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

Source & license

This open-source skill is cataloged on AgentStack and links to its original source — we do not rehost the code.

• Author: jwangkun
• Source: jwangkun/claude-for-financial-services-cn
• License: Apache-2.0

Install and usage instructions live in the source repository linked above.