{
|
"conclusion": {
|
"base_midpoint": "7.926759783440414093264248705",
|
"price_label": "当前价格高于基准合理区间",
|
"price_position": "ABOVE_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.5239518201669250888339657767"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "19.4549608",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "750961486.88000000"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "600769189.50400000"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "500640991.2533333333333333333"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "429120849.6457142857142857143"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "375480743.44000000"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "300384594.75200000"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "250320495.6266666666666666667"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "200256396.5013333333333333333"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "150192297.37600000"
|
}
|
],
|
"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": "-0.21",
|
"profit": "-162120000.0"
|
},
|
"2027": {
|
"eps": "0.06",
|
"profit": "46320000.0"
|
},
|
"2028": {
|
"eps": "0.24",
|
"profit": "185280000.0"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池2家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "-0.21",
|
"eps_profit_reconciliation_gap": "0.00",
|
"institution_count": 1,
|
"pe_on_mean": null,
|
"profit_max": "-162120000.0",
|
"profit_mean": "-162120000.0",
|
"profit_median": "-162120000.0",
|
"profit_min": "-162120000.0"
|
},
|
"2027": {
|
"eps_mean": "0.06",
|
"eps_profit_reconciliation_gap": "0.00",
|
"institution_count": 1,
|
"pe_on_mean": "201.3333333333333333333333333",
|
"profit_max": "46320000.0",
|
"profit_mean": "46320000.0",
|
"profit_median": "46320000.0",
|
"profit_min": "46320000.0"
|
},
|
"2028": {
|
"eps_mean": "0.24",
|
"eps_profit_reconciliation_gap": "0.00",
|
"institution_count": 1,
|
"pe_on_mean": "50.33333333333333333333333333",
|
"profit_max": "185280000.0",
|
"profit_mean": "185280000.0",
|
"profit_median": "185280000.0",
|
"profit_min": "185280000.0"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "603712.SH",
|
"company": "七一二",
|
"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": null,
|
"annual_fcf": "-534368164.86",
|
"book_value_per_share": "4.954224864650258808290155440",
|
"current_fcf": "66298622.2",
|
"deduct_pe": null,
|
"diluted_shares": "772000000.0",
|
"enterprise_value": "10522601900.230",
|
"market_cap": "9325760000.000",
|
"normalized_eps": "-0.7129801533419687759067357513",
|
"normalized_pe": null,
|
"normalized_profit": "-550420678.379999895",
|
"pb": "2.438322912267080142134345243",
|
"price": "12.08",
|
"ps": "4.282219547649599699011768858",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-503302922.52",
|
"ttm_deduct_profit": "-550420678.38",
|
"ttm_eps": "-0.6519467908290155440414507772",
|
"ttm_revenue": "2177786518.47"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-47117755.859999895",
|
"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": "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"
|
}
|
],
|
"status": "PASS_WITH_WARNINGS",
|
"warning_count": 3
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "0.604",
|
"implied_margin": "0.2141109773824799849505884429",
|
"implied_profit": "466288000.000",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.4832",
|
"implied_margin": "0.1712887819059839879604707543",
|
"implied_profit": "373030400.000",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.4026666666666666666666666667",
|
"implied_margin": "0.1427406515883199899670589619",
|
"implied_profit": "310858666.6666666666666666667",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.3451428571428571428571428571",
|
"implied_margin": "0.1223491299328457056860505388",
|
"implied_profit": "266450285.7142857142857142857",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.302",
|
"implied_margin": "0.1070554886912399924752942214",
|
"implied_profit": "233144000.000",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.2416",
|
"implied_margin": "0.08564439095299199398023537715",
|
"implied_profit": "186515200.000",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.2013333333333333333333333333",
|
"implied_margin": "0.07137032579415999498352948095",
|
"implied_profit": "155429333.3333333333333333333",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.1610666666666666666666666667",
|
"implied_margin": "0.05709626063532799598682358478",
|
"implied_profit": "124343466.6666666666666666667",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.1208",
|
"implied_margin": "0.04282219547649599699011768858",
|
"implied_profit": "93257600.000",
|
"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": "-0.13220327803252718",
|
"cagr_low": "-0.19979777711588398",
|
"equity_value_high": "4589593914.61199976",
|
"equity_value_low": "3059729276.40799984",
|
"method": "pb",
|
"name": "悲观",
|
"price_high": "5.945069837580310569948186528",
|
"price_low": "3.963379891720207046632124352",
|
"role": "pessimistic",
|
"upside_to_high": "-0.5078584571539478005009779364",
|
"upside_to_low": "-0.6719056381026318670006519576"
|
},
|
{
|
"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": "-0.03885755796763313",
|
"cagr_low": "-0.13220327803252718",
|
"equity_value_high": "7649323191.01999960",
|
"equity_value_low": "4589593914.61199976",
|
"method": "pb",
|
"name": "基准",
|
"price_high": "9.908449729300517616580310881",
|
"price_low": "5.945069837580310569948186528",
|
"role": "base",
|
"upside_to_high": "-0.1797640952565796675016298940",
|
"upside_to_low": "-0.5078584571539478005009779364"
|
},
|
{
|
"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": "0.04233184648412225",
|
"cagr_low": "-0.03885755796763313",
|
"equity_value_high": "11473984786.52999940",
|
"equity_value_low": "7649323191.01999960",
|
"method": "pb",
|
"name": "乐观",
|
"price_high": "14.86267459395077642487046632",
|
"price_low": "9.908449729300517616580310881",
|
"role": "optimistic",
|
"upside_to_high": "0.230353857115130498747555159",
|
"upside_to_low": "-0.1797640952565796675016298940"
|
}
|
]
|
}
|
