{
|
"conclusion": {
|
"base_midpoint": "12.25900000000760630787504514",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "0.2217962313407226737461410284"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "15.3642654",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "706978073.76986889"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "565582459.015895112"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "471318715.84657926"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "403987470.7256393657142857143"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "353489036.884934445"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "282791229.507947556"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "235659357.92328963"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "188527486.338631704"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "141395614.753973778"
|
}
|
],
|
"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": "0.46",
|
"profit": "423332851.22"
|
},
|
"2027": {
|
"eps": "0.557142857143",
|
"profit": "512732335.3287029"
|
},
|
"2028": {
|
"eps": "0.661666666667",
|
"profit": "608924427.2986401"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池7家）",
|
"report_date": "2026-08-05",
|
"source_id": "SRC-EM-CONSENSUS-20260805",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.46",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "20.73913043478260869565217391",
|
"profit_max": "423332851.22",
|
"profit_mean": "423332851.22",
|
"profit_median": "423332851.22",
|
"profit_min": "423332851.22"
|
},
|
"2027": {
|
"eps_mean": "0.557142857143",
|
"eps_profit_reconciliation_gap": "0.000000000000000003118586228767709106358565411",
|
"institution_count": 1,
|
"pe_on_mean": "17.12307692307253249097890746",
|
"profit_max": "512732335.3287029",
|
"profit_mean": "512732335.3287029",
|
"profit_median": "512732335.3287029",
|
"profit_min": "512732335.3287029"
|
},
|
"2028": {
|
"eps_mean": "0.661666666667",
|
"eps_profit_reconciliation_gap": "0.000000000000000006127197124529499681264712611",
|
"institution_count": 1,
|
"pe_on_mean": "14.41813602014386986832215336",
|
"profit_max": "608924427.2986401",
|
"profit_mean": "608924427.2986401",
|
"profit_median": "608924427.2986401",
|
"profit_min": "608924427.2986401"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-05",
|
"code": "603809.SH",
|
"company": "豪能股份",
|
"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": "1.114917107058927633002843504",
|
"annual_fcf": "-698518760.98",
|
"book_value_per_share": "4.098872436454613643910155695",
|
"current_fcf": "-247677216.54",
|
"deduct_pe": "34.26274780000624468262069869",
|
"diluted_shares": "920288807.0",
|
"enterprise_value": "10796249163.330",
|
"market_cap": "8779555218.780",
|
"normalized_eps": "0.2784365123219410882175382146",
|
"normalized_pe": "34.26274780000624949626909795",
|
"normalized_profit": "256242005.749999964",
|
"pb": "2.327469358439409767928339509",
|
"price": "9.54",
|
"ps": "3.184071423561470461897353259",
|
"reported_pe": "31.73208774225147676496516792",
|
"ttm_attributable_profit": "276677516.15",
|
"ttm_deduct_profit": "256242005.75",
|
"ttm_eps": "0.3006420528485249739650479091",
|
"ttm_revenue": "2757336143.22"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-20435510.400000036",
|
"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": "0.477",
|
"implied_margin": "0.1592035711780735230948676630",
|
"implied_profit": "438977760.939",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.3816",
|
"implied_margin": "0.1273628569424588184758941304",
|
"implied_profit": "351182208.7512",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.318",
|
"implied_margin": "0.1061357141187156820632451086",
|
"implied_profit": "292651840.626",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.2725714285714285714285714286",
|
"implied_margin": "0.09097346924461344176849580741",
|
"implied_profit": "250844434.8222857142857142857",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.2385",
|
"implied_margin": "0.07960178558903676154743383149",
|
"implied_profit": "219488880.4695",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.1908",
|
"implied_margin": "0.06368142847122940923794706519",
|
"implied_profit": "175591104.3756",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.159",
|
"implied_margin": "0.05306785705935784103162255432",
|
"implied_profit": "146325920.313",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.1272",
|
"implied_margin": "0.04245428564748627282529804346",
|
"implied_profit": "117060736.2504",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.0954",
|
"implied_margin": "0.03184071423561470461897353259",
|
"implied_profit": "87795552.1878",
|
"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": "-0.07525399162163382",
|
"cagr_low": "-0.2010811908922212",
|
"equity_value_high": "5937243238.30",
|
"equity_value_low": "2857496745.75",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "6.451499999934259767651395547",
|
"price_low": "3.105000000016299231160811021",
|
"role": "pessimistic",
|
"upside_to_high": "-0.3237421383716708838939836953",
|
"upside_to_low": "-0.6745283018850839380334579643"
|
},
|
{
|
"assumption": "以TTM归一化利润与7家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "0.12153144625088941",
|
"cagr_low": "-0.04470241413673304",
|
"equity_value_high": "15578648924.8",
|
"equity_value_low": "6984992045.24",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "16.92799999989568492057080946",
|
"price_low": "7.590000000119527695179280823",
|
"role": "base",
|
"upside_to_high": "0.774423480072922947648931809",
|
"upside_to_low": "-0.2044025157107413317422137502"
|
},
|
{
|
"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": "0.28424998509631405",
|
"cagr_low": "0.14311518041527238",
|
"equity_value_high": "30670465070.70",
|
"equity_value_low": "17136513817.28",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "33.32699999979462968737378113",
|
"price_low": "18.62079999988525341262789041",
|
"role": "optimistic",
|
"upside_to_high": "2.4933962263935670531838345",
|
"upside_to_low": "0.951865828080215242413824991"
|
}
|
]
|
}
|
