{
|
"conclusion": {
|
"base_midpoint": "9.410403240344978025726656815",
|
"price_label": "当前价格高于基准合理区间",
|
"price_position": "ABOVE_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.3782618734544822693444270934"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "20.8883147",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "7914649532.052400665"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "6331719625.641920532"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "5276433021.36826711"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "4522656875.458514665714285714"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "3957324766.0262003325"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "3165859812.820960266"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "2638216510.684133555"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "2110573208.547306844"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "1582929906.410480133"
|
}
|
],
|
"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": "-0.048",
|
"profit": "-363747083.472"
|
},
|
"2027": {
|
"eps": "0.396",
|
"profit": "3000913438.644"
|
},
|
"2028": {
|
"eps": "0.743",
|
"profit": "5630501729.577"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池11家）",
|
"report_date": "2026-08-05",
|
"source_id": "SRC-EM-CONSENSUS-20260805",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "-0.048",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": null,
|
"profit_max": "-363747083.472",
|
"profit_mean": "-363747083.472",
|
"profit_median": "-363747083.472",
|
"profit_min": "-363747083.472"
|
},
|
"2027": {
|
"eps_mean": "0.396",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "32.75252525252525252525252525",
|
"profit_max": "3000913438.644",
|
"profit_mean": "3000913438.644",
|
"profit_median": "3000913438.644",
|
"profit_min": "3000913438.644"
|
},
|
"2028": {
|
"eps_mean": "0.743",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "17.45625841184387617765814266",
|
"profit_max": "5630501729.577",
|
"profit_mean": "5630501729.577",
|
"profit_median": "5630501729.577",
|
"profit_min": "5630501729.577"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-05",
|
"code": "601012.SH",
|
"company": "隆基绿能",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-29",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": null,
|
"annual_fcf": "-1534589984.50",
|
"book_value_per_share": "6.721716600246412875519040582",
|
"current_fcf": "-3257508504.47",
|
"deduct_pe": null,
|
"diluted_shares": "7578064239.0",
|
"enterprise_value": "83690252536.669996",
|
"market_cap": "98287493179.830",
|
"normalized_eps": "-0.9921734676390355682230315282",
|
"normalized_pe": null,
|
"normalized_profit": "-7518754273.9999992",
|
"pb": "1.929566622836275177082197931",
|
"price": "12.97",
|
"ps": "1.447828815446502799155917830",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-6908805585.66",
|
"ttm_deduct_profit": "-7518754274.00",
|
"ttm_eps": "-0.9116847479471465588878600690",
|
"ttm_revenue": "67886128616.33"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-609948688.3399992",
|
"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": "0.6485",
|
"implied_margin": "0.07239144077232513995779589152",
|
"implied_profit": "4914374658.9915",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.5188",
|
"implied_margin": "0.05791315261786011196623671322",
|
"implied_profit": "3931499727.1932",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.4323333333333333333333333333",
|
"implied_margin": "0.04826096051488342663853059435",
|
"implied_profit": "3276249772.661",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.3705714285714285714285714286",
|
"implied_margin": "0.04136653758418579426159765230",
|
"implied_profit": "2808214090.852285714285714286",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.32425",
|
"implied_margin": "0.03619572038616256997889794576",
|
"implied_profit": "2457187329.49575",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.2594",
|
"implied_margin": "0.02895657630893005598311835661",
|
"implied_profit": "1965749863.5966",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.2161666666666666666666666667",
|
"implied_margin": "0.02413048025744171331926529717",
|
"implied_profit": "1638124886.3305",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.1729333333333333333333333333",
|
"implied_margin": "0.01930438420595337065541223774",
|
"implied_profit": "1310499909.0644",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.1297",
|
"implied_margin": "0.01447828815446502799155917830",
|
"implied_profit": "982874931.7983",
|
"pe": "100"
|
}
|
],
|
"scenarios": [
|
{
|
"assumption": "亏损继续且现金消耗偏高，按归母净资产折价。",
|
"cagr_high": "-0.12318485157213288",
|
"cagr_low": "-0.20834074295149818",
|
"equity_value_high": "50937600193.020",
|
"equity_value_low": "30562560115.812",
|
"method": "pb",
|
"name": "悲观",
|
"price_high": "6.721716600246412875519040582",
|
"price_low": "4.033029960147847725311424349",
|
"role": "pessimistic",
|
"upside_to_high": "-0.4817489128568687065906676498",
|
"upside_to_low": "-0.6890493477141212239544005899"
|
},
|
{
|
"assumption": "业务逐步接近盈亏平衡，按成长型资产的中性净资产倍数定价。",
|
"cagr_high": "-0.013805569861647493",
|
"cagr_low": "-0.12318485157213288",
|
"equity_value_high": "91687680347.436",
|
"equity_value_low": "50937600193.020",
|
"method": "pb",
|
"name": "基准",
|
"price_high": "12.09908988044354317593427305",
|
"price_low": "6.721716600246412875519040582",
|
"role": "base",
|
"upside_to_high": "-0.0671480431423636718632017695",
|
"upside_to_low": "-0.4817489128568687065906676498"
|
},
|
{
|
"assumption": "核心产品或订单放量并形成可持续盈利，给予成长溢价。",
|
"cagr_high": "0.09227575872016636",
|
"cagr_low": "-0.013805569861647493",
|
"equity_value_high": "152812800579.060",
|
"equity_value_low": "91687680347.436",
|
"method": "pb",
|
"name": "乐观",
|
"price_high": "20.16514980073923862655712175",
|
"price_low": "12.09908988044354317593427305",
|
"role": "optimistic",
|
"upside_to_high": "0.554753261429393880227997051",
|
"upside_to_low": "-0.0671480431423636718632017695"
|
}
|
]
|
}
|
