{
|
"conclusion": {
|
"base_midpoint": "0.558195646571791040231973178",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-14.69342228625452543594883962"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "14.1080676",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "169320278.55964584"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "135456222.847716672"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "112880185.70643056"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "96754444.89122619428571428571"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "84660139.27982292"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "67728111.423858336"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "56440092.85321528"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "45152074.282572224"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "33864055.711929168"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-06",
|
"code": "603089.SH",
|
"company": "正裕工业",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-29",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "1.061156574212672655213336093",
|
"annual_fcf": "-248583658.06",
|
"book_value_per_share": "7.863944946831286736470212954",
|
"current_fcf": "-112970350.97",
|
"deduct_pe": "394.6895706156589437382655419",
|
"diluted_shares": "240033268.0",
|
"enterprise_value": "2824748723.050",
|
"market_cap": "2102691427.680",
|
"normalized_eps": "0.02219465790883616182736802967",
|
"normalized_pe": "394.6895706156596845975999267",
|
"normalized_profit": "5327456.26999999",
|
"pb": "1.113944726117363198032959875",
|
"price": "8.76",
|
"ps": "0.7457050521746942741675598131",
|
"reported_pe": "36.66873798964341743643993366",
|
"ttm_attributable_profit": "57342890.51",
|
"ttm_deduct_profit": "5327456.27",
|
"ttm_eps": "0.2388955955471972326769304328",
|
"ttm_revenue": "2819736062.60"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-52015434.24000001",
|
"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": "0.438",
|
"implied_margin": "0.03728525260873471370837799065",
|
"implied_profit": "105134571.384",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.3504",
|
"implied_margin": "0.02982820208698777096670239252",
|
"implied_profit": "84107657.1072",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.292",
|
"implied_margin": "0.02485683507248980913891866044",
|
"implied_profit": "70089714.256",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.2502857142857142857142857143",
|
"implied_margin": "0.02130585863356269354764456609",
|
"implied_profit": "60076897.93371428571428571429",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.219",
|
"implied_margin": "0.01864262630436735685418899533",
|
"implied_profit": "52567285.692",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.1752",
|
"implied_margin": "0.01491410104349388548335119626",
|
"implied_profit": "42053828.5536",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.146",
|
"implied_margin": "0.01242841753624490456945933022",
|
"implied_profit": "35044857.128",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.1168",
|
"implied_margin": "0.009942734028995923655567464174",
|
"implied_profit": "28035885.7024",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.0876",
|
"implied_margin": "0.007457050521746942741675598131",
|
"implied_profit": "21026914.2768",
|
"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": "-0.49467481776167943",
|
"cagr_low": "-0.5653905608702234",
|
"equity_value_high": "69283568.88",
|
"equity_value_low": "32604032.4",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "0.2886415264737386319299706406",
|
"price_low": "0.1358313065170616266408538003",
|
"role": "pessimistic",
|
"upside_to_high": "-0.9670500540555092885924691050",
|
"upside_to_low": "-0.9844941430916596316620029908"
|
},
|
{
|
"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": "-0.3840258615565846",
|
"cagr_low": "-0.4779799834991122",
|
"equity_value_high": "186460969.52",
|
"equity_value_low": "81510080.94",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "0.7768130271008933644981244850",
|
"price_low": "0.3395782660426887159658218710",
|
"role": "base",
|
"upside_to_high": "-0.9113227138012678807650542825",
|
"upside_to_low": "-0.9612353577576839365335819782"
|
},
|
{
|
"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": "-0.2996531189131765",
|
"cagr_low": "-0.3721715154088756",
|
"equity_value_high": "354275841.86",
|
"equity_value_low": "205107066.36",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "1.475944750541829060128448528",
|
"price_low": "0.8544943293443807130934866912",
|
"role": "optimistic",
|
"upside_to_high": "-0.8315131563308414314921862411",
|
"upside_to_low": "-0.9024549852346597359482321129"
|
}
|
]
|
}
|
