{
|
"conclusion": {
|
"base_midpoint": "32.05542222221563427500074992",
|
"price_label": "当前价格低于基准合理区间",
|
"price_position": "BELOW_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "0.6824250222183980331816549362"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "16.3949918",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "10",
|
"required_profit": "1761604716.21908202"
|
},
|
{
|
"exit_pe": "12",
|
"required_profit": "1468003930.18256835"
|
},
|
{
|
"exit_pe": "15",
|
"required_profit": "1174403144.14605468"
|
},
|
{
|
"exit_pe": "18",
|
"required_profit": "978669286.78837890"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "880802358.10954101"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "704641886.487632808"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "587201572.07302734"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "503315633.2054520057142857143"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "440401179.054770505"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "352320943.243816404"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "293600786.03651367"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "234880628.829210936"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "176160471.621908202"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "available",
|
"detail": [
|
{
|
"core_assumption": "C1汇总快照缺逐家报告日期；仅作市场预期锚，不替代法定利润。",
|
"estimates": {
|
"2026": {
|
"eps": "1.082222222222",
|
"mark": "E",
|
"profit": "1162823253.539761"
|
},
|
"2027": {
|
"eps": "1.205555555556",
|
"mark": "E",
|
"profit": "1295342125.3504775"
|
},
|
"2028": {
|
"eps": "1.33125",
|
"mark": "E",
|
"profit": "1430397957.54375"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池9家）",
|
"report_date": "2026-08-13",
|
"source_id": "SRC-EM-CONSENSUS-20260813",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "1.082222222222",
|
"eps_profit_reconciliation_gap": "0.0000000000000001954364081628070512050855103",
|
"institution_count": 1,
|
"pe_on_mean": "9.406570841891050415561344762",
|
"profit_max": "1162823253.539761",
|
"profit_mean": "1162823253.539761",
|
"profit_median": "1162823253.539761",
|
"profit_min": "1162823253.539761"
|
},
|
"2027": {
|
"eps_mean": "1.205555555556",
|
"eps_profit_reconciliation_gap": "0.00000000000000003511350330530901799037343794",
|
"institution_count": 1,
|
"pe_on_mean": "8.444239631333292742725699508",
|
"profit_max": "1295342125.3504775",
|
"profit_mean": "1295342125.3504775",
|
"profit_median": "1295342125.3504775",
|
"profit_min": "1295342125.3504775"
|
},
|
"2028": {
|
"eps_mean": "1.33125",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "7.646948356807511737089201878",
|
"profit_max": "1430397957.54375",
|
"profit_mean": "1430397957.54375",
|
"profit_median": "1430397957.54375",
|
"profit_min": "1430397957.54375"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-13",
|
"code": "002011.SZ",
|
"company": "盾安环境",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-29",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "1.336072671509315191732082075",
|
"annual_fcf": "1070849675.84",
|
"book_value_per_share": "6.351706750941538470175218837",
|
"current_fcf": "109385572.81",
|
"deduct_pe": "11.17399446706476235610213672",
|
"diluted_shares": "1074477339.0",
|
"enterprise_value": "8283613013.510",
|
"market_cap": "10938179311.020",
|
"normalized_eps": "0.9110439449388889066184391628",
|
"normalized_pe": "11.17399446706476384003829684",
|
"normalized_profit": "978896073.66999987",
|
"pb": "1.602718828052157566391860259",
|
"price": "10.18",
|
"ps": "0.8368959805906877922735218233",
|
"reported_pe": "10.35333190777016740746570838",
|
"ttm_attributable_profit": "1056488810.41",
|
"ttm_deduct_profit": "978896073.67",
|
"ttm_eps": "0.9832583453023386657017249575",
|
"ttm_revenue": "13069938874.96"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-77592736.74000013",
|
"basis": "2025年报+2026最新累计期-2025同期",
|
"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": 0,
|
"issues": [],
|
"status": "PASS",
|
"warning_count": 0
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "1.018",
|
"implied_margin": "0.08368959805906877922735218233",
|
"implied_profit": "1093817931.102",
|
"pe": "10"
|
},
|
{
|
"implied_eps": "0.8483333333333333333333333333",
|
"implied_margin": "0.06974133171589064935612681861",
|
"implied_profit": "911514942.585",
|
"pe": "12"
|
},
|
{
|
"implied_eps": "0.6786666666666666666666666667",
|
"implied_margin": "0.05579306537271251948490145489",
|
"implied_profit": "729211954.068",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "0.5655555555555555555555555556",
|
"implied_margin": "0.04649422114392709957075121241",
|
"implied_profit": "607676628.390",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "0.509",
|
"implied_margin": "0.04184479902953438961367609117",
|
"implied_profit": "546908965.551",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.4072",
|
"implied_margin": "0.03347583922362751169094087293",
|
"implied_profit": "437527172.4408",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.3393333333333333333333333333",
|
"implied_margin": "0.02789653268635625974245072744",
|
"implied_profit": "364605977.034",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.2908571428571428571428571429",
|
"implied_margin": "0.02391131373116250835067205209",
|
"implied_profit": "312519408.8862857142857142857",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.2545",
|
"implied_margin": "0.02092239951476719480683804558",
|
"implied_profit": "273454482.7755",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.2036",
|
"implied_margin": "0.01673791961181375584547043647",
|
"implied_profit": "218763586.2204",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.1696666666666666666666666667",
|
"implied_margin": "0.01394826634317812987122536372",
|
"implied_profit": "182302988.517",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.1357333333333333333333333333",
|
"implied_margin": "0.01115861307454250389698029098",
|
"implied_profit": "145842390.8136",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.1018",
|
"implied_margin": "0.008368959805906877922735218233",
|
"implied_profit": "109381793.1102",
|
"pe": "100"
|
}
|
],
|
"scenarios": [
|
{
|
"assumption": "需求、价格、订单或验收低于预期，利润下修且估值回归行业低位。",
|
"cagr_high": "0.1091103448842754",
|
"cagr_low": "-0.05064368385472229",
|
"equity_value_high": "18357723268.282916",
|
"equity_value_low": "8435119881.1774260",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "17.08525866666315612264392297",
|
"price_low": "7.850439999998386192116798100",
|
"role": "pessimistic",
|
"upside_to_high": "0.678316175507186259591740960",
|
"upside_to_low": "-0.2288369351671526333873479273"
|
},
|
{
|
"assumption": "以TTM扣非利润与9家机构覆盖池预期为锚，按业务质量和周期属性定价。",
|
"cagr_high": "0.34432335654759694",
|
"cagr_low": "0.1378322045544933",
|
"equity_value_high": "48024600371.192130",
|
"equity_value_low": "20861049168.5033128",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "44.69577777776859191629726869",
|
"price_low": "19.41506666666267663370423115",
|
"role": "base",
|
"upside_to_high": "3.390547915301433390598945844",
|
"upside_to_low": "0.907177472167257036709649425"
|
},
|
{
|
"assumption": "订单、产品结构、良率或规模效应超预期，利润与估值中枢同步上移。",
|
"cagr_high": "0.5397845352384567",
|
"cagr_low": "0.37019469350893597",
|
"equity_value_high": "94677069303.2073400",
|
"equity_value_low": "52827060408.31135",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "88.11453333331522220218736507",
|
"price_low": "49.16535555554545762272237181",
|
"role": "optimistic",
|
"upside_to_high": "7.655651604451397072906420930",
|
"upside_to_low": "3.829602706831577369619093498"
|
}
|
]
|
}
|
