{
|
"conclusion": {
|
"base_midpoint": "16.75666666662848679164264604",
|
"price_label": "当前价格低于基准合理区间",
|
"price_position": "BELOW_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "0.4819972150376102676591232144"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "13.9792268",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "854329560.95705218"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "683463648.765641744"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "569553040.6380347866666666667"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "488188320.54688696"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "427164780.47852609"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "341731824.382820872"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "284776520.3190173933333333333"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "227821216.2552139146666666667"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "170865912.191410436"
|
}
|
],
|
"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": "0.733333333333",
|
"profit": "896341913.1329259"
|
},
|
"2027": {
|
"eps": "0.816666666667",
|
"profit": "998198948.7170742"
|
},
|
"2028": {
|
"eps": "0.94",
|
"profit": "1148947361.3799999"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池3家）",
|
"report_date": "2026-08-06",
|
"source_id": "SRC-EM-CONSENSUS-20260806",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.733333333333",
|
"eps_profit_reconciliation_gap": "0.000000000000000005791316822233865570915708600",
|
"institution_count": 1,
|
"pe_on_mean": "11.83636363636901659747375412",
|
"profit_max": "896341913.1329259",
|
"profit_mean": "896341913.1329259",
|
"profit_median": "896341913.1329259",
|
"profit_min": "896341913.1329259"
|
},
|
"2027": {
|
"eps_mean": "0.816666666667",
|
"eps_profit_reconciliation_gap": "0.0000000000000001053807962182245756649040137",
|
"institution_count": 1,
|
"pe_on_mean": "10.62857142856708925896142832",
|
"profit_max": "998198948.7170742",
|
"profit_mean": "998198948.7170742",
|
"profit_median": "998198948.7170742",
|
"profit_min": "998198948.7170742"
|
},
|
"2028": {
|
"eps_mean": "0.94",
|
"eps_profit_reconciliation_gap": "0.00000000000000008703618926448472584386285964",
|
"institution_count": 1,
|
"pe_on_mean": "9.234042553191490165398002995",
|
"profit_max": "1148947361.3799999",
|
"profit_mean": "1148947361.3799999",
|
"profit_median": "1148947361.3799999",
|
"profit_min": "1148947361.3799999"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-06",
|
"code": "600480.SH",
|
"company": "凌云股份",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-28",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "1.822069398922250825032303076",
|
"annual_fcf": "936330856.99",
|
"book_value_per_share": "6.750184049608282377306276520",
|
"current_fcf": "113356190.85",
|
"deduct_pe": "16.40890749801945957246389163",
|
"diluted_shares": "1222284427.0",
|
"enterprise_value": "11239345683.090",
|
"market_cap": "10609428826.360",
|
"normalized_eps": "0.5289809818872869759634105197",
|
"normalized_pe": "16.40890749801946109517873153",
|
"normalized_profit": "646565216.33999994",
|
"pb": "1.285890864042989481495174614",
|
"price": "8.68",
|
"ps": "0.5287832585673266012649478830",
|
"reported_pe": "13.71938006807864434712831083",
|
"ttm_attributable_profit": "773316926.40",
|
"ttm_deduct_profit": "646565216.34",
|
"ttm_eps": "0.6326816486552519907054334089",
|
"ttm_revenue": "20063851596.03"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-126751710.06000006",
|
"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": "0.434",
|
"implied_margin": "0.02643916292836633006324739415",
|
"implied_profit": "530471441.318",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.3472",
|
"implied_margin": "0.02115133034269306405059791532",
|
"implied_profit": "424377153.0544",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.2893333333333333333333333333",
|
"implied_margin": "0.01762610861891088670883159610",
|
"implied_profit": "353647627.5453333333333333333",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.248",
|
"implied_margin": "0.01510809310192361717899851094",
|
"implied_profit": "303126537.896",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.217",
|
"implied_margin": "0.01321958146418316503162369708",
|
"implied_profit": "265235720.659",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.1736",
|
"implied_margin": "0.01057566517134653202529895766",
|
"implied_profit": "212188576.5272",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.1446666666666666666666666667",
|
"implied_margin": "0.008813054309455443354415798052",
|
"implied_profit": "176823813.7726666666666666667",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.1157333333333333333333333333",
|
"implied_margin": "0.007050443447564354683532638439",
|
"implied_profit": "141459051.0181333333333333333",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.0868",
|
"implied_margin": "0.005287832585673266012649478830",
|
"implied_profit": "106094288.2636",
|
"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": "-0.006181952818555936",
|
"cagr_low": "-0.14525790658764914",
|
"equity_value_high": "10285523453.16",
|
"equity_value_low": "4840246330.92",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "8.414999999963183691941122964",
|
"price_low": "3.96",
|
"role": "pessimistic",
|
"upside_to_high": "-0.0305299539212922013892715479",
|
"upside_to_low": "-0.5437788018433179723502304147"
|
},
|
{
|
"assumption": "以TTM归一化利润与3家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "0.22159575396022935",
|
"cagr_low": "0.02665161315001363",
|
"equity_value_high": "28862209602.8",
|
"equity_value_low": "12100615827.30",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "23.61333333325697358328529207",
|
"price_low": "9.9",
|
"role": "base",
|
"upside_to_high": "1.720430107518084514203374662",
|
"upside_to_low": "0.140552995391705069124423963"
|
},
|
{
|
"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": "0.388923207891567",
|
"cagr_low": "0.24510521336768165",
|
"equity_value_high": "54838198245.32",
|
"equity_value_low": "31748430563.08",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "44.86533333318824980824205494",
|
"price_low": "25.97466666658267094161382128",
|
"role": "optimistic",
|
"upside_to_high": "4.168817204284360576986411859",
|
"upside_to_low": "1.992473118269892965623712129"
|
}
|
]
|
}
|
