{
|
"conclusion": {
|
"base_midpoint": "11.35750",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "0.2524763372220999339643407440"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "13.6732299",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "655904838.30300000"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "524723870.64240000"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "437269892.20200000"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "374802764.7445714285714285714"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "327952419.15150000"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "262361935.32120000"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "218634946.10100000"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "174907956.88080000"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "131180967.66060000"
|
}
|
],
|
"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": "0.385",
|
"profit": "369369000.0"
|
},
|
"2027": {
|
"eps": "0.44",
|
"profit": "422136000.0"
|
},
|
"2028": {
|
"eps": "0.515",
|
"profit": "494091000.0"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池2家）",
|
"report_date": "2026-08-06",
|
"source_id": "SRC-EM-CONSENSUS-20260806",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.385",
|
"eps_profit_reconciliation_gap": "0.000",
|
"institution_count": 1,
|
"pe_on_mean": "22.05194805194805194805194805",
|
"profit_max": "369369000.0",
|
"profit_mean": "369369000.0",
|
"profit_median": "369369000.0",
|
"profit_min": "369369000.0"
|
},
|
"2027": {
|
"eps_mean": "0.44",
|
"eps_profit_reconciliation_gap": "0.00",
|
"institution_count": 1,
|
"pe_on_mean": "19.29545454545454545454545455",
|
"profit_max": "422136000.0",
|
"profit_mean": "422136000.0",
|
"profit_median": "422136000.0",
|
"profit_min": "422136000.0"
|
},
|
"2028": {
|
"eps_mean": "0.515",
|
"eps_profit_reconciliation_gap": "0.000",
|
"institution_count": 1,
|
"pe_on_mean": "16.48543689320388349514563107",
|
"profit_max": "494091000.0",
|
"profit_mean": "494091000.0",
|
"profit_median": "494091000.0",
|
"profit_min": "494091000.0"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-06",
|
"code": "601890.SH",
|
"company": "亚星锚链",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-28",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "0.8085098166792645492569381819",
|
"annual_fcf": "89349987.64",
|
"book_value_per_share": "4.058157080685845319991661455",
|
"current_fcf": "-379448060.73",
|
"deduct_pe": "35.31706219351251757168939986",
|
"diluted_shares": "959400000.0",
|
"enterprise_value": "6974604592.960",
|
"market_cap": "8145306000.000",
|
"normalized_eps": "0.2403937211277881696893892016",
|
"normalized_pe": "35.31706219351252216560477387",
|
"normalized_profit": "230633736.04999997",
|
"pb": "2.092082645200405822820817505",
|
"price": "8.49",
|
"ps": "3.958228253448521541669569396",
|
"reported_pe": "23.31755673515348008507432634",
|
"ttm_attributable_profit": "349320732.55",
|
"ttm_deduct_profit": "230633736.05",
|
"ttm_eps": "0.3641033276526996039191161142",
|
"ttm_revenue": "2057816143.60"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-118686996.50000003",
|
"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": "0.4245",
|
"implied_margin": "0.1979114126724260770834784698",
|
"implied_profit": "407265300.000",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.3396",
|
"implied_margin": "0.1583291301379408616667827758",
|
"implied_profit": "325812240.000",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.283",
|
"implied_margin": "0.1319409417816173847223189799",
|
"implied_profit": "271510200.000",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.2425714285714285714285714286",
|
"implied_margin": "0.1130922358128149011905591256",
|
"implied_profit": "232723028.5714285714285714286",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.21225",
|
"implied_margin": "0.09895570633621303854173923490",
|
"implied_profit": "203632650.000",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.1698",
|
"implied_margin": "0.07916456506897043083339138792",
|
"implied_profit": "162906120.000",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.1415",
|
"implied_margin": "0.06597047089080869236115948993",
|
"implied_profit": "135755100.000",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.1132",
|
"implied_margin": "0.05277637671264695388892759195",
|
"implied_profit": "108604080.000",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.0849",
|
"implied_margin": "0.03958228253448521541669569396",
|
"implied_profit": "81453060.000",
|
"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": "-0.0628812068027993",
|
"cagr_low": "-0.18152086697971137",
|
"equity_value_high": "5886818437.5",
|
"equity_value_low": "2991888900.0",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "6.1359375",
|
"price_low": "3.1185",
|
"role": "pessimistic",
|
"upside_to_high": "-0.2772747349823321554770318021",
|
"upside_to_low": "-0.6326855123674911660777385159"
|
},
|
{
|
"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": "0.1278823091464123",
|
"cagr_low": "-0.03192085968166558",
|
"equity_value_high": "14867102250.0",
|
"equity_value_low": "6925668750.0",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "15.49625",
|
"price_low": "7.21875",
|
"role": "base",
|
"upside_to_high": "0.825235571260306242638398115",
|
"upside_to_low": "-0.1497349823321554770318021201"
|
},
|
{
|
"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": "0.2850618493481518",
|
"cagr_low": "0.14958826488283394",
|
"equity_value_high": "28544836320.0",
|
"equity_value_low": "16353812475.0",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "29.7528",
|
"price_low": "17.045875",
|
"role": "optimistic",
|
"upside_to_high": "2.504452296819787985865724382",
|
"upside_to_low": "1.007759128386336866902237927"
|
}
|
]
|
}
|
