{
|
"conclusion": {
|
"base_midpoint": "1.106282701910061322820669409",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-5.029200301590052611682461597"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "10.7421017",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "573970759.88006722"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "459176607.904053776"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "382647173.2533781466666666667"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "327983291.3600384114285714286"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "286985379.94003361"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "229588303.952026888"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "191323586.6266890733333333333"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "153058869.3013512586666666667"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "114794151.976013444"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "600698.SH",
|
"company": "湖南天雁",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-25",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": null,
|
"annual_fcf": "-44254019.09",
|
"book_value_per_share": "0.6914266886937883267629183807",
|
"current_fcf": "-30228484.37",
|
"deduct_pe": null,
|
"diluted_shares": "1068637732.0",
|
"enterprise_value": "6945744654.670",
|
"market_cap": "7127813672.440",
|
"normalized_eps": "-0.03300521976141489920739575757",
|
"normalized_pe": null,
|
"normalized_profit": "-35270623.189999999",
|
"pb": "9.646720482544084178691938555",
|
"price": "6.67",
|
"ps": "12.56373023121075221535993440",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-30346110.38",
|
"ttm_deduct_profit": "-35270623.19",
|
"ttm_eps": "-0.02839700440223647278065603620",
|
"ttm_revenue": "567332594.80"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-4924512.809999999",
|
"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": "0.3335",
|
"implied_margin": "0.6281865115605376107679967201",
|
"implied_profit": "356390683.622",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.2668",
|
"implied_margin": "0.5025492092484300886143973761",
|
"implied_profit": "285112546.8976",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.2223333333333333333333333333",
|
"implied_margin": "0.4187910077070250738453311467",
|
"implied_profit": "237593789.0813333333333333333",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.1905714285714285714285714286",
|
"implied_margin": "0.3589637208917357775817124114",
|
"implied_profit": "203651819.2125714285714285714",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.16675",
|
"implied_margin": "0.3140932557802688053839983600",
|
"implied_profit": "178195341.811",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.1334",
|
"implied_margin": "0.2512746046242150443071986880",
|
"implied_profit": "142556273.4488",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.1111666666666666666666666667",
|
"implied_margin": "0.2093955038535125369226655734",
|
"implied_profit": "118796894.5406666666666666667",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.08893333333333333333333333333",
|
"implied_margin": "0.1675164030828100295381324587",
|
"implied_profit": "95037515.63253333333333333333",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.0667",
|
"implied_margin": "0.1256373023121075221535993440",
|
"implied_profit": "71278136.7244",
|
"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": "-0.3408863432815068",
|
"cagr_low": "-0.39222608257422575",
|
"equity_value_high": "886661578.140",
|
"equity_value_low": "591107718.760",
|
"method": "pb",
|
"name": "悲观",
|
"price_high": "0.8297120264325459921155020568",
|
"price_low": "0.5531413509550306614103347045",
|
"role": "pessimistic",
|
"upside_to_high": "-0.8756053933384488767443025402",
|
"upside_to_low": "-0.9170702622256325844962016935"
|
},
|
{
|
"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": "-0.2699878974432899",
|
"cagr_low": "-0.3408863432815068",
|
"equity_value_high": "1477769296.900",
|
"equity_value_low": "886661578.140",
|
"method": "pb",
|
"name": "基准",
|
"price_high": "1.382853377387576653525836761",
|
"price_low": "0.8297120264325459921155020568",
|
"role": "base",
|
"upside_to_high": "-0.7926756555640814612405042337",
|
"upside_to_low": "-0.8756053933384488767443025402"
|
},
|
{
|
"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": "-0.2083224821445685",
|
"cagr_low": "-0.2699878974432899",
|
"equity_value_high": "2216653945.350",
|
"equity_value_low": "1477769296.900",
|
"method": "pb",
|
"name": "乐观",
|
"price_high": "2.074280066081364980288755142",
|
"price_low": "1.382853377387576653525836761",
|
"role": "optimistic",
|
"upside_to_high": "-0.6890134833461221918607563505",
|
"upside_to_low": "-0.7926756555640814612405042337"
|
}
|
]
|
}
|
