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Company Investment Research

by @dufu2000

Structured, multi-dimensional company investment research framework for AI agents and human analysts. Provides a 10-part checklist (moat, tech, market, custo...

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📖 About This Skill

name: company-investment-research description: "Structured, multi-dimensional company investment research framework for AI agents and human analysts. Provides a 10-part checklist (moat, tech, market, customers, growth, financials, geography, governance, valuation, recommendation) to turn scattered info into a consistent, high-quality investment memo. | 面向 AI Agent 与人工分析师的公司投研框架，用 10 大维度系统梳理商业模式、护城河、成长与估值，快速产出结构化投研报告。"

Company Investment Research / 公司投资研究框架

This skill provides a systematic framework for conducting comprehensive investment research and due diligence on companies. It structures analysis across 10 critical dimensions to support informed investment decisions.

本技能为公司基本面研究提供一套结构化投研框架，覆盖 10 个关键维度，帮助你从零开始梳理一家公司的商业模式、竞争力、增长与估值，并最终形成一份有逻辑的投资结论。

When to Use / 适用场景

Use this skill when you need to:

  • Evaluate a company as a potential investment (public or late-stage private)
  • Understand a company's competitive advantages and moat vs peers
  • Produce a structured investment memo instead of scattered notes
  • Compare two or more companies in the same sector on a consistent framework

    • 适合在以下场景使用：

  • 对某家公司做系统性投研/估值评估（上市公司或准上市公司）
  • 想明白它相对于同行的护城河与竞争地位
  • 需要输出一份结构清晰的投研报告/投资备忘录
  • 在同一行业内对比多家公司，希望有统一的分析模板

    • Quick Usage Examples / 快速使用示例

    1. Single-company deep dive / 单公司深度研究

    > "Analyze NVIDIA (NVDA) as an investment using the company-investment-research framework. Follow all 10 dimensions and end with a clear BUY/HOLD/SELL view, including key risks."

    > 「请基于 company-investment-research 投研框架，系统分析英伟达（NVIDIA, NVDA）的投资价值，按 10 个维度展开，最后给出 BUY/HOLD/SELL 判断，并列出关键风险。」

    2. Compare two companies in the same sector / 同行业公司对比

    > "Using the company-investment-research skill, compare NVIDIA vs AMD as AI infrastructure investments. Highlight differences in moat, growth drivers, and valuation, then state which one looks more attractive on a 3–5 year horizon and why."

    > 「使用该投研框架对比分析 NVIDIA 与 AMD 作为 AI 基础设施投资标的的优劣，从护城河、成长驱动、估值三方面重点展开，并给出未来 3–5 年哪个更具吸引力及原因。」

    3. Rapid pre-screening / 快速预筛选

    > "Run a lightweight version of the company-investment-research framework on Snowflake. Focus on competitive positioning, growth drivers, and valuation to decide whether it deserves full deep-dive research."

    > 「对 Snowflake 做一版简化版投研：重点看竞争地位、成长驱动和估值，判断是否值得投入时间做完整深度研究。」

    4. Memo generation for internal discussion / 生成内部讨论用 Memo

    > "Create a 2–3 page investment memo for Tesla using the company-investment-research structure. The target audience is an investment committee; keep language concise but include key numbers and scenarios (base/bull/bear)."

    > 「按照本框架，为特斯拉生成一份 2–3 页的投资备忘录，供投委会讨论使用：语言简洁，但需包含核心数据与基础/乐观/悲观三种情景。」

    Industry Templates / 行业模板示例

    Below are add-on checklists for specific industries. Use them on top of the 10 core dimensions.

    下面是针对特定行业的额外检查项，在 10 大通用维度基础上叠加使用即可。

    A. Internet Platforms (Consumer Internet) / 互联网平台

    Typical businesses / 典型业务： 内容平台、电商、社交、短视频、本地生活等。

    Extra focus areas / 额外关注点：

  • User metrics / 用户指标
    • - MAU/DAU 走势、渗透率、区域分布 - 用户结构（核心用户 vs 长尾用户）

  • Engagement & retention / 使用粘性与留存
    • - 人均使用时长、留存（7 日 / 30 日 / 12 个月） - 用户生命周期路径（拉新→激活→留存→复购/付费）

  • Monetization model / 变现模式
    • - 广告 / 订阅 / 交易抽佣 / 增值服务 - ARPU、付费率、广告负载（广告占用用户时间的比例）

  • Unit economics / 单位经济模型
    • - CAC（获客成本）、LTV、回本周期 - 不同渠道/城市/品类的获客效率差异

    Additional questions / 可直接提问的附加问题：

  • What are the key user cohorts and how do their retention/ARPU differ?
  • How does the company balance growth vs profitability (e.g., marketing spend intensity)?
  • What regulatory risks exist around data privacy, content moderation, or platform power?

