: use 归母净利润 (net income attributable to parent)87- PB: use 归属于母公司股东权益88- EBITDA: approximate as 营业利润 + 折旧摊销 (if D&A not separately stated)8990### Step 4: Peer Comparison Table9192**Standard comps table:**9394| Company | Ticker | Market Cap (亿) | P/E (TTM) | P/B | P/S | EV/EBITDA | Revenue Growth | Net Margin | ROE |95|---------|--------|----------------|-----------|-----|-----|-----------|---------------|------------|-----|96| Subject | | | X.Xx | X.X | X.X | X.X | X% | X% | X% |97| Peer 1 | | | X.Xx | X.X | X.X | X.X | X% | X% | X% |98| Peer 2 | | | X.Xx | X.X | X.X | X.X | X% | X% | X% |99| Peer 3 | | | X.Xx | X.X | X.X | X.X | X% | X% | X% |100| ... | | | | | | | | | |101| Median | | | X.Xx | X.X | X.X | X.X | X% | X% | X% |102| Mean | | | X.Xx | X.X | X.X | X.X | X% | X% | X% |103104### Step 5: Identify Outliers105106**Outlier analysis:**107108| Company | P/E | vs Median | Reason for Premium/Discount |109|---------|-----|-----------|----------------------------|110| | | ±X% | Growth, margin, quality, sentiment |111112**Common reasons for A-share premium/discount:**113- 增速 (Growth rate)114- 盈利能力 (Profitability / ROE)115- 行业地位 (Market position)116- 技术壁垒 (Technology moat)117- 管理层质量 (Management quality)118- 流动性 (Liquidity — 北向资金持仓)119- 概念/题材 (Theme / concept premium)120- 治理结构 (Corporate governance)121122### Step 6: Valuation Range123124**Derive valuation range:**125126| Method | Low | Mid | High | Rationale |127|--------|-----|-----|------|-----------|128| P/E | Xx | Xx | Xx | Based on peer range |129| P/B | Xx | Xx | Xx | Based on peer range |130| P/S | Xx | Xx | Xx | Based on peer range |131| EV/EBITDA | Xx | Xx | Xx | Based on peer range |132133**Implied price range:**134- Low: ¥XX (using low multiples + conservative assumptions)135- Mid: ¥XX (using median multiples)136- High: ¥XX (using high multiples + optimistic assumptions)137138### Step 7: Relative Valuation Conclusion139140**Valuation summary:**141142```143可比公司估值结论144145当前股价: ¥XX146目标价区间: ¥XX - ¥XX147当前估值水平: [Premium/Discount] vs peers148149关键结论:1501. 相对估值: 较同业 [低/中/高]1512. 主要驱动: [Growth / Margin / Quality]1523. 估值折价/溢价原因: [Explanation]153154投资建议: [Buy / Hold / Sell]155```156157## China-Specific Considerations158159### A-share Multiples Quirks160161| Issue | Impact | Mitigation |162|-------|--------|-----------|163| 盈利波动大 | TTM earnings volatile | Use 3Y average |164| 一次性损益 | Distorts P/E | Use 扣非净利润 for P/E |165| 亏损公司 | Negative P/E meaningless | Use P/S or EV/EBITDA |166| 新股次新股 | Limited history | Use 静态市盈率 cautiously |167| ST股票 | Distressed | Exclude from peer set |168169### Chinese Market Premiums170171| Factor | Typical Premium |172|--------|----------------|173| 消费龙头 (Consumer leader) | +20-50% |174| 科技/创新 (Tech/innovation) | +30-100% |175| 医药 (Pharma) | +15-40% |176| 国企 (SOE) | -10 to -30% |177| 高股息 (High dividend) | -5 to +10% |178| 北向资金重仓 | +5-20% |179180### 东方财富 Industry Categories181182**Common categories for peer selection:**183- 白酒, 啤酒 — Beverages184- 半导体, 芯片 — Semiconductors185- 银行, 证券, 保险 — Financial services186- 创新药, 医疗器械 — Healthcare187- 光伏设备, 锂电池 — New energy188- 汽车整车, 汽车零部件 — Auto189- 软件开发, IT服务 — Software/IT190- 房地产, 建材 — Real estate / Materials191192## Quality Checks193194Before delivering:195- [ ] Peer group appropriate (similar size, growth, business model)196- [ ] All data sourced from AkShare or 巨潮197- [ ] Multiples calculated correctly198- [ ] Outliers explained199- [ ] Valuation conclusion supported200- [ ] Current price verified201> **Data Source Mode Switch**: Set env var `IFIND_DATA_SOURCE_MODE` to control data source preference.202> - `ifind-only` (strict): Use iFind only, error if unavailable203> - `ifind-fallback` (default): iFind preferred, fallback to AkShare204> - `akshare-only`: Skip iFind, use AkShare only205> - `wind-only`: Wind only, error if unavailable206> - `wind-fallback`: Wind first, fallback to iFind → AkShare
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