{
|
"conclusion": {
|
"base_midpoint": "8.507806457149530698924626085",
|
"price_label": "当前价格高于基准合理区间",
|
"price_position": "ABOVE_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-1.056934427004258444132578833"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "28.183925",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "147064740.9080850"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "117651792.7264680"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "98043160.6053900"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "84036994.8046200"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "73532370.4540425"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "58825896.3632340"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "49021580.3026950"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "39217264.2421560"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "29412948.1816170"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-06",
|
"code": "301063.SZ",
|
"company": "海锅股份",
|
"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": "-1.982305482997435952997982517",
|
"annual_fcf": "-157231964.05",
|
"book_value_per_share": "15.14352628983294519880870125",
|
"current_fcf": "-34301208.94",
|
"deduct_pe": "51.73190084166247179842796152",
|
"diluted_shares": "104360724.0",
|
"enterprise_value": "1872087108.37",
|
"market_cap": "1826312670.00",
|
"normalized_eps": "0.3382825628921470178761887470",
|
"normalized_pe": "51.73190084166247663408710606",
|
"normalized_profit": "35303413.1799999967",
|
"pb": "1.155609312194950472391165964",
|
"price": "17.5",
|
"ps": "1.000239350018609761055039479",
|
"reported_pe": "49.07366831928570472946474628",
|
"ttm_attributable_profit": "37215735.70",
|
"ttm_deduct_profit": "35303413.18",
|
"ttm_eps": "0.3566067220844500848805916678",
|
"ttm_revenue": "1825875646.63"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-1912322.5200000033",
|
"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": "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": 2
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "0.875",
|
"implied_margin": "0.05001196750093048805275197396",
|
"implied_profit": "91315633.50",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.7",
|
"implied_margin": "0.04000957400074439044220157917",
|
"implied_profit": "73052506.80",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.5833333333333333333333333333",
|
"implied_margin": "0.03334131166728699203516798264",
|
"implied_profit": "60877089.00",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.5",
|
"implied_margin": "0.02857826714338885031585827083",
|
"implied_profit": "52180362.00",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.4375",
|
"implied_margin": "0.02500598375046524402637598698",
|
"implied_profit": "45657816.75",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.35",
|
"implied_margin": "0.02000478700037219522110078958",
|
"implied_profit": "36526253.40",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.2916666666666666666666666667",
|
"implied_margin": "0.01667065583364349601758399132",
|
"implied_profit": "30438544.50",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.2333333333333333333333333333",
|
"implied_margin": "0.01333652466691479681406719306",
|
"implied_profit": "24350835.60",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.175",
|
"implied_margin": "0.01000239350018609761055039479",
|
"implied_profit": "18263126.70",
|
"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": "-0.24129947600975443",
|
"cagr_low": "-0.3474728336971874",
|
"equity_value_high": "459120888.36",
|
"equity_value_low": "216056888.64",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "4.399364729972551742741838395",
|
"price_low": "2.070289284692965525996159245",
|
"role": "pessimistic",
|
"upside_to_high": "-0.748607729715854186129037806",
|
"upside_to_low": "-0.8816977551604019699430766146"
|
},
|
{
|
"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": "-0.07516997344990173",
|
"cagr_low": "-0.21623367671702698",
|
"equity_value_high": "1235619461.44",
|
"equity_value_low": "540142221.6",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "11.83988970256664758285885406",
|
"price_low": "5.175723211732413814990398112",
|
"role": "base",
|
"upside_to_high": "-0.3234348741390487095509226251",
|
"upside_to_low": "-0.7042443879010049248576915365"
|
},
|
{
|
"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": "0.05150814663221648",
|
"cagr_low": "-0.05737173384442451",
|
"equity_value_high": "2347676976.28",
|
"equity_value_low": "1359181407.36",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "22.49579043050717049452435765",
|
"price_low": "13.02387867067691098041826540",
|
"role": "optimistic",
|
"upside_to_high": "0.285473738886124028258534723",
|
"upside_to_low": "-0.2557783616756050868332419771"
|
}
|
]
|
}
|