    • > Prompt 示例： > 「针对某互联网平台公司，在 10 大维度基础上，额外重点分析用户增长 & 留存、变现模式与单位经济模型，并结合监管风险给出中长期盈利能力判断。」

    B. Semiconductors / 半导体

    Typical businesses / 典型业务： GPU/CPU/ASIC 设计、晶圆制造（Foundry）、封装测试、设备与材料等。

    Extra focus areas / 额外关注点：

  • Position in the value chain / 产业链位置
    • - Fabless（无晶圆设计）、IDM、一体化厂商、Foundry（代工）、OSAT（封测）、设备/材料 - 上游/下游依赖关系

  • Technology node & roadmap / 工艺节点与技术路线
    • - 制程节点（3nm/5nm/7nm/成熟制程） - 关键产品的性能/功耗/成本相对优势 - 与主要代工厂（如 TSMC/Samsung）的绑定深度与议价力

  • End markets & demand drivers / 下游应用与需求驱动
    • - 智能手机、PC、数据中心、汽车电子、工业、IoT 等占比 - 周期性 vs 结构性需求（如 AI、汽车电子的渗透提升）

  • Capacity & supply constraints / 产能与供给约束
    • - 产能利用率、扩产/资本开支计划 - 上游瓶颈（设备交付、材料供应）

    Additional questions / 可直接提问的附加问题：

  • Which part of the semiconductor value chain does the company dominate, and how cyclical is that segment?
  • How exposed is the company to AI, automotive, or other structural growth drivers?
  • What are the key supply chain/geopolitical risks (export controls, tariffs, onshoring)?

    • > Prompt 示例： > 「针对某半导体公司，在 10 大维度基础上，重点补充其在产业链中的位置、主要下游应用结构、工艺/产品路线图以及 AI/汽车电子等结构性需求的暴露度，并评估地缘政治对其业务的潜在影响。」

    C. Chain Coffee & Food Service / 连锁咖啡与餐饮服务

    Typical businesses / 典型业务： 连锁咖啡品牌、连锁茶饮、快餐/休闲餐厅品牌等。

    Extra focus areas / 额外关注点：

  • Store economics / 单店模型
    • - 单店投资额、回本周期 - 单店收入结构（堂食/外卖/零售）、毛利率 - 不同城市/商圈/模型（街边店、商场店、写字楼店）的差异

  • Same-store sales & expansion / 同店增长与扩店节奏
    • - 同店销售增长（SSS）走势 - 开店与关店节奏，新店 vs 老店贡献 - 是否存在“激进开店 → 同店下滑 → 关店潮”的风险

  • Brand & customer perception / 品牌力与消费者心智
    • - 品牌定位（高端 / 大众 / 性价比） - 核心产品力（咖啡/饮品/食品）与价格带 - 用户复购率、会员体系、社交媒体口碑

  • Supply chain & cost structure / 供应链与成本结构
    • - 原材料成本（咖啡豆、乳制品、辅料）、人工、租金占比 - 集中采购与议价能力 - 食品安全与供应链稳定性

    Additional questions / 可直接提问的附加问题：

  • What does a typical store P&L look like (revenue, gross margin, fixed costs)?
  • How sustainable is the pace of new store openings without diluting unit economics?
  • How sensitive is the business to macro factors (consumer confidence, rent, raw material prices)?

    • > Prompt 示例： > 「针对某连锁咖啡品牌，在 10 大通用维度基础上，重点拆解单店经济模型（投资额、回本周期、毛利结构）、同店增长与扩店策略、品牌定位与复购率，并评估在不同经济周期下的抗压能力。」

    Research Framework / 研究框架

    When analyzing a company for investment, follow this structured approach to ensure comprehensive coverage:

    在分析一家公司时，建议按以下 10 个维度逐一梳理，避免遗漏关键点：

    1. Competitive Positioning Analysis / 竞争优势与护城河

    Core Questions:

  • What are the company's core competitive advantages compared to rivals?
  • What is the company's economic moat? (network effects, switching costs, cost advantages, intangible assets, scale)
  • How sustainable and defensible is this moat?

