{
|
"conclusion": {
|
"base_midpoint": "13.62234163779293259623062446",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "0.2526982312822580645161290320"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "16.3949918",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "10",
|
"required_profit": "1492385844.70663710"
|
},
|
{
|
"exit_pe": "12",
|
"required_profit": "1243654870.58886425"
|
},
|
{
|
"exit_pe": "15",
|
"required_profit": "994923896.47109140"
|
},
|
{
|
"exit_pe": "18",
|
"required_profit": "829103247.0592428333333333333"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "746192922.35331855"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "596954337.88265484"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "497461948.23554570"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "426395955.6304677428571428571"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "373096461.176659275"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "298477168.94132742"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "248730974.11777285"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "198984779.29421828"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "149238584.47066371"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-17",
|
"code": "603599.SH",
|
"company": "广信股份",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-27",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "0.5950705391269093702848820993",
|
"annual_fcf": "302838843.36",
|
"book_value_per_share": "11.22886963477826444874950721",
|
"current_fcf": "92524885.19",
|
"deduct_pe": "17.97970747858060524684142501",
|
"diluted_shares": "910269345.0",
|
"enterprise_value": "9445308301.090",
|
"market_cap": "9266541932.100",
|
"normalized_eps": "0.5661938611697398202506753647",
|
"normalized_pe": "17.97970747858060524684142501",
|
"normalized_profit": "515388915.15",
|
"pb": "0.9065916989961584508266520651",
|
"price": "10.18",
|
"ps": "2.676432309947902899795970803",
|
"reported_pe": "14.18535026718379056209009581",
|
"ttm_attributable_profit": "653247312.02",
|
"ttm_deduct_profit": "515388915.15",
|
"ttm_eps": "0.7176417788956740051484431787",
|
"ttm_revenue": "3462273974.82"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-137858396.87",
|
"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": "1.018",
|
"implied_margin": "0.2676432309947902899795970803",
|
"implied_profit": "926654193.210",
|
"pe": "10"
|
},
|
{
|
"implied_eps": "0.8483333333333333333333333333",
|
"implied_margin": "0.2230360258289919083163309003",
|
"implied_profit": "772211827.675",
|
"pe": "12"
|
},
|
{
|
"implied_eps": "0.6786666666666666666666666667",
|
"implied_margin": "0.1784288206631935266530647202",
|
"implied_profit": "617769462.140",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "0.5655555555555555555555555556",
|
"implied_margin": "0.1486906838859946055442206002",
|
"implied_profit": "514807885.1166666666666666667",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "0.509",
|
"implied_margin": "0.1338216154973951449897985402",
|
"implied_profit": "463327096.605",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.4072",
|
"implied_margin": "0.1070572923979161159918388321",
|
"implied_profit": "370661677.284",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.3393333333333333333333333333",
|
"implied_margin": "0.08921441033159676332653236011",
|
"implied_profit": "308884731.070",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.2908571428571428571428571429",
|
"implied_margin": "0.07646949456994008285131345153",
|
"implied_profit": "264758340.9171428571428571429",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.2545",
|
"implied_margin": "0.06691080774869757249489927008",
|
"implied_profit": "231663548.3025",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.2036",
|
"implied_margin": "0.05352864619895805799591941607",
|
"implied_profit": "185330838.642",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.1696666666666666666666666667",
|
"implied_margin": "0.04460720516579838166326618005",
|
"implied_profit": "154442365.535",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.1357333333333333333333333333",
|
"implied_margin": "0.03568576413263870533061294404",
|
"implied_profit": "123553892.428",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.1018",
|
"implied_margin": "0.02676432309947902899795970803",
|
"implied_profit": "92665419.321",
|
"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": "-0.033870414740949206",
|
"cagr_low": "-0.19156248844880475",
|
"equity_value_high": "7800000000.0",
|
"equity_value_low": "3200000000.0",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "8.568892320547167278274102486",
|
"price_low": "3.515443003301401960317580507",
|
"role": "pessimistic",
|
"upside_to_high": "-0.1582620510268008567510704827",
|
"upside_to_low": "-0.6546716106776618899491571211"
|
},
|
{
|
"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": "0.12903198431074858",
|
"cagr_low": "-0.033870414740949206",
|
"equity_value_high": "17000000000.0",
|
"equity_value_low": "7800000000.0",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "18.67579095503869791418714644",
|
"price_low": "8.568892320547167278274102486",
|
"role": "base",
|
"upside_to_high": "0.834557068274921209645102794",
|
"upside_to_low": "-0.1582620510268008567510704827"
|
},
|
{
|
"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": "0.2291676749916336",
|
"cagr_low": "0.12903198431074858",
|
"equity_value_high": "26000000000.0",
|
"equity_value_low": "17000000000.0",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "28.56297440182389092758034162",
|
"price_low": "18.67579095503869791418714644",
|
"role": "optimistic",
|
"upside_to_high": "1.805793163243997144163098391",
|
"upside_to_low": "0.834557068274921209645102794"
|
}
|
]
|
}
|
