{
|
"conclusion": {
|
"base_midpoint": "12.61",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "0.05233941316415543219666931007"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "19.2455945",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "1057584920.319990975"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "846067936.25599278"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "705056613.54666065"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "604334240.1828519857142857143"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "528792460.1599954875"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "423033968.12799639"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "352528306.773330325"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "282022645.41866426"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "211516984.063998195"
|
}
|
],
|
"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": "0.52",
|
"profit": "571501346.52"
|
},
|
"2027": {
|
"eps": "0.7",
|
"profit": "769328735.6999999"
|
},
|
"2028": {
|
"eps": "0.83",
|
"profit": "912204072.3299999"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池1家）",
|
"report_date": "2026-08-06",
|
"source_id": "SRC-EM-CONSENSUS-20260806",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.52",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "22.98076923076923076923076923",
|
"profit_max": "571501346.52",
|
"profit_mean": "571501346.52",
|
"profit_median": "571501346.52",
|
"profit_min": "571501346.52"
|
},
|
"2027": {
|
"eps_mean": "0.7",
|
"eps_profit_reconciliation_gap": "0.0000000000000001299834457749866849258579924",
|
"institution_count": 1,
|
"pe_on_mean": "17.07142857142857364757453859",
|
"profit_max": "769328735.6999999",
|
"profit_mean": "769328735.6999999",
|
"profit_median": "769328735.6999999",
|
"profit_min": "769328735.6999999"
|
},
|
"2028": {
|
"eps_mean": "0.83",
|
"eps_profit_reconciliation_gap": "0.0000000000000001096245928222779248140733656",
|
"institution_count": 1,
|
"pe_on_mean": "14.39759036144578471086010148",
|
"profit_max": "912204072.3299999",
|
"profit_mean": "912204072.3299999",
|
"profit_median": "912204072.3299999",
|
"profit_min": "912204072.3299999"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-06",
|
"code": "600366.SH",
|
"company": "宁波韵升",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-23",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "1.053678976959493183757549079",
|
"annual_fcf": "265343726.35",
|
"book_value_per_share": "5.781977323993514324152392375",
|
"current_fcf": "14191585.55",
|
"deduct_pe": "35.88172628423337242254784814",
|
"diluted_shares": "1099041051.0",
|
"enterprise_value": "13343257308.19999996",
|
"market_cap": "13133540559.450",
|
"normalized_eps": "0.3330386031413125031669085489",
|
"normalized_pe": "35.88172628423337291270443436",
|
"normalized_profit": "366023096.419999995",
|
"pb": "2.066767012456274444720620600",
|
"price": "11.95",
|
"ps": "2.248649368881025355783799437",
|
"reported_pe": "32.02202560006961261361629815",
|
"ttm_attributable_profit": "410140842.54",
|
"ttm_deduct_profit": "366023096.42",
|
"ttm_eps": "0.3731806397648380469821049478",
|
"ttm_revenue": "5840635156.91"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-44117746.120000005",
|
"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": "0.5975",
|
"implied_margin": "0.1124324684440512677891899718",
|
"implied_profit": "656677027.9725",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.478",
|
"implied_margin": "0.08994597475524101423135197747",
|
"implied_profit": "525341622.378",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.3983333333333333333333333333",
|
"implied_margin": "0.07495497896270084519279331456",
|
"implied_profit": "437784685.315",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.3414285714285714285714285714",
|
"implied_margin": "0.06424712482517215302239426962",
|
"implied_profit": "375244015.9842857142857142857",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.29875",
|
"implied_margin": "0.05621623422202563389459498592",
|
"implied_profit": "328338513.98625",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.239",
|
"implied_margin": "0.04497298737762050711567598874",
|
"implied_profit": "262670811.189",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.1991666666666666666666666667",
|
"implied_margin": "0.03747748948135042259639665728",
|
"implied_profit": "218892342.6575",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.1593333333333333333333333333",
|
"implied_margin": "0.02998199158508033807711732582",
|
"implied_profit": "175113874.126",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.1195",
|
"implied_margin": "0.02248649368881025355783799437",
|
"implied_profit": "131335405.5945",
|
"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": "-0.12968267979495207",
|
"cagr_low": "-0.25147581057674184",
|
"equity_value_high": "6557977951.38",
|
"equity_value_low": "3086107271.16",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "5.967000000057322699586769121",
|
"price_low": "2.807999999956325562219604480",
|
"role": "pessimistic",
|
"upside_to_high": "-0.5006694560621487280680527932",
|
"upside_to_low": "-0.7650209205057468148770205456"
|
},
|
{
|
"assumption": "以TTM归一化利润与1家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "0.08777906563655646",
|
"cagr_low": "-0.10092930665478261",
|
"equity_value_high": "20002547128.20",
|
"equity_value_low": "7715268178.02",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "18.2",
|
"price_low": "7.02",
|
"role": "base",
|
"upside_to_high": "0.523012552301255230125523013",
|
"upside_to_low": "-0.4125523012552301255230125523"
|
},
|
{
|
"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": "0.2367770470904933",
|
"cagr_low": "0.10871323940613498",
|
"equity_value_high": "38004839543.58",
|
"equity_value_low": "22002801841.16",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "34.58",
|
"price_low": "20.02000000012738377685948693",
|
"role": "optimistic",
|
"upside_to_high": "1.893723849372384937238493724",
|
"upside_to_low": "0.675313807542040483419203927"
|
}
|
]
|
}
|
