{
|
"conclusion": {
|
"base_midpoint": "23.375",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.2051336898395721925133689840"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "45.3680667",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "1318571846.78130252"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "1054857477.425042016"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "879047897.85420168"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "753469626.7321728685714285714"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "659285923.39065126"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "527428738.712521008"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "439523948.92710084"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "351619159.141680672"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "263714369.356260504"
|
}
|
],
|
"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": "0.68",
|
"profit": "395268708.16"
|
},
|
"2027": {
|
"eps": "0.87",
|
"profit": "505711435.44"
|
},
|
"2028": {
|
"eps": "1.09",
|
"profit": "633592488.08"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池1家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.68",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "41.42647058823529411764705882",
|
"profit_max": "395268708.16",
|
"profit_mean": "395268708.16",
|
"profit_median": "395268708.16",
|
"profit_min": "395268708.16"
|
},
|
"2027": {
|
"eps_mean": "0.87",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "32.37931034482758620689655172",
|
"profit_max": "505711435.44",
|
"profit_mean": "505711435.44",
|
"profit_median": "505711435.44",
|
"profit_min": "505711435.44"
|
},
|
"2028": {
|
"eps_mean": "1.09",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "25.84403669724770642201834862",
|
"profit_max": "633592488.08",
|
"profit_mean": "633592488.08",
|
"profit_median": "633592488.08",
|
"profit_min": "633592488.08"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "300660.SZ",
|
"company": "江苏雷利",
|
"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": "1.126127064621111360736328326",
|
"annual_fcf": "58374521.54",
|
"book_value_per_share": "6.159526947483218652367201847",
|
"current_fcf": "17613922.89",
|
"deduct_pe": "71.12805291166071310018765718",
|
"diluted_shares": "581277512.0",
|
"enterprise_value": "16388090848.2800000",
|
"market_cap": "16374587513.040",
|
"normalized_eps": "0.3960462693247970687020144003",
|
"normalized_pe": "71.12805291166072545884990006",
|
"normalized_profit": "230212790.06999996",
|
"pb": "4.573403159070560729660205833",
|
"price": "28.17",
|
"ps": "3.793908690716158371356259151",
|
"reported_pe": "60.40840884358347360263430747",
|
"ttm_attributable_profit": "271064704.84",
|
"ttm_deduct_profit": "230212790.07",
|
"ttm_eps": "0.4663258069409022656290202398",
|
"ttm_revenue": "4316020454.87"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-40851914.77000004",
|
"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": [],
|
"status": "PASS",
|
"warning_count": 0
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "1.4085",
|
"implied_margin": "0.1896954345358079185678129576",
|
"implied_profit": "818729375.652",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "1.1268",
|
"implied_margin": "0.1517563476286463348542503660",
|
"implied_profit": "654983500.5216",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.939",
|
"implied_margin": "0.1264636230238719457118753050",
|
"implied_profit": "545819583.768",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.8048571428571428571428571429",
|
"implied_margin": "0.1083973911633188106101788329",
|
"implied_profit": "467845357.5154285714285714286",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.70425",
|
"implied_margin": "0.09484771726790395928390647878",
|
"implied_profit": "409364687.826",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.5634",
|
"implied_margin": "0.07587817381432316742712518302",
|
"implied_profit": "327491750.2608",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.4695",
|
"implied_margin": "0.06323181151193597285593765252",
|
"implied_profit": "272909791.884",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.3756",
|
"implied_margin": "0.05058544920954877828475012201",
|
"implied_profit": "218327833.5072",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.2817",
|
"implied_margin": "0.03793908690716158371356259151",
|
"implied_profit": "163745875.1304",
|
"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": "-0.15497013655676306",
|
"cagr_low": "-0.27849155799542613",
|
"equity_value_high": "7055546440.60",
|
"equity_value_low": "3201676536.06",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "12.13799999990366047396652083",
|
"price_low": "5.507999999938067447549906249",
|
"role": "pessimistic",
|
"upside_to_high": "-0.5691160809405871326245466514",
|
"upside_to_low": "-0.8044728434526777618903121672"
|
},
|
{
|
"assumption": "以TTM归一化利润与1家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "0.03833720110548655",
|
"cagr_low": "-0.14661566301353046",
|
"equity_value_high": "19763435408.0",
|
"equity_value_low": "7411288278.00",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "34",
|
"price_low": "12.75",
|
"role": "base",
|
"upside_to_high": "0.206957756478523251686190983",
|
"upside_to_low": "-0.5473908413205537806176783813"
|
},
|
{
|
"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": "0.18365342956042685",
|
"cagr_low": "0.058319872297246445",
|
"equity_value_high": "38044613160.40",
|
"equity_value_low": "21739778948.80",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "65.45",
|
"price_low": "37.4",
|
"role": "optimistic",
|
"upside_to_high": "1.323393681221157259495917643",
|
"upside_to_low": "0.327653532126375576854810082"
|
}
|
]
|
}
|
