{
|
"conclusion": {
|
"base_midpoint": "10.185",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "0.1703485517918507609229258714"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "13.6088095",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "293251613.00291285"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "234601290.40233028"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "195501075.3352752333333333333"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "167572350.2873787714285714286"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "146625806.501456425"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "117300645.20116514"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "97750537.66763761666666666667"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "78200430.13411009333333333333"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "58650322.60058257"
|
}
|
],
|
"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": "0.42",
|
"profit": "181008746.51999998"
|
},
|
"2027": {
|
"eps": "0.51",
|
"profit": "219796335.06"
|
},
|
"2028": {
|
"eps": "0.54",
|
"profit": "232725531.24"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池1家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.42",
|
"eps_profit_reconciliation_gap": "0.0000000000000001104918982342666200671835064",
|
"institution_count": 1,
|
"pe_on_mean": "20.11904761904762127061080971",
|
"profit_max": "181008746.51999998",
|
"profit_mean": "181008746.51999998",
|
"profit_median": "181008746.51999998",
|
"profit_min": "181008746.51999998"
|
},
|
"2027": {
|
"eps_mean": "0.51",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "16.56862745098039215686274510",
|
"profit_max": "219796335.06",
|
"profit_mean": "219796335.06",
|
"profit_median": "219796335.06",
|
"profit_min": "219796335.06"
|
},
|
"2028": {
|
"eps_mean": "0.54",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "15.64814814814814814814814815",
|
"profit_max": "232725531.24",
|
"profit_mean": "232725531.24",
|
"profit_median": "232725531.24",
|
"profit_min": "232725531.24"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "300200.SZ",
|
"company": "高盟新材",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-22",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "-0.1577283271991195031051175396",
|
"annual_fcf": "-56967092.45",
|
"book_value_per_share": "3.841214774776508960048899188",
|
"current_fcf": "-81526071.42",
|
"deduct_pe": "46.10659121216145626380486677",
|
"diluted_shares": "430973206.0",
|
"enterprise_value": "3502165272.10999998",
|
"market_cap": "3641723590.700",
|
"normalized_eps": "0.1832709766184397342789797471",
|
"normalized_pe": "46.10659121216144984267083425",
|
"normalized_profit": "78984880.360000011",
|
"pb": "2.199824924002496361317278652",
|
"price": "8.45",
|
"ps": "2.668442187727375438889814972",
|
"reported_pe": "40.46382432010855723623401228",
|
"ttm_attributable_profit": "89999490.95",
|
"ttm_deduct_profit": "78984880.36",
|
"ttm_eps": "0.2088285064988471696312368895",
|
"ttm_revenue": "1364737676.33"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-11014610.589999989",
|
"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": [
|
{
|
"action": "拆解营运资本、资本开支与回款持续性。",
|
"field": "metrics.annual_fcf",
|
"issue_id": "QA-NEGATIVE-FCF",
|
"message": "最近完整年度简化自由现金流为负。",
|
"recalc_scope": "DCF 与现金流交叉验证",
|
"severity": "WARNING"
|
}
|
],
|
"status": "PASS_WITH_WARNINGS",
|
"warning_count": 1
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "0.4225",
|
"implied_margin": "0.1334221093863687719444907486",
|
"implied_profit": "182086179.535",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.338",
|
"implied_margin": "0.1067376875090950175555925989",
|
"implied_profit": "145668943.628",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.2816666666666666666666666667",
|
"implied_margin": "0.08894807292424584796299383243",
|
"implied_profit": "121390786.3566666666666666667",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.2414285714285714285714285714",
|
"implied_margin": "0.07624120536363929825399471347",
|
"implied_profit": "104049245.4485714285714285714",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.21125",
|
"implied_margin": "0.06671105469318438597224537430",
|
"implied_profit": "91043089.7675",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.169",
|
"implied_margin": "0.05336884375454750877779629944",
|
"implied_profit": "72834471.814",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.1408333333333333333333333333",
|
"implied_margin": "0.04447403646212292398149691620",
|
"implied_profit": "60695393.17833333333333333333",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.1126666666666666666666666667",
|
"implied_margin": "0.03557922916969833918519753296",
|
"implied_profit": "48556314.54266666666666666667",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.0845",
|
"implied_margin": "0.02668442187727375438889814972",
|
"implied_profit": "36417235.907",
|
"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": "-0.10622324577019071",
|
"cagr_low": "-0.23129931469095033",
|
"equity_value_high": "2077075366.38",
|
"equity_value_low": "977447231.16",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "4.819500000146180781363934722",
|
"price_low": "2.267999999888624166579859259",
|
"role": "pessimistic",
|
"upside_to_high": "-0.4296449703969016826788242933",
|
"upside_to_low": "-0.7315976331492752465585965374"
|
},
|
{
|
"assumption": "以TTM归一化利润与1家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "0.11710018866531025",
|
"cagr_low": "-0.07669482444796116",
|
"equity_value_high": "6335306128.20",
|
"equity_value_low": "2443618078.02",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "14.7",
|
"price_low": "5.67",
|
"role": "base",
|
"upside_to_high": "0.739644970414201183431952663",
|
"upside_to_low": "-0.3289940828402366863905325444"
|
},
|
{
|
"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": "0.2701144159574498",
|
"cagr_low": "0.13859864382933162",
|
"equity_value_high": "12037081643.58",
|
"equity_value_low": "6968836741.16",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "27.93",
|
"price_low": "16.17000000032484618080874383",
|
"role": "optimistic",
|
"upside_to_high": "2.305325443786982248520710059",
|
"upside_to_low": "0.913609467494064636782099862"
|
}
|
]
|
}
|
