company-investment-research

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。

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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

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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。」

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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。」

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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。」

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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。」

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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