{
|
"conclusion": {
|
"base_midpoint": "6.861317140683420200968088485",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-1.266328706451709821414409138"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "25.0434305",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "421865627.45091050"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "337492501.96072840"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "281243751.6339403333333333333"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "241066072.8290917142857142857"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "210932813.72545525"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "168746250.98036420"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "140621875.8169701666666666667"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "112497500.6535761333333333333"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "84373125.49018210"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-06",
|
"code": "603131.SH",
|
"company": "上海沪工",
|
"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": null,
|
"annual_fcf": "69468037.86",
|
"book_value_per_share": "4.900940814773871572120063203",
|
"current_fcf": "-45998585.92",
|
"deduct_pe": null,
|
"diluted_shares": "336907220.0",
|
"enterprise_value": "4209969290.740",
|
"market_cap": "5238907271.000",
|
"normalized_eps": "-0.1383303050911167858023345418",
|
"normalized_pe": null,
|
"normalized_profit": "-46604478.530000003",
|
"pb": "3.172860189032393749980172793",
|
"price": "15.55",
|
"ps": "5.730981572919985348929430459",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-14856117.51",
|
"ttm_deduct_profit": "-46604478.53",
|
"ttm_eps": "-0.04409557476981348158700784151",
|
"ttm_revenue": "914137867.02"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-31748361.020000003",
|
"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": "使用正常化情景、PB 或反向估值。",
|
"field": "metrics.ttm_attributable_profit",
|
"issue_id": "QA-NEGATIVE-TTM-PROFIT",
|
"message": "TTM 归母利润不为正，报告 PE 不适用。",
|
"recalc_scope": "PE 模块",
|
"severity": "WARNING"
|
},
|
{
|
"action": "检查主营盈利恢复条件。",
|
"field": "metrics.ttm_deduct_profit",
|
"issue_id": "QA-NEGATIVE-TTM-DEDUCT",
|
"message": "TTM 扣非利润不为正，扣非 PE 不适用。",
|
"recalc_scope": "扣非 PE 模块",
|
"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": 3
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "0.7775",
|
"implied_margin": "0.2865490786459992674464715229",
|
"implied_profit": "261945363.550",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.622",
|
"implied_margin": "0.2292392629167994139571772183",
|
"implied_profit": "209556290.840",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.5183333333333333333333333333",
|
"implied_margin": "0.1910327190973328449643143487",
|
"implied_profit": "174630242.3666666666666666667",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.4442857142857142857142857143",
|
"implied_margin": "0.1637423306548567242551265845",
|
"implied_profit": "149683064.8857142857142857143",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.38875",
|
"implied_margin": "0.1432745393229996337232357615",
|
"implied_profit": "130972681.775",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.311",
|
"implied_margin": "0.1146196314583997069785886092",
|
"implied_profit": "104778145.420",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.2591666666666666666666666667",
|
"implied_margin": "0.09551635954866642248215717431",
|
"implied_profit": "87315121.18333333333333333333",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.2073333333333333333333333333",
|
"implied_margin": "0.07641308763893313798572573945",
|
"implied_profit": "69852096.94666666666666666667",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.1555",
|
"implied_margin": "0.05730981572919985348929430459",
|
"implied_profit": "52389072.710",
|
"pe": "100"
|
}
|
],
|
"scenarios": [
|
{
|
"assumption": "亏损继续且现金消耗偏高，按归母净资产折价。",
|
"cagr_high": "-0.20620234262067483",
|
"cagr_low": "-0.2832956127474391",
|
"equity_value_high": "1651162345.290",
|
"equity_value_low": "990697407.174",
|
"method": "pb",
|
"name": "悲观",
|
"price_high": "4.900940814773871572120063203",
|
"price_low": "2.940564488864322943272037922",
|
"role": "pessimistic",
|
"upside_to_high": "-0.6848269572492687091884203728",
|
"upside_to_low": "-0.8108961743495612255130522237"
|
},
|
{
|
"assumption": "业务逐步接近盈亏平衡，按成长型资产的中性净资产倍数定价。",
|
"cagr_high": "-0.10717917024130363",
|
"cagr_low": "-0.20620234262067483",
|
"equity_value_high": "2972092221.522",
|
"equity_value_low": "1651162345.290",
|
"method": "pb",
|
"name": "基准",
|
"price_high": "8.821693466592968829816113766",
|
"price_low": "4.900940814773871572120063203",
|
"role": "base",
|
"upside_to_high": "-0.4326885230486836765391566710",
|
"upside_to_low": "-0.6848269572492687091884203728"
|
},
|
{
|
"assumption": "核心产品或订单放量并形成可持续盈利，给予成长溢价。",
|
"cagr_high": "-0.01114169840825674",
|
"cagr_low": "-0.10717917024130363",
|
"equity_value_high": "4953487035.870",
|
"equity_value_low": "2972092221.522",
|
"method": "pb",
|
"name": "乐观",
|
"price_high": "14.70282244432161471636018961",
|
"price_low": "8.821693466592968829816113766",
|
"role": "optimistic",
|
"upside_to_high": "-0.0544808717478061275652611183",
|
"upside_to_low": "-0.4326885230486836765391566710"
|
}
|
]
|
}
|
