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

Key Financial Indicators

Valuation Ratios (估值指标)

Profitability Ratios (盈利指标)

Growth Indicators (成长指标)

Financial Health (财务健康)

Data Sources & APIs

1. 东方财富 East Money (推荐 — 最全)

Stock Profile & Financial Summary (F10页面):

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):

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:

# 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:

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

Financial analysis page:

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

3. Sina Finance

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

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)

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 \x3C 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):

# 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

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:

### 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 \x3C 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:

| 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:

# 📈 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 \x3C 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