{
|
"conclusion": {
|
"base_midpoint": "127.8946824999912771928289632",
|
"price_label": "当前价格低于基准合理区间",
|
"price_position": "BELOW_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "0.5416541262377816367566769775"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "94.4080962",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "8222874778.90266366"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "6578299823.122130928"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "5481916519.26844244"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "4698785587.944379234285714286"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "4111437389.45133183"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "3289149911.561065464"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "2740958259.63422122"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "2192766607.707376976"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "1644574955.780532732"
|
}
|
],
|
"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": "4.79905",
|
"profit": "8359873526.968301"
|
},
|
"2027": {
|
"eps": "6.40775",
|
"profit": "11162204934.8165"
|
},
|
"2028": {
|
"eps": "8.110052631579",
|
"profit": "14127590730.885672"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池19家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "4.79905",
|
"eps_profit_reconciliation_gap": "0.0000000000000001196190345193713603145074892",
|
"institution_count": 1,
|
"pe_on_mean": "12.21491753576228482469076098",
|
"profit_max": "8359873526.968301",
|
"profit_mean": "8359873526.968301",
|
"profit_median": "8359873526.968301",
|
"profit_min": "8359873526.968301"
|
},
|
"2027": {
|
"eps_mean": "6.40775",
|
"eps_profit_reconciliation_gap": "0.00",
|
"institution_count": 1,
|
"pe_on_mean": "9.148296984120791229370683937",
|
"profit_max": "11162204934.8165",
|
"profit_mean": "11162204934.8165",
|
"profit_median": "11162204934.8165",
|
"profit_min": "11162204934.8165"
|
},
|
"2028": {
|
"eps_mean": "8.110052631579",
|
"eps_profit_reconciliation_gap": "0.00000000000000009691716203291820467876629010",
|
"institution_count": 1,
|
"pe_on_mean": "7.228066532114092737337489905",
|
"profit_max": "14127590730.885672",
|
"profit_mean": "14127590730.885672",
|
"profit_median": "14127590730.885672",
|
"profit_min": "14127590730.885672"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "601127.SH",
|
"company": "赛力斯",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-30",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "4.853915566464748108644001949",
|
"annual_fcf": "24743829703.14",
|
"book_value_per_share": "23.71442656116402824358049642",
|
"current_fcf": "-22759860282.36",
|
"deduct_pe": "21.07652671936868862255807639",
|
"diluted_shares": "1741985086.0",
|
"enterprise_value": "44537055001.820",
|
"market_cap": "102115165741.320",
|
"normalized_eps": "2.781293178924494821995278552",
|
"normalized_pe": "21.07652671936869079765114571",
|
"normalized_profit": "4844971237.4799995",
|
"pb": "2.471913029345569105684802740",
|
"price": "58.62",
|
"ps": "0.5948955228956460663576660404",
|
"reported_pe": "17.12348017459551273717799764",
|
"ttm_attributable_profit": "5963458636.92",
|
"ttm_deduct_profit": "4844971237.48",
|
"ttm_eps": "3.423369513807651508217332694",
|
"ttm_revenue": "171652268022.25"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-1118487399.4400005",
|
"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": "2.931",
|
"implied_margin": "0.02974477614478230331788330202",
|
"implied_profit": "5105758287.066",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "2.3448",
|
"implied_margin": "0.02379582091582584265430664162",
|
"implied_profit": "4084606629.6528",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.954",
|
"implied_margin": "0.01982985076318820221192220135",
|
"implied_profit": "3403838858.044",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.674857142857142857142857143",
|
"implied_margin": "0.01699701493987560189593331544",
|
"implied_profit": "2917576164.037714285714285714",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "1.4655",
|
"implied_margin": "0.01487238807239115165894165101",
|
"implied_profit": "2552879143.533",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "1.1724",
|
"implied_margin": "0.01189791045791292132715332081",
|
"implied_profit": "2042303314.8264",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.977",
|
"implied_margin": "0.009914925381594101105961100674",
|
"implied_profit": "1701919429.022",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.7816",
|
"implied_margin": "0.007931940305275280884768880539",
|
"implied_profit": "1361535543.2176",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.5862",
|
"implied_margin": "0.005948955228956460663576660404",
|
"implied_profit": "1021151657.4132",
|
"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": "0.028022135672949977",
|
"cagr_low": "-0.11185751230629115",
|
"equity_value_high": "117247226215.68",
|
"equity_value_low": "56429146307.10",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "67.30667624997106318509548939",
|
"price_low": "32.39358750003672534312386185",
|
"role": "pessimistic",
|
"upside_to_high": "0.148186220572689580093747687",
|
"upside_to_low": "-0.4473970061406222220552053591"
|
},
|
{
|
"assumption": "以TTM归一化利润与19家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "0.24678467617300148",
|
"cagr_low": "0.06198572961631843",
|
"equity_value_high": "307643345792.32",
|
"equity_value_low": "137937913195.06",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "176.6050399999348788913799001",
|
"price_low": "79.18432500004767549427802621",
|
"role": "base",
|
"upside_to_high": "2.012709655406599776379732175",
|
"upside_to_low": "0.350807318322205313788434429"
|
},
|
{
|
"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": "0.4276757081989513",
|
"cagr_low": "0.2707788932773676",
|
"equity_value_high": "605672837028.90",
|
"equity_value_low": "338407680371.52",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "347.6911725000267884038589295",
|
"price_low": "194.2655439999099969332343641",
|
"role": "optimistic",
|
"upside_to_high": "4.931272134084387383211513639",
|
"upside_to_low": "2.313980620946946382347907951"
|
}
|
]
|
}
|
