{
|
"conclusion": {
|
"base_midpoint": "127.56375",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.1940696318507412960186573380"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "245.3128832",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "10",
|
"required_profit": "3846273402.90014976"
|
},
|
{
|
"exit_pe": "12",
|
"required_profit": "3205227835.75012480"
|
},
|
{
|
"exit_pe": "15",
|
"required_profit": "2564182268.60009984"
|
},
|
{
|
"exit_pe": "18",
|
"required_profit": "2136818557.166749866666666667"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "1923136701.45007488"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "1538509361.160059904"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "1282091134.30004992"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "1098935257.97147136"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "961568350.72503744"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "769254680.580029952"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "641045567.15002496"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "512836453.720019968"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "384627340.290014976"
|
}
|
],
|
"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": "3.335",
|
"mark": "E",
|
"profit": "522896377.53"
|
},
|
"2027": {
|
"eps": "5.02",
|
"mark": "E",
|
"profit": "787088400.3599999"
|
},
|
"2028": {
|
"eps": "6.45",
|
"mark": "E",
|
"profit": "1011298841.1"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池2家）",
|
"report_date": "2026-08-13",
|
"source_id": "SRC-EM-CONSENSUS-20260813",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "3.335",
|
"eps_profit_reconciliation_gap": "0.00",
|
"institution_count": 1,
|
"pe_on_mean": "45.67316341829085457271364318",
|
"profit_max": "522896377.53",
|
"profit_mean": "522896377.53",
|
"profit_median": "522896377.53",
|
"profit_min": "522896377.53"
|
},
|
"2027": {
|
"eps_mean": "5.02",
|
"eps_profit_reconciliation_gap": "0.0000000000000001270505320041075706154155937",
|
"institution_count": 1,
|
"pe_on_mean": "30.34262948207171700245757667",
|
"profit_max": "787088400.3599999",
|
"profit_mean": "787088400.3599999",
|
"profit_median": "787088400.3599999",
|
"profit_min": "787088400.3599999"
|
},
|
"2028": {
|
"eps_mean": "6.45",
|
"eps_profit_reconciliation_gap": "0.00",
|
"institution_count": 1,
|
"pe_on_mean": "23.61550387596899224806201550",
|
"profit_max": "1011298841.1",
|
"profit_mean": "1011298841.1",
|
"profit_median": "1011298841.1",
|
"profit_min": "1011298841.1"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-13",
|
"code": "603186.SH",
|
"company": "华正新材",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-22",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "1.279495242227266509315274063",
|
"annual_fcf": "150771297.61",
|
"book_value_per_share": "14.93570877353692842573554097",
|
"current_fcf": "4825547.06",
|
"deduct_pe": "296.7820812347720757109702519",
|
"diluted_shares": "156790518.0",
|
"enterprise_value": "24845125663.500",
|
"market_cap": "23882331701.760",
|
"normalized_eps": "0.5132385330214930471752124704",
|
"normalized_pe": "296.7820812347720757109702519",
|
"normalized_profit": "80470935.45",
|
"pb": "10.19837774755493360147274460",
|
"price": "152.32",
|
"ps": "5.221867211018925740017131418",
|
"reported_pe": "82.57101434138911185239571314",
|
"ttm_attributable_profit": "289233841.83",
|
"ttm_deduct_profit": "80470935.45",
|
"ttm_eps": "1.844715136600288545510130912",
|
"ttm_revenue": "4573523365.62"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-208762906.38",
|
"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": "15.232",
|
"implied_margin": "0.5221867211018925740017131418",
|
"implied_profit": "2388233170.176",
|
"pe": "10"
|
},
|
{
|
"implied_eps": "12.69333333333333333333333333",
|
"implied_margin": "0.4351556009182438116680942848",
|
"implied_profit": "1990194308.480",
|
"pe": "12"
|
},
|
{
|
"implied_eps": "10.15466666666666666666666667",
|
"implied_margin": "0.3481244807345950493344754279",
|
"implied_profit": "1592155446.784",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "8.462222222222222222222222222",
|
"implied_margin": "0.2901037339454958744453961898",
|
"implied_profit": "1326796205.653333333333333333",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "7.616",
|
"implied_margin": "0.2610933605509462870008565709",
|
"implied_profit": "1194116585.088",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "6.0928",
|
"implied_margin": "0.2088746884407570296006852567",
|
"implied_profit": "955293268.0704",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "5.077333333333333333333333333",
|
"implied_margin": "0.1740622403672975246672377139",
|
"implied_profit": "796077723.392",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "4.352",
|
"implied_margin": "0.1491962060291121640004894691",
|
"implied_profit": "682352334.336",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "3.808",
|
"implied_margin": "0.1305466802754731435004282855",
|
"implied_profit": "597058292.544",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "3.0464",
|
"implied_margin": "0.1044373442203785148003426284",
|
"implied_profit": "477646634.0352",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "2.538666666666666666666666667",
|
"implied_margin": "0.08703112018364876233361885697",
|
"implied_profit": "398038861.696",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "2.030933333333333333333333333",
|
"implied_margin": "0.06962489614691900986689508558",
|
"implied_profit": "318431089.3568",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "1.5232",
|
"implied_margin": "0.05221867211018925740017131418",
|
"implied_profit": "238823317.0176",
|
"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": "-0.14727796162419649",
|
"cagr_low": "-0.2668868003570214",
|
"equity_value_high": "10767482206.097760",
|
"equity_value_low": "5057453763.470160",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "68.67432",
|
"price_low": "32.25612",
|
"role": "pessimistic",
|
"upside_to_high": "-0.5491444327731092436974789916",
|
"upside_to_low": "-0.7882345063025210084033613445"
|
},
|
{
|
"assumption": "以TTM扣非利润与2家机构覆盖池预期为锚，按业务质量和周期属性定价。",
|
"cagr_high": "0.030591807177379415",
|
"cagr_low": "-0.12519561171474036",
|
"equity_value_high": "27765797646.8430",
|
"equity_value_low": "12235775234.2020",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "177.0885",
|
"price_low": "78.039",
|
"role": "base",
|
"upside_to_high": "0.162608324579831932773109244",
|
"upside_to_low": "-0.4876641281512605042016806723"
|
},
|
{
|
"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": "0.1830488330913982",
|
"cagr_low": "0.050425419219615186",
|
"equity_value_high": "55346489976.0403735",
|
"equity_value_low": "30542377411.52730",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "352.9964099999999585434114071",
|
"price_low": "194.79735",
|
"role": "optimistic",
|
"upside_to_high": "1.317465926995798047160001360",
|
"upside_to_low": "0.278869157037815126050420168"
|
}
|
]
|
}
|
