{
|
"conclusion": {
|
"base_midpoint": "51.65547291661504594122765055",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "0.03688811289543238797422468850"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "80.1228725",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "6962018930.11517750"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "5569615144.09214200"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "4641345953.410118333333333333"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "3978296531.494387142857142857"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "3481009465.05758875"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "2784807572.04607100"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "2320672976.705059166666666667"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "1856538381.364047333333333333"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "1392403786.02303550"
|
}
|
],
|
"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": "1.938291666667",
|
"profit": "3368432222.751413"
|
},
|
"2027": {
|
"eps": "2.341916666667",
|
"profit": "4069866108.728913"
|
},
|
"2028": {
|
"eps": "2.821913043478",
|
"profit": "4904020890.622156"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池24家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "1.938291666667",
|
"eps_profit_reconciliation_gap": "0.0000000000000001152286803867938036796627305",
|
"institution_count": 1,
|
"pe_on_mean": "25.66693179130666022405092897",
|
"profit_max": "3368432222.751413",
|
"profit_mean": "3368432222.751413",
|
"profit_median": "3368432222.751413",
|
"profit_min": "3368432222.751413"
|
},
|
"2027": {
|
"eps_mean": "2.341916666667",
|
"eps_profit_reconciliation_gap": "0.00000000000000009536923073894993302182111674",
|
"institution_count": 1,
|
"pe_on_mean": "21.24328363519606340711057412",
|
"profit_max": "4069866108.728913",
|
"profit_mean": "4069866108.728913",
|
"profit_median": "4069866108.728913",
|
"profit_min": "4069866108.728913"
|
},
|
"2028": {
|
"eps_mean": "2.821913043478",
|
"eps_profit_reconciliation_gap": "0.0000000000000001331071001855350210339271767",
|
"institution_count": 1,
|
"pe_on_mean": "17.62988413657256296987889881",
|
"profit_max": "4904020890.622156",
|
"profit_mean": "4904020890.622156",
|
"profit_median": "4904020890.622156",
|
"profit_min": "4904020890.622156"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "601689.SH",
|
"company": "拓普集团",
|
"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": "1.612801530293069108171125661",
|
"annual_fcf": "984913314.63",
|
"book_value_per_share": "14.14879823307565149517769685",
|
"current_fcf": "30186688.49",
|
"deduct_pe": "33.28346628251938412511841514",
|
"diluted_shares": "1737835580.0",
|
"enterprise_value": "86563977766.930",
|
"market_cap": "86457320105.000",
|
"normalized_eps": "1.494736142495137370820776958",
|
"normalized_pe": "33.28346628251938796905826813",
|
"normalized_profit": "2597605651.1399997",
|
"pb": "3.516199692755488192274067398",
|
"price": "49.75",
|
"ps": "2.840062238995448713898192855",
|
"reported_pe": "31.26391223812409698977137919",
|
"ttm_attributable_profit": "2765403109.07",
|
"ttm_deduct_profit": "2597605651.14",
|
"ttm_eps": "1.591291570327959334334724577",
|
"ttm_revenue": "30442051205.04"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-167797457.9300003",
|
"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": "2.4875",
|
"implied_margin": "0.1420031119497724356949096428",
|
"implied_profit": "4322866005.250",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "1.99",
|
"implied_margin": "0.1136024895598179485559277142",
|
"implied_profit": "3458292804.200",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.658333333333333333333333333",
|
"implied_margin": "0.09466874129984829046327309518",
|
"implied_profit": "2881910670.166666666666666667",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.421428571428571428571428571",
|
"implied_margin": "0.08114463539986996325423408158",
|
"implied_profit": "2470209145.857142857142857143",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "1.24375",
|
"implied_margin": "0.07100155597488621784745482138",
|
"implied_profit": "2161433002.625",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.995",
|
"implied_margin": "0.05680124477990897427796385710",
|
"implied_profit": "1729146402.100",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.8291666666666666666666666667",
|
"implied_margin": "0.04733437064992414523163654757",
|
"implied_profit": "1440955335.083333333333333333",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.6633333333333333333333333333",
|
"implied_margin": "0.03786749651993931618530923808",
|
"implied_profit": "1152764268.066666666666666667",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.4975",
|
"implied_margin": "0.02840062238995448713898192855",
|
"implied_profit": "864573201.050",
|
"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": "-0.11385297725550769",
|
"cagr_low": "-0.23442813735939838",
|
"equity_value_high": "47242261924.0",
|
"equity_value_low": "22736917503.60",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "27.18454062495371397563398949",
|
"price_low": "13.08346875001834178121730020",
|
"role": "pessimistic",
|
"upside_to_high": "-0.4535770728652519803892665429",
|
"upside_to_low": "-0.7370157035172192606790492422"
|
},
|
{
|
"assumption": "以TTM归一化利润与24家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "0.07471861787401557",
|
"cagr_low": "-0.08457662550184564",
|
"equity_value_high": "123958305797.12",
|
"equity_value_low": "55579131675.32",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "71.32913333326965258704163486",
|
"price_low": "31.98181249996043929541366623",
|
"role": "base",
|
"upside_to_high": "0.433751423784314624865158490",
|
"upside_to_low": "-0.3571494974882323759715845984"
|
},
|
{
|
"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": "0.23064526955669984",
|
"cagr_low": "0.09540144493827563",
|
"equity_value_high": "244042914538.35",
|
"equity_value_low": "136354136376.96",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "140.4292312500299942069318203",
|
"price_low": "78.46204666667027268483017248",
|
"role": "optimistic",
|
"upside_to_high": "1.822698115578492345867976287",
|
"upside_to_low": "0.577126566164226586629752211"
|
}
|
]
|
}
|
