{
|
"conclusion": {
|
"base_midpoint": "70.2000000000238470613097511",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "0.2635327635330137119564195325"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "83.263367",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "8728891782.3549134"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "6983113425.88393072"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "5819261188.236608933333333333"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "4987938161.3456648"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "4364445891.1774567"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "3491556712.94196536"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "2909630594.118304466666666667"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "2327704475.294643573333333333"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "1745778356.47098268"
|
}
|
],
|
"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": "3.51",
|
"profit": "7359397358.04"
|
},
|
"2027": {
|
"eps": "4.230909090909",
|
"profit": "8870923414.741627"
|
},
|
"2028": {
|
"eps": "5.003",
|
"profit": "10489762103.212"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池11家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "3.51",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "14.72934472934472934472934473",
|
"profit_max": "7359397358.04",
|
"profit_mean": "7359397358.04",
|
"profit_median": "7359397358.04",
|
"profit_min": "7359397358.04"
|
},
|
"2027": {
|
"eps_mean": "4.230909090909",
|
"eps_profit_reconciliation_gap": "0.00000000000000006461965380598384681385657802",
|
"institution_count": 1,
|
"pe_on_mean": "12.21959604641195222056818933",
|
"profit_max": "8870923414.741627",
|
"profit_mean": "8870923414.741627",
|
"profit_median": "8870923414.741627",
|
"profit_min": "8870923414.741627"
|
},
|
"2028": {
|
"eps_mean": "5.003",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "10.33379972016789926044373376",
|
"profit_max": "10489762103.212",
|
"profit_mean": "10489762103.212",
|
"profit_median": "10489762103.212",
|
"profit_min": "10489762103.212"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "002460.SZ",
|
"company": "赣锋锂业",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-30",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "1.825715640388365495307455078",
|
"annual_fcf": "-4476894764.99",
|
"book_value_per_share": "22.15804090074730795151204114",
|
"current_fcf": "-36621459.00",
|
"deduct_pe": "84.97884335139200094837376663",
|
"diluted_shares": "2096694404.0",
|
"enterprise_value": "139583307699.36",
|
"market_cap": "108399100686.80",
|
"normalized_eps": "0.6083867226365716956432531214",
|
"normalized_pe": "84.97884335139200094837376663",
|
"normalized_profit": "1275601036.82",
|
"pb": "2.333238765628253358701484594",
|
"price": "51.7",
|
"ps": "3.802664556709909086929915773",
|
"reported_pe": "28.48046919822717199756293886",
|
"ttm_attributable_profit": "3806085494.32",
|
"ttm_deduct_profit": "1275601036.82",
|
"ttm_eps": "1.815279082664065716655578006",
|
"ttm_revenue": "28506090682.00"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-2530484457.5",
|
"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": "2.585",
|
"implied_margin": "0.1901332278354954543464957886",
|
"implied_profit": "5419955034.34",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "2.068",
|
"implied_margin": "0.1521065822683963634771966309",
|
"implied_profit": "4335964027.472",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.723333333333333333333333333",
|
"implied_margin": "0.1267554852236636362309971924",
|
"implied_profit": "3613303356.226666666666666667",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.477142857142857142857142857",
|
"implied_margin": "0.1086475587631402596265690221",
|
"implied_profit": "3097117162.48",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "1.2925",
|
"implied_margin": "0.09506661391774772717324789432",
|
"implied_profit": "2709977517.17",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "1.034",
|
"implied_margin": "0.07605329113419818173859831546",
|
"implied_profit": "2167982013.736",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.8616666666666666666666666667",
|
"implied_margin": "0.06337774261183181811549859620",
|
"implied_profit": "1806651678.113333333333333333",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.6893333333333333333333333333",
|
"implied_margin": "0.05070219408946545449239887698",
|
"implied_profit": "1445321342.490666666666666667",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.517",
|
"implied_margin": "0.03802664556709909086929915773",
|
"implied_profit": "1083991006.868",
|
"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": "-0.0708553105294033",
|
"cagr_low": "-0.21112931542965363",
|
"equity_value_high": "75065853052.00",
|
"equity_value_low": "33117288111.20",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "35.80199999999618447019043983",
|
"price_low": "15.79500000000953882452390043",
|
"role": "pessimistic",
|
"upside_to_high": "-0.3075048355900157742709779530",
|
"upside_to_low": "-0.6944874274659663670304854849"
|
},
|
{
|
"assumption": "以TTM归一化利润与11家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "0.14311752910634312",
|
"cagr_low": "-0.052468145511012865",
|
"equity_value_high": "211582674043.75",
|
"equity_value_low": "82793220277.95",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "100.9125000000476941226195022",
|
"price_low": "39.4875",
|
"role": "base",
|
"upside_to_high": "0.951885880078291955950087083",
|
"upside_to_low": "-0.2362185686653771760154738878"
|
},
|
{
|
"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": "0.30780230584270085",
|
"cagr_low": "0.16511668476908858",
|
"equity_value_high": "414702041125.40",
|
"equity_value_low": "232740941448.00",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "197.7884999999265510511659667",
|
"price_low": "111.0037499999928458816070747",
|
"role": "optimistic",
|
"upside_to_high": "2.825696324950223424587349453",
|
"upside_to_low": "1.147074468084968005446945352"
|
}
|
]
|
}
|