    • Search Strategy:

  • Search for "[Company] competitive advantages moat"
  • Search for "[Company] vs [Top Competitor] comparison"
  • Look for industry analyst reports on competitive landscape

    • Analysis Approach:

  • Identify unique value propositions
  • Evaluate barriers to entry
  • Assess competitive intensity using Porter's Five Forces framework
  • Determine moat width (narrow/wide) and durability (temporary/enduring)

    • 2. Technology & Innovation Assessment / 技术与研发能力

    Core Questions:

  • How large is the technology/R&D team?
  • How many patents does the company hold? Any key patents?
  • What is the R&D expense ratio (R&D/Revenue)?
  • What are the core technological advantages?

    • Search Strategy:

  • Search for "[Company] R&D spending annual report"
  • Search for "[Company] patents technology"
  • Search for "[Company] innovation pipeline"
  • Check company's latest 10-K/annual report for R&D headcount

    • Key Metrics:

  • R&D headcount and growth trend
  • Patent portfolio size and quality
  • R&D intensity (industry benchmark comparison)
  • Technology leadership indicators

    • 3. Market Position & Competition / 市场份额与竞争格局

    Core Questions:

  • What is the market share in primary markets?
  • What is the industry ranking (top 3, top 5, etc.)?
  • Who are the main competitors?
  • How is market share trending?

    • Search Strategy:

  • Search for "[Industry] market share [Year]"
  • Search for "[Company] market position ranking"
  • Search for "[Company] competitors landscape"

    • Analysis Framework:

  • Market share % and rank
  • Competitive landscape mapping
  • Market concentration (HHI index if available)
  • Competitive dynamics and threats

    • 4. Customer Analysis / 客户结构与集中度

    Core Questions:

  • Who are the largest customers?
  • What is customer concentration (top 5/10 customers as % of revenue)?
  • What is customer diversification across industries/geographies?
  • What is customer retention rate?

    • Search Strategy:

  • Search for "[Company] major customers annual report"
  • Search for "[Company] customer concentration risk"
  • Review 10-K risk factors section

    • Risk Assessment:

  • High concentration (>20% from single customer) = significant risk
  • Diversified customer base = lower risk
  • Long-term contracts and relationships = positive indicator

    • 5. Growth Trajectory & New Opportunities / 成长路径与新机会

    Core Questions:

  • What is the current growth profile?
  • What are new growth drivers/initiatives?
  • Are there new markets, products, or business lines emerging?
  • What is total addressable market (TAM) expansion potential?

    • Search Strategy:

  • Search for "[Company] growth strategy new products"
  • Search for "[Company] expansion plans"
  • Search for "[Company] TAM total addressable market"

    • Evaluation Criteria:

  • Organic vs. inorganic growth
  • New product/service pipeline
  • Market expansion opportunities (geographic, vertical)
  • Scalability of growth drivers

    • 6. Historical & Projected Financials / 历史与预测财务

    Core Questions:

  • Revenue and profit growth over past 5 years (CAGR)
  • What drives the historical growth?
  • Consensus forecast for next 2-5 years?
  • Key assumptions underlying projections?

    • Search Strategy:

  • Search for "[Company] revenue profit historical data"
  • Search for "[Company] analyst estimates forecast"
  • Access latest earnings transcripts and guidance

    • Analysis Components:

  • Calculate 5-year revenue CAGR
  • Calculate 5-year profit (net income/EBITDA) CAGR
  • Analyze margin trends
  • Review consensus estimates and evaluate reasonableness
  • Create base/bull/bear case scenarios

    • 7. International Exposure / 海外业务与地缘风险

    Core Questions:

  • What percentage of revenue comes from overseas?
  • Which countries/regions are primary international markets?
  • What are international growth trends?
  • What are geopolitical or currency risks?

    • Search Strategy:

  • Search for "[Company] geographic revenue breakdown"
  • Search for "[Company] international expansion"
  • Review segment reporting in annual reports

    • Key Considerations:

  • Revenue by geography (domestic vs. international split)
  • Exposure to high-growth emerging markets
  • Currency hedging strategies
  • Regulatory and geopolitical risks

    • 8. Ownership & Governance / 股权结构与公司治理

    Core Questions:

  • Who is the founder/CEO? What is their background?
  • What is the ownership structure (founder/management/institutional/public)?
  • Are there any significant insider transactions?
  • What is the board composition and quality?

    • Search Strategy:

  • Search for "[Company] founder CEO background"
  • Search for "[Company] ownership structure institutional holders"
  • Search for "[Company] insider transactions recent"

    • Governance Assessment:

  • Founder/management ownership alignment
  • Track record of leadership team
  • Board independence and expertise
  • Corporate governance ratings

    • 9. Valuation Analysis / 估值分析

    Core Questions:

  • Current market capitalization?
  • Current P/E ratio and comparison to historical averages?
  • How does valuation compare to peers?
  • Is the stock trading within a margin of safety?
  • What is the projected market cap in 2 years based on growth assumptions?

