{
|
"conclusion": {
|
"base_midpoint": "13.53983297834055611332410776",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-2.184677393656062176325122313"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "69.4451912",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "10",
|
"required_profit": "772784205.70891848"
|
},
|
{
|
"exit_pe": "12",
|
"required_profit": "643986838.09076540"
|
},
|
{
|
"exit_pe": "15",
|
"required_profit": "515189470.47261232"
|
},
|
{
|
"exit_pe": "18",
|
"required_profit": "429324558.7271769333333333333"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "386392102.85445924"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "309113682.283567392"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "257594735.23630616"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "220795487.34540528"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "193196051.42722962"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "154556841.141783696"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "128797367.61815308"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "103037894.094522464"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "77278420.570891848"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-13",
|
"code": "688577.SH",
|
"company": "浙海德曼",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-28",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "3.331175635054415773690400886",
|
"annual_fcf": "68562164.14",
|
"book_value_per_share": "9.304474721087790391725342897",
|
"current_fcf": "-215786621.76",
|
"deduct_pe": "100.7950395092143648034057962",
|
"diluted_shares": "111279729.0",
|
"enterprise_value": "5007875729.540",
|
"market_cap": "4798381914.480",
|
"normalized_eps": "0.4277988302793224271780891918",
|
"normalized_pe": "100.7950395092143775072382598",
|
"normalized_profit": "47605337.899999994",
|
"pb": "4.634329319233060487529297888",
|
"price": "43.12",
|
"ps": "5.073410452418278707742056889",
|
"reported_pe": "74.47812679948320490972043118",
|
"ttm_attributable_profit": "64426726.62",
|
"ttm_deduct_profit": "47605337.90",
|
"ttm_eps": "0.5789619295352525526010222401",
|
"ttm_revenue": "945790205.52"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-16821388.720000006",
|
"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": "4.312",
|
"implied_margin": "0.5073410452418278707742056889",
|
"implied_profit": "479838191.448",
|
"pe": "10"
|
},
|
{
|
"implied_eps": "3.593333333333333333333333333",
|
"implied_margin": "0.4227842043681898923118380741",
|
"implied_profit": "399865159.540",
|
"pe": "12"
|
},
|
{
|
"implied_eps": "2.874666666666666666666666667",
|
"implied_margin": "0.3382273634945519138494704593",
|
"implied_profit": "319892127.632",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "2.395555555555555555555555556",
|
"implied_margin": "0.2818561362454599282078920494",
|
"implied_profit": "266576773.0266666666666666667",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "2.156",
|
"implied_margin": "0.2536705226209139353871028444",
|
"implied_profit": "239919095.724",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "1.7248",
|
"implied_margin": "0.2029364180967311483096822756",
|
"implied_profit": "191935276.5792",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.437333333333333333333333333",
|
"implied_margin": "0.1691136817472759569247352296",
|
"implied_profit": "159946063.816",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.232",
|
"implied_margin": "0.1449545843548079630783444825",
|
"implied_profit": "137096626.128",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "1.078",
|
"implied_margin": "0.1268352613104569676935514222",
|
"implied_profit": "119959547.862",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.8624",
|
"implied_margin": "0.1014682090483655741548411378",
|
"implied_profit": "95967638.2896",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.7186666666666666666666666667",
|
"implied_margin": "0.08455684087363797846236761481",
|
"implied_profit": "79973031.908",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.5749333333333333333333333333",
|
"implied_margin": "0.06764547269891038276989409185",
|
"implied_profit": "63978425.5264",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.4312",
|
"implied_margin": "0.05073410452418278707742056889",
|
"implied_profit": "47983819.1448",
|
"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": "-0.29783681566844444",
|
"cagr_low": "-0.39897499190723296",
|
"equity_value_high": "819002233.231599862",
|
"equity_value_low": "376320196.099499955",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "7.359851076125462724662099060",
|
"price_low": "3.381749753358043808679656292",
|
"role": "pessimistic",
|
"upside_to_high": "-0.8293169973069234061998585561",
|
"upside_to_low": "-0.9215735214898412845853511992"
|
},
|
{
|
"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": "-0.15373227199832307",
|
"cagr_low": "-0.2796533837502536",
|
"equity_value_high": "2082733533.125",
|
"equity_value_low": "930684355.944999908",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "18.71619882472035854796159685",
|
"price_low": "8.363467131960753678686618656",
|
"role": "base",
|
"upside_to_high": "-0.5659508621354276774591466408",
|
"upside_to_low": "-0.8060420423942311299005886212"
|
},
|
{
|
"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": "-0.030687108200793456",
|
"cagr_low": "-0.1374459540942251",
|
"equity_value_high": "4105960393.8750",
|
"equity_value_low": "2291006886.437500140",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "36.89764911159156399455286236",
|
"price_low": "20.58781870719239566084852705",
|
"role": "optimistic",
|
"upside_to_high": "-0.1443031282098431355623176633",
|
"upside_to_low": "-0.5225459483489704160285592057"
|
}
|
]
|
}
|
