Fundamental Analysis

A-share listed company fundamental analysis — key financial indicators (PE, PB, ROE, gross margin, net margin), data sourcing from East Money (东方财富) / Hexun (同花顺), valuation analysis, industry peer comparison, and structured report output.

Fundamental Analysis — A股上市公司基本面分析

Systematic fundamental analysis for A-share listed companies. Covers financial health, valuation metrics, profitability ratios, and industry positioning. Produces structured Markdown analysis reports.

When to Use

Scenario	Trigger
Stock pick due diligence	User asks "帮我分析一下 XX 股票的基本面"
Quarterly/annual report review	After earnings release
Valuation check	Before entering/exiting a position
Industry comparison	"XX 在行业中估值水平如何？"
Investment memo prep	Building a research report

Key Financial Indicators

Valuation Ratios (估值指标)

Indicator	Formula	What It Tells You
PE (市盈率)	Price ÷ EPS	股价是每股盈利的多少倍。>行业均值可能高估，<可能低估。分静态PE、滚动PE(TTM)、动态PE
PB (市净率)	Price ÷ Book Value Per Share	股价相对每股净资产的倍数。银行、周期股常用。PB<1表示破净
PS (市销率)	Market Cap ÷ Revenue	适用于亏损企业或高增长公司的估值
PCF (市现率)	Price ÷ Cash Flow Per Share	现金流角度的估值，排除会计造假的干扰

Profitability Ratios (盈利指标)

Indicator	Formula	Healthy Range
ROE (净资产收益率)	Net Profit ÷ Avg Equity	>15%优秀，>20%卓越。巴菲特最看重的指标
ROA (总资产收益率)	Net Profit ÷ Total Assets	>5%及格，>10%优秀
Gross Margin (毛利率)	(Revenue - COGS) ÷ Revenue	取决于行业。消费>40%，制造>20%为佳
Net Margin (净利率)	Net Profit ÷ Revenue	>10%较好。越高说明费用控制越好
Operating Margin	Operating Profit ÷ Revenue	反映主营业务的盈利质量

Growth Indicators (成长指标)

Indicator	What to Watch
Revenue Growth (营收增长率)	连续3年>10%为成长型，>20%为高成长
Net Profit Growth (净利润增长率)	看扣非净利润，排除一次性收益干扰
Operating Cash Flow Growth	经营现金流增速需匹配利润增速

Financial Health (财务健康)

Indicator	Threshold
Debt-to-Asset (资产负债率)	<50%安全，>70%需警惕（金融企业除外）
Current Ratio (流动比率)	>2 安全，<1 短期偿债压力大
Quick Ratio (速动比率)	>1 安全，<0.5 危险
Free Cash Flow (自由现金流)	持续为正说明造血能力强

Data Sources & APIs

1. 东方财富 East Money (推荐 — 最全)

Stock Profile & Financial Summary (F10页面):

text

https://emweb.securities.eastmoney.com/pc_hsf10/pages/index.html?type=web&code=SZ000858&color=w#/cwfx

Code format: SH=1, SZ=0 → map to 1.600519 (贵州茅台), 0.000858 (五粮液)

Financial Data API (JSON):

text

https://datacenter.eastmoney.com/securities/api/data/v1/get

Params include reportName, filter, pageNumber, sortColumns, etc.

Key reports to query:

• RPT_F10_FINANCE_MAINFINADATA — Main financial data
• RPT_F10_PROFITABILITY — Profitability ratios
• RPT_F10_DEBTPAYING — Debt-paying ability
• RPT_DMSK_FN_GROWTH — Growth indicators

Quick way using web_fetch:

python

# Fetch from East Money F10 finance summary (basic data)
# URL format: http://f10.eastmoney.com/cwfx.html?code=sh600519
response = await web_fetch("http://f10.eastmoney.com/cwfx.html?code=sh600519")

