{
|
"conclusion": {
|
"base_midpoint": "2.323125963773619646021772653",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-1.561204210526315789473684211"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "9.5825345",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "10",
|
"required_profit": "333081233.19240000"
|
},
|
{
|
"exit_pe": "12",
|
"required_profit": "277567694.32700000"
|
},
|
{
|
"exit_pe": "15",
|
"required_profit": "222054155.46160000"
|
},
|
{
|
"exit_pe": "18",
|
"required_profit": "185045129.5513333333333333333"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "166540616.59620000"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "133232493.27696000"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "111027077.73080000"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "95166066.62640000"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "83270308.29810000"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "66616246.63848000"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "55513538.86540000"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "44410831.09232000"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "33308123.31924000"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-17",
|
"code": "002999.SZ",
|
"company": "天禾股份",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-30",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "5.173788380931040362701349952",
|
"annual_fcf": "170845152.03",
|
"book_value_per_share": "3.543133283821261421436626850",
|
"current_fcf": "-90347890.95",
|
"deduct_pe": "52.68824965311233616071173882",
|
"diluted_shares": "347592000.0",
|
"enterprise_value": "3142113829.990",
|
"market_cap": "2068172400.000",
|
"normalized_eps": "0.1129284050841216167230546158",
|
"normalized_pe": "52.68824965311233481843889372",
|
"normalized_profit": "39253010.180000001",
|
"pb": "1.679304593809391821928546286",
|
"price": "5.95",
|
"ps": "0.1519202075832377498922537580",
|
"reported_pe": "38.30916929672709435290608198",
|
"ttm_attributable_profit": "53986354.65",
|
"ttm_deduct_profit": "39253010.18",
|
"ttm_eps": "0.1553152968135054891942277153",
|
"ttm_revenue": "13613543799.74"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-14733344.469999999",
|
"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": "0.595",
|
"implied_margin": "0.01519202075832377498922537580",
|
"implied_profit": "206817240.000",
|
"pe": "10"
|
},
|
{
|
"implied_eps": "0.4958333333333333333333333333",
|
"implied_margin": "0.01266001729860314582435447983",
|
"implied_profit": "172347700.000",
|
"pe": "12"
|
},
|
{
|
"implied_eps": "0.3966666666666666666666666667",
|
"implied_margin": "0.01012801383888251665948358387",
|
"implied_profit": "137878160.000",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "0.3305555555555555555555555556",
|
"implied_margin": "0.008440011532402097216236319890",
|
"implied_profit": "114898466.6666666666666666667",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "0.2975",
|
"implied_margin": "0.007596010379161887494612687899",
|
"implied_profit": "103408620.000",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.238",
|
"implied_margin": "0.006076808303329509995690150319",
|
"implied_profit": "82726896.000",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.1983333333333333333333333333",
|
"implied_margin": "0.005064006919441258329741791933",
|
"implied_profit": "68939080.000",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.17",
|
"implied_margin": "0.004340577359521078568350107371",
|
"implied_profit": "59090640.000",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.14875",
|
"implied_margin": "0.003798005189580943747306343949",
|
"implied_profit": "51704310.000",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.119",
|
"implied_margin": "0.003038404151664754997845075160",
|
"implied_profit": "41363448.000",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.09916666666666666666666666667",
|
"implied_margin": "0.002532003459720629164870895966",
|
"implied_profit": "34469540.000",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.07933333333333333333333333333",
|
"implied_margin": "0.002025602767776503331896716773",
|
"implied_profit": "27575632.000",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.0595",
|
"implied_margin": "0.001519202075832377498922537580",
|
"implied_profit": "20681724.000",
|
"pe": "100"
|
}
|
],
|
"scenarios": [
|
{
|
"assumption": "产品价格、销量或价差低于周期中枢，利润和估值倍数同时承压。",
|
"cagr_high": "-0.24871677440644635",
|
"cagr_low": "-0.38977462617301706",
|
"equity_value_high": "495000000.0",
|
"equity_value_low": "175000000.0",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "1.424083408133673962576814196",
|
"price_low": "0.5034638311583695827291767359",
|
"role": "pessimistic",
|
"upside_to_high": "-0.7606582507338363088106194629",
|
"upside_to_low": "-0.9153842300574168768522392040"
|
},
|
{
|
"assumption": "以已披露法定财务、周期化利润和业务质量为锚，并用现金流或资产价值交叉核验。",
|
"cagr_high": "-0.11544211758016654",
|
"cagr_low": "-0.24871677440644635",
|
"equity_value_high": "1120000000.0",
|
"equity_value_low": "495000000.0",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "3.222168519413565329466731110",
|
"price_low": "1.424083408133673962576814196",
|
"role": "base",
|
"upside_to_high": "-0.4584590723674680118543309059",
|
"upside_to_low": "-0.7606582507338363088106194629"
|
},
|
{
|
"assumption": "景气、份额或成本优势兑现，利润与估值中枢同步上移。",
|
"cagr_high": "-0.006681208449280995",
|
"cagr_low": "-0.11544211758016654",
|
"equity_value_high": "2000000000.0",
|
"equity_value_low": "1120000000.0",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "5.753872356095652374047734125",
|
"price_low": "3.222168519413565329466731110",
|
"role": "optimistic",
|
"upside_to_high": "-0.0329626292276214497398766176",
|
"upside_to_low": "-0.4584590723674680118543309059"
|
}
|
]
|
}
|
