{
|
"conclusion": {
|
"base_midpoint": "26.25196878274208130386243770",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "0.06330834828032599335068019552"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "39.6024409",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "447676288.56823400"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "358141030.85458720"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "298450859.0454893333333333333"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "255815022.0389908571428571429"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "223838144.28411700"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "179070515.42729360"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "149225429.5227446666666666667"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "119380343.6181957333333333333"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "89535257.71364680"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-06",
|
"code": "301508.SZ",
|
"company": "中机认检",
|
"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": "1.136423613303925860250982084",
|
"annual_fcf": "-51139191.13",
|
"book_value_per_share": "9.168434635792169058390376725",
|
"current_fcf": "56594827.27",
|
"deduct_pe": "40.83975601453740515560919061",
|
"diluted_shares": "226085200.0",
|
"enterprise_value": "5007389486.430",
|
"market_cap": "5559435068.000",
|
"normalized_eps": "0.6021093757574577460178729081",
|
"normalized_pe": "40.83975601453740935574807396",
|
"normalized_profit": "136128018.639999986",
|
"pb": "2.682028173490422693865846589",
|
"price": "24.59",
|
"ps": "6.185136466225055285657503270",
|
"reported_pe": "36.52997103772560107830611237",
|
"ttm_attributable_profit": "152188324.00",
|
"ttm_deduct_profit": "136128018.64",
|
"ttm_eps": "0.6731458936719431435582691835",
|
"ttm_revenue": "898837899.27"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-16060305.360000014",
|
"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": "1.2295",
|
"implied_margin": "0.3092568233112527642828751635",
|
"implied_profit": "277971753.400",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.9836",
|
"implied_margin": "0.2474054586490022114263001308",
|
"implied_profit": "222377402.720",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.8196666666666666666666666667",
|
"implied_margin": "0.2061712155408351761885834424",
|
"implied_profit": "185314502.2666666666666666667",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.7025714285714285714285714286",
|
"implied_margin": "0.1767181847492872938759286648",
|
"implied_profit": "158841001.9428571428571428571",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.61475",
|
"implied_margin": "0.1546284116556263821414375818",
|
"implied_profit": "138985876.700",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.4918",
|
"implied_margin": "0.1237027293245011057131500654",
|
"implied_profit": "111188701.360",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.4098333333333333333333333333",
|
"implied_margin": "0.1030856077704175880942917212",
|
"implied_profit": "92657251.13333333333333333333",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.3278666666666666666666666667",
|
"implied_margin": "0.08246848621633407047543337694",
|
"implied_profit": "74125800.90666666666666666667",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.2459",
|
"implied_margin": "0.06185136466225055285657503270",
|
"implied_profit": "55594350.680",
|
"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": "-0.10755607376843745",
|
"cagr_low": "-0.2277072753281113",
|
"equity_value_high": "3147279791.04",
|
"equity_value_low": "1527356369.22",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "13.92076876788042737870501917",
|
"price_low": "6.755667196348987019052994181",
|
"role": "pessimistic",
|
"upside_to_high": "-0.4338849626726137706911338280",
|
"upside_to_low": "-0.7252677024664909711649860032"
|
},
|
{
|
"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": "0.07997480118137323",
|
"cagr_low": "-0.07807168616217897",
|
"equity_value_high": "8167681118.4",
|
"equity_value_low": "3702682106.88",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "36.12656254544746847648585577",
|
"price_low": "16.37737502003669413123901963",
|
"role": "base",
|
"upside_to_high": "0.469156671226005224745256436",
|
"upside_to_low": "-0.3339823090672348868955258386"
|
},
|
{
|
"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": "0.2273647701652668",
|
"cagr_low": "0.1007587828439942",
|
"equity_value_high": "15484562120.30",
|
"equity_value_low": "8984449230.24",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "68.48994149241082565333776824",
|
"price_low": "39.73921879999221532413444135",
|
"role": "optimistic",
|
"upside_to_high": "1.785276189199301571912881994",
|
"upside_to_low": "0.616072338348605747219782080"
|
}
|
]
|
}
|