2. 同花顺 Hexun / 10jqka

Stock overview page:

text

https://basic.10jqka.com.cn/600519/

Financial analysis page:

text

https://basic.10jqka.com.cn/600519/finance.html

3. Sina Finance

Real-time PE/PB (for ultra-fast check):

text

https://vip.stock.finance.sina.com.cn/quotes_service/api/json_v2.php/CN_MarketData.getKLineData?symbol=sh600519&scale=5&ma=no&datalen=1

4. Financial Report URLs (获取财报PDF/在线报告)

Data	URL Pattern
东方财富年报页面	http://f10.eastmoney.com/ccbgg.html?code=sh600519
巨潮资讯(巨潮)年报	http://www.cninfo.com.cn/new/disclosure/stock?stockCode=600519

Valuation Analysis Methods

Method 1: PE Band (市盈率区间法)

1. Fetch historical PE (5+ years) for the stock
2. Calculate current PE percentile
3. Compare with industry median PE
4. Judgment:
   • PE < 历史20%分位 → 低估 (Undervalued) 🟢
   • PE 在20%-80%分位 → 合理 (Fair) ⚪
   • PE > 历史80%分位 → 高估 (Overvalued) 🔴

Method 2: PB Band (市净率区间法)

Best for: Banking, insurance, securities, cyclical stocks

Method 3: DCF (现金流折现法)

1. Estimate future free cash flows (3-5 year projection)
2. Apply discount rate (WACC, typically 8%-12%)
3. Calculate terminal value
4. Sum = intrinsic value

Note: DCF is sensitive to assumptions — always provide a sensitivity range.

Method 4: Relative Valuation (相对估值法)

Compare PE/PB of target with:

• Industry average
• Direct competitors (top 3-5 peers)
• Global peers (if applicable)

Workflow: Fundamental Analysis Report

Step 1: Gather Raw Data

Collect from East Money / 10jqka:

• Basic info: stock code, name, industry, market cap
• Balance sheet: total assets, total liabilities, equity
• Income statement: revenue, COGS, net profit
• Cash flow: operating/ investing/ financing cash flow
• Key ratios: PE, PB, ROE, gross margin, net margin (last 5 years)

Using web_fetch (recommended approach):

python

# Step-by-step data gathering
f10_url = f"http://f10.eastmoney.com/cwfx.html?code=sh{stock_code}"
raw_page = await web_fetch(f10_url)

# Also fetch industry peer data for comparison
industry_data = await web_fetch(
    f"http://push2.eastmoney.com/api/qt/clist/get?...industry={industry_code}"
)

Step 2: Compute Indicators

python

def compute_ratios(revenue, cost, net_profit, total_assets,
                   total_liabilities, equity, market_cap, shares_outstanding):
    gross_margin = (revenue - cost) / revenue * 100  # %
    net_margin = net_profit / revenue * 100          # %
    roe = net_profit / equity * 100                  # %
    roa = net_profit / total_assets * 100            # %
    debt_ratio = total_liabilities / total_assets * 100  # %
    eps = net_profit / shares_outstanding
    bvps = equity / shares_outstanding
    pe = market_cap / net_profit                     # PE
    pb = market_cap / equity                         # PB

    return {
        "gross_margin": round(gross_margin, 2),
        "net_margin": round(net_margin, 2),
        "roe": round(roe, 2),
        "roa": round(roa, 2),
        "debt_ratio": round(debt_ratio, 2),
        "eps": round(eps, 2),
        "bvps": round(bvps, 2),
        "pe": round(pe, 2),
        "pb": round(pb, 2),
    }

Step 3: Industry Comparison

Build a comparison table with key metrics:

markdown

### 行业对比：白酒行业 (SW白酒III)

| 股票 | 市值 | PE(TTM) | PB | ROE | 毛利率 | 净利率 |
|:----|:----|:--------|:---|:----|:------|:------|
| 贵州茅台 | 2.1万亿 | 28.5x | 9.2x | 32.1% | 91.8% | 52.5% |
| 五粮液 | 5600亿 | 18.2x | 4.8x | 26.5% | 75.3% | 36.2% |
| 泸州老窖 | 2400亿 | 16.5x | 5.6x | 33.8% | 86.6% | 42.1% |
| **行业均值** | — | **22.1x** | **6.5x** | **30.8%** | **84.5%** | **43.6%** |

