{
|
"conclusion": {
|
"base_midpoint": "6.53125",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-2.550622009569377990430622010"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "37.3477269",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "626456496.71937882"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "501165197.375503056"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "417637664.47958588"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "357975140.9825021828571428571"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "313228248.35968941"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "250582598.687751528"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "208818832.23979294"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "167055065.791834352"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "125291299.343875764"
|
}
|
],
|
"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": "0.19",
|
"profit": "63739747.64"
|
},
|
"2027": {
|
"eps": "0.3",
|
"profit": "100641706.8"
|
},
|
"2028": {
|
"eps": "0.45",
|
"profit": "150962560.20000002"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池1家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.19",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "122.0526315789473684210526316",
|
"profit_max": "63739747.64",
|
"profit_mean": "63739747.64",
|
"profit_median": "63739747.64",
|
"profit_min": "63739747.64"
|
},
|
"2027": {
|
"eps_mean": "0.3",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "77.30",
|
"profit_max": "100641706.8",
|
"profit_mean": "100641706.8",
|
"profit_median": "100641706.8",
|
"profit_min": "100641706.8"
|
},
|
"2028": {
|
"eps_mean": "0.45",
|
"eps_profit_reconciliation_gap": "0.0000000000000001324831797599574450668093850",
|
"institution_count": 1,
|
"pe_on_mean": "51.53333333333332650603346970",
|
"profit_max": "150962560.20000002",
|
"profit_mean": "150962560.20000002",
|
"profit_median": "150962560.20000002",
|
"profit_min": "150962560.20000002"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "688371.SH",
|
"company": "菲沃泰",
|
"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": "1.980828759877152893304553788",
|
"annual_fcf": "4333366.50",
|
"book_value_per_share": "5.826437952073761928687799241",
|
"current_fcf": "-32618276.74",
|
"deduct_pe": null,
|
"diluted_shares": "335472356.0",
|
"enterprise_value": "7084037978.570",
|
"market_cap": "7779603935.640",
|
"normalized_eps": "-0.06796333185796088962990440858",
|
"normalized_pe": null,
|
"normalized_profit": "-22799819.059999997",
|
"pb": "3.980133349183981439184741807",
|
"price": "23.19",
|
"ps": "15.57917859161424858035799175",
|
"reported_pe": "2896.675649588568829154062787",
|
"ttm_attributable_profit": "2685700.74",
|
"ttm_deduct_profit": "-22799819.06",
|
"ttm_eps": "0.008005728913174592543774307293",
|
"ttm_revenue": "499359057.34"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-25485519.799999997",
|
"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": "检查主营盈利恢复条件。",
|
"field": "metrics.ttm_deduct_profit",
|
"issue_id": "QA-NEGATIVE-TTM-DEDUCT",
|
"message": "TTM 扣非利润不为正，扣非 PE 不适用。",
|
"recalc_scope": "扣非 PE 模块",
|
"severity": "WARNING"
|
}
|
],
|
"status": "PASS_WITH_WARNINGS",
|
"warning_count": 1
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "1.1595",
|
"implied_margin": "0.7789589295807124290178995875",
|
"implied_profit": "388980196.782",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.9276",
|
"implied_margin": "0.6231671436645699432143196700",
|
"implied_profit": "311184157.4256",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.773",
|
"implied_margin": "0.5193059530538082860119330583",
|
"implied_profit": "259320131.188",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.6625714285714285714285714286",
|
"implied_margin": "0.4451193883318356737245140501",
|
"implied_profit": "222274398.1611428571428571429",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.57975",
|
"implied_margin": "0.3894794647903562145089497937",
|
"implied_profit": "194490098.391",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.4638",
|
"implied_margin": "0.3115835718322849716071598350",
|
"implied_profit": "155592078.7128",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.3865",
|
"implied_margin": "0.2596529765269041430059665292",
|
"implied_profit": "129660065.594",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.3092",
|
"implied_margin": "0.2077223812215233144047732233",
|
"implied_profit": "103728052.4752",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.2319",
|
"implied_margin": "0.1557917859161424858035799175",
|
"implied_profit": "77796039.3564",
|
"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": "-0.3192020888628775",
|
"cagr_low": "-0.4187170638071861",
|
"equity_value_high": "1137754495.36",
|
"equity_value_low": "516291955.92",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "3.391499999958267798375613399",
|
"price_low": "1.539000000107311375605565545",
|
"role": "pessimistic",
|
"upside_to_high": "-0.8537516170781255800614224494",
|
"upside_to_low": "-0.9336351875762263313667285233"
|
},
|
{
|
"assumption": "以TTM归一化利润与1家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "-0.16346412339936978",
|
"cagr_low": "-0.3124713111904589",
|
"equity_value_high": "3186987382.00",
|
"equity_value_low": "1195120268.25",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "9.5",
|
"price_low": "3.5625",
|
"role": "base",
|
"upside_to_high": "-0.5903406640793445450625269513",
|
"upside_to_low": "-0.8463777490297542043984476067"
|
},
|
{
|
"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": "-0.04639017244641608",
|
"cagr_low": "-0.1473650937637896",
|
"equity_value_high": "6134950710.35",
|
"equity_value_low": "3505686120.40",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "18.2875",
|
"price_low": "10.45000000059617430891980858",
|
"role": "optimistic",
|
"upside_to_high": "-0.2114057783527382492453643812",
|
"upside_to_low": "-0.5493747304615707499387749642"
|
}
|
]
|
}
|
