{
|
"conclusion": {
|
"base_midpoint": "28.85190000008214245998126918",
|
"price_label": "当前价格高于基准合理区间",
|
"price_position": "ABOVE_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-1.085824503752912814898586426"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "96.9204918",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "4831720574.37167241"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "3865376459.497337928"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "3221147049.58111494"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "2760983185.355241377142857143"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "2415860287.185836205"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "1932688229.748668964"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "1610573524.79055747"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "1288458819.832445976"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "966344114.874334482"
|
}
|
],
|
"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": "0.832666666667",
|
"profit": "830208883.6343323"
|
},
|
"2027": {
|
"eps": "1.038277777778",
|
"profit": "1035213092.2230548"
|
},
|
"2028": {
|
"eps": "1.264470588235",
|
"profit": "1260738249.1352363"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池18家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.832666666667",
|
"eps_profit_reconciliation_gap": "0.00000000000000005954284635404226254670628151",
|
"institution_count": 1,
|
"pe_on_mean": "72.27381905521526698591283647",
|
"profit_max": "830208883.6343323",
|
"profit_mean": "830208883.6343323",
|
"profit_median": "830208883.6343323",
|
"profit_min": "830208883.6343323"
|
},
|
"2027": {
|
"eps_mean": "1.038277777778",
|
"eps_profit_reconciliation_gap": "0.00000000000000009623332698204969619596377885",
|
"institution_count": 1,
|
"pe_on_mean": "57.96136764940704472005947305",
|
"profit_max": "1035213092.2230548",
|
"profit_mean": "1035213092.2230548",
|
"profit_median": "1035213092.2230548",
|
"profit_min": "1035213092.2230548"
|
},
|
"2028": {
|
"eps_mean": "1.264470588235",
|
"eps_profit_reconciliation_gap": "0.0000000000000001092494814799780888917325449",
|
"institution_count": 1,
|
"pe_on_mean": "47.59304056569770438379484395",
|
"profit_max": "1260738249.1352363",
|
"profit_mean": "1260738249.1352363",
|
"profit_median": "1260738249.1352363",
|
"profit_min": "1260738249.1352363"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "300285.SZ",
|
"company": "国瓷材料",
|
"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": "1.317659873901642729276663796",
|
"annual_fcf": "398399808.36",
|
"book_value_per_share": "7.231117484169139533329668716",
|
"current_fcf": "1716338.72",
|
"deduct_pe": "97.04850961834117026217298451",
|
"diluted_shares": "997048299.0",
|
"enterprise_value": "60408934189.420",
|
"market_cap": "60002366633.820",
|
"normalized_eps": "0.6201022585165656052134742171",
|
"normalized_pe": "97.04850961834117026217298451",
|
"normalized_profit": "618271902.06",
|
"pb": "8.322365129836460425808835232",
|
"price": "60.18",
|
"ps": "12.84370108512286549605369660",
|
"reported_pe": "97.27564145350882931212599869",
|
"ttm_attributable_profit": "616828280.31",
|
"ttm_deduct_profit": "618271902.06",
|
"ttm_eps": "0.6186543630119567557679570345",
|
"ttm_revenue": "4671734902.28"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "1443621.75",
|
"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": "3.009",
|
"implied_margin": "0.6421850542561432748026848299",
|
"implied_profit": "3000118331.691",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "2.4072",
|
"implied_margin": "0.5137480434049146198421478639",
|
"implied_profit": "2400094665.3528",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "2.006",
|
"implied_margin": "0.4281233695040955165351232199",
|
"implied_profit": "2000078887.794",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.719428571428571428571428571",
|
"implied_margin": "0.3669628881463675856015341885",
|
"implied_profit": "1714353332.394857142857142857",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "1.5045",
|
"implied_margin": "0.3210925271280716374013424149",
|
"implied_profit": "1500059165.8455",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "1.2036",
|
"implied_margin": "0.2568740217024573099210739320",
|
"implied_profit": "1200047332.6764",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "1.003",
|
"implied_margin": "0.2140616847520477582675616100",
|
"implied_profit": "1000039443.897",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.8024",
|
"implied_margin": "0.1712493478016382066140492880",
|
"implied_profit": "800031555.1176",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.6018",
|
"implied_margin": "0.1284370108512286549605369660",
|
"implied_profit": "600023666.3382",
|
"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": "-0.24398320541281326",
|
"cagr_low": "-0.3544932277655749",
|
"equity_value_high": "14819228572.96",
|
"equity_value_low": "6724691957.52",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "14.86310000009337561690178461",
|
"price_low": "6.744600000084850453167464859",
|
"role": "pessimistic",
|
"upside_to_high": "-0.7530225988685048917098407343",
|
"upside_to_low": "-0.8879262213345820795419165028"
|
},
|
{
|
"assumption": "以TTM归一化利润与18家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "-0.07744296415222407",
|
"cagr_low": "-0.21900607064625122",
|
"equity_value_high": "40099089079.56",
|
"equity_value_low": "17434386556.44",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "40.21780000003791190460673962",
|
"price_low": "17.48600000012637301535579873",
|
"role": "base",
|
"upside_to_high": "-0.3317082087065817230872924623",
|
"upside_to_low": "-0.7094383516097312559761415964"
|
},
|
{
|
"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": "0.059739749468963765",
|
"cagr_low": "-0.05968846794065119",
|
"equity_value_high": "80198178159.00",
|
"equity_value_low": "44108997987.6",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "80.43559999995546855649367092",
|
"price_low": "44.23958000012595177197127940",
|
"role": "optimistic",
|
"upside_to_high": "0.336583582584836632710097556",
|
"upside_to_low": "-0.2648790295758399506152994450"
|
}
|
]
|
}
|
