{
|
"conclusion": {
|
"base_midpoint": "1.715619017759443558452861177",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-2.590540753065799662747439215"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "9.9207416",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "10",
|
"required_profit": "348976038.31098624"
|
},
|
{
|
"exit_pe": "12",
|
"required_profit": "290813365.25915520"
|
},
|
{
|
"exit_pe": "15",
|
"required_profit": "232650692.20732416"
|
},
|
{
|
"exit_pe": "18",
|
"required_profit": "193875576.83943680"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "174488019.15549312"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "139590415.324394496"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "116325346.10366208"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "99707439.51742464"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "87244009.57774656"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "69795207.662197248"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "58162673.05183104"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "46530138.441464832"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "34897603.831098624"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-13",
|
"code": "600692.SH",
|
"company": "亚通股份",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-30",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "31.79365298609469583502918514",
|
"annual_fcf": "339178091.63",
|
"book_value_per_share": "2.764074275080014995505623906",
|
"current_fcf": "-276020760.50",
|
"deduct_pe": "88.05801196893874263839238704",
|
"diluted_shares": "351764064.0",
|
"enterprise_value": "1724695821.670",
|
"market_cap": "2166866634.240",
|
"normalized_eps": "0.06995388451618526331330991218",
|
"normalized_pe": "88.05801196893873548131742046",
|
"normalized_profit": "24607262.710000002",
|
"pb": "2.228594236969872686270341378",
|
"price": "6.16",
|
"ps": "1.385511834458873339690147406",
|
"reported_pe": "80.85723991173967058760713305",
|
"ttm_attributable_profit": "26798671.79",
|
"ttm_deduct_profit": "24607262.71",
|
"ttm_eps": "0.07618365413813276844561359173",
|
"ttm_revenue": "1563946680.46"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-2191409.079999998",
|
"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": "0.616",
|
"implied_margin": "0.1385511834458873339690147406",
|
"implied_profit": "216686663.424",
|
"pe": "10"
|
},
|
{
|
"implied_eps": "0.5133333333333333333333333333",
|
"implied_margin": "0.1154593195382394449741789505",
|
"implied_profit": "180572219.520",
|
"pe": "12"
|
},
|
{
|
"implied_eps": "0.4106666666666666666666666667",
|
"implied_margin": "0.09236745563059155597934316038",
|
"implied_profit": "144457775.616",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "0.3422222222222222222222222222",
|
"implied_margin": "0.07697287969215962998278596698",
|
"implied_profit": "120381479.680",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "0.308",
|
"implied_margin": "0.06927559172294366698450737028",
|
"implied_profit": "108343331.712",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.2464",
|
"implied_margin": "0.05542047337835493358760589623",
|
"implied_profit": "86674665.3696",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.2053333333333333333333333333",
|
"implied_margin": "0.04618372781529577798967158019",
|
"implied_profit": "72228887.808",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.176",
|
"implied_margin": "0.03958605241311066684828992588",
|
"implied_profit": "61910475.264",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.154",
|
"implied_margin": "0.03463779586147183349225368514",
|
"implied_profit": "54171665.856",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.1232",
|
"implied_margin": "0.02771023668917746679380294811",
|
"implied_profit": "43337332.6848",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.1026666666666666666666666667",
|
"implied_margin": "0.02309186390764788899483579009",
|
"implied_profit": "36114443.904",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.08213333333333333333333333333",
|
"implied_margin": "0.01847349112611831119586863208",
|
"implied_profit": "28891555.1232",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.0616",
|
"implied_margin": "0.01385511834458873339690147406",
|
"implied_profit": "21668666.3424",
|
"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": "-0.3131197245315852",
|
"cagr_low": "-0.4094664218137922",
|
"equity_value_high": "331312185.12744",
|
"equity_value_low": "155616329.37804",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "0.9418591011259183086990944021",
|
"price_low": "0.4423883656803555692374534313",
|
"role": "pessimistic",
|
"upside_to_high": "-0.8471007952717665083280690906",
|
"upside_to_low": "-0.9281837068700721478510627547"
|
},
|
{
|
"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": "-0.17453059721370068",
|
"cagr_low": "-0.29533206348122953",
|
"equity_value_high": "830495116.462500081",
|
"equity_value_low": "376491119.4630",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "2.360943602421252675202205988",
|
"price_low": "1.070294433097634441703516366",
|
"role": "base",
|
"upside_to_high": "-0.6167299346718745657139275994",
|
"upside_to_low": "-0.8262509037179164867364421484"
|
},
|
{
|
"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": "-0.05732766050375182",
|
"cagr_low": "-0.15864454050960186",
|
"equity_value_high": "1613006070.64050",
|
"equity_value_low": "913544628.10875027",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "4.585477130035943637494476980",
|
"price_low": "2.597037962663378456987579038",
|
"role": "optimistic",
|
"upside_to_high": "-0.2556043620071520069002472435",
|
"upside_to_low": "-0.5784029281390619388007176886"
|
}
|
]
|
}
|
