{
|
"conclusion": {
|
"base_midpoint": "20.30589071562235360042328806",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-6.581051339036614400697407375"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "247.9219094",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "2299149593.20537524"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "1839319674.564300192"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "1532766395.47025016"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "1313799767.545928708571428571"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "1149574796.60268762"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "919659837.282150096"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "766383197.73512508"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "613106558.188100064"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "459829918.641075048"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "301583.SZ",
|
"company": "托伦斯精密制造（江苏）股份有限公司",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-06-18",
|
"market": "深交所创业板",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "0.5981063762612872824568411369",
|
"annual_fcf": "-130005012.28",
|
"book_value_per_share": "4.904673042093754191295226926",
|
"current_fcf": "-109782252.21",
|
"deduct_pe": "309.8754734858984904725713753",
|
"diluted_shares": "185473692.0",
|
"enterprise_value": "28500564817.430",
|
"market_cap": "28551820146.480",
|
"normalized_eps": "0.4967802009893671205941163882",
|
"normalized_pe": "309.8754734858985826216867371",
|
"normalized_profit": "92139657.9899999726",
|
"pb": "31.38639388983299205679962553",
|
"price": "153.94",
|
"ps": "38.39333650879969977047902946",
|
"reported_pe": "298.4178075235007949481562099",
|
"ttm_attributable_profit": "95677333.68",
|
"ttm_deduct_profit": "92139657.99",
|
"ttm_eps": "0.5158539340447269470432496701",
|
"ttm_revenue": "743666030.17"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-3537675.6900000274",
|
"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": 1,
|
"issues": [
|
{
|
"action": "补充法定披露、行情接口或机构预测汇总页来源。",
|
"field": "institutions",
|
"issue_id": "QA-CORE-SOURCE-MISSING",
|
"message": "核心字段没有由注册表中允许承载核心数字的来源支持。",
|
"recalc_scope": "institutions",
|
"severity": "WARNING"
|
},
|
{
|
"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"
|
},
|
{
|
"action": "不得以公司业绩预告或自有情景冒充机构预期。",
|
"field": "institutions",
|
"issue_id": "QA-INSTITUTION-NONE",
|
"message": "估值日没有可用机构盈利预测，已明确记录为空。",
|
"recalc_scope": "机构预期模块",
|
"severity": "INFO"
|
}
|
],
|
"status": "PASS_WITH_WARNINGS",
|
"warning_count": 2
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "7.697",
|
"implied_margin": "1.919666825439984988523951473",
|
"implied_profit": "1427591007.324",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "6.1576",
|
"implied_margin": "1.535733460351987990819161179",
|
"implied_profit": "1142072805.8592",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "5.131333333333333333333333333",
|
"implied_margin": "1.279777883626656659015967649",
|
"implied_profit": "951727338.216",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "4.398285714285714285714285714",
|
"implied_margin": "1.096952471679991422013686556",
|
"implied_profit": "815766289.8994285714285714286",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "3.8485",
|
"implied_margin": "0.9598334127199924942619757366",
|
"implied_profit": "713795503.662",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "3.0788",
|
"implied_margin": "0.7678667301759939954095805893",
|
"implied_profit": "571036402.9296",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "2.565666666666666666666666667",
|
"implied_margin": "0.6398889418133283295079838244",
|
"implied_profit": "475863669.108",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "2.052533333333333333333333333",
|
"implied_margin": "0.5119111534506626636063870595",
|
"implied_profit": "380690935.2864",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "1.5394",
|
"implied_margin": "0.3839333650879969977047902946",
|
"implied_profit": "285518201.4648",
|
"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": "-0.4125723556659652",
|
"cagr_low": "-0.49477760455639797",
|
"equity_value_high": "1997127087.0",
|
"equity_value_low": "939824511.40",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "10.76771085680442485611382557",
|
"price_low": "5.067158049563169314600153643",
|
"role": "pessimistic",
|
"upside_to_high": "-0.9300525473768713469136428117",
|
"upside_to_low": "-0.9670835517112955091944903622"
|
},
|
{
|
"assumption": "以TTM归一化利润与无家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "-0.28913511005805237",
|
"cagr_low": "-0.3931650362277296",
|
"equity_value_high": "5182855762.05",
|
"equity_value_low": "2349561278.70",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "27.94388630625846386882728360",
|
"price_low": "12.66789512498624333201929253",
|
"role": "base",
|
"upside_to_high": "-0.8184754689732463046068125010",
|
"upside_to_low": "-0.9177088792712339656228446633"
|
},
|
{
|
"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": "-0.19462078152901252",
|
"cagr_low": "-0.27545460304786296",
|
"equity_value_high": "9674664088.80",
|
"equity_value_low": "5701141338.30",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "52.16192110307482313987689424",
|
"price_low": "30.73827493712693226595176636",
|
"role": "optimistic",
|
"upside_to_high": "-0.6611542087626684218534695710",
|
"upside_to_low": "-0.8003230158689948534107329715"
|
}
|
]
|
}
|
