{
|
"conclusion": {
|
"base_midpoint": "3.323387151041666197872906212",
|
"price_label": "当前价格高于基准合理区间",
|
"price_position": "ABOVE_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.5556418091041666666666666665"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "8.3263367",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "10",
|
"required_profit": "721548486.71434122"
|
},
|
{
|
"exit_pe": "12",
|
"required_profit": "601290405.59528435"
|
},
|
{
|
"exit_pe": "15",
|
"required_profit": "481032324.47622748"
|
},
|
{
|
"exit_pe": "18",
|
"required_profit": "400860270.3968562333333333333"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "360774243.35717061"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "288619394.685736488"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "240516162.23811374"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "206156710.4898117771428571429"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "180387121.678585305"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "144309697.342868244"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "120258081.11905687"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "96206464.895245496"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "72154848.671434122"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-17",
|
"code": "600796.SH",
|
"company": "钱江生化",
|
"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": "3.756624605801864428811112939",
|
"annual_fcf": "178823572.17",
|
"book_value_per_share": "4.011682791568030440047638632",
|
"current_fcf": "-121272202.84",
|
"deduct_pe": "37.95476102549631480280484473",
|
"diluted_shares": "866585766.0",
|
"enterprise_value": "5705177832.980",
|
"market_cap": "4480248410.220",
|
"normalized_eps": "0.1362147952012403467056254418",
|
"normalized_pe": "37.95476102549631801817094188",
|
"normalized_profit": "118041802.63999999",
|
"pb": "1.288735991506253348643555060",
|
"price": "5.17",
|
"ps": "2.741241251168533495446566843",
|
"reported_pe": "25.98273507225186712597820222",
|
"ttm_attributable_profit": "172431747.38",
|
"ttm_deduct_profit": "118041802.64",
|
"ttm_eps": "0.1989782825258175311409396032",
|
"ttm_revenue": "1634386761.22"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-54389944.74000001",
|
"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": "0.517",
|
"implied_margin": "0.2741241251168533495446566843",
|
"implied_profit": "448024841.022",
|
"pe": "10"
|
},
|
{
|
"implied_eps": "0.4308333333333333333333333333",
|
"implied_margin": "0.2284367709307111246205472369",
|
"implied_profit": "373354034.185",
|
"pe": "12"
|
},
|
{
|
"implied_eps": "0.3446666666666666666666666667",
|
"implied_margin": "0.1827494167445688996964377895",
|
"implied_profit": "298683227.348",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "0.2872222222222222222222222222",
|
"implied_margin": "0.1522911806204740830803648246",
|
"implied_profit": "248902689.4566666666666666667",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "0.2585",
|
"implied_margin": "0.1370620625584266747723283421",
|
"implied_profit": "224012420.511",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.2068",
|
"implied_margin": "0.1096496500467413398178626737",
|
"implied_profit": "179209936.4088",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.1723333333333333333333333333",
|
"implied_margin": "0.09137470837228444984821889476",
|
"implied_profit": "149341613.674",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.1477142857142857142857142857",
|
"implied_margin": "0.07832117860481524272704476691",
|
"implied_profit": "128007097.4348571428571428571",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.12925",
|
"implied_margin": "0.06853103127921333738616417107",
|
"implied_profit": "112006210.2555",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.1034",
|
"implied_margin": "0.05482482502337066990893133686",
|
"implied_profit": "89604968.2044",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.08616666666666666666666666667",
|
"implied_margin": "0.04568735418614222492410944738",
|
"implied_profit": "74670806.837",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.06893333333333333333333333333",
|
"implied_margin": "0.03654988334891377993928755791",
|
"implied_profit": "59736645.4696",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.0517",
|
"implied_margin": "0.02741241251168533495446566843",
|
"implied_profit": "44802484.1022",
|
"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": "-0.16671400610993536",
|
"cagr_low": "-0.29147108490953233",
|
"equity_value_high": "1800000000.0",
|
"equity_value_low": "800000000.0",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "2.077116969401041373670566382",
|
"price_low": "0.9231630975115739438535850588",
|
"role": "pessimistic",
|
"upside_to_high": "-0.5982365629785219780134301002",
|
"upside_to_low": "-0.8214384724348986568948578223"
|
},
|
{
|
"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": "-0.02438466444867904",
|
"cagr_low": "-0.16671400610993536",
|
"equity_value_high": "3960000000.0",
|
"equity_value_low": "1800000000.0",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "4.569657332682291022075246041",
|
"price_low": "2.077116969401041373670566382",
|
"role": "base",
|
"upside_to_high": "-0.1161204385527483516295462203",
|
"upside_to_low": "-0.5982365629785219780134301002"
|
},
|
{
|
"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": "0.08055870961352984",
|
"cagr_low": "-0.02438466444867904",
|
"equity_value_high": "6600000000.0",
|
"equity_value_low": "3960000000.0",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "7.616095554470485036792076735",
|
"price_low": "4.569657332682291022075246041",
|
"role": "optimistic",
|
"upside_to_high": "0.473132602412086080617422966",
|
"upside_to_low": "-0.1161204385527483516295462203"
|
}
|
]
|
}
|
