{
|
"conclusion": {
|
"base_midpoint": "21.12468750007589741672904721",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.01303273716702855046670236812"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "34.464914",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "865625539.6286234"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "692500431.70289872"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "577083693.0857489333333333333"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "494643165.5020705142857142857"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "432812769.8143117"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "346250215.85144936"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "288541846.5428744666666666667"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "230833477.2342995733333333333"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "173125107.92572468"
|
}
|
],
|
"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": "0.6525",
|
"profit": "327765602.205"
|
},
|
"2027": {
|
"eps": "0.745",
|
"profit": "374230457.69"
|
},
|
"2028": {
|
"eps": "0.845",
|
"profit": "424462733.89"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池4家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.6525",
|
"eps_profit_reconciliation_gap": "0.00",
|
"institution_count": 1,
|
"pe_on_mean": "32.79693486590038314176245211",
|
"profit_max": "327765602.205",
|
"profit_mean": "327765602.205",
|
"profit_median": "327765602.205",
|
"profit_min": "327765602.205"
|
},
|
"2027": {
|
"eps_mean": "0.745",
|
"eps_profit_reconciliation_gap": "0.00",
|
"institution_count": 1,
|
"pe_on_mean": "28.72483221476510067114093960",
|
"profit_max": "374230457.69",
|
"profit_mean": "374230457.69",
|
"profit_median": "374230457.69",
|
"profit_min": "374230457.69"
|
},
|
"2028": {
|
"eps_mean": "0.845",
|
"eps_profit_reconciliation_gap": "0.00",
|
"institution_count": 1,
|
"pe_on_mean": "25.32544378698224852071005917",
|
"profit_max": "424462733.89",
|
"profit_mean": "424462733.89",
|
"profit_median": "424462733.89",
|
"profit_min": "424462733.89"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "300580.SZ",
|
"company": "贝斯特",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-23",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "0.5455357609397218322705546314",
|
"annual_fcf": "-66374608.85",
|
"book_value_per_share": "6.688573112201513177696693744",
|
"current_fcf": "-68533890.00",
|
"deduct_pe": "40.69883368393140979591819458",
|
"diluted_shares": "502322762.0",
|
"enterprise_value": "10114935060.34",
|
"market_cap": "10749707106.80",
|
"normalized_eps": "0.5258135937307974907177310034",
|
"normalized_pe": "40.69883368393139746892139903",
|
"normalized_profit": "264128136.70000008",
|
"pb": "3.199486593181051152963776940",
|
"price": "21.4",
|
"ps": "6.979218237697242619317344812",
|
"reported_pe": "38.16837798980417449650539079",
|
"ttm_attributable_profit": "281639086.41",
|
"ttm_deduct_profit": "264128136.70",
|
"ttm_eps": "0.5606735503855188628700843144",
|
"ttm_revenue": "1540245159.37"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-17510949.70999992",
|
"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": "1.07",
|
"implied_margin": "0.3489609118848621309658672406",
|
"implied_profit": "537485355.34",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.856",
|
"implied_margin": "0.2791687295078897047726937925",
|
"implied_profit": "429988284.272",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.7133333333333333333333333333",
|
"implied_margin": "0.2326406079232414206439114937",
|
"implied_profit": "358323570.2266666666666666667",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.6114285714285714285714285714",
|
"implied_margin": "0.1994062353627783605519241375",
|
"implied_profit": "307134488.7657142857142857143",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.535",
|
"implied_margin": "0.1744804559424310654829336203",
|
"implied_profit": "268742677.67",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.428",
|
"implied_margin": "0.1395843647539448523863468962",
|
"implied_profit": "214994142.136",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.3566666666666666666666666667",
|
"implied_margin": "0.1163203039616207103219557468",
|
"implied_profit": "179161785.1133333333333333333",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.2853333333333333333333333333",
|
"implied_margin": "0.09305624316929656825756459751",
|
"implied_profit": "143329428.0906666666666666667",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.214",
|
"implied_margin": "0.06979218237697242619317344812",
|
"implied_profit": "107497071.068",
|
"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": "-0.11455621768424695",
|
"cagr_low": "-0.24398510455716438",
|
"equity_value_high": "5850615999.48",
|
"equity_value_low": "2654901377.82",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "11.64712500024038329364019542",
|
"price_low": "5.285249999919374547474717062",
|
"role": "pessimistic",
|
"upside_to_high": "-0.4557418224186736778672805879",
|
"upside_to_low": "-0.7530257009383469837628636887"
|
},
|
{
|
"assumption": "以TTM归一化利润与4家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "0.07000280175976337",
|
"cagr_low": "-0.10580218783657891",
|
"equity_value_high": "15077217701.60",
|
"equity_value_low": "6145605041.25",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "30.01500000033842782541476789",
|
"price_low": "12.23437499981336700804332653",
|
"role": "base",
|
"upside_to_high": "0.402570093473758309598820929",
|
"upside_to_low": "-0.4283002336535809809325548350"
|
},
|
{
|
"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": "0.21975065960355789",
|
"cagr_low": "0.09059487352303819",
|
"equity_value_high": "29023644075.25",
|
"equity_value_low": "16584939471.60",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "57.77887499999452543223593758",
|
"price_low": "33.01650000005375030168352196",
|
"role": "optimistic",
|
"upside_to_high": "1.699947429906286235151212036",
|
"upside_to_low": "0.542827102806250014097360839"
|
}
|
]
|
}
|
