{
|
"conclusion": {
|
"base_midpoint": "553.995158108105706337853636",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "0.2868168715602730337369065511"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "636.312501",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "147199918138.64212095"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "117759934510.91369676"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "98133278759.0947473"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "84114238936.36692625714285714"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "73599959069.321060475"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "58879967255.45684838"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "49066639379.54737365"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "39253311503.63789892"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "29439983627.72842419"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "available",
|
"detail": [
|
{
|
"core_assumption": "汇总接口未提供逐家报告日期；估值日仅作为C1汇总快照日期，不替代单家研报。",
|
"estimates": {
|
"2026": {
|
"eps": "20.787810810811",
|
"profit": "96178027143.0801"
|
},
|
"2027": {
|
"eps": "25.887054054054",
|
"profit": "119770465977.60783"
|
},
|
"2028": {
|
"eps": "31.069611111111",
|
"profit": "143748369078.63876"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池38家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "20.787810810811",
|
"eps_profit_reconciliation_gap": "0.00000000000000008807303759099259724029294225",
|
"institution_count": 1,
|
"pe_on_mean": "19.00633037291846660162605027",
|
"profit_max": "96178027143.0801",
|
"profit_mean": "96178027143.0801",
|
"profit_median": "96178027143.0801",
|
"profit_min": "96178027143.0801"
|
},
|
"2027": {
|
"eps_mean": "25.887054054054",
|
"eps_profit_reconciliation_gap": "0.000000000000000008279386674385932788376931360",
|
"institution_count": 1,
|
"pe_on_mean": "15.26245509338386885017561397",
|
"profit_max": "119770465977.60783",
|
"profit_mean": "119770465977.60783",
|
"profit_median": "119770465977.60783",
|
"profit_min": "119770465977.60783"
|
},
|
"2028": {
|
"eps_mean": "31.069611111111",
|
"eps_profit_reconciliation_gap": "0.00000000000000002577426807516086334629482235",
|
"institution_count": 1,
|
"pe_on_mean": "12.71660590108595862071949881",
|
"profit_max": "143748369078.63876",
|
"profit_mean": "143748369078.63876",
|
"profit_median": "143748369078.63876",
|
"profit_min": "143748369078.63876"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "300750.SZ",
|
"company": "宁德时代",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-07-25",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-06-30"
|
},
|
"metrics": {
|
"annual_cash_conversion": "1.845119342894770206434838650",
|
"annual_fcf": "90875424000.0",
|
"book_value_per_share": "81.99308499151976629186768187",
|
"current_fcf": "35144079000.0",
|
"deduct_pe": "23.95050887599704291050056066",
|
"diluted_shares": "4626654919.0",
|
"enterprise_value": "1568752420496.90",
|
"market_cap": "1827991358496.90",
|
"normalized_eps": "16.49651796734745844571167163",
|
"normalized_pe": "23.95050887599704291050056066",
|
"normalized_profit": "76323696000.0",
|
"pb": "4.818699040789399423561720274",
|
"price": "395.1",
|
"ps": "3.503696906460976247925801147",
|
"reported_pe": "21.50574400192964376707827969",
|
"ttm_attributable_profit": "85000145000.0",
|
"ttm_deduct_profit": "76323696000.0",
|
"ttm_eps": "18.37183591344474766089638422",
|
"ttm_revenue": "521732161000.0"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-8676449000.0",
|
"basis": "2025年报加2026年最新累计期减上年同期比较数",
|
"description": "以TTM扣非归母利润替代TTM归母利润作为核心盈利代理"
|
}
|
],
|
"qa": {
|
"error_count": 0,
|
"info_count": 0,
|
"issues": [],
|
"status": "PASS",
|
"warning_count": 0
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "19.755",
|
"implied_margin": "0.1751848453230488123962900573",
|
"implied_profit": "91399567924.845",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "15.804",
|
"implied_margin": "0.1401478762584390499170320459",
|
"implied_profit": "73119654339.876",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "13.17",
|
"implied_margin": "0.1167898968820325415975267049",
|
"implied_profit": "60933045283.23",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "11.28857142857142857142857143",
|
"implied_margin": "0.1001056258988850356550228899",
|
"implied_profit": "52228324528.48285714285714286",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "9.8775",
|
"implied_margin": "0.08759242266152440619814502867",
|
"implied_profit": "45699783962.4225",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "7.902",
|
"implied_margin": "0.07007393812921952495851602294",
|
"implied_profit": "36559827169.938",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "6.585",
|
"implied_margin": "0.05839494844101627079876335245",
|
"implied_profit": "30466522641.615",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "5.268",
|
"implied_margin": "0.04671595875281301663901068196",
|
"implied_profit": "24373218113.292",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "3.951",
|
"implied_margin": "0.03503696906460976247925801147",
|
"implied_profit": "18279913584.969",
|
"pe": "100"
|
}
|
],
|
"scenarios": [
|
{
|
"assumption": "需求、验收或价格低于预期，利润下修且估值回归低位。",
|
"cagr_high": "-0.05897552479954726",
|
"cagr_low": "-0.18701768241803074",
|
"equity_value_high": "1348896830681.62",
|
"equity_value_low": "649201683215.85",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "291.5490466216073548492800399",
|
"price_low": "140.3177229729870847971058721",
|
"role": "pessimistic",
|
"upside_to_high": "-0.2620879609678376237679573781",
|
"upside_to_low": "-0.6448551683801896107387854414"
|
},
|
{
|
"assumption": "以TTM归一化利润与38家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "0.14127396178647422",
|
"cagr_low": "-0.02788614252144772",
|
"equity_value_high": "3539351398865.28",
|
"equity_value_low": "1586937447860.82",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "764.9914378378302390959017620",
|
"price_low": "342.9988783783811735798055096",
|
"role": "base",
|
"upside_to_high": "0.936197007941863424692234275",
|
"upside_to_low": "-0.1318681893738770600359263235"
|
},
|
{
|
"assumption": "订单、产品结构和规模效应超预期，利润与估值中枢同步上移。",
|
"cagr_high": "0.3068568637238387",
|
"cagr_low": "0.16323763822398174",
|
"equity_value_high": "6968098066516.20",
|
"equity_value_low": "3893286538752.0",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "1506.076893243267188217976539",
|
"price_low": "841.4905816216547616699398799",
|
"role": "optimistic",
|
"upside_to_high": "2.811887859385642086099662210",
|
"upside_to_low": "1.129816708736154800480738749"
|
}
|
]
|
}
|
