{
|
"conclusion": {
|
"base_midpoint": "12.09840000000639159407382328",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.04393969450450700598716988260"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "20.3407413",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "10",
|
"required_profit": "2212227926.86270056"
|
},
|
{
|
"exit_pe": "12",
|
"required_profit": "1843523272.38558380"
|
},
|
{
|
"exit_pe": "15",
|
"required_profit": "1474818617.90846704"
|
},
|
{
|
"exit_pe": "18",
|
"required_profit": "1229015514.923722533333333333"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "1106113963.43135028"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "884891170.745080224"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "737409308.95423352"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "632065121.9607715885714285714"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "553056981.71567514"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "442445585.372540112"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "368704654.47711676"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "294963723.581693408"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "221222792.686270056"
|
}
|
],
|
"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": "0.811428571429",
|
"mark": "E",
|
"profit": "882497309.1661805"
|
},
|
"2027": {
|
"eps": "1.002857142857",
|
"mark": "E",
|
"profit": "1090692096.891273"
|
},
|
"2028": {
|
"eps": "1.191666666667",
|
"mark": "E",
|
"profit": "1296038448.467029"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池7家）",
|
"report_date": "2026-08-19",
|
"source_id": "SRC-EM-CONSENSUS-20260819",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.811428571429",
|
"eps_profit_reconciliation_gap": "0.0000000000000001207391783445489270869988421",
|
"institution_count": 1,
|
"pe_on_mean": "15.56514084506219963079472816",
|
"profit_max": "882497309.1661805",
|
"profit_mean": "882497309.1661805",
|
"profit_median": "882497309.1661805",
|
"profit_min": "882497309.1661805"
|
},
|
"2027": {
|
"eps_mean": "1.002857142857",
|
"eps_profit_reconciliation_gap": "0.0000000000000001853722059381117564245384616",
|
"institution_count": 1,
|
"pe_on_mean": "12.59401709401889037120380995",
|
"profit_max": "1090692096.891273",
|
"profit_mean": "1090692096.891273",
|
"profit_median": "1090692096.891273",
|
"profit_min": "1090692096.891273"
|
},
|
"2028": {
|
"eps_mean": "1.191666666667",
|
"eps_profit_reconciliation_gap": "0.0000000000000001503844274300156496914258373",
|
"institution_count": 1,
|
"pe_on_mean": "10.59860139859843555151534458",
|
"profit_max": "1296038448.467029",
|
"profit_mean": "1296038448.467029",
|
"profit_median": "1296038448.467029",
|
"profit_min": "1296038448.467029"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-19",
|
"code": "000422.SZ",
|
"company": "湖北宜化",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-08-12",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-06-30"
|
},
|
"metrics": {
|
"annual_cash_conversion": "4.459701002525977987185863064",
|
"annual_fcf": "-1190679338.82",
|
"book_value_per_share": "7.103832192015953971960576805",
|
"current_fcf": "-780902896.08",
|
"deduct_pe": "32.42962936344378419467581380",
|
"diluted_shares": "1087584712.0",
|
"enterprise_value": "38096068779.660",
|
"market_cap": "13736194912.560",
|
"normalized_eps": "0.3894586601176864464788467898",
|
"normalized_pe": "32.42962936344379185095084007",
|
"normalized_profit": "423569284.6999999",
|
"pb": "1.777913618820408534782153194",
|
"price": "12.63",
|
"ps": "0.5079913744404274878029636644",
|
"reported_pe": "18.84143693021641832784659629",
|
"ttm_attributable_profit": "729041790.36",
|
"ttm_deduct_profit": "423569284.70",
|
"ttm_eps": "0.6703310393351685877688210829",
|
"ttm_revenue": "27040212892.77"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-305472505.6600001",
|
"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": "1.263",
|
"implied_margin": "0.05079913744404274878029636644",
|
"implied_profit": "1373619491.256",
|
"pe": "10"
|
},
|
{
|
"implied_eps": "1.0525",
|
"implied_margin": "0.04233261453670229065024697203",
|
"implied_profit": "1144682909.380",
|
"pe": "12"
|
},
|
{
|
"implied_eps": "0.842",
|
"implied_margin": "0.03386609162936183252019757763",
|
"implied_profit": "915746327.504",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "0.7016666666666666666666666667",
|
"implied_margin": "0.02822174302446819376683131469",
|
"implied_profit": "763121939.5866666666666666667",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "0.6315",
|
"implied_margin": "0.02539956872202137439014818322",
|
"implied_profit": "686809745.628",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.5052",
|
"implied_margin": "0.02031965497761709951211854658",
|
"implied_profit": "549447796.5024",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.421",
|
"implied_margin": "0.01693304581468091626009878881",
|
"implied_profit": "457873163.752",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.3608571428571428571428571429",
|
"implied_margin": "0.01451403926972649965151324756",
|
"implied_profit": "392462711.7874285714285714286",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.31575",
|
"implied_margin": "0.01269978436101068719507409161",
|
"implied_profit": "343404872.814",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.2526",
|
"implied_margin": "0.01015982748880854975605927329",
|
"implied_profit": "274723898.2512",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.2105",
|
"implied_margin": "0.008466522907340458130049394407",
|
"implied_profit": "228936581.876",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.1684",
|
"implied_margin": "0.006773218325872366504039515526",
|
"implied_profit": "183149265.5008",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.1263",
|
"implied_margin": "0.005079913744404274878029636644",
|
"implied_profit": "137361949.1256",
|
"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": "-0.134706620185423",
|
"cagr_low": "-0.2629681505800242",
|
"equity_value_high": "6663207683.1283293",
|
"equity_value_low": "2987429890.98935402",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "6.126610285717522388269834378",
|
"price_low": "2.746848000001450939851019164",
|
"role": "pessimistic",
|
"upside_to_high": "-0.5149160502203070159723013161",
|
"upside_to_low": "-0.7825140142516665922524925444"
|
},
|
{
|
"assumption": "以TTM扣非利润与7家机构覆盖池预期为锚，按业务质量和周期属性定价。",
|
"cagr_high": "0.06414373250617023",
|
"cagr_low": "-0.11229871898493782",
|
"equity_value_high": "18744242846.689674",
|
"equity_value_low": "7571826912.6458288",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "17.23474285715196224641304079",
|
"price_low": "6.962057142860820941734605773",
|
"role": "base",
|
"upside_to_high": "0.364587716322403978338324686",
|
"upside_to_low": "-0.4487682388867125145103241668"
|
},
|
{
|
"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": "0.2215641461685609",
|
"cagr_low": "0.08462304720740921",
|
"equity_value_high": "37363524074.4014132",
|
"equity_value_low": "20618667131.3586414",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "34.35458742858957473098426562",
|
"price_low": "18.95821714286715847105434487",
|
"role": "optimistic",
|
"upside_to_high": "1.720078181202658331827732828",
|
"upside_to_low": "0.501046487954644376172157155"
|
}
|
]
|
}
|
