{
|
"conclusion": {
|
"base_midpoint": "5.908005192248796700006998195",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-2.864248465785469427140860497"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "36.7679433",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "296399721.159143415"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "237119776.927314732"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "197599814.10609561"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "169371269.2337962371428571429"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "148199860.5795717075"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "118559888.463657366"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "98799907.053047805"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "79039925.642438244"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "59279944.231828683"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-06",
|
"code": "688199.SH",
|
"company": "久日新材",
|
"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": "1.685251584702074883217984251",
|
"annual_fcf": "-90076596.05",
|
"book_value_per_share": "16.05203407518248884613184901",
|
"current_fcf": "-80066974.79",
|
"deduct_pe": "97.18584891817760081183009859",
|
"diluted_shares": "161227251.0",
|
"enterprise_value": "4084369636.680",
|
"market_cap": "3680818140.330",
|
"normalized_eps": "0.2349107432216902153842466743",
|
"normalized_pe": "97.18584891817760850991965628",
|
"normalized_profit": "37874013.359999997",
|
"pb": "1.422249659642617927890263569",
|
"price": "22.83",
|
"ps": "2.339113510773231708142580202",
|
"reported_pe": "76.16017726539852544869694313",
|
"ttm_attributable_profit": "48329957.63",
|
"ttm_deduct_profit": "37874013.36",
|
"ttm_eps": "0.2997629577520986201023795909",
|
"ttm_revenue": "1573595348.57"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-10455944.270000003",
|
"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": "1.1415",
|
"implied_margin": "0.1169556755386615854071290101",
|
"implied_profit": "184040907.0165",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.9132",
|
"implied_margin": "0.09356454043092926832570320807",
|
"implied_profit": "147232725.6132",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.761",
|
"implied_margin": "0.07797045035910772360475267340",
|
"implied_profit": "122693938.011",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.6522857142857142857142857143",
|
"implied_margin": "0.06683181459352090594693086288",
|
"implied_profit": "105166232.5808571428571428571",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.57075",
|
"implied_margin": "0.05847783776933079270356450505",
|
"implied_profit": "92020453.50825",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.4566",
|
"implied_margin": "0.04678227021546463416285160404",
|
"implied_profit": "73616362.8066",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.3805",
|
"implied_margin": "0.03898522517955386180237633670",
|
"implied_profit": "61346969.0055",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.3044",
|
"implied_margin": "0.03118818014364308944190106936",
|
"implied_profit": "49077575.2044",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.2283",
|
"implied_margin": "0.02339113510773231708142580202",
|
"implied_profit": "36808181.4033",
|
"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": "-0.3311919915726048",
|
"cagr_low": "-0.4247856951033391",
|
"equity_value_high": "492551543.70",
|
"equity_value_low": "231788961.72",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "3.055014215307807983403500442",
|
"price_low": "1.437653748248799453883884679",
|
"role": "pessimistic",
|
"upside_to_high": "-0.8661842218437228215767192097",
|
"upside_to_low": "-0.9370278691086815832727163960"
|
},
|
{
|
"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": "-0.184745879806261",
|
"cagr_low": "-0.30909604357005305",
|
"equity_value_high": "1325590467.6",
|
"equity_value_low": "579472404.48",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "8.221876012759158189703302700",
|
"price_low": "3.594134371738435210310693693",
|
"role": "base",
|
"upside_to_high": "-0.6398652644433132637011255935",
|
"upside_to_low": "-0.8425696727228017866705784629"
|
},
|
{
|
"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": "-0.07307686344236464",
|
"cagr_low": "-0.16905641495398138",
|
"equity_value_high": "2518621888.44",
|
"equity_value_low": "1458149514.36",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "15.62156442424240056043627513",
|
"price_low": "9.044063614035074008673632970",
|
"role": "optimistic",
|
"upside_to_high": "-0.3157440024422952010321386277",
|
"upside_to_low": "-0.6038517908876445900712381529"
|
}
|
]
|
}
|
