{
|
"conclusion": {
|
"base_midpoint": "20.90774999996890676011755234",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.02019586038821591011056334995"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "34.3521783",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "1588166961.466310775"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "1270533569.17304862"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "1058777974.31087385"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "907523977.9807490142857142857"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "794083480.7331553875"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "635266784.58652431"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "529388987.155436925"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "423511189.72434954"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "317633392.293262155"
|
}
|
],
|
"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": "0.915",
|
"profit": "846044030.775"
|
},
|
"2027": {
|
"eps": "1.145",
|
"profit": "1058710836.325"
|
},
|
"2028": {
|
"eps": "1.436666666667",
|
"profit": "1328397002.7836416"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池4家）",
|
"report_date": "2026-08-06",
|
"source_id": "SRC-EM-CONSENSUS-20260806",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.915",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "23.31147540983606557377049180",
|
"profit_max": "846044030.775",
|
"profit_mean": "846044030.775",
|
"profit_median": "846044030.775",
|
"profit_min": "846044030.775"
|
},
|
"2027": {
|
"eps_mean": "1.145",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "18.62882096069868995633187773",
|
"profit_max": "1058710836.325",
|
"profit_mean": "1058710836.325",
|
"profit_median": "1058710836.325",
|
"profit_min": "1058710836.325"
|
},
|
"2028": {
|
"eps_mean": "1.436666666667",
|
"eps_profit_reconciliation_gap": "0.00000000000000004057898345678487196521960539",
|
"institution_count": 1,
|
"pe_on_mean": "14.84686774941650824491912578",
|
"profit_max": "1328397002.7836416",
|
"profit_mean": "1328397002.7836416",
|
"profit_median": "1328397002.7836416",
|
"profit_min": "1328397002.7836416"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-06",
|
"code": "002402.SZ",
|
"company": "和而泰",
|
"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": "0.7949558169950138790323429127",
|
"annual_fcf": "196244713.93",
|
"book_value_per_share": "7.459783743812857586791358093",
|
"current_fcf": "-119253795.06",
|
"deduct_pe": "30.89404107493380167687348765",
|
"diluted_shares": "924638285.0",
|
"enterprise_value": "21203639777.650",
|
"market_cap": "19722534619.050",
|
"normalized_eps": "0.6904244073562236848109744883",
|
"normalized_pe": "30.89404107493379916041334682",
|
"normalized_profit": "638392839.940000052",
|
"pb": "2.859332218268538366290205621",
|
"price": "21.33",
|
"ps": "1.800835745702543452817957126",
|
"reported_pe": "29.70211268164233135862936119",
|
"ttm_attributable_profit": "664011170.87",
|
"ttm_deduct_profit": "638392839.94",
|
"ttm_eps": "0.7181307346255946994450916555",
|
"ttm_revenue": "10951878685.28"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-25618330.929999948",
|
"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": "1.0665",
|
"implied_margin": "0.09004178728512717264089785630",
|
"implied_profit": "986126730.9525",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.8532",
|
"implied_margin": "0.07203342982810173811271828504",
|
"implied_profit": "788901384.762",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.711",
|
"implied_margin": "0.06002785819008478176059857087",
|
"implied_profit": "657417820.635",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.6094285714285714285714285714",
|
"implied_margin": "0.05145244987721552722337020360",
|
"implied_profit": "563500989.1157142857142857143",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.53325",
|
"implied_margin": "0.04502089364256358632044892815",
|
"implied_profit": "493063365.47625",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.4266",
|
"implied_margin": "0.03601671491405086905635914252",
|
"implied_profit": "394450692.381",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.3555",
|
"implied_margin": "0.03001392909504239088029928543",
|
"implied_profit": "328708910.3175",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.2844",
|
"implied_margin": "0.02401114327603391270423942835",
|
"implied_profit": "262967128.254",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.2133",
|
"implied_margin": "0.01800835745702543452817957126",
|
"implied_profit": "197225346.1905",
|
"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": "-0.13216614857089082",
|
"cagr_low": "-0.25361174008870424",
|
"equity_value_high": "9708355253.16",
|
"equity_value_low": "4568637766.20",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "10.49962500001825037993100188",
|
"price_low": "4.941000000016222559938668341",
|
"role": "pessimistic",
|
"upside_to_high": "-0.5077531645561064050665259316",
|
"upside_to_low": "-0.7683544303789862841097670726"
|
},
|
{
|
"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": "0.06673666377313858",
|
"cagr_low": "-0.1034948237846014",
|
"equity_value_high": "27242617790.92",
|
"equity_value_low": "11421594415.44",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "29.46299999996214736014310720",
|
"price_low": "12.35249999997566616009199749",
|
"role": "base",
|
"upside_to_high": "0.381293952178253509617585898",
|
"upside_to_low": "-0.4208860759505079156075012897"
|
},
|
{
|
"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": "0.2128523729892089",
|
"cagr_low": "0.08726587911656436",
|
"equity_value_high": "51760973802.90",
|
"equity_value_low": "29966879570.04",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "55.97970000009246859165040954",
|
"price_low": "32.40929999998864420804293216",
|
"role": "optimistic",
|
"upside_to_high": "1.624458509146388588450558347",
|
"upside_to_low": "0.519423347397498556401450172"
|
}
|
]
|
}
|
