{
|
"conclusion": {
|
"base_midpoint": "42.07999999991848687146902704",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.06511406844312787024622510011"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "72.1830582",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "885539047.52376459"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "708431238.019011672"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "590359365.01584306"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "506022312.8707226228571428571"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "442769523.761882295"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "354215619.009505836"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "295179682.50792153"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "236143746.006337224"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "177107809.504752918"
|
}
|
],
|
"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": "2.104",
|
"profit": "516235859.896"
|
},
|
"2027": {
|
"eps": "2.9",
|
"profit": "711541822.1"
|
},
|
"2028": {
|
"eps": "3.2425",
|
"profit": "795577364.8825"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池5家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "2.104",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "21.30228136882129277566539924",
|
"profit_max": "516235859.896",
|
"profit_mean": "516235859.896",
|
"profit_median": "516235859.896",
|
"profit_min": "516235859.896"
|
},
|
"2027": {
|
"eps_mean": "2.9",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "15.45517241379310344827586207",
|
"profit_max": "711541822.1",
|
"profit_mean": "711541822.1",
|
"profit_median": "711541822.1",
|
"profit_min": "711541822.1"
|
},
|
"2028": {
|
"eps_mean": "3.2425",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "13.82266769468003084040092521",
|
"profit_max": "795577364.8825",
|
"profit_mean": "795577364.8825",
|
"profit_median": "795577364.8825",
|
"profit_min": "795577364.8825"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "688063.SH",
|
"company": "派能科技",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-23",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "8.056233566919038436995823087",
|
"annual_fcf": "173950839.24",
|
"book_value_per_share": "37.65541833937549670279598875",
|
"current_fcf": "-400168340.16",
|
"deduct_pe": "236.1547418385499069946991021",
|
"diluted_shares": "245359249.0",
|
"enterprise_value": "5469203802.660",
|
"market_cap": "10997001540.180",
|
"normalized_eps": "0.1897908111057187006632874068",
|
"normalized_pe": "236.1547418385499577076701689",
|
"normalized_profit": "46566930.88",
|
"pb": "1.190266951652284462068196985",
|
"price": "44.82",
|
"ps": "2.937388960307597166977203320",
|
"reported_pe": "75.74193750881168849448993330",
|
"ttm_attributable_profit": "145190391.24",
|
"ttm_deduct_profit": "46566930.88000001",
|
"ttm_eps": "0.5917461511304185643313572418",
|
"ttm_revenue": "3743801617.28"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-98623460.36",
|
"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": "2.241",
|
"implied_margin": "0.1468694480153798583488601660",
|
"implied_profit": "549850077.009",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "1.7928",
|
"implied_margin": "0.1174955584123038866790881328",
|
"implied_profit": "439880061.6072",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.494",
|
"implied_margin": "0.09791296534358657223257344402",
|
"implied_profit": "366566718.006",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.280571428571428571428571429",
|
"implied_margin": "0.08392539886593134762792009488",
|
"implied_profit": "314200044.0051428571428571429",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "1.1205",
|
"implied_margin": "0.07343472400768992917443008301",
|
"implied_profit": "274925038.5045",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.8964",
|
"implied_margin": "0.05874777920615194333954406641",
|
"implied_profit": "219940030.8036",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.747",
|
"implied_margin": "0.04895648267179328611628672201",
|
"implied_profit": "183283359.003",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.5976",
|
"implied_margin": "0.03916518613743462889302937761",
|
"implied_profit": "146626687.2024",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.4482",
|
"implied_margin": "0.02937388960307597166977203320",
|
"implied_profit": "109970015.4018",
|
"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": "-0.13695227714943947",
|
"cagr_low": "-0.2672475496475363",
|
"equity_value_high": "5265605770.88",
|
"equity_value_low": "2323061369.50",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "21.46079999975872113954832002",
|
"price_low": "9.467999999869578994350443256",
|
"role": "pessimistic",
|
"upside_to_high": "-0.5211780455207781985821436854",
|
"upside_to_low": "-0.7887550200832311692469780621"
|
},
|
{
|
"assumption": "以TTM归一化利润与5家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "0.0617990842845797",
|
"cagr_low": "-0.11987312782037474",
|
"equity_value_high": "14841780972.00",
|
"equity_value_low": "5807653423.80",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "60.48999999995924343573451352",
|
"price_low": "23.66999999987773030720354055",
|
"role": "base",
|
"upside_to_high": "0.349620705041482450596486245",
|
"upside_to_low": "-0.4718875502035312292011704473"
|
},
|
{
|
"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": "0.2147686090110037",
|
"cagr_low": "0.08223327652104118",
|
"equity_value_high": "29089890705.05",
|
"equity_value_low": "16325959069.25",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "118.5603999996348211841812411",
|
"price_low": "66.53900000015895060063539728",
|
"role": "optimistic",
|
"upside_to_high": "1.645256581874940231686328449",
|
"upside_to_low": "0.484582775550177389572409578"
|
}
|
]
|
}
|
