{
|
"conclusion": {
|
"base_midpoint": "4.632144204251242005442060368",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-4.215727087646943701811642670"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "38.9099216",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "10",
|
"required_profit": "920341710.15505136"
|
},
|
{
|
"exit_pe": "12",
|
"required_profit": "766951425.1292094666666666667"
|
},
|
{
|
"exit_pe": "15",
|
"required_profit": "613561140.1033675733333333333"
|
},
|
{
|
"exit_pe": "18",
|
"required_profit": "511300950.0861396444444444444"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "460170855.07752568"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "368136684.062020544"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "306780570.0516837866666666667"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "262954774.3300146742857142857"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "230085427.53876284"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "184068342.031010272"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "153390285.0258418933333333333"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "122712228.0206735146666666667"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "92034171.015505136"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-13",
|
"code": "300046.SZ",
|
"company": "台基股份",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-23",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "0.4425930553182141356137026824",
|
"annual_fcf": "10466296.48",
|
"book_value_per_share": "4.859514395999505706158528967",
|
"current_fcf": "-7173270.43",
|
"deduct_pe": "213.1928447075688821860355008",
|
"diluted_shares": "236531371.0",
|
"enterprise_value": "4917216123.100",
|
"market_cap": "5714597923.360",
|
"normalized_eps": "0.1133246288501832849901335075",
|
"normalized_pe": "213.1928447075688344648943349",
|
"normalized_profit": "26804829.830000006",
|
"pb": "4.971690179555640002643065812",
|
"price": "24.16",
|
"ps": "15.21404822807412107284157441",
|
"reported_pe": "125.1673721786666432741628931",
|
"ttm_attributable_profit": "45655651.50",
|
"ttm_deduct_profit": "26804829.83",
|
"ttm_eps": "0.1930215485031793097753616792",
|
"ttm_revenue": "375613238.35"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-18850821.669999994",
|
"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": 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": "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": 1
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "2.416",
|
"implied_margin": "1.521404822807412107284157441",
|
"implied_profit": "571459792.336",
|
"pe": "10"
|
},
|
{
|
"implied_eps": "2.013333333333333333333333333",
|
"implied_margin": "1.267837352339510089403464534",
|
"implied_profit": "476216493.6133333333333333333",
|
"pe": "12"
|
},
|
{
|
"implied_eps": "1.610666666666666666666666667",
|
"implied_margin": "1.014269881871608071522771627",
|
"implied_profit": "380973194.8906666666666666667",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "1.342222222222222222222222222",
|
"implied_margin": "0.8452249015596733929356430227",
|
"implied_profit": "317477662.4088888888888888889",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "1.208",
|
"implied_margin": "0.7607024114037060536420787204",
|
"implied_profit": "285729896.168",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.9664",
|
"implied_margin": "0.6085619291229648429136629763",
|
"implied_profit": "228583916.9344",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.8053333333333333333333333333",
|
"implied_margin": "0.5071349409358040357613858135",
|
"implied_profit": "190486597.4453333333333333333",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.6902857142857142857142857143",
|
"implied_margin": "0.4346870922306891735097592688",
|
"implied_profit": "163274226.3817142857142857143",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.604",
|
"implied_margin": "0.3803512057018530268210393602",
|
"implied_profit": "142864948.084",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.4832",
|
"implied_margin": "0.3042809645614824214568314882",
|
"implied_profit": "114291958.4672",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.4026666666666666666666666667",
|
"implied_margin": "0.2535674704679020178806929068",
|
"implied_profit": "95243298.72266666666666666667",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.3221333333333333333333333333",
|
"implied_margin": "0.2028539763743216143045543254",
|
"implied_profit": "76194638.97813333333333333333",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.2416",
|
"implied_margin": "0.1521404822807412107284157441",
|
"implied_profit": "57145979.2336",
|
"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": "-0.36254424605389346",
|
"cagr_low": "-0.4519583095373203",
|
"equity_value_high": "601500381.385200180",
|
"equity_value_low": "282522906.408200080",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "2.543004671398113106950198162",
|
"price_low": "1.194441588080931894653415762",
|
"role": "pessimistic",
|
"upside_to_high": "-0.8947431841308728018646441158",
|
"upside_to_low": "-0.9505611925463190440954712019"
|
},
|
{
|
"assumption": "以TTM扣非利润与无家机构覆盖池预期为锚，按业务质量和周期属性定价。",
|
"cagr_high": "-0.23392730974296372",
|
"cagr_low": "-0.346036497482922",
|
"equity_value_high": "1507771677.93750045",
|
"equity_value_low": "683523160.665000150",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "6.374510372822810256319023323",
|
"price_low": "2.889778035679673754565097414",
|
"role": "base",
|
"upside_to_high": "-0.7361543719858108337616298293",
|
"upside_to_low": "-0.8803899819669009207547559017"
|
},
|
{
|
"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": "-0.12060100229790827",
|
"cagr_low": "-0.2191843354354891",
|
"equity_value_high": "3005491544.688750325",
|
"equity_value_low": "1658548845.731250630",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "12.70652400982679935931204660",
|
"price_low": "7.011961410105091852699741888",
|
"role": "optimistic",
|
"upside_to_high": "-0.4740677148250496953927133030",
|
"upside_to_low": "-0.7097698091843918935140835311"
|
}
|
]
|
}
|
