{
|
"conclusion": {
|
"base_midpoint": "3.451855422337616581287418140",
|
"price_label": "当前价格高于基准合理区间",
|
"price_position": "ABOVE_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-1.135083628447275207055556350"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "11.8694587",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "223317879.079004655"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "178654303.263203724"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "148878586.05266977"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "127610216.6165740885714285714"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "111658939.5395023275"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "89327151.631601862"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "74439293.026334885"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "59551434.421067908"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "44663575.815800931"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-06",
|
"code": "688285.SH",
|
"company": "高铁电气",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-23",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "0.6225817734155386934616769864",
|
"annual_fcf": "-6807740.05",
|
"book_value_per_share": "4.524030694333281264438252428",
|
"current_fcf": "-76642997.33",
|
"deduct_pe": "53.69735325559366386740491702",
|
"diluted_shares": "376289913.0",
|
"enterprise_value": "2498106039.360",
|
"market_cap": "2773256658.810",
|
"normalized_eps": "0.1372507126174280653651218123",
|
"normalized_pe": "53.69735325559365450994006159",
|
"normalized_profit": "51646058.710000009",
|
"pb": "1.629078248569694328746709114",
|
"price": "7.37",
|
"ps": "2.175595834659530196552780073",
|
"reported_pe": "47.12994382895392274274631782",
|
"ttm_attributable_profit": "58842774.54",
|
"ttm_deduct_profit": "51646058.71",
|
"ttm_eps": "0.1563761677023747378527258051",
|
"ttm_revenue": "1274711329.48"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-7196715.829999991",
|
"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": "0.3685",
|
"implied_margin": "0.1087797917329765098276390037",
|
"implied_profit": "138662832.9405",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.2948",
|
"implied_margin": "0.08702383338638120786211120292",
|
"implied_profit": "110930266.3524",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.2456666666666666666666666667",
|
"implied_margin": "0.07251986115531767321842600244",
|
"implied_profit": "92441888.627",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.2105714285714285714285714286",
|
"implied_margin": "0.06215988099027229133007943066",
|
"implied_profit": "79235904.53742857142857142857",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.18425",
|
"implied_margin": "0.05438989586648825491381950183",
|
"implied_profit": "69331416.47025",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.1474",
|
"implied_margin": "0.04351191669319060393105560146",
|
"implied_profit": "55465133.1762",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.1228333333333333333333333333",
|
"implied_margin": "0.03625993057765883660921300122",
|
"implied_profit": "46220944.3135",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.09826666666666666666666666667",
|
"implied_margin": "0.02900794446212706928737040097",
|
"implied_profit": "36976755.4508",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.0737",
|
"implied_margin": "0.02175595834659530196552780073",
|
"implied_profit": "27732566.5881",
|
"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": "-0.24693667874674885",
|
"cagr_low": "-0.3523211603092061",
|
"equity_value_high": "671656993.56",
|
"equity_value_low": "316073879.28",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "1.784945517686518479702112026",
|
"price_low": "0.8399743611516899736826057307",
|
"role": "pessimistic",
|
"upside_to_high": "-0.7578092920371073975980852068",
|
"upside_to_low": "-0.8860279021503812790118581098"
|
},
|
{
|
"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": "-0.08204153109873036",
|
"cagr_low": "-0.22205712027464508",
|
"equity_value_high": "1807612054.92",
|
"equity_value_low": "790184698.2",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "4.803774941796008228368321954",
|
"price_low": "2.099935902879224934206514327",
|
"role": "base",
|
"upside_to_high": "-0.3481987867305280558523308068",
|
"upside_to_low": "-0.7150697553759531975296452745"
|
},
|
{
|
"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": "0.043695360914100645",
|
"cagr_low": "-0.0643755337378038",
|
"equity_value_high": "3434462904.12",
|
"equity_value_low": "1988373260.44",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "9.127172388806499843645822098",
|
"price_low": "5.284152436050019762288977435",
|
"role": "optimistic",
|
"upside_to_high": "0.238422305129782882448551167",
|
"upside_to_low": "-0.2830186653934844284546842015"
|
}
|
]
|
}
|
