{
|
"conclusion": {
|
"base_midpoint": "1.559085202936187654208983853",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-8.608198430585144666196410504"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "24.1254398",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "372293533.68168500"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "297834826.94534800"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "248195689.1211233333333333333"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "212739162.10382000"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "186146766.84084250"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "148917413.47267400"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "124097844.5605616666666666667"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "99278275.64844933333333333333"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "74458706.73633700"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-06",
|
"code": "603767.SH",
|
"company": "中马传动",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-25",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": null,
|
"annual_fcf": "135443178.77",
|
"book_value_per_share": "4.428079143314924108524243313",
|
"current_fcf": "10695082.49",
|
"deduct_pe": "241.6461905274587160972451012",
|
"diluted_shares": "308631500.0",
|
"enterprise_value": "4065002114.610",
|
"market_cap": "4623299870.000",
|
"normalized_eps": "0.06199145936173073714121857296",
|
"normalized_pe": "241.6461905274587160972451012",
|
"normalized_profit": "19132517.09",
|
"pb": "3.382956698643320833144294808",
|
"price": "14.98",
|
"ps": "5.040311401710641210828842490",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-5778676.86",
|
"ttm_deduct_profit": "19132517.09",
|
"ttm_eps": "-0.01872354850363621341308324005",
|
"ttm_revenue": "917264728.61"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "24911193.95",
|
"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": "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": "0.749",
|
"implied_margin": "0.2520155700855320605414421245",
|
"implied_profit": "231164993.500",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.5992",
|
"implied_margin": "0.2016124560684256484331536996",
|
"implied_profit": "184931994.800",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.4993333333333333333333333333",
|
"implied_margin": "0.1680103800570213736942947497",
|
"implied_profit": "154109995.6666666666666666667",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.428",
|
"implied_margin": "0.1440088971917326060236812140",
|
"implied_profit": "132094282.000",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.3745",
|
"implied_margin": "0.1260077850427660302707210623",
|
"implied_profit": "115582496.750",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.2996",
|
"implied_margin": "0.1008062280342128242165768498",
|
"implied_profit": "92465997.400",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.2496666666666666666666666667",
|
"implied_margin": "0.08400519002851068684714737483",
|
"implied_profit": "77054997.83333333333333333333",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.1997333333333333333333333333",
|
"implied_margin": "0.06720415202280854947771789987",
|
"implied_profit": "61643998.26666666666666666667",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.1498",
|
"implied_margin": "0.05040311401710641210828842490",
|
"implied_profit": "46232998.700",
|
"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": "-0.44257546438352857",
|
"cagr_low": "-0.5205820463151598",
|
"equity_value_high": "248818384.8",
|
"equity_value_low": "117091004.64",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "0.8061989291436551356553041410",
|
"price_low": "0.3793877314532055217954097362",
|
"role": "pessimistic",
|
"upside_to_high": "-0.9461816469196491898761479212",
|
"upside_to_low": "-0.9746737161913747982780100310"
|
},
|
{
|
"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": "-0.32051852908795786",
|
"cagr_low": "-0.4241593817633662",
|
"equity_value_high": "669638098.08",
|
"equity_value_low": "292727511.54",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "2.169701077433768102089384914",
|
"price_low": "0.9484693284386072063285827921",
|
"role": "base",
|
"upside_to_high": "-0.8551601416933399130781451993",
|
"upside_to_low": "-0.9366842904914147392304016828"
|
},
|
{
|
"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": "-0.2274469019261317",
|
"cagr_low": "-0.3074419920809617",
|
"equity_value_high": "1272312386.58",
|
"equity_value_low": "736601908.0",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "4.122432047862904466977609220",
|
"price_low": "2.386671185540037228863547629",
|
"role": "optimistic",
|
"upside_to_high": "-0.7248042691680304094140447784",
|
"upside_to_low": "-0.8406761558384487831199233893"
|
}
|
]
|
}
|
