{
|
"conclusion": {
|
"base_midpoint": "0.639464205231760316769107729",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-2.909522971804071062333481303"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "4.026275",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "572142750.10677125"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "457714200.0854170"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "381428500.0711808333333333333"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "326938714.3467264285714285714"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "286071375.053385625"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "228857100.0427085"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "190714250.0355904166666666667"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "152571400.0284723333333333333"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "114428550.02135425"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-06",
|
"code": "300091.SZ",
|
"company": "ST金灵",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-25",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": null,
|
"annual_fcf": "-424733485.49",
|
"book_value_per_share": "0.4567601465941145119779340923",
|
"current_fcf": "-345498083.12",
|
"deduct_pe": null,
|
"diluted_shares": "2842045067.0",
|
"enterprise_value": "5917717768.64",
|
"market_cap": "7105112667.50",
|
"normalized_eps": "-0.2665669466634113371010805298",
|
"normalized_pe": null,
|
"normalized_profit": "-757595275.7900003",
|
"pb": "5.473332160525699487266873822",
|
"price": "2.5",
|
"ps": "9.481536325213432576198943131",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-2154190808.86",
|
"ttm_deduct_profit": "-757595275.79",
|
"ttm_eps": "-0.7579720792865245581272832082",
|
"ttm_revenue": "749363017.11"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "1396595533.0699997",
|
"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": "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"
|
},
|
{
|
"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": 4
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "0.125",
|
"implied_margin": "0.4740768162606716288099471565",
|
"implied_profit": "355255633.375",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.1",
|
"implied_margin": "0.3792614530085373030479577252",
|
"implied_profit": "284204506.70",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.08333333333333333333333333333",
|
"implied_margin": "0.3160512108404477525399647711",
|
"implied_profit": "236837088.9166666666666666667",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.07142857142857142857142857143",
|
"implied_margin": "0.2709010378632409307485412323",
|
"implied_profit": "203003219.0714285714285714286",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.0625",
|
"implied_margin": "0.2370384081303358144049735783",
|
"implied_profit": "177627816.6875",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.05",
|
"implied_margin": "0.1896307265042686515239788626",
|
"implied_profit": "142102253.35",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.04166666666666666666666666667",
|
"implied_margin": "0.1580256054202238762699823855",
|
"implied_profit": "118418544.4583333333333333333",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.03333333333333333333333333333",
|
"implied_margin": "0.1264204843361791010159859084",
|
"implied_profit": "94734835.56666666666666666667",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.025",
|
"implied_margin": "0.09481536325213432576198943131",
|
"implied_profit": "71051126.675",
|
"pe": "100"
|
}
|
],
|
"scenarios": [
|
{
|
"assumption": "亏损继续且现金消耗偏高，按归母净资产折价。",
|
"cagr_high": "-0.2882136766143585",
|
"cagr_low": "-0.35734204300746253",
|
"equity_value_high": "1298132921.430",
|
"equity_value_low": "778879752.858",
|
"method": "pb",
|
"name": "悲观",
|
"price_high": "0.4567601465941145119779340923",
|
"price_low": "0.2740560879564687071867604554",
|
"role": "pessimistic",
|
"upside_to_high": "-0.8172959413623541952088263631",
|
"upside_to_low": "-0.8903775648174125171252958178"
|
},
|
{
|
"assumption": "业务逐步接近盈亏平衡，按成长型资产的中性净资产倍数定价。",
|
"cagr_high": "-0.19942109938429753",
|
"cagr_low": "-0.2882136766143585",
|
"equity_value_high": "2336639258.574",
|
"equity_value_low": "1298132921.430",
|
"method": "pb",
|
"name": "基准",
|
"price_high": "0.8221682638694061215602813662",
|
"price_low": "0.4567601465941145119779340923",
|
"role": "base",
|
"upside_to_high": "-0.6711326944522375513758874535",
|
"upside_to_low": "-0.8172959413623541952088263631"
|
},
|
{
|
"assumption": "核心产品或订单放量并形成可持续盈利，给予成长溢价。",
|
"cagr_high": "-0.11330575456333025",
|
"cagr_low": "-0.19942109938429753",
|
"equity_value_high": "3894398764.290",
|
"equity_value_low": "2336639258.574",
|
"method": "pb",
|
"name": "乐观",
|
"price_high": "1.370280439782343535933802277",
|
"price_low": "0.8221682638694061215602813662",
|
"role": "optimistic",
|
"upside_to_high": "-0.4518878240870625856264790892",
|
"upside_to_low": "-0.6711326944522375513758874535"
|
}
|
]
|
}
|