    • Search Strategy:

  • Search for "[Company] stock price market cap"
  • Search for "[Company] PE ratio valuation multiples"
  • Search for "[Industry] average PE ratio"

    • Valuation Framework:

  • Current market cap
  • P/E, P/S, P/B, EV/EBITDA multiples
  • Compare to 5-year historical average
  • Compare to peer group median
  • Calculate intrinsic value range (DCF if appropriate)
  • Determine margin of safety (typically seek 20-30% discount)
  • Project forward market cap using growth and multiple assumptions

    • 10. Investment Recommendation / 投资结论

    Synthesize all analysis into clear recommendation:

    If Investment is Recommended:

  • Primary thesis (2-3 key reasons)
  • Supporting evidence from analysis above
  • Expected return and timeframe
  • Key risks and mitigation factors
  • Position sizing recommendation

    • If Investment is NOT Recommended:

  • Primary concerns (2-3 key reasons)
  • Supporting evidence from analysis
  • What would need to change for positive view
  • Alternative opportunities in the sector

    • Output Structure / 推荐输出结构

    Present findings in a clear, structured format:

    # Investment Analysis: [Company Name]
Date: [Current Date]
Analyst: [Your Name or Agent]
    Executive Summary
    
[2-3 paragraph overview with key takeaway and recommendation]
    1. Competitive Positioning
    
[Findings]
    2. Technology & Innovation
    
[Findings]
    3. Market Position
    
[Findings]
    4. Customer Base
    
[Findings]
    5. Growth Analysis
    
[Findings]
    6. Financial Performance
    
[Findings]
    7. International Exposure
    
[Findings]
    8. Ownership & Governance
    
[Findings]
    9. Valuation
    
[Findings]
    10. Investment Recommendation
    
Recommendation: BUY / HOLD / SELL
Target Price: [If applicable]
Investment Thesis: [Key reasons]
Key Risks: [Main concerns]

    建议在实际使用中，将上述结构作为 Markdown 模板，一边研究一边填空，最终沉淀为可复用的投研文档库。

    Research Best Practices / 研究最佳实践

    1. Use Multiple Sources / 多源交叉验证 Cross-reference information from company filings, analyst reports, news, and financial databases.

    2. Verify Timeliness / 确保数据新鲜度 Always check dates on data – use the most recent available information.

    3. Quantify When Possible / 尽量量化 Provide specific numbers, percentages, and metrics rather than only qualitative descriptions.

    4. Acknowledge Limitations / 明确假设与局限 Note when information is unavailable or when making assumptions.

    5. Maintain Objectivity / 保持客观 Present both bullish and bearish perspectives; avoid confirmation bias.

    6. Source Attribution / 标注关键来源 Cite sources for key data points, especially financial figures.

    Integrations: Fetching Filings & Financial Data / 集成：自动拉取财报与数据

    This skill focuses on how to think and structure research. For data and filings, pair it with external tools/APIs.

    本技能侧重于思考框架与结构化输出，财报与数据建议通过其他工具或脚本获取，然后作为本框架的输入。

    Example: US-listed companies (e.g., SEC + financial APIs)

    示例以美股为主（可按同样思路换成 A 股/港股对应数据源）：

  • Download latest 10-K / 10-Q filings
    • Use any SEC helper tool or script, for example:

      # Example: download the latest 10-K for NVIDIA (NVDA) into ./filings
  sec-edgar-downloader company "NVIDIA" \
    --form-type 10-K --num 1 --download-folder ./filings

  • Fetch key financials via an API or Python script
    • For example, a simple Python entry point:

      python scripts/fetch_financials.py --ticker NVDA --out data/nvda.json

    The script can query any financial data provider (Yahoo Finance, financial APIs, etc.) and standardize outputs (revenue, margins, key ratios) for later use in this framework.

  • Use web_fetch for qualitative sections
    • For business descriptions, risk factors, and management discussion, you can:

      1. Download the filing (PDF/HTML)
  2. Use web_fetch to extract key sections into markdown
  3. Feed those into the 10-dimension analysis

    > 推荐实践：将「数据抓取脚本 + 本投研框架」放在同一项目中，通过 Makefile 或 shell 脚本串联，形成一键跑通的投研流水线（先拉数据，再生成报告草稿）。

    Tool Usage Hints / 工具使用提示

  • web_search: Primary tool for gathering company information, financial data, and market intelligence.
  • web_fetch: Retrieve full annual reports, investor presentations, and detailed articles for deeper reading.
  • Use this skill mainly as a thinking & structuring framework – pair it with data sources (e.g., financial APIs, filings) for best results.