{
|
"conclusion": {
|
"base_midpoint": "11.0925",
|
"price_label": "当前价格高于基准合理区间",
|
"price_position": "ABOVE_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-1.352039666441289159341897679"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "42.0182059",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "10",
|
"required_profit": "12418732862.98040000"
|
},
|
{
|
"exit_pe": "12",
|
"required_profit": "10348944052.48366666666666667"
|
},
|
{
|
"exit_pe": "15",
|
"required_profit": "8279155241.986933333333333333"
|
},
|
{
|
"exit_pe": "18",
|
"required_profit": "6899296034.989111111111111111"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "6209366431.49020000"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "4967493145.19216000"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "4139577620.993466666666666667"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "3548209389.422971428571428571"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "3104683215.74510000"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "2483746572.59608000"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "2069788810.496733333333333333"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "1655831048.397386666666666667"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "1241873286.29804000"
|
}
|
],
|
"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": "0.29",
|
"mark": "E",
|
"profit": "857112400.0"
|
},
|
"2027": {
|
"eps": "0.415",
|
"mark": "E",
|
"profit": "1226557400.0"
|
},
|
"2028": {
|
"eps": "0.603333333333",
|
"mark": "E",
|
"profit": "1783187866.6656814"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池6家）",
|
"report_date": "2026-08-13",
|
"source_id": "SRC-EM-CONSENSUS-20260813",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.29",
|
"eps_profit_reconciliation_gap": "0.00",
|
"institution_count": 1,
|
"pe_on_mean": "89.96551724137931034482758621",
|
"profit_max": "857112400.0",
|
"profit_mean": "857112400.0",
|
"profit_median": "857112400.0",
|
"profit_min": "857112400.0"
|
},
|
"2027": {
|
"eps_mean": "0.415",
|
"eps_profit_reconciliation_gap": "0.000",
|
"institution_count": 1,
|
"pe_on_mean": "62.86746987951807228915662651",
|
"profit_max": "1226557400.0",
|
"profit_mean": "1226557400.0",
|
"profit_median": "1226557400.0",
|
"profit_min": "1226557400.0"
|
},
|
"2028": {
|
"eps_mean": "0.603333333333",
|
"eps_profit_reconciliation_gap": "0.00000000000000004486347260178991188221715331",
|
"institution_count": 1,
|
"pe_on_mean": "43.24309392267582685380479357",
|
"profit_max": "1783187866.6656814",
|
"profit_mean": "1783187866.6656814",
|
"profit_median": "1783187866.6656814",
|
"profit_min": "1783187866.6656814"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-13",
|
"code": "688729.SH",
|
"company": "屹唐股份",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-29",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "-0.4396641225802696622772160980",
|
"annual_fcf": "-596802708.53",
|
"book_value_per_share": "3.052599332799875488909039235",
|
"current_fcf": "116033270.94",
|
"deduct_pe": "152.3221975590057557517549659",
|
"diluted_shares": "2955560000.0",
|
"enterprise_value": "74419554750.700",
|
"market_cap": "77110560400.000",
|
"normalized_eps": "0.1712816675317029564617196064",
|
"normalized_pe": "152.3221975590057587606880807",
|
"normalized_profit": "506233245.28999999",
|
"pb": "8.546814421291897418312845363",
|
"price": "26.09",
|
"ps": "15.56662779079622682628563572",
|
"reported_pe": "125.8823546657599744293934462",
|
"ttm_attributable_profit": "612560518.15",
|
"ttm_deduct_profit": "506233245.29",
|
"ttm_eps": "0.2072570065063811934117392305",
|
"ttm_revenue": "4953581561.55"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-106327272.86000001",
|
"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": [
|
{
|
"action": "拆解营运资本、资本开支与回款持续性。",
|
"field": "metrics.annual_fcf",
|
"issue_id": "QA-NEGATIVE-FCF",
|
"message": "最近完整年度简化自由现金流为负。",
|
"recalc_scope": "DCF 与现金流交叉验证",
|
"severity": "WARNING"
|
}
|
],
|
"status": "PASS_WITH_WARNINGS",
|
"warning_count": 1
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "2.609",
|
"implied_margin": "1.556662779079622682628563572",
|
"implied_profit": "7711056040.000",
|
"pe": "10"
|
},
|
{
|
"implied_eps": "2.174166666666666666666666667",
|
"implied_margin": "1.297218982566352235523802977",
|
"implied_profit": "6425880033.333333333333333333",
|
"pe": "12"
|
},
|
{
|
"implied_eps": "1.739333333333333333333333333",
|
"implied_margin": "1.037775186053081788419042382",
|
"implied_profit": "5140704026.666666666666666667",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "1.449444444444444444444444444",
|
"implied_margin": "0.8648126550442348236825353180",
|
"implied_profit": "4283920022.222222222222222222",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "1.3045",
|
"implied_margin": "0.7783313895398113413142817862",
|
"implied_profit": "3855528020.000",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "1.0436",
|
"implied_margin": "0.6226651116318490730514254290",
|
"implied_profit": "3084422416.000",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.8696666666666666666666666667",
|
"implied_margin": "0.5188875930265408942095211908",
|
"implied_profit": "2570352013.333333333333333333",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.7454285714285714285714285714",
|
"implied_margin": "0.4447607940227493378938753065",
|
"implied_profit": "2203158868.571428571428571429",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.65225",
|
"implied_margin": "0.3891656947699056706571408931",
|
"implied_profit": "1927764010.000",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.5218",
|
"implied_margin": "0.3113325558159245365257127145",
|
"implied_profit": "1542211208.000",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.4348333333333333333333333333",
|
"implied_margin": "0.2594437965132704471047605955",
|
"implied_profit": "1285176006.666666666666666667",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.3478666666666666666666666667",
|
"implied_margin": "0.2075550372106163576838084763",
|
"implied_profit": "1028140805.333333333333333333",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.2609",
|
"implied_margin": "0.1556662779079622682628563572",
|
"implied_profit": "771105604.000",
|
"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": "-0.2553975006087321",
|
"cagr_low": "-0.359840726257485",
|
"equity_value_high": "17649658540.80",
|
"equity_value_low": "8289991132.80",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "5.97168",
|
"price_low": "2.80488",
|
"role": "pessimistic",
|
"upside_to_high": "-0.7711123035645841318512840169",
|
"upside_to_low": "-0.8924921425833652740513606746"
|
},
|
{
|
"assumption": "以TTM扣非利润与6家机构覆盖池预期为锚，按业务质量和周期属性定价。",
|
"cagr_high": "-0.1000804471547534",
|
"cagr_low": "-0.23611504724757348",
|
"equity_value_high": "45512668440.0",
|
"equity_value_low": "20056430160.0",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "15.399",
|
"price_low": "6.786",
|
"role": "base",
|
"upside_to_high": "-0.4097738597163664239172096589",
|
"upside_to_low": "-0.7399003449597546952855500192"
|
},
|
{
|
"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": "0.03304603185775257",
|
"cagr_low": "-0.08276160650799969",
|
"equity_value_high": "90721919090.3999870",
|
"equity_value_low": "50063935284.0",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "30.69533999999999560151037367",
|
"price_low": "16.9389",
|
"role": "optimistic",
|
"upside_to_high": "0.176517439632042759735928466",
|
"upside_to_low": "-0.3507512456880030663089306248"
|
}
|
]
|
}
|
