china-comps-analysis

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）

• 覆盖：A股/港美股/基金/指数/债券/宏观/研报/分析（44个工具）
• MCP 服务：wind-mcp（需 WIND_API_KEY 密钥，以 ak_ 开头）
• 优势：全市场覆盖面最广、数据最全面、包含研报和量化分析
• 密钥申请：https://aifinmarket.wind.com.cn/#/home

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:

• Peer group appropriate (similar size, growth, business model)
• All data sourced from AkShare or 巨潮
• Multiples calculated correctly
• Outliers explained
• Valuation conclusion supported
• Current price verified

Data Source Mode Switch: Set env var IFIND_DATA_SOURCE_MODE to control data source preference.

• ifind-only (strict): Use iFind only, error if unavailable
• ifind-fallback (default): iFind preferred, fallback to AkShare
• akshare-only: Skip iFind, use AkShare only
• wind-only: Wind only, error if unavailable
• wind-fallback: Wind first, fallback to iFind → AkShare