{
|
"conclusion": {
|
"base_midpoint": "113.85375",
|
"price_label": "当前价格低于基准合理区间",
|
"price_position": "BELOW_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "0.4944391379291415522106210819"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "92.7009556",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "1891977743.09335440"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "1513582194.47468352"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "1261318495.39556960"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "1081130138.910488228571428571"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "945988871.54667720"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "756791097.23734176"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "630659247.69778480"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "504527398.15822784"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "378395548.61867088"
|
}
|
],
|
"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": "3.13",
|
"profit": "1277633072.3999999"
|
},
|
"2027": {
|
"eps": "3.969384615385",
|
"profit": "1620261042.0740032"
|
},
|
"2028": {
|
"eps": "4.889615384615",
|
"profit": "1995889561.245997"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池14家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "3.13",
|
"eps_profit_reconciliation_gap": "0.00000000000000007826973343148721689820068808",
|
"institution_count": 1,
|
"pe_on_mean": "18.38977635782747747770155154",
|
"profit_max": "1277633072.3999999",
|
"profit_mean": "1277633072.3999999",
|
"profit_median": "1277633072.3999999",
|
"profit_min": "1277633072.3999999"
|
},
|
"2027": {
|
"eps_mean": "3.969384615385",
|
"eps_profit_reconciliation_gap": "0.00000000000000003098266186523985057801215854",
|
"institution_count": 1,
|
"pe_on_mean": "14.50098833378410666010280336",
|
"profit_max": "1620261042.0740032",
|
"profit_mean": "1620261042.0740032",
|
"profit_median": "1620261042.0740032",
|
"profit_min": "1620261042.0740032"
|
},
|
"2028": {
|
"eps_mean": "4.889615384615",
|
"eps_profit_reconciliation_gap": "0.00000000000000007505425295499948703616121132",
|
"institution_count": 1,
|
"pe_on_mean": "11.77188704475826010026944687",
|
"profit_max": "1995889561.245997",
|
"profit_mean": "1995889561.245997",
|
"profit_median": "1995889561.245997",
|
"profit_min": "1995889561.245997"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "688278.SH",
|
"company": "特宝生物",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-29",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "0.7072829984741225533303002221",
|
"annual_fcf": "473232610.76",
|
"book_value_per_share": "8.893874397546943150029246222",
|
"current_fcf": "59508727.56",
|
"deduct_pe": "22.61640733182618567180429699",
|
"diluted_shares": "408189480.0",
|
"enterprise_value": "22595618459.160",
|
"market_cap": "23495386468.800",
|
"normalized_eps": "2.545054975155165439344492661",
|
"normalized_pe": "22.61640733182618784883544001",
|
"normalized_profit": "1038864666.8799999",
|
"pb": "6.471870123989592807806431606",
|
"price": "57.56",
|
"ps": "6.150602028808208734669937665",
|
"reported_pe": "23.18009519728256436563160051",
|
"ttm_attributable_profit": "1013601810.90",
|
"ttm_deduct_profit": "1038864666.88",
|
"ttm_eps": "2.483164952952731657856542506",
|
"ttm_revenue": "3820014099.23"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "25262855.9799999",
|
"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": "2.878",
|
"implied_margin": "0.3075301014404104367334968832",
|
"implied_profit": "1174769323.440",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "2.3024",
|
"implied_margin": "0.2460240811523283493867975066",
|
"implied_profit": "939815458.752",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.918666666666666666666666667",
|
"implied_margin": "0.2050200676269402911556645888",
|
"implied_profit": "783179548.960",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.644571428571428571428571429",
|
"implied_margin": "0.1757314865373773924191410761",
|
"implied_profit": "671296756.2514285714285714286",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "1.439",
|
"implied_margin": "0.1537650507202052183667484416",
|
"implied_profit": "587384661.720",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "1.1512",
|
"implied_margin": "0.1230120405761641746933987533",
|
"implied_profit": "469907729.376",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.9593333333333333333333333333",
|
"implied_margin": "0.1025100338134701455778322944",
|
"implied_profit": "391589774.480",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.7674666666666666666666666667",
|
"implied_margin": "0.08200802705077611646226583553",
|
"implied_profit": "313271819.584",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.5756",
|
"implied_margin": "0.06150602028808208734669937665",
|
"implied_profit": "234953864.688",
|
"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": "-0.005940558537575691",
|
"cagr_low": "-0.15124623412906946",
|
"equity_value_high": "22805750342.20",
|
"equity_value_low": "10348827886.44",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "55.87049999965702202810322304",
|
"price_low": "25.353",
|
"role": "pessimistic",
|
"upside_to_high": "-0.0293519805480017020829877860",
|
"upside_to_low": "-0.5595378735232800555941626129"
|
},
|
{
|
"assumption": "以TTM归一化利润与14家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "0.2298914468985933",
|
"cagr_low": "0.026900982568325515",
|
"equity_value_high": "66117511496.70",
|
"equity_value_low": "26830294520.4",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "161.9775",
|
"price_low": "65.73",
|
"role": "base",
|
"upside_to_high": "1.814063585823488533703961084",
|
"upside_to_low": "0.141938846421125781792911744"
|
},
|
{
|
"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": "0.4158999192594428",
|
"cagr_low": "0.2535605558926761",
|
"equity_value_high": "133704301026.40",
|
"equity_value_low": "72729262646.55",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "327.5544999993630409093345571",
|
"price_low": "178.1752500004409716781529989",
|
"role": "optimistic",
|
"upside_to_high": "4.690661917987544143664603146",
|
"upside_to_low": "2.095469944413498465569023608"
|
}
|
]
|
}
|
