{
|
"conclusion": {
|
"base_midpoint": "16.01287738385178763395841098",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.1952879886098275053707833002"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "30.8251614",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "3306315633.92519268"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "2645052507.140154144"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "2204210422.61679512"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "1889323219.385824388571428571"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "1653157816.96259634"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "1322526253.570077072"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "1102105211.30839756"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "881684169.046718048"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "661263126.785038536"
|
}
|
],
|
"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": "0.03",
|
"profit": "64356171.72"
|
},
|
"2027": {
|
"eps": "0.665",
|
"profit": "1426561806.46"
|
},
|
"2028": {
|
"eps": "1.13",
|
"profit": "2424082468.12"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池6家）",
|
"report_date": "2026-08-05",
|
"source_id": "SRC-EM-CONSENSUS-20260805",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.03",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "638.0",
|
"profit_max": "64356171.72",
|
"profit_mean": "64356171.72",
|
"profit_median": "64356171.72",
|
"profit_min": "64356171.72"
|
},
|
"2027": {
|
"eps_mean": "0.665",
|
"eps_profit_reconciliation_gap": "0.00",
|
"institution_count": 1,
|
"pe_on_mean": "28.78195488721804511278195489",
|
"profit_max": "1426561806.46",
|
"profit_mean": "1426561806.46",
|
"profit_median": "1426561806.46",
|
"profit_min": "1426561806.46"
|
},
|
"2028": {
|
"eps_mean": "1.13",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "16.93805309734513274336283186",
|
"profit_max": "2424082468.12",
|
"profit_mean": "2424082468.12",
|
"profit_median": "2424082468.12",
|
"profit_min": "2424082468.12"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-05",
|
"code": "688303.SH",
|
"company": "大全能源",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-30",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": null,
|
"annual_fcf": "-1744097358.93",
|
"book_value_per_share": "17.79208598205754181550934553",
|
"current_fcf": "-1267403490.94",
|
"deduct_pe": null,
|
"diluted_shares": "2145205724.0",
|
"enterprise_value": "37448082577.130",
|
"market_cap": "41059237557.360",
|
"normalized_eps": "-0.6514166707491034039400129812",
|
"normalized_pe": null,
|
"normalized_profit": "-1397422770.79999999",
|
"pb": "1.075759189748844754833704971",
|
"price": "19.14",
|
"ps": "9.966279391032391541634237577",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-1371965776.54",
|
"ttm_deduct_profit": "-1397422770.80",
|
"ttm_eps": "-0.6395497462974324974344511865",
|
"ttm_revenue": "4119816026.26"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-25456994.25999999",
|
"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": "使用正常化情景、PB 或反向估值。",
|
"field": "metrics.ttm_attributable_profit",
|
"issue_id": "QA-NEGATIVE-TTM-PROFIT",
|
"message": "TTM 归母利润不为正，报告 PE 不适用。",
|
"recalc_scope": "PE 模块",
|
"severity": "WARNING"
|
},
|
{
|
"action": "检查主营盈利恢复条件。",
|
"field": "metrics.ttm_deduct_profit",
|
"issue_id": "QA-NEGATIVE-TTM-DEDUCT",
|
"message": "TTM 扣非利润不为正，扣非 PE 不适用。",
|
"recalc_scope": "扣非 PE 模块",
|
"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"
|
}
|
],
|
"status": "PASS_WITH_WARNINGS",
|
"warning_count": 3
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "0.957",
|
"implied_margin": "0.4983139695516195770817118788",
|
"implied_profit": "2052961877.868",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.7656",
|
"implied_margin": "0.3986511756412956616653695031",
|
"implied_profit": "1642369502.2944",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.638",
|
"implied_margin": "0.3322093130344130513878079192",
|
"implied_profit": "1368641251.912",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.5468571428571428571428571429",
|
"implied_margin": "0.2847508397437826154752639309",
|
"implied_profit": "1173121073.067428571428571429",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.4785",
|
"implied_margin": "0.2491569847758097885408559394",
|
"implied_profit": "1026480938.934",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.3828",
|
"implied_margin": "0.1993255878206478308326847515",
|
"implied_profit": "821184751.1472",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.319",
|
"implied_margin": "0.1661046565172065256939039596",
|
"implied_profit": "684320625.956",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.2552",
|
"implied_margin": "0.1328837252137652205551231677",
|
"implied_profit": "547456500.7648",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.1914",
|
"implied_margin": "0.09966279391032391541634237577",
|
"implied_profit": "410592375.5736",
|
"pe": "100"
|
}
|
],
|
"scenarios": [
|
{
|
"assumption": "行业供需和价格继续承压，账面资产需要更大折价。",
|
"cagr_high": "-0.08235100131970319",
|
"cagr_low": "-0.17951813694512786",
|
"equity_value_high": "26717379283.427",
|
"equity_value_low": "15267073876.244",
|
"method": "pb",
|
"name": "悲观",
|
"price_high": "12.45446018744027927085654187",
|
"price_low": "7.116834392823016726203738211",
|
"role": "pessimistic",
|
"upside_to_high": "-0.3492967509174357747723854822",
|
"upside_to_low": "-0.6281695719528204427270774184"
|
},
|
{
|
"assumption": "亏损逐步收窄并保持正常产能利用率，以归母净资产倍数作为主锚。",
|
"cagr_high": "0.004466654789037516",
|
"cagr_low": "-0.08235100131970319",
|
"equity_value_high": "41984453159.671",
|
"equity_value_low": "26717379283.427",
|
"method": "pb",
|
"name": "基准",
|
"price_high": "19.57129458026329599706028008",
|
"price_low": "12.45446018744027927085654187",
|
"role": "base",
|
"upside_to_high": "0.022533677129743782500537099",
|
"upside_to_low": "-0.3492967509174357747723854822"
|
},
|
{
|
"assumption": "行业供需修复、产能利用率和盈利显著改善。",
|
"cagr_high": "0.08263230894658635",
|
"cagr_low": "0.004466654789037516",
|
"equity_value_high": "61068295504.976",
|
"equity_value_low": "41984453159.671",
|
"method": "pb",
|
"name": "乐观",
|
"price_high": "28.46733757129206690481495284",
|
"price_low": "19.57129458026329599706028008",
|
"role": "optimistic",
|
"upside_to_high": "0.487321712188718229091690326",
|
"upside_to_low": "0.022533677129743782500537099"
|
}
|
]
|
}
|
