{
|
"conclusion": {
|
"base_midpoint": "114.6666666666165112322469443",
|
"price_label": "当前价格低于基准合理区间",
|
"price_position": "BELOW_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "0.5077906976742033112960734407"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "90.8971844",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "3775645378.36406536"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "3020516302.691252288"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "2517096918.909376906666666667"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "2157511644.77946592"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "1887822689.18203268"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "1510258151.345626144"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "1258548459.454688453333333333"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "1006838767.563750762666666667"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "755129075.672813072"
|
}
|
],
|
"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": "5.733333333333",
|
"profit": "4762971184.533056"
|
},
|
"2027": {
|
"eps": "7.506666666667",
|
"profit": "6236169248.586944"
|
},
|
"2028": {
|
"eps": "8.63",
|
"profit": "7169379300.440001"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池3家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "5.733333333333",
|
"eps_profit_reconciliation_gap": "0.00000000000000008742526122186118184042315337",
|
"institution_count": 1,
|
"pe_on_mean": "9.844186046512201104005333854",
|
"profit_max": "4762971184.533056",
|
"profit_mean": "4762971184.533056",
|
"profit_median": "4762971184.533056",
|
"profit_min": "4762971184.533056"
|
},
|
"2027": {
|
"eps_mean": "7.506666666667",
|
"eps_profit_reconciliation_gap": "0.00000000000000006677240199892797060936041183",
|
"institution_count": 1,
|
"pe_on_mean": "7.518650088809612346536771045",
|
"profit_max": "6236169248.586944",
|
"profit_mean": "6236169248.586944",
|
"profit_median": "6236169248.586944",
|
"profit_min": "6236169248.586944"
|
},
|
"2028": {
|
"eps_mean": "8.63",
|
"eps_profit_reconciliation_gap": "0.0000000000000001394820887686368806654867603",
|
"institution_count": 1,
|
"pe_on_mean": "6.539976825028967801579479710",
|
"profit_max": "7169379300.440001",
|
"profit_mean": "7169379300.440001",
|
"profit_median": "7169379300.440001",
|
"profit_min": "7169379300.440001"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "300390.SZ",
|
"company": "天华新能",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-24",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "-0.8001846667684810779608748498",
|
"annual_fcf": "-3678579684.56",
|
"book_value_per_share": "14.85565229957988315504312227",
|
"current_fcf": "-260256903.33",
|
"deduct_pe": "41.73602684033302040921135898",
|
"diluted_shares": "830750788.0",
|
"enterprise_value": "53177136005.040",
|
"market_cap": "46887574474.720",
|
"normalized_eps": "1.352308886898100540832709990",
|
"normalized_pe": "41.73602684033302412425944140",
|
"normalized_profit": "1123431673.4099999",
|
"pb": "3.799227315087074257445320744",
|
"price": "56.44",
|
"ps": "5.174455347204425515564136179",
|
"reported_pe": "35.80680655952736567421601711",
|
"ttm_attributable_profit": "1309459820.07",
|
"ttm_deduct_profit": "1123431673.41",
|
"ttm_eps": "1.576236627138775581877630431",
|
"ttm_revenue": "9061354544.31"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-186028146.6600001",
|
"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": "2.822",
|
"implied_margin": "0.2587227673602212757782068090",
|
"implied_profit": "2344378723.736",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "2.2576",
|
"implied_margin": "0.2069782138881770206225654472",
|
"implied_profit": "1875502978.9888",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.881333333333333333333333333",
|
"implied_margin": "0.1724818449068141838521378726",
|
"implied_profit": "1562919149.157333333333333333",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.612571428571428571428571429",
|
"implied_margin": "0.1478415813486978718732610337",
|
"implied_profit": "1339644984.992",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "1.411",
|
"implied_margin": "0.1293613836801106378891034045",
|
"implied_profit": "1172189361.868",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "1.1288",
|
"implied_margin": "0.1034891069440885103112827236",
|
"implied_profit": "937751489.4944",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.9406666666666666666666666667",
|
"implied_margin": "0.08624092245340709192606893632",
|
"implied_profit": "781459574.5786666666666666667",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.7525333333333333333333333333",
|
"implied_margin": "0.06899273796272567354085514905",
|
"implied_profit": "625167659.6629333333333333333",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.5644",
|
"implied_margin": "0.05174455347204425515564136179",
|
"implied_profit": "468875744.7472",
|
"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": "0.007126611981554287",
|
"cagr_low": "-0.14492041030178904",
|
"equity_value_high": "48582306082.24",
|
"equity_value_low": "21433370330.40",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "58.48",
|
"price_low": "25.8",
|
"role": "pessimistic",
|
"upside_to_high": "0.036144578313253012048192771",
|
"upside_to_low": "-0.5428773919206236711552090716"
|
},
|
{
|
"assumption": "以TTM归一化利润与3家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "0.23905791770847307",
|
"cagr_low": "0.02705698818533797",
|
"equity_value_high": "136935421555.25",
|
"equity_value_low": "53583425826.0",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "164.8333333332330224644938886",
|
"price_low": "64.5",
|
"role": "base",
|
"upside_to_high": "1.920505551616460355501309153",
|
"upside_to_low": "0.142806520198440822111977321"
|
},
|
{
|
"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": "0.41756447661085216",
|
"cagr_low": "0.2629034343004921",
|
"equity_value_high": "268393426248.5",
|
"equity_value_low": "150628963710.75",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "323.0733333333895074198834224",
|
"price_low": "181.3166666665262314502914441",
|
"role": "optimistic",
|
"upside_to_high": "4.724190881172741095320400822",
|
"upside_to_low": "2.212556106777573200749316869"
|
}
|
]
|
}
|
