{
|
"conclusion": {
|
"base_midpoint": "6.268637408149321307235177685",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-2.082009492985463534661053313"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "31.1150532",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "1607155361.07773262"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "1285724288.862186096"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "1071436907.38515508"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "918374492.04441864"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "803577680.53886631"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "642862144.431093048"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "535718453.69257754"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "428574762.954062032"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "321431072.215546524"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "002265.SZ",
|
"company": "建设工业",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-23",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "0.8692915168887336065293267419",
|
"annual_fcf": "104247688.93",
|
"book_value_per_share": "3.774819422479763659428667440",
|
"current_fcf": "-160507556.07",
|
"deduct_pe": "100.1653085231876454047651091",
|
"diluted_shares": "1033040407.0",
|
"enterprise_value": "18345032998.030",
|
"market_cap": "19958340663.240",
|
"normalized_eps": "0.1928811510177452352064675821",
|
"normalized_pe": "100.1653085231876443993619845",
|
"normalized_profit": "199254022.750000002",
|
"pb": "5.118125620776916020318294987",
|
"price": "19.32",
|
"ps": "4.103179669006462949597579103",
|
"reported_pe": "85.73980876310559114347696138",
|
"ttm_attributable_profit": "232777993.69",
|
"ttm_deduct_profit": "199254022.75",
|
"ttm_eps": "0.2253329028687258309732312339",
|
"ttm_revenue": "4864115703.73"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-33523970.939999998",
|
"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": 1,
|
"issues": [
|
{
|
"action": "补充法定披露、行情接口或机构预测汇总页来源。",
|
"field": "institutions",
|
"issue_id": "QA-CORE-SOURCE-MISSING",
|
"message": "核心字段没有由注册表中允许承载核心数字的来源支持。",
|
"recalc_scope": "institutions",
|
"severity": "WARNING"
|
},
|
{
|
"action": "不得以公司业绩预告或自有情景冒充机构预期。",
|
"field": "institutions",
|
"issue_id": "QA-INSTITUTION-NONE",
|
"message": "估值日没有可用机构盈利预测，已明确记录为空。",
|
"recalc_scope": "机构预期模块",
|
"severity": "INFO"
|
}
|
],
|
"status": "PASS_WITH_WARNINGS",
|
"warning_count": 1
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "0.966",
|
"implied_margin": "0.2051589834503231474798789552",
|
"implied_profit": "997917033.162",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.7728",
|
"implied_margin": "0.1641271867602585179839031641",
|
"implied_profit": "798333626.5296",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.644",
|
"implied_margin": "0.1367726556335487649865859701",
|
"implied_profit": "665278022.108",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.552",
|
"implied_margin": "0.1172337048287560842742165458",
|
"implied_profit": "570238304.664",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.483",
|
"implied_margin": "0.1025794917251615737399394776",
|
"implied_profit": "498958516.581",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.3864",
|
"implied_margin": "0.08206359338012925899195158206",
|
"implied_profit": "399166813.2648",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.322",
|
"implied_margin": "0.06838632781677438249329298505",
|
"implied_profit": "332639011.054",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.2576",
|
"implied_margin": "0.05470906225341950599463438804",
|
"implied_profit": "266111208.8432",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.1932",
|
"implied_margin": "0.04103179669006462949597579103",
|
"implied_profit": "199583406.6324",
|
"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": "-0.29007559617175793",
|
"cagr_low": "-0.37995234460352",
|
"equity_value_high": "3599025786.00",
|
"equity_value_low": "1829151928.8",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "3.483915790333649552974359114",
|
"price_low": "1.770648966299340505854966039",
|
"role": "pessimistic",
|
"upside_to_high": "-0.8196730957384239361814513916",
|
"upside_to_low": "-0.9083515027795372408977760849"
|
},
|
{
|
"assumption": "以TTM归一化利润与无家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "-0.15267085486578624",
|
"cagr_low": "-0.2666212527833993",
|
"equity_value_high": "8717363495.40",
|
"equity_value_low": "4234147983.50",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "8.438550357111055385851910825",
|
"price_low": "4.098724459187587228618444545",
|
"role": "base",
|
"upside_to_high": "-0.5632220312054319158461743879",
|
"upside_to_low": "-0.7878507008702077003820680877"
|
},
|
{
|
"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": "-0.034588671691218154",
|
"cagr_low": "-0.13636411012258864",
|
"equity_value_high": "16737337910.88",
|
"equity_value_low": "9589099844.80",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "16.20201668537443763320286077",
|
"price_low": "9.282405392686638636004486899",
|
"role": "optimistic",
|
"upside_to_high": "-0.1613862999288593357555455088",
|
"upside_to_low": "-0.5195442343329897186333081315"
|
}
|
]
|
}
|
