{
|
"conclusion": {
|
"base_midpoint": "3.006537419366808599291384094",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-10.90738547586068431113611606"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "57.656258",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "1407430407.0513346"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "1125944325.64106768"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "938286938.0342230666666666667"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "804245946.8864769142857142857"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "703715203.5256673"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "562972162.82053384"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "469143469.0171115333333333333"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "375314775.2136892266666666667"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "281486081.41026692"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "002149.SZ",
|
"company": "西部材料",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-28",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "2.515791633911839685031352428",
|
"annual_fcf": "113443872.46",
|
"book_value_per_share": "7.626839968919057045021997862",
|
"current_fcf": "-275603400.95",
|
"deduct_pe": "386.9900279852457498972361547",
|
"diluted_shares": "488214274.0",
|
"enterprise_value": "19286199559.7199999",
|
"market_cap": "17478071009.20",
|
"normalized_eps": "0.09250884366809805728867321073",
|
"normalized_pe": "386.9900279852458441510069795",
|
"normalized_profit": "45164137.94999999",
|
"pb": "4.693949282519676548026966425",
|
"price": "35.8",
|
"ps": "5.675787876338302616891488467",
|
"reported_pe": "217.3696140105081907175002670",
|
"ttm_attributable_profit": "80407149.31",
|
"ttm_deduct_profit": "45164137.950000001",
|
"ttm_eps": "0.1646964326774272068907186438",
|
"ttm_revenue": "3079408778.13"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-35243011.36000001",
|
"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": "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": 1
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "1.79",
|
"implied_margin": "0.2837893938169151308445744234",
|
"implied_profit": "873903550.46",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "1.432",
|
"implied_margin": "0.2270315150535321046756595387",
|
"implied_profit": "699122840.368",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.193333333333333333333333333",
|
"implied_margin": "0.1891929292112767538963829489",
|
"implied_profit": "582602366.9733333333333333333",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.022857142857142857142857143",
|
"implied_margin": "0.1621653678953800747683282419",
|
"implied_profit": "499373457.4057142857142857143",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.895",
|
"implied_margin": "0.1418946969084575654222872117",
|
"implied_profit": "436951775.23",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.716",
|
"implied_margin": "0.1135157575267660523378297693",
|
"implied_profit": "349561420.184",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.5966666666666666666666666667",
|
"implied_margin": "0.09459646460563837694819147447",
|
"implied_profit": "291301183.4866666666666666667",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.4773333333333333333333333333",
|
"implied_margin": "0.07567717168451070155855317955",
|
"implied_profit": "233040946.7893333333333333333",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.358",
|
"implied_margin": "0.05675787876338302616891488467",
|
"implied_profit": "174780710.092",
|
"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": "-0.4582291710979627",
|
"cagr_low": "-0.5268176014247032",
|
"equity_value_high": "815777241.75",
|
"equity_value_low": "414606786.30",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "1.670940988812629431641730328",
|
"price_low": "0.8492311847072295964865623736",
|
"role": "pessimistic",
|
"upside_to_high": "-0.9533256707035578371049795998",
|
"upside_to_low": "-0.9762784585277310168579172521"
|
},
|
{
|
"assumption": "以TTM归一化利润与无家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "-0.35337028726053876",
|
"cagr_low": "-0.4403302525746242",
|
"equity_value_high": "1975931035.40",
|
"equity_value_low": "959737931.50",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "4.047261910658515486173597620",
|
"price_low": "1.965812928075101712409170568",
|
"role": "base",
|
"upside_to_high": "-0.8869479913223878355817430832",
|
"upside_to_low": "-0.9450890243554440862455538948"
|
},
|
{
|
"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": "-0.26325719647762313",
|
"cagr_low": "-0.34092597831165217",
|
"equity_value_high": "3793787587.68",
|
"equity_value_low": "2173524138.80",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "7.770742867874444818055442599",
|
"price_low": "4.451988101437607700916995311",
|
"role": "optimistic",
|
"upside_to_high": "-0.7829401433554624352498479721",
|
"upside_to_low": "-0.8756427904626366563989666114"
|
}
|
]
|
}
|
