{
|
"conclusion": {
|
"base_midpoint": "10.36000000016772458529530216",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-2.069498069448375454559559907"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "51.214218",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "1221388454.4076908"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "977110763.52615264"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "814258969.6051272"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "697936259.6615376"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "610694227.2038454"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "488555381.76307632"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "407129484.8025636"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "325703587.84205088"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "244277690.88153816"
|
}
|
],
|
"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": "0.32",
|
"profit": "152631171.84"
|
},
|
"2027": {
|
"eps": "0.4425",
|
"profit": "211060292.31"
|
},
|
"2028": {
|
"eps": "0.5625",
|
"profit": "268296981.75"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池4家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.32",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "99.375",
|
"profit_max": "152631171.84",
|
"profit_mean": "152631171.84",
|
"profit_median": "152631171.84",
|
"profit_min": "152631171.84"
|
},
|
"2027": {
|
"eps_mean": "0.4425",
|
"eps_profit_reconciliation_gap": "0.000",
|
"institution_count": 1,
|
"pe_on_mean": "71.86440677966101694915254237",
|
"profit_max": "211060292.31",
|
"profit_mean": "211060292.31",
|
"profit_median": "211060292.31",
|
"profit_min": "211060292.31"
|
},
|
"2028": {
|
"eps_mean": "0.5625",
|
"eps_profit_reconciliation_gap": "0.000",
|
"institution_count": 1,
|
"pe_on_mean": "56.53333333333333333333333333",
|
"profit_max": "268296981.75",
|
"profit_mean": "268296981.75",
|
"profit_median": "268296981.75",
|
"profit_min": "268296981.75"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "300607.SZ",
|
"company": "拓斯达",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-23",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "6.294572411661495954444832293",
|
"annual_fcf": "306461994.80",
|
"book_value_per_share": "6.118206641938863331994975005",
|
"current_fcf": "-136536380.27",
|
"deduct_pe": "165.0254101427275802631392829",
|
"diluted_shares": "476972412.0",
|
"enterprise_value": "14777919818.25",
|
"market_cap": "15167722701.60",
|
"normalized_eps": "0.1926975971306281546531039200",
|
"normalized_pe": "165.0254101427275982179677885",
|
"normalized_profit": "91911437.68999999",
|
"pb": "5.197601496820735208690512592",
|
"price": "31.8",
|
"ps": "5.647481994368758060564696834",
|
"reported_pe": "128.4301026175788289347276566",
|
"ttm_attributable_profit": "118100993.40",
|
"ttm_deduct_profit": "91911437.69",
|
"ttm_eps": "0.2476055017622277072075187443",
|
"ttm_revenue": "2685749634.39"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-26189555.71000001",
|
"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": "1.59",
|
"implied_margin": "0.2823740997184379030282348417",
|
"implied_profit": "758386135.08",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "1.272",
|
"implied_margin": "0.2258992797747503224225878734",
|
"implied_profit": "606708908.064",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.06",
|
"implied_margin": "0.1882493998122919353521565611",
|
"implied_profit": "505590756.72",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.9085714285714285714285714286",
|
"implied_margin": "0.1613566284105359445875627667",
|
"implied_profit": "433363505.76",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.795",
|
"implied_margin": "0.1411870498592189515141174209",
|
"implied_profit": "379193067.54",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.636",
|
"implied_margin": "0.1129496398873751612112939367",
|
"implied_profit": "303354454.032",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.53",
|
"implied_margin": "0.09412469990614596767607828057",
|
"implied_profit": "252795378.36",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.424",
|
"implied_margin": "0.07529975992491677414086262446",
|
"implied_profit": "202236302.688",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.318",
|
"implied_margin": "0.05647481994368758060564696834",
|
"implied_profit": "151677227.016",
|
"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": "-0.29063098329275605",
|
"cagr_low": "-0.39432231191631084",
|
"equity_value_high": "2724466417.40",
|
"equity_value_low": "1236312491.94",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "5.712000000117407209706711507",
|
"price_low": "2.592000000075476063382885969",
|
"role": "pessimistic",
|
"upside_to_high": "-0.8203773584868739871161411476",
|
"upside_to_low": "-0.9184905660353623879439344035"
|
},
|
{
|
"assumption": "以TTM归一化利润与4家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "-0.14277241478284186",
|
"cagr_low": "-0.28361773448889505",
|
"equity_value_high": "7021033904.80",
|
"equity_value_low": "2861834472.00",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "14.72000000033544917059060431",
|
"price_low": "6.0",
|
"role": "base",
|
"upside_to_high": "-0.5371069182284449946355155877",
|
"upside_to_low": "-0.8113207547169811320754716981"
|
},
|
{
|
"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": "-0.02280264053988701",
|
"cagr_low": "-0.12627517578207814",
|
"equity_value_high": "13515490266.30",
|
"equity_value_low": "7723137295.20",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "28.33599999972325443426275145",
|
"price_low": "16.19200000020126950235436258",
|
"role": "optimistic",
|
"upside_to_high": "-0.1089308176187655838282153632",
|
"upside_to_low": "-0.4908176100565638521272213025"
|
}
|
]
|
}
|
