{
|
"conclusion": {
|
"base_midpoint": "50.31570000036469386498289925",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "0.2223103325658515860968609230"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "63.0192563",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "547777359.73257297"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "438221887.786058376"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "365184906.48838198"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "313015634.13289884"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "273888679.866286485"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "219110943.893029188"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "182592453.24419099"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "146073962.595352792"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "109555471.946514594"
|
}
|
],
|
"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": "2.202",
|
"profit": "382805452.476"
|
},
|
"2027": {
|
"eps": "2.65",
|
"profit": "460687760.7"
|
},
|
"2028": {
|
"eps": "3.122",
|
"profit": "542742335.436"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池5家）",
|
"report_date": "2026-08-06",
|
"source_id": "SRC-EM-CONSENSUS-20260806",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "2.202",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "17.77020890099909173478655767",
|
"profit_max": "382805452.476",
|
"profit_mean": "382805452.476",
|
"profit_median": "382805452.476",
|
"profit_min": "382805452.476"
|
},
|
"2027": {
|
"eps_mean": "2.65",
|
"eps_profit_reconciliation_gap": "0.00",
|
"institution_count": 1,
|
"pe_on_mean": "14.76603773584905660377358491",
|
"profit_max": "460687760.7",
|
"profit_mean": "460687760.7",
|
"profit_median": "460687760.7",
|
"profit_min": "460687760.7"
|
},
|
"2028": {
|
"eps_mean": "3.122",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "12.53363228699551569506726457",
|
"profit_max": "542742335.436",
|
"profit_mean": "542742335.436",
|
"profit_median": "542742335.436",
|
"profit_min": "542742335.436"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-06",
|
"code": "688550.SH",
|
"company": "瑞联新材",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-24",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "1.114185501310049378658981703",
|
"annual_fcf": "259232763.00",
|
"book_value_per_share": "19.22296478009840038713231654",
|
"current_fcf": "-24536525.34",
|
"deduct_pe": "22.66419511296167544429078499",
|
"diluted_shares": "173844438.0",
|
"enterprise_value": "5672980311.710",
|
"market_cap": "6802532858.940",
|
"normalized_eps": "1.726511786761909765557181645",
|
"normalized_pe": "22.66419511296167219731979887",
|
"normalized_profit": "300144471.270000043",
|
"pb": "2.035586104829751320974099407",
|
"price": "39.13",
|
"ps": "3.975783389257313714650976935",
|
"reported_pe": "22.13632445736639664334820363",
|
"ttm_attributable_profit": "307301822.94",
|
"ttm_deduct_profit": "300144471.27",
|
"ttm_eps": "1.767682800067494825459989695",
|
"ttm_revenue": "1710991820.46"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-7157351.669999957",
|
"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": "1.9565",
|
"implied_margin": "0.1987891694628656857325488468",
|
"implied_profit": "340126642.947",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "1.5652",
|
"implied_margin": "0.1590313355702925485860390774",
|
"implied_profit": "272101314.3576",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.304333333333333333333333333",
|
"implied_margin": "0.1325261129752437904883658978",
|
"implied_profit": "226751095.298",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.118",
|
"implied_margin": "0.1135938111216375347043136267",
|
"implied_profit": "194358081.684",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.97825",
|
"implied_margin": "0.09939458473143284286627442338",
|
"implied_profit": "170063321.4735",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.7826",
|
"implied_margin": "0.07951566778514627429301953871",
|
"implied_profit": "136050657.1788",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.6521666666666666666666666667",
|
"implied_margin": "0.06626305648762189524418294892",
|
"implied_profit": "113375547.649",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.5217333333333333333333333333",
|
"implied_margin": "0.05301044519009751619534635914",
|
"implied_profit": "90700438.1192",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.3913",
|
"implied_margin": "0.03975783389257313714650976935",
|
"implied_profit": "68025328.5894",
|
"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": "-0.08375412551316863",
|
"cagr_low": "-0.21197454699267304",
|
"equity_value_high": "4392692567.10",
|
"equity_value_low": "2067149443.32",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "25.26794999964278408492999931",
|
"price_low": "11.89079999971008563414608640",
|
"role": "pessimistic",
|
"upside_to_high": "-0.3542563250794075112463583105",
|
"upside_to_low": "-0.6961206235698930326055178533"
|
},
|
{
|
"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": "0.12624445997464506",
|
"cagr_low": "-0.05348337378701995",
|
"equity_value_high": "12326335569.80",
|
"equity_value_low": "5167873608.48",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "70.90440000041876519512231965",
|
"price_low": "29.72700000031062253484347886",
|
"role": "base",
|
"upside_to_high": "0.812021466915889731539031936",
|
"upside_to_low": "-0.2403015588982718493523261216"
|
},
|
{
|
"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": "0.28051121915492194",
|
"cagr_low": "0.14791889550367365",
|
"equity_value_high": "23420037582.62",
|
"equity_value_low": "13558969126.64",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "134.7183600007956538707324073",
|
"price_low": "77.99483999965532403170701383",
|
"role": "optimistic",
|
"upside_to_high": "2.442840787140190489924160677",
|
"upside_to_low": "0.993223613586898135234015176"
|
}
|
]
|
}
|