Interpretation:

• PE < 行业均值 → 相对低估
• PE > 行业均值 → 相对高估（但有成长溢价可能）
• ROE > 行业均值 → 盈利能力强
• 毛利率 > 行业均值 → 有定价权/护城河

Step 4: 5-Year Trend Analysis

Check if the key metrics are improving, stable, or deteriorating:

markdown

| Year | ROE | 毛利率 | 净利率 | 营收增长率 |
|:----|:----|:------|:------|:----------|
| 2021 | 29.9% | 91.5% | 50.4% | +16.3% |
| 2022 | 30.2% | 91.9% | 51.3% | +14.2% |
| 2023 | 31.8% | 92.0% | 52.1% | +15.8% |
| 2024 | 32.1% | 91.8% | 52.5% | +12.5% |
| 预测 | ~30% | ~91% | ~51% | ~10% |

**趋势判断:**
- ROE: 稳定抬升 ✅
- 毛利率: 极稳，说明定价权强 ✅
- 营收增速: 略有放缓 ⚠️ 但仍在双位数

Step 5: Write Structured Report

Output in the following format:

markdown

# 📈 基本面分析报告：XX股票

## 📋 基本信息
- 股票代码: XXXXXX
- 所属行业: XX行业
- 总市值: XXXX亿
- 当前股价: XXXXX (YYYY-MM-DD)

## 📊 核心财务指标

| 指标 | 当前值 | 行业均值 | 评价 |
|:----|:------|:---------|:----|
| PE(TTM) | XX.x | XX.x | 🟢 低估 / ⚪ 合理 / 🔴 高估 |
| PB | X.x | X.x | 🟢/⚪/🔴 |
| ROE | XX.x% | XX.x% | 🟢/⚪/🔴 |
| 毛利率 | XX.x% | XX.x% | 🟢/⚪/🔴 |
| 净利率 | XX.x% | XX.x% | 🟢/⚪/🔴 |
| 资产负债率 | XX.x% | XX.x% | 🟢/⚪/🔴 |

## 📈 5年趋势
[趋势数据表和判断]

## 🏭 行业对比
[行业对比表和分析]

## 💡 估值分析
[PE/PB band analysis or relative valuation]

## ⚠️ 风险提示
- 行业风险：...
- 财务风险：...
- 估值风险：...
- 其他：...

## 📝 综合评述

**结论：** 🟢积极 / ⚪中性 / 🔴谨慎
**建议：** 简要的操作建议

Sample User Requests

"帮我分析一下贵州茅台(600519)的基本面"

→ 行动：获取财务数据 → 计算指标 → 行业对比 → 产出结构化报告

"五粮液和泸州老窖哪个基本面更好？"

→ 行动：对比两者所有指标 → 行业位置 → 谁更便宜（估值）

"XX股票PE 50倍，贵不贵？"

→ 行动：看行业均值、历史PE百分位、增长率判断PEG

Notes

• Always use TTM (滚动市盈率) rather than static PE for timeliness
• For cyclical stocks (周期股), use PB instead of PE as primary valuation metric
• For high-growth stocks, consider PEG (PE ÷ Growth) — PEG < 1 may indicate undervaluation
• Financial/banking stocks: focus on PB, NIM (净息差), NPL (不良率)
• Distinguish between 扣非净利润 (recurring net profit) and total net profit — always use 扣非 for trend analysis
• Free float (流通股本) matters for market cap calculations of non-fully-circulated A-shares
• Data source attribution: include "数据来源：东方财富 / 同花顺" at the end of each report