{
|
"conclusion": {
|
"base_midpoint": "2.437667469052761514672486805",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-0.9814023287913263004443765307"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "7.7787633",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "675889849.208025375"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "540711879.36642030"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "450593232.80535025"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "386222770.97601450"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "337944924.6040126875"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "270355939.68321015"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "225296616.402675125"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "180237293.12214010"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "135177969.841605075"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "300098.SZ",
|
"company": "高新兴",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-29",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": null,
|
"annual_fcf": "-33962281.77",
|
"book_value_per_share": "1.523542168157975946670304253",
|
"current_fcf": "22044525.28",
|
"deduct_pe": null,
|
"diluted_shares": "1737782275.0",
|
"enterprise_value": "8204225991.720",
|
"market_cap": "8393488388.250",
|
"normalized_eps": "-0.01947173338501223348016943032",
|
"normalized_pe": null,
|
"normalized_profit": "-33837633.14000001",
|
"pb": "3.170243726066122080711002449",
|
"price": "4.83",
|
"ps": "3.953948425206789799611476506",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-7186569.04",
|
"ttm_deduct_profit": "-33837633.14",
|
"ttm_eps": "-0.004135482990813679463959315617",
|
"ttm_revenue": "2122811803.70"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-26651064.10000001",
|
"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": "0.2415",
|
"implied_margin": "0.1976974212603394899805738253",
|
"implied_profit": "419674419.4125",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.1932",
|
"implied_margin": "0.1581579370082715919844590602",
|
"implied_profit": "335739535.530",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.161",
|
"implied_margin": "0.1317982808402263266537158835",
|
"implied_profit": "279782946.275",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.138",
|
"implied_margin": "0.1129699550059082799888993287",
|
"implied_profit": "239813953.950",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.12075",
|
"implied_margin": "0.09884871063016974499028691264",
|
"implied_profit": "209837209.70625",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.0966",
|
"implied_margin": "0.07907896850413579599222953011",
|
"implied_profit": "167869767.765",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.0805",
|
"implied_margin": "0.06589914042011316332685794176",
|
"implied_profit": "139891473.1375",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.0644",
|
"implied_margin": "0.05271931233609053066148635341",
|
"implied_profit": "111913178.510",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.0483",
|
"implied_margin": "0.03953948425206789799611476506",
|
"implied_profit": "83934883.8825",
|
"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": "-0.1765870008984579",
|
"cagr_low": "-0.2407243591115712",
|
"equity_value_high": "3177101490.048",
|
"equity_value_low": "2118067660.032",
|
"method": "pb",
|
"name": "悲观",
|
"price_high": "1.828250601789571136004365104",
|
"price_low": "1.218833734526380757336243403",
|
"role": "pessimistic",
|
"upside_to_high": "-0.6214802066688258517589306203",
|
"upside_to_low": "-0.7476534711125505678392870801"
|
},
|
{
|
"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": "-0.08801547560199752",
|
"cagr_low": "-0.1765870008984579",
|
"equity_value_high": "5295169150.080",
|
"equity_value_low": "3177101490.048",
|
"method": "pb",
|
"name": "基准",
|
"price_high": "3.047084336315951893340608506",
|
"price_low": "1.828250601789571136004365104",
|
"role": "base",
|
"upside_to_high": "-0.3691336777813764195982177006",
|
"upside_to_low": "-0.6214802066688258517589306203"
|
},
|
{
|
"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": "-0.010978527521207537",
|
"cagr_low": "-0.08801547560199752",
|
"equity_value_high": "7942753725.120",
|
"equity_value_low": "5295169150.080",
|
"method": "pb",
|
"name": "乐观",
|
"price_high": "4.570626504473927840010912759",
|
"price_low": "3.047084336315951893340608506",
|
"role": "optimistic",
|
"upside_to_high": "-0.0537005166720646293973265509",
|
"upside_to_low": "-0.3691336777813764195982177006"
|
}
|
]
|
}
|
