{
|
"conclusion": {
|
"base_midpoint": "3.706377110567672199011077466",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-3.610971709077514659680730951"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "27.5236159",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "718063615.21510000"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "574450892.17208000"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "478709076.8100666666666666667"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "410322065.83720000"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "359031807.60755000"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "287225446.08604000"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "239354538.4050333333333333333"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "191483630.7240266666666666667"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "143612723.04302000"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "688165.SH",
|
"company": "埃夫特",
|
"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": "-382465802.33",
|
"book_value_per_share": "2.316485694104795124381923416",
|
"current_fcf": "-14964668.11",
|
"deduct_pe": null,
|
"diluted_shares": "521780000.0",
|
"enterprise_value": "9194382319.5400001",
|
"market_cap": "8917220200.000",
|
"normalized_eps": "-1.011763149507455211008471003",
|
"normalized_pe": null,
|
"normalized_profit": "-527917776.14999998",
|
"pb": "7.377554734524023455489169524",
|
"price": "17.09",
|
"ps": "9.062443482169703871615126930",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-439517482.38",
|
"ttm_deduct_profit": "-527917776.15",
|
"ttm_eps": "-0.8423425243972555483153819617",
|
"ttm_revenue": "983975262.03"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-88400293.76999998",
|
"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": 1,
|
"issues": [
|
{
|
"action": "补充法定披露、行情接口或机构预测汇总页来源。",
|
"field": "institutions",
|
"issue_id": "QA-CORE-SOURCE-MISSING",
|
"message": "核心字段没有由注册表中允许承载核心数字的来源支持。",
|
"recalc_scope": "institutions",
|
"severity": "WARNING"
|
},
|
{
|
"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"
|
},
|
{
|
"action": "不得以公司业绩预告或自有情景冒充机构预期。",
|
"field": "institutions",
|
"issue_id": "QA-INSTITUTION-NONE",
|
"message": "估值日没有可用机构盈利预测，已明确记录为空。",
|
"recalc_scope": "机构预期模块",
|
"severity": "INFO"
|
}
|
],
|
"status": "PASS_WITH_WARNINGS",
|
"warning_count": 4
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "0.8545",
|
"implied_margin": "0.4531221741084851935807563465",
|
"implied_profit": "445861010.000",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.6836",
|
"implied_margin": "0.3624977392867881548646050772",
|
"implied_profit": "356688808.000",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.5696666666666666666666666667",
|
"implied_margin": "0.3020814494056567957205042310",
|
"implied_profit": "297240673.3333333333333333333",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.4882857142857142857142857143",
|
"implied_margin": "0.2589269566334201106175750551",
|
"implied_profit": "254777720.000",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.42725",
|
"implied_margin": "0.2265610870542425967903781732",
|
"implied_profit": "222930505.000",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.3418",
|
"implied_margin": "0.1812488696433940774323025386",
|
"implied_profit": "178344404.000",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.2848333333333333333333333333",
|
"implied_margin": "0.1510407247028283978602521155",
|
"implied_profit": "148620336.6666666666666666667",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.2278666666666666666666666667",
|
"implied_margin": "0.1208325797622627182882016924",
|
"implied_profit": "118896269.3333333333333333333",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.1709",
|
"implied_margin": "0.09062443482169703871615126930",
|
"implied_profit": "89172202.000",
|
"pe": "100"
|
}
|
],
|
"scenarios": [
|
{
|
"assumption": "盈利尚未稳定，按归母净资产折价并要求现金消耗受控。",
|
"cagr_high": "-0.3045694563997895",
|
"cagr_low": "-0.3587379938602072",
|
"equity_value_high": "1450435086.564",
|
"equity_value_low": "966956724.376",
|
"method": "pb",
|
"name": "悲观",
|
"price_high": "2.779782832925754149258308099",
|
"price_low": "1.853188555283836099505538733",
|
"role": "pessimistic",
|
"upside_to_high": "-0.8373444802266966559825448743",
|
"upside_to_low": "-0.8915629868177977706550299161"
|
},
|
{
|
"assumption": "业务逐步接近盈亏平衡，按归母净资产的中性倍数定价。",
|
"cagr_high": "-0.22976453584154433",
|
"cagr_low": "-0.3045694563997895",
|
"equity_value_high": "2417391810.940",
|
"equity_value_low": "1450435086.564",
|
"method": "pb",
|
"name": "基准",
|
"price_high": "4.632971388209590248763846832",
|
"price_low": "2.779782832925754149258308099",
|
"role": "base",
|
"upside_to_high": "-0.7289074670444944266375747904",
|
"upside_to_low": "-0.8373444802266966559825448743"
|
},
|
{
|
"assumption": "新业务放量并形成可持续盈利，给予成长型资产溢价。",
|
"cagr_high": "-0.1647013819447981",
|
"cagr_low": "-0.22976453584154433",
|
"equity_value_high": "3626087716.410",
|
"equity_value_low": "2417391810.940",
|
"method": "pb",
|
"name": "乐观",
|
"price_high": "6.949457082314385373145770248",
|
"price_low": "4.632971388209590248763846832",
|
"role": "optimistic",
|
"upside_to_high": "-0.5933612005667416399563621856",
|
"upside_to_low": "-0.7289074670444944266375747904"
|
}
|
]
|
}
|
