{
|
"conclusion": {
|
"base_midpoint": "23.95999999992971298989995521",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "0.1131051752895518703880592353"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "34.2233375",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "1947633706.50066625"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "1558106965.20053300"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "1298422471.000444166666666667"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "1112933546.571809285714285714"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "973816853.250333125"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "779053482.60026650"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "649211235.5002220833333333333"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "519368988.4001776666666666667"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "389526741.30013325"
|
}
|
],
|
"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": "1.198",
|
"profit": "1363552096.804"
|
},
|
"2027": {
|
"eps": "1.62",
|
"profit": "1843868444.7600002"
|
},
|
"2028": {
|
"eps": "1.833333333333",
|
"profit": "2086682396.332954"
|
}
|
},
|
"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": "1.198",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "17.73789649415692821368948247",
|
"profit_max": "1363552096.804",
|
"profit_mean": "1363552096.804",
|
"profit_median": "1363552096.804",
|
"profit_min": "1363552096.804"
|
},
|
"2027": {
|
"eps_mean": "1.62",
|
"eps_profit_reconciliation_gap": "0.0000000000000001084676081790814551682714617",
|
"institution_count": 1,
|
"pe_on_mean": "13.11728395061728252781686802",
|
"profit_max": "1843868444.7600002",
|
"profit_mean": "1843868444.7600002",
|
"profit_median": "1843868444.7600002",
|
"profit_min": "1843868444.7600002"
|
},
|
"2028": {
|
"eps_mean": "1.833333333333",
|
"eps_profit_reconciliation_gap": "0.00000000000000003041478670234263820774966141",
|
"institution_count": 1,
|
"pe_on_mean": "11.59090909091119799457241071",
|
"profit_max": "2086682396.332954",
|
"profit_mean": "2086682396.332954",
|
"profit_median": "2086682396.332954",
|
"profit_min": "2086682396.332954"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "920185.BJ",
|
"company": "贝特瑞",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-29",
|
"market": "北京证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "0.5184421625008328587506301584",
|
"annual_fcf": "-1797801284.90",
|
"book_value_per_share": "11.32385232501320047157874547",
|
"current_fcf": "-1187093845.65",
|
"deduct_pe": "35.74628392088825573011511026",
|
"diluted_shares": "1138190398.0",
|
"enterprise_value": "36389975829.440",
|
"market_cap": "24186545957.500",
|
"normalized_eps": "0.5944673870724395269410803798",
|
"normalized_pe": "35.74628392088825573011511026",
|
"normalized_profit": "676617071.89",
|
"pb": "1.876569862454050361599460809",
|
"price": "21.25",
|
"ps": "1.351077585136859164349235906",
|
"reported_pe": "28.14251374303850835843938380",
|
"ttm_attributable_profit": "859430901.53",
|
"ttm_deduct_profit": "676617071.89",
|
"ttm_eps": "0.7550853557016213731931342475",
|
"ttm_revenue": "17901670654.28"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-182813829.64",
|
"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": "1.0625",
|
"implied_margin": "0.06755387925684295821746179532",
|
"implied_profit": "1209327297.875",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.85",
|
"implied_margin": "0.05404310340547436657396943626",
|
"implied_profit": "967461838.300",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.7083333333333333333333333333",
|
"implied_margin": "0.04503591950456197214497453021",
|
"implied_profit": "806218198.5833333333333333333",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.6071428571428571428571428571",
|
"implied_margin": "0.03860221671819597612426388304",
|
"implied_profit": "691044170.2142857142857142857",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.53125",
|
"implied_margin": "0.03377693962842147910873089766",
|
"implied_profit": "604663648.9375",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.425",
|
"implied_margin": "0.02702155170273718328698471813",
|
"implied_profit": "483730919.150",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.3541666666666666666666666667",
|
"implied_margin": "0.02251795975228098607248726511",
|
"implied_profit": "403109099.2916666666666666667",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.2833333333333333333333333333",
|
"implied_margin": "0.01801436780182478885798981208",
|
"implied_profit": "322487279.4333333333333333333",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.2125",
|
"implied_margin": "0.01351077585136859164349235906",
|
"implied_profit": "241865459.575",
|
"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": "-0.10475972681547308",
|
"cagr_low": "-0.23991514436323924",
|
"equity_value_high": "13908231387.36",
|
"equity_value_low": "6135984435.60",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "12.21959999996415362484897716",
|
"price_low": "5.390999999984185422727489922",
|
"role": "pessimistic",
|
"upside_to_high": "-0.4249600000016868882424010748",
|
"upside_to_low": "-0.7463058823536853918716475331"
|
},
|
{
|
"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": "0.10140526081266521",
|
"cagr_low": "-0.08704350799543792",
|
"equity_value_high": "39202122783.00",
|
"equity_value_low": "15339961089.0",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "34.44249999989896242298118561",
|
"price_low": "13.47749999996046355681872481",
|
"role": "base",
|
"upside_to_high": "0.620823529407009996375585205",
|
"upside_to_low": "-0.3657647058842134796791188325"
|
},
|
{
|
"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": "0.260080703061802",
|
"cagr_low": "0.12260166902508685",
|
"equity_value_high": "76836160654.75",
|
"equity_value_low": "43122335061.50",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "67.50729999986346748288066299",
|
"price_low": "37.88675000006457619052941615",
|
"role": "optimistic",
|
"upside_to_high": "2.176814117640633763900266494",
|
"upside_to_low": "0.782905882355980056024913701"
|
}
|
]
|
}
|
