{
|
"conclusion": {
|
"base_midpoint": "4.2840",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-2.041549953314659197012138189"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "20.9849453",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "10",
|
"required_profit": "2251632147.34180470"
|
},
|
{
|
"exit_pe": "12",
|
"required_profit": "1876360122.78483725"
|
},
|
{
|
"exit_pe": "15",
|
"required_profit": "1501088098.22786980"
|
},
|
{
|
"exit_pe": "18",
|
"required_profit": "1250906748.523224833333333333"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "1125816073.67090235"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "900652858.93672188"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "750544049.11393490"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "643323470.6690870571428571429"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "562908036.835451175"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "450326429.46836094"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "375272024.55696745"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "300217619.64557396"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "225163214.73418047"
|
}
|
],
|
"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": "0.12",
|
"mark": "E",
|
"profit": "128756998.8"
|
},
|
"2027": {
|
"eps": "0.146666666667",
|
"mark": "E",
|
"profit": "157369665.20035768"
|
},
|
"2028": {
|
"eps": "0.196666666667",
|
"mark": "E",
|
"profit": "211018414.70035765"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池3家）",
|
"report_date": "2026-08-13",
|
"source_id": "SRC-EM-CONSENSUS-20260813",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.12",
|
"eps_profit_reconciliation_gap": "0.00",
|
"institution_count": 1,
|
"pe_on_mean": "108.5833333333333333333333333",
|
"profit_max": "128756998.8",
|
"profit_mean": "128756998.8",
|
"profit_median": "128756998.8",
|
"profit_min": "128756998.8"
|
},
|
"2027": {
|
"eps_mean": "0.146666666667",
|
"eps_profit_reconciliation_gap": "0.0000000000000001377012524771562328774273249",
|
"institution_count": 1,
|
"pe_on_mean": "88.84090909070716751856212159",
|
"profit_max": "157369665.20035768",
|
"profit_mean": "157369665.20035768",
|
"profit_median": "157369665.20035768",
|
"profit_min": "157369665.20035768"
|
},
|
"2028": {
|
"eps_mean": "0.196666666667",
|
"eps_profit_reconciliation_gap": "0.00000000000000003947522784600789480180316830",
|
"institution_count": 1,
|
"pe_on_mean": "66.25423728802330051830276814",
|
"profit_max": "211018414.70035765",
|
"profit_mean": "211018414.70035765",
|
"profit_median": "211018414.70035765",
|
"profit_min": "211018414.70035765"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-13",
|
"code": "300655.SZ",
|
"company": "晶瑞电材",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-28",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "2.478966163901828945205666891",
|
"annual_fcf": "203783255.27",
|
"book_value_per_share": "2.489229451610983309126338537",
|
"current_fcf": "-87391416.80",
|
"deduct_pe": "280.2643540440791711672308594",
|
"diluted_shares": "1072974990.0",
|
"enterprise_value": "14228447407.210",
|
"market_cap": "13980864119.700",
|
"normalized_eps": "0.04649182035454525365964028668",
|
"normalized_pe": "280.2643540440792273498154802",
|
"normalized_profit": "49884560.47999999",
|
"pb": "5.234551596505988930537610153",
|
"price": "13.03",
|
"ps": "8.425553089881804143075705368",
|
"reported_pe": "124.2270054593453383041971257",
|
"ttm_attributable_profit": "112542873.17",
|
"ttm_deduct_profit": "49884560.48",
|
"ttm_eps": "0.1048886266864430828904968232",
|
"ttm_revenue": "1659340813.66"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-62658312.69000001",
|
"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": "1.303",
|
"implied_margin": "0.8425553089881804143075705368",
|
"implied_profit": "1398086411.970",
|
"pe": "10"
|
},
|
{
|
"implied_eps": "1.085833333333333333333333333",
|
"implied_margin": "0.7021294241568170119229754473",
|
"implied_profit": "1165072009.975",
|
"pe": "12"
|
},
|
{
|
"implied_eps": "0.8686666666666666666666666667",
|
"implied_margin": "0.5617035393254536095383803579",
|
"implied_profit": "932057607.980",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "0.7238888888888888888888888889",
|
"implied_margin": "0.4680862827712113412819836316",
|
"implied_profit": "776714673.3166666666666666667",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "0.6515",
|
"implied_margin": "0.4212776544940902071537852684",
|
"implied_profit": "699043205.985",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.5212",
|
"implied_margin": "0.3370221235952721657230282147",
|
"implied_profit": "559234564.788",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.4343333333333333333333333333",
|
"implied_margin": "0.2808517696627268047691901789",
|
"implied_profit": "466028803.990",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.3722857142857142857142857143",
|
"implied_margin": "0.2407300882823372612307344391",
|
"implied_profit": "399453260.5628571428571428571",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.32575",
|
"implied_margin": "0.2106388272470451035768926342",
|
"implied_profit": "349521602.9925",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.2606",
|
"implied_margin": "0.1685110617976360828615141074",
|
"implied_profit": "279617282.394",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.2171666666666666666666666667",
|
"implied_margin": "0.1404258848313634023845950895",
|
"implied_profit": "233014401.995",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.1737333333333333333333333333",
|
"implied_margin": "0.1123407078650907219076760716",
|
"implied_profit": "186411521.596",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.1303",
|
"implied_margin": "0.08425553089881804143075705368",
|
"implied_profit": "139808641.197",
|
"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": "-0.29271503325687753",
|
"cagr_low": "-0.39633065073508955",
|
"equity_value_high": "2474606511.33696",
|
"equity_value_low": "1120803923.154239910",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "2.306304",
|
"price_low": "1.044575999999999916121064481",
|
"role": "pessimistic",
|
"upside_to_high": "-0.8230004604758250191864927091",
|
"upside_to_low": "-0.9198330007674597148026811603"
|
},
|
{
|
"assumption": "以TTM扣非利润与3家机构覆盖池预期为锚，按业务质量和周期属性定价。",
|
"cagr_high": "-0.14518206489235386",
|
"cagr_low": "-0.27439896609967285",
|
"equity_value_high": "6381196860.528",
|
"equity_value_low": "2812052853.792",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "5.9472",
|
"price_low": "2.6208",
|
"role": "base",
|
"upside_to_high": "-0.5435763622409823484267075979",
|
"upside_to_low": "-0.7988641596316193399846508058"
|
},
|
{
|
"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": "-0.020893722843963958",
|
"cagr_low": "-0.12873119930852528",
|
"equity_value_high": "12580073810.75519820",
|
"equity_value_low": "7019316546.5808",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "11.72447999999999832242128961",
|
"price_low": "6.54192",
|
"role": "optimistic",
|
"upside_to_high": "-0.1001933998465081870743446193",
|
"upside_to_low": "-0.4979339984650805832693783576"
|
}
|
]
|
}
|
