{
|
"conclusion": {
|
"base_midpoint": "6.68666666669730398779470951",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-4.335992023903766624949200155"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "57.4629968",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "7658651658.41462192"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "6126921326.731697536"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "5105767772.276414613333333333"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "4376372376.236926811428571429"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "3829325829.20731096"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "3063460663.365848768"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "2552883886.138207306666666667"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "2042307108.910565845333333333"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "1531730331.682924384"
|
}
|
],
|
"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": "0.226666666667",
|
"profit": "604201360.6142218"
|
},
|
"2027": {
|
"eps": "0.291666666667",
|
"profit": "777464986.0842218"
|
},
|
"2028": {
|
"eps": "0.366666666667",
|
"profit": "977384553.9342219"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池12家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.226666666667",
|
"eps_profit_reconciliation_gap": "0.0000000000000001071596395184880307578307147",
|
"institution_count": 1,
|
"pe_on_mean": "157.4117647056508819200914164",
|
"profit_max": "604201360.6142218",
|
"profit_mean": "604201360.6142218",
|
"profit_median": "604201360.6142218",
|
"profit_min": "604201360.6142218"
|
},
|
"2027": {
|
"eps_mean": "0.291666666667",
|
"eps_profit_reconciliation_gap": "0.00000000000000008327834842582370338996843418",
|
"institution_count": 1,
|
"pe_on_mean": "122.3314285712887742691921448",
|
"profit_max": "777464986.0842218",
|
"profit_mean": "777464986.0842218",
|
"profit_median": "777464986.0842218",
|
"profit_min": "777464986.0842218"
|
},
|
"2028": {
|
"eps_mean": "0.366666666667",
|
"eps_profit_reconciliation_gap": "0.00000000000000003606973310361174227341297184",
|
"institution_count": 1,
|
"pe_on_mean": "97.30909090900244277107887832",
|
"profit_max": "977384553.9342219",
|
"profit_mean": "977384553.9342219",
|
"profit_median": "977384553.9342219",
|
"profit_min": "977384553.9342219"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "600893.SH",
|
"company": "航发动力",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-28",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "-6.964406484596396840885118344",
|
"annual_fcf": "-8185932049.89",
|
"book_value_per_share": "15.08483151687019815654328406",
|
"current_fcf": "2782628802.42",
|
"deduct_pe": "307.0649981039948210784027456",
|
"diluted_shares": "2665594238.0",
|
"enterprise_value": "124546261054.570",
|
"market_cap": "95108402411.840",
|
"normalized_eps": "0.1161968971400515309787370571",
|
"normalized_pe": "307.0649981039947814230576154",
|
"normalized_profit": "309733779.49000004",
|
"pb": "2.365289924524320359534636311",
|
"price": "35.68",
|
"ps": "2.013137687071047624604773427",
|
"reported_pe": "151.1153801408047181467000454",
|
"ttm_attributable_profit": "629376059.03",
|
"ttm_deduct_profit": "309733779.49",
|
"ttm_eps": "0.2361109767037244023334357163",
|
"ttm_revenue": "47243863657.54"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-319642279.53999996",
|
"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": "1.784",
|
"implied_margin": "0.1006568843535523812302386713",
|
"implied_profit": "4755420120.592",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "1.4272",
|
"implied_margin": "0.08052550748284190498419093707",
|
"implied_profit": "3804336096.4736",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.189333333333333333333333333",
|
"implied_margin": "0.06710458956903492082015911423",
|
"implied_profit": "3170280080.394666666666666667",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.019428571428571428571428571",
|
"implied_margin": "0.05751821963060136070299352647",
|
"implied_profit": "2717382926.052571428571428571",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.892",
|
"implied_margin": "0.05032844217677619061511933567",
|
"implied_profit": "2377710060.296",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.7136",
|
"implied_margin": "0.04026275374142095249209546853",
|
"implied_profit": "1902168048.2368",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.5946666666666666666666666667",
|
"implied_margin": "0.03355229478451746041007955710",
|
"implied_profit": "1585140040.197333333333333333",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.4757333333333333333333333333",
|
"implied_margin": "0.02684183582761396832806364570",
|
"implied_profit": "1268112032.157866666666666667",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.3568",
|
"implied_margin": "0.02013137687071047624604773427",
|
"implied_profit": "951084024.1184",
|
"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": "-0.3674765923071258",
|
"cagr_low": "-0.44755433985160553",
|
"equity_value_high": "9629459184.75",
|
"equity_value_low": "4894031021.04",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "3.612499999990621228226109333",
|
"price_low": "1.836000000027010862708805120",
|
"role": "pessimistic",
|
"upside_to_high": "-0.8987528026908458175945597160",
|
"upside_to_low": "-0.9485426008961039556415693632"
|
},
|
{
|
"assumption": "以TTM归一化利润与12家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "-0.23871768783426817",
|
"cagr_low": "-0.3465794078659524",
|
"equity_value_high": "24319104764.85",
|
"equity_value_low": "11328775511.50",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "9.123333333394607975589419022",
|
"price_low": "4.25",
|
"role": "base",
|
"upside_to_high": "-0.7443011958129313908186822023",
|
"upside_to_low": "-0.8808856502242152466367713004"
|
},
|
{
|
"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": "-0.13262682815966242",
|
"cagr_low": "-0.22406690376171112",
|
"equity_value_high": "46692681148.32",
|
"equity_value_low": "26751015241.30",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "17.51680000004561834590820420",
|
"price_low": "10.03566666672093849266491399",
|
"role": "optimistic",
|
"upside_to_high": "-0.5090582959628470194532453980",
|
"upside_to_low": "-0.7187313153945925310351761774"
|
}
|
]
|
}
|
