{
|
"conclusion": {
|
"base_midpoint": "10.98776334181515403830141548",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-2.961679792860276596158700461"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "70.1055003",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "420983529.30150000"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "336786823.44120000"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "280655686.20100000"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "240562016.7437142857142857143"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "210491764.65075000"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "168393411.72060000"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "140327843.10050000"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "112262274.48040000"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "84196705.86030000"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-05",
|
"code": "301368.SZ",
|
"company": "丰立智能",
|
"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": null,
|
"annual_fcf": "-187287305.18",
|
"book_value_per_share": "7.848402387010824313072439634",
|
"current_fcf": "-48273444.69",
|
"deduct_pe": null,
|
"diluted_shares": "120100000.0",
|
"enterprise_value": "5339591686.770",
|
"market_cap": "5227953000.000",
|
"normalized_eps": "-0.2488913019150707868442964197",
|
"normalized_pe": null,
|
"normalized_profit": "-29891845.3600000015",
|
"pb": "5.546351710004387234622180642",
|
"price": "43.53",
|
"ps": "10.19745385780910414455668413",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-28837792.01",
|
"ttm_deduct_profit": "-29891845.36",
|
"ttm_eps": "-0.2401148377185678601165695254",
|
"ttm_revenue": "512672385.96"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-1054053.3500000015",
|
"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": "2.1765",
|
"implied_margin": "0.5098726928904552072278342066",
|
"implied_profit": "261397650.000",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "1.7412",
|
"implied_margin": "0.4078981543123641657822673652",
|
"implied_profit": "209118120.000",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.451",
|
"implied_margin": "0.3399151285936368048185561377",
|
"implied_profit": "174265100.000",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.243714285714285714285714286",
|
"implied_margin": "0.2913558245088315469873338323",
|
"implied_profit": "149370085.7142857142857142857",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "1.08825",
|
"implied_margin": "0.2549363464452276036139171033",
|
"implied_profit": "130698825.000",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.8706",
|
"implied_margin": "0.2039490771561820828911336826",
|
"implied_profit": "104559060.000",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.7255",
|
"implied_margin": "0.1699575642968184024092780689",
|
"implied_profit": "87132550.000",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.5804",
|
"implied_margin": "0.1359660514374547219274224551",
|
"implied_profit": "69706040.000",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.4353",
|
"implied_margin": "0.1019745385780910414455668413",
|
"implied_profit": "52279530.000",
|
"pe": "100"
|
}
|
],
|
"scenarios": [
|
{
|
"assumption": "亏损继续且现金消耗偏高，按归母净资产折价。",
|
"cagr_high": "-0.29009780532324525",
|
"cagr_low": "-0.35904318598672735",
|
"equity_value_high": "942593126.680",
|
"equity_value_low": "565555876.008",
|
"method": "pb",
|
"name": "悲观",
|
"price_high": "7.848402387010824313072439634",
|
"price_low": "4.709041432206494587843463780",
|
"role": "pessimistic",
|
"upside_to_high": "-0.8197013005510952374667484578",
|
"upside_to_low": "-0.8918207803306571424800490747"
|
},
|
{
|
"assumption": "业务逐步接近盈亏平衡，按成长型资产的中性净资产倍数定价。",
|
"cagr_high": "-0.20154026582627738",
|
"cagr_low": "-0.29009780532324525",
|
"equity_value_high": "1696667628.024",
|
"equity_value_low": "942593126.680",
|
"method": "pb",
|
"name": "基准",
|
"price_high": "14.12712429661948376353039134",
|
"price_low": "7.848402387010824313072439634",
|
"role": "base",
|
"upside_to_high": "-0.6754623409919714274401472240",
|
"upside_to_low": "-0.8197013005510952374667484578"
|
},
|
{
|
"assumption": "核心产品或订单放量并形成可持续盈利，给予成长溢价。",
|
"cagr_high": "-0.11565287199020835",
|
"cagr_low": "-0.20154026582627738",
|
"equity_value_high": "2827779380.040",
|
"equity_value_low": "1696667628.024",
|
"method": "pb",
|
"name": "乐观",
|
"price_high": "23.54520716103247293921731890",
|
"price_low": "14.12712429661948376353039134",
|
"role": "optimistic",
|
"upside_to_high": "-0.4591039016532857124002453733",
|
"upside_to_low": "-0.6754623409919714274401472240"
|
}
|
]
|
}
|
