{
|
"conclusion": {
|
"base_midpoint": "18.06000000264343733770120821",
|
"price_label": "当前价格高于基准合理区间",
|
"price_position": "ABOVE_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-1.369878183484793772091516131"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "68.929828",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "260758320.3010324"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "208606656.24082592"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "173838880.2006882666666666667"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "149004754.4577328"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "130379160.1505162"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "104303328.12041296"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "86919440.10034413333333333333"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "69535552.08027530666666666667"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "52151664.06020648"
|
}
|
],
|
"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": "0.43",
|
"profit": "32533398.38"
|
},
|
"2027": {
|
"eps": "1.49",
|
"profit": "112732008.34"
|
},
|
"2028": {
|
"eps": "2.43",
|
"profit": "183851530.38000003"
|
}
|
},
|
"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": "0.43",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "99.53488372093023255813953488",
|
"profit_max": "32533398.38",
|
"profit_mean": "32533398.38",
|
"profit_median": "32533398.38",
|
"profit_min": "32533398.38"
|
},
|
"2027": {
|
"eps_mean": "1.49",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "28.72483221476510067114093960",
|
"profit_max": "112732008.34",
|
"profit_mean": "112732008.34",
|
"profit_median": "112732008.34",
|
"profit_min": "112732008.34"
|
},
|
"2028": {
|
"eps_mean": "2.43",
|
"eps_profit_reconciliation_gap": "0.0000000000000001631751443025436898446211940",
|
"institution_count": 1,
|
"pe_on_mean": "17.61316872427983251691515385",
|
"profit_max": "183851530.38000003",
|
"profit_mean": "183851530.38000003",
|
"profit_median": "183851530.38000003",
|
"profit_min": "183851530.38000003"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "688084.SH",
|
"company": "晶品特装",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-28",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": null,
|
"annual_fcf": "-19241134.97",
|
"book_value_per_share": "20.26748228414556426060030929",
|
"current_fcf": "-27235257.41",
|
"deduct_pe": null,
|
"diluted_shares": "75659066.0",
|
"enterprise_value": "2275447653.00",
|
"market_cap": "3238208024.80",
|
"normalized_eps": "-0.3582468279478892456853749688",
|
"normalized_pe": null,
|
"normalized_profit": "-27104620.399999997",
|
"pb": "2.111757119110976973304908372",
|
"price": "42.8",
|
"ps": "10.03979126351910525394140134",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-15301545.37",
|
"ttm_deduct_profit": "-27104620.40",
|
"ttm_eps": "-0.2022433817779352444028320413",
|
"ttm_revenue": "322537385.47"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-11803075.029999997",
|
"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": "使用正常化情景、PB 或反向估值。",
|
"field": "metrics.ttm_attributable_profit",
|
"issue_id": "QA-NEGATIVE-TTM-PROFIT",
|
"message": "TTM 归母利润不为正，报告 PE 不适用。",
|
"recalc_scope": "PE 模块",
|
"severity": "WARNING"
|
},
|
{
|
"action": "检查主营盈利恢复条件。",
|
"field": "metrics.ttm_deduct_profit",
|
"issue_id": "QA-NEGATIVE-TTM-DEDUCT",
|
"message": "TTM 扣非利润不为正，扣非 PE 不适用。",
|
"recalc_scope": "扣非 PE 模块",
|
"severity": "WARNING"
|
},
|
{
|
"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": 3
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "2.14",
|
"implied_margin": "0.5019895631759552626970700669",
|
"implied_profit": "161910401.24",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "1.712",
|
"implied_margin": "0.4015916505407642101576560535",
|
"implied_profit": "129528320.992",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.426666666666666666666666667",
|
"implied_margin": "0.3346597087839701751313800445",
|
"implied_profit": "107940267.4933333333333333333",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.222857142857142857142857143",
|
"implied_margin": "0.2868511789576887215411828954",
|
"implied_profit": "92520229.28",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "1.07",
|
"implied_margin": "0.2509947815879776313485350334",
|
"implied_profit": "80955200.62",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.856",
|
"implied_margin": "0.2007958252703821050788280268",
|
"implied_profit": "64764160.496",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.7133333333333333333333333333",
|
"implied_margin": "0.1673298543919850875656900223",
|
"implied_profit": "53970133.74666666666666666667",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.5706666666666666666666666667",
|
"implied_margin": "0.1338638835135880700525520178",
|
"implied_profit": "43176106.99733333333333333333",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.428",
|
"implied_margin": "0.1003979126351910525394140134",
|
"implied_profit": "32382080.248",
|
"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": "-0.2716653514843702",
|
"cagr_low": "-0.36972224963782296",
|
"equity_value_high": "663681327.04",
|
"equity_value_low": "322080643.94",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "8.772000001163112428588531611",
|
"price_low": "4.256999999709221892852867097",
|
"role": "pessimistic",
|
"upside_to_high": "-0.7950467289447870927899875792",
|
"upside_to_low": "-0.9005373831843639744660545071"
|
},
|
{
|
"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": "-0.09627730783812138",
|
"cagr_low": "-0.24760277402643793",
|
"equity_value_high": "1952003903.04",
|
"equity_value_low": "780801561.28",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "25.80000000317212480524144985",
|
"price_low": "10.32000000211474987016096657",
|
"role": "base",
|
"upside_to_high": "-0.3971962616081279251111810783",
|
"upside_to_low": "-0.7588785046234871525663325568"
|
},
|
{
|
"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": "0.027058587939554846",
|
"cagr_low": "-0.07888527627788522",
|
"equity_value_high": "3700674065.40",
|
"equity_value_low": "2147204292.96",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "48.91249999570441432623553666",
|
"price_low": "28.37999999841393759737927508",
|
"role": "optimistic",
|
"upside_to_high": "0.142815420460383512295222819",
|
"upside_to_low": "-0.3369158878875248224911384327"
|
}
|
]
|
}
|
