{
|
"conclusion": {
|
"base_midpoint": "66.0294117646799124863789262",
|
"price_label": "当前价格低于基准合理区间",
|
"price_position": "BELOW_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "0.4379777282848569033961472289"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "59.7660261",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "6091836719.91827592"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "4873469375.934620736"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "4061224479.94551728"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "3481049554.239014811428571429"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "3045918359.95913796"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "2436734687.967310368"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "2030612239.97275864"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "1624489791.978206912"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "1218367343.983655184"
|
}
|
],
|
"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": "3.301470588235",
|
"profit": "6730251640.117047"
|
},
|
"2027": {
|
"eps": "3.875588235294",
|
"profit": "7900625911.966819"
|
},
|
"2028": {
|
"eps": "4.509941176471",
|
"profit": "9193793550.044134"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池18家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "3.301470588235",
|
"eps_profit_reconciliation_gap": "0.00000000000000007159316259854144697289929552",
|
"institution_count": 1,
|
"pe_on_mean": "11.24044543429944316067973249",
|
"profit_max": "6730251640.117047",
|
"profit_mean": "6730251640.117047",
|
"profit_median": "6730251640.117047",
|
"profit_min": "6730251640.117047"
|
},
|
"2027": {
|
"eps_mean": "3.875588235294",
|
"eps_profit_reconciliation_gap": "0.0000000000000000009194208257598245973526782950",
|
"institution_count": 1,
|
"pe_on_mean": "9.575320634439085528743019835",
|
"profit_max": "7900625911.966819",
|
"profit_mean": "7900625911.966819",
|
"profit_median": "7900625911.966819",
|
"profit_min": "7900625911.966819"
|
},
|
"2028": {
|
"eps_mean": "4.509941176471",
|
"eps_profit_reconciliation_gap": "0.00000000000000005161917084789464730952099937",
|
"institution_count": 1,
|
"pe_on_mean": "8.228488698169303995280054547",
|
"profit_max": "9193793550.044134",
|
"profit_mean": "9193793550.044134",
|
"profit_median": "9193793550.044134",
|
"profit_min": "9193793550.044134"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "002709.SZ",
|
"company": "天赐材料",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-28",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "0.8680724427741878573254479903",
|
"annual_fcf": "523104052.46",
|
"book_value_per_share": "9.360264119535051963576924654",
|
"current_fcf": "-322924396.45",
|
"deduct_pe": "27.15755050853525956662789088",
|
"diluted_shares": "2038561744.0",
|
"enterprise_value": "76207243799.350",
|
"market_cap": "75651026319.840",
|
"normalized_eps": "1.366470808489772292126364950",
|
"normalized_pe": "27.15755050853525751930820527",
|
"normalized_profit": "2785635114.48000021",
|
"pb": "3.964631716166076276442941286",
|
"price": "37.11",
|
"ps": "3.814072029168655001798959823",
|
"reported_pe": "26.38954598913388411182194914",
|
"ttm_attributable_profit": "2866704351.45",
|
"ttm_deduct_profit": "2785635114.48",
|
"ttm_eps": "1.406238667966487651305596167",
|
"ttm_revenue": "19834713592.53"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-81069236.96999979",
|
"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": "1.8555",
|
"implied_margin": "0.1907036014584327500899479911",
|
"implied_profit": "3782551315.992",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "1.4844",
|
"implied_margin": "0.1525628811667462000719583929",
|
"implied_profit": "3026041052.7936",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.237",
|
"implied_margin": "0.1271357343056218333932986608",
|
"implied_profit": "2521700877.328",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.060285714285714285714285714",
|
"implied_margin": "0.1089734865476758571942559949",
|
"implied_profit": "2161457894.852571428571428571",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.92775",
|
"implied_margin": "0.09535180072921637504497399557",
|
"implied_profit": "1891275657.996",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.7422",
|
"implied_margin": "0.07628144058337310003597919646",
|
"implied_profit": "1513020526.3968",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.6185",
|
"implied_margin": "0.06356786715281091669664933038",
|
"implied_profit": "1260850438.664",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.4948",
|
"implied_margin": "0.05085429372224873335731946430",
|
"implied_profit": "1008680350.9312",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.3711",
|
"implied_margin": "0.03814072029168655001798959823",
|
"implied_profit": "756510263.1984",
|
"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": "-0.019238678806869358",
|
"cagr_low": "-0.16730530388061104",
|
"equity_value_high": "68648566729.12",
|
"equity_value_low": "30286132380.50",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "33.67499999996075664608371067",
|
"price_low": "14.85661764704439582576607010",
|
"role": "pessimistic",
|
"upside_to_high": "-0.0925626515774519901351735201",
|
"upside_to_low": "-0.5996599933429157686400951199"
|
},
|
{
|
"assumption": "以TTM归一化利润与18家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "0.2066209610089158",
|
"cagr_low": "0.0001699455560051355",
|
"equity_value_high": "193494734653.25",
|
"equity_value_low": "75715330951.35",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "94.91727941169978121594731545",
|
"price_low": "37.14154411766004375681053691",
|
"role": "base",
|
"upside_to_high": "1.557727820309883622095050268",
|
"upside_to_low": "0.000850016644032437531946562"
|
},
|
{
|
"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": "0.38045444576442433",
|
"cagr_low": "0.2298422323757372",
|
"equity_value_high": "379249679920.65",
|
"equity_value_low": "212844208118.75",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "186.0378676470689229219637509",
|
"price_low": "104.4090073529556041742339299",
|
"role": "optimistic",
|
"upside_to_high": "4.013146527811073104876414737",
|
"upside_to_low": "1.813500602343185237785877928"
|
}
|
]
|
}
|
