{
|
"conclusion": {
|
"base_midpoint": "14.08312499989234035474837054",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-2.866329383600319364478009077"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "87.6922695",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "1679973080.17334895"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "1343978464.13867916"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "1119982053.44889930"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "959984617.2419136857142857143"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "839986540.086674475"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "671989232.06933958"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "559991026.72444965"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "447992821.37955972"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "335994616.03466979"
|
}
|
],
|
"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": "0.435",
|
"profit": "166671086.07"
|
},
|
"2027": {
|
"eps": "0.585",
|
"profit": "224143874.36999997"
|
},
|
"2028": {
|
"eps": "0.77",
|
"profit": "295026979.94"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池2家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.435",
|
"eps_profit_reconciliation_gap": "0.00",
|
"institution_count": 1,
|
"pe_on_mean": "125.1724137931034482758620690",
|
"profit_max": "166671086.07",
|
"profit_mean": "166671086.07",
|
"profit_median": "166671086.07",
|
"profit_min": "166671086.07"
|
},
|
"2027": {
|
"eps_mean": "0.585",
|
"eps_profit_reconciliation_gap": "0.0000000000000001338426048194305780227963344",
|
"institution_count": 1,
|
"pe_on_mean": "93.07692307692308938073475627",
|
"profit_max": "224143874.36999997",
|
"profit_mean": "224143874.36999997",
|
"profit_median": "224143874.36999997",
|
"profit_min": "224143874.36999997"
|
},
|
"2028": {
|
"eps_mean": "0.77",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "70.71428571428571428571428571",
|
"profit_max": "295026979.94",
|
"profit_mean": "295026979.94",
|
"profit_median": "295026979.94",
|
"profit_min": "295026979.94"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "603667.SH",
|
"company": "五洲新春",
|
"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": "2.589984712635971434310691423",
|
"annual_fcf": "33931400.74",
|
"book_value_per_share": "7.830634943676466798462255919",
|
"current_fcf": "-31662383.11",
|
"deduct_pe": "276.7163812700410408716972122",
|
"diluted_shares": "383151922.0",
|
"enterprise_value": "21554855980.780",
|
"market_cap": "20862622152.900",
|
"normalized_eps": "0.1967718707150318718745719877",
|
"normalized_pe": "276.7163812700411289587517755",
|
"normalized_profit": "75393520.459999976",
|
"pb": "6.953459124533755674503097496",
|
"price": "54.45",
|
"ps": "6.569115068615064370200275975",
|
"reported_pe": "247.3557203238465398706714132",
|
"ttm_attributable_profit": "84342590.20",
|
"ttm_deduct_profit": "75393520.46",
|
"ttm_eps": "0.2201283234069226462082056318",
|
"ttm_revenue": "3175864927.77"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-8949069.740000024",
|
"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": "2.7225",
|
"implied_margin": "0.3284557534307532185100137988",
|
"implied_profit": "1043131107.645",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "2.178",
|
"implied_margin": "0.2627646027446025748080110390",
|
"implied_profit": "834504886.116",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.815",
|
"implied_margin": "0.2189705022871688123400091992",
|
"implied_profit": "695420738.430",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.555714285714285714285714286",
|
"implied_margin": "0.1876890019604304105771507421",
|
"implied_profit": "596074918.6542857142857142857",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "1.36125",
|
"implied_margin": "0.1642278767153766092550068994",
|
"implied_profit": "521565553.8225",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "1.089",
|
"implied_margin": "0.1313823013723012874040055195",
|
"implied_profit": "417252443.058",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.9075",
|
"implied_margin": "0.1094852511435844061700045996",
|
"implied_profit": "347710369.215",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.726",
|
"implied_margin": "0.08758820091486752493600367967",
|
"implied_profit": "278168295.372",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.5445",
|
"implied_margin": "0.06569115068615064370200275975",
|
"implied_profit": "208626221.529",
|
"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": "-0.3226300618099135",
|
"cagr_low": "-0.4216439561427211",
|
"equity_value_high": "2975078886.36",
|
"equity_value_low": "1350035797.14",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "7.764750000027404273336778407",
|
"price_low": "3.523499999929531868562569810",
|
"role": "pessimistic",
|
"upside_to_high": "-0.8573966942143727406182409843",
|
"upside_to_low": "-0.9352892561996412879970143286"
|
},
|
{
|
"assumption": "以TTM归一化利润与2家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "-0.18144127705531132",
|
"cagr_low": "-0.3159331751449933",
|
"equity_value_high": "7666869959.20",
|
"equity_value_low": "3125082863.75",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "20.00999999994780138412042208",
|
"price_low": "8.156249999836879325376319005",
|
"role": "base",
|
"upside_to_high": "-0.6325068870533002500620675467",
|
"upside_to_low": "-0.8502066115732437222153109457"
|
},
|
{
|
"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": "-0.0668832449833332",
|
"cagr_low": "-0.1656882155296534",
|
"equity_value_high": "14758724671.35",
|
"equity_value_low": "8433556955.20",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "38.51924999961242527709413396",
|
"price_low": "22.01100000015137598605077596",
|
"role": "optimistic",
|
"upside_to_high": "-0.2925757575828755688320636555",
|
"upside_to_low": "-0.5957575757547956660045771174"
|
}
|
]
|
}
|
