{
|
"conclusion": {
|
"base_midpoint": "35.83799999999118247356671455",
|
"price_label": "当前价格高于基准合理区间",
|
"price_position": "ABOVE_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.6742005692286054553204362625"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "96.630600",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "2191784753.4933900"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "1753427802.7947120"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "1461189835.6622600"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "1252448430.567651428571428571"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "1095892376.7466950"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "876713901.3973560"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "730594917.8311300"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "584475934.2649040"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "438356950.6986780"
|
}
|
],
|
"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": "1.034285714286",
|
"profit": "469195401.7315582"
|
},
|
"2027": {
|
"eps": "1.464285714286",
|
"profit": "664261445.8215581"
|
},
|
"2028": {
|
"eps": "1.58",
|
"profit": "716754301.5400001"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池7家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "1.034285714286",
|
"eps_profit_reconciliation_gap": "0.00000000000000003534135232102529476938524639",
|
"institution_count": 1,
|
"pe_on_mean": "58.01104972374087887530173252",
|
"profit_max": "469195401.7315582",
|
"profit_mean": "469195401.7315582",
|
"profit_median": "469195401.7315582",
|
"profit_min": "469195401.7315582"
|
},
|
"2027": {
|
"eps_mean": "1.464285714286",
|
"eps_profit_reconciliation_gap": "0.0000000000000001255800717093081849551527340",
|
"institution_count": 1,
|
"pe_on_mean": "40.97560975608957088040175012",
|
"profit_max": "664261445.8215581",
|
"profit_mean": "664261445.8215581",
|
"profit_median": "664261445.8215581",
|
"profit_min": "664261445.8215581"
|
},
|
"2028": {
|
"eps_mean": "1.58",
|
"eps_profit_reconciliation_gap": "0.0000000000000001395178233114786170777637449",
|
"institution_count": 1,
|
"pe_on_mean": "37.97468354430379217020924134",
|
"profit_max": "716754301.5400001",
|
"profit_mean": "716754301.5400001",
|
"profit_median": "716754301.5400001",
|
"profit_min": "716754301.5400001"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "002859.SZ",
|
"company": "洁美科技",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-28",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "1.484209637068176717579389199",
|
"annual_fcf": "-494902107.88",
|
"book_value_per_share": "7.007842232289255833239571799",
|
"current_fcf": "-147885018.81",
|
"deduct_pe": "118.2463911900310208670712760",
|
"diluted_shares": "453641963.0",
|
"enterprise_value": "30414000709.36",
|
"market_cap": "27218517780.00",
|
"normalized_eps": "0.5074150627022129436469262435",
|
"normalized_pe": "118.2463911900310392576055182",
|
"normalized_profit": "230184765.0999999642",
|
"pb": "8.561836584097836582803613998",
|
"price": "60.0",
|
"ps": "12.40765722632003960419014224",
|
"reported_pe": "116.3947245443199062472825743",
|
"ttm_attributable_profit": "233846661.75",
|
"ttm_deduct_profit": "230184765.10",
|
"ttm_eps": "0.5154872803290466318699004483",
|
"ttm_revenue": "2193687114.62"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-3661896.6500000358",
|
"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": "3.0",
|
"implied_margin": "0.6203828613160019802095071122",
|
"implied_profit": "1360925889.00",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "2.4",
|
"implied_margin": "0.4963062890528015841676056897",
|
"implied_profit": "1088740711.20",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "2.0",
|
"implied_margin": "0.4135885742106679868063380748",
|
"implied_profit": "907283926.00",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.714285714285714285714285714",
|
"implied_margin": "0.3545044921805725601197183498",
|
"implied_profit": "777671936.5714285714285714286",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "1.5",
|
"implied_margin": "0.3101914306580009901047535561",
|
"implied_profit": "680462944.50",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "1.2",
|
"implied_margin": "0.2481531445264007920838028449",
|
"implied_profit": "544370355.60",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "1.0",
|
"implied_margin": "0.2067942871053339934031690374",
|
"implied_profit": "453641963.00",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.8",
|
"implied_margin": "0.1654354296842671947225352299",
|
"implied_profit": "362913570.40",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.6",
|
"implied_margin": "0.1240765722632003960419014224",
|
"implied_profit": "272185177.80",
|
"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": "-0.21000289598640076",
|
"cagr_low": "-0.32547995714053524",
|
"equity_value_high": "8375137920.8",
|
"equity_value_low": "3800482754.04",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "18.46199999976633554951793558",
|
"price_low": "8.377714285748296173385529592",
|
"role": "pessimistic",
|
"upside_to_high": "-0.692300000003894407508034407",
|
"upside_to_low": "-0.8603714285708617304435745068"
|
},
|
{
|
"assumption": "以TTM归一化利润与7家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "-0.035977253643698415",
|
"cagr_low": "-0.18390312641069728",
|
"equity_value_high": "22662137903.58",
|
"equity_value_low": "9853103436.4",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "49.95599999989418968280057460",
|
"price_low": "21.72000000008817526433285450",
|
"role": "base",
|
"upside_to_high": "-0.16740000000176350528665709",
|
"upside_to_low": "-0.6379999999985304122611190917"
|
},
|
{
|
"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": "0.1073713429203802",
|
"cagr_low": "-0.01742475495478557",
|
"equity_value_high": "45324275807.40",
|
"equity_value_low": "24928351693.98",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "99.91200000031743095159827619",
|
"price_low": "54.95159999997619267863012929",
|
"role": "optimistic",
|
"upside_to_high": "0.665200000005290515859971270",
|
"upside_to_low": "-0.0841400000003967886894978452"
|
}
|
]
|
}
|
