{
|
"conclusion": {
|
"base_midpoint": "10.15386097816769764833168624",
|
"price_label": "当前价格高于基准合理区间",
|
"price_position": "ABOVE_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.2576496790193787412324910152"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "20.5662127",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "10",
|
"required_profit": "4817774529.44228122"
|
},
|
{
|
"exit_pe": "12",
|
"required_profit": "4014812107.868567683333333333"
|
},
|
{
|
"exit_pe": "15",
|
"required_profit": "3211849686.294854146666666667"
|
},
|
{
|
"exit_pe": "18",
|
"required_profit": "2676541405.245711788888888889"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "2408887264.72114061"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "1927109811.776912488"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "1605924843.147427073333333333"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "1376507008.412080348571428571"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "1204443632.360570305"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "963554905.888456244"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "802962421.5737135366666666667"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "642369937.2589708293333333333"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "481777452.944228122"
|
}
|
],
|
"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": "-0.016333333333",
|
"mark": "E",
|
"profit": "-38261938.87055248"
|
},
|
"2027": {
|
"eps": "0.946583333333",
|
"mark": "E",
|
"profit": "2217435528.772053"
|
},
|
"2028": {
|
"eps": "1.861454545455",
|
"mark": "E",
|
"profit": "4360583267.140701"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池13家）",
|
"report_date": "2026-08-19",
|
"source_id": "SRC-EM-CONSENSUS-20260819",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "-0.016333333333",
|
"eps_profit_reconciliation_gap": "0.00000000000000006695949226900759563393287821",
|
"institution_count": 1,
|
"pe_on_mean": null,
|
"profit_max": "-38261938.87055248",
|
"profit_mean": "-38261938.87055248",
|
"profit_median": "-38261938.87055248",
|
"profit_min": "-38261938.87055248"
|
},
|
"2027": {
|
"eps_mean": "0.946583333333",
|
"eps_profit_reconciliation_gap": "0.0000000000000002356605155908991063827221101",
|
"institution_count": 1,
|
"pe_on_mean": "13.49062417466801006990767347",
|
"profit_max": "2217435528.772053",
|
"profit_mean": "2217435528.772053",
|
"profit_median": "2217435528.772053",
|
"profit_min": "2217435528.772053"
|
},
|
"2028": {
|
"eps_mean": "1.861454545455",
|
"eps_profit_reconciliation_gap": "0.00000000000000003832744148229271519057084266",
|
"institution_count": 1,
|
"pe_on_mean": "6.860226606757457718832873497",
|
"profit_max": "4360583267.140701",
|
"profit_mean": "4360583267.140701",
|
"profit_median": "4360583267.140701",
|
"profit_min": "4360583267.140701"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-19",
|
"code": "688599.SH",
|
"company": "天合光能",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-08-07",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-06-30"
|
},
|
"metrics": {
|
"annual_cash_conversion": null,
|
"annual_fcf": "2233039410.84",
|
"book_value_per_share": "8.829444328841476215940596732",
|
"current_fcf": "2862554260.61",
|
"deduct_pe": null,
|
"diluted_shares": "2342567686.0",
|
"enterprise_value": "51509900728.25999499",
|
"market_cap": "29914589350.220",
|
"normalized_eps": "-3.129478706947381668953833593",
|
"normalized_pe": null,
|
"normalized_profit": "-7331015692.92",
|
"pb": "1.446297130872285552417364667",
|
"price": "12.77",
|
"ps": "0.4405439142669880265901380627",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-4382772166.54",
|
"ttm_deduct_profit": "-7331015692.92",
|
"ttm_eps": "-1.870926587407899555564858927",
|
"ttm_revenue": "67903762556.78"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-2948243526.38",
|
"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": "使用正常化情景、PB 或反向估值。",
|
"field": "metrics.ttm_attributable_profit",
|
"issue_id": "QA-NEGATIVE-TTM-PROFIT",
|
"message": "TTM 归母利润不为正，报告 PE 不适用。",
|
"recalc_scope": "PE 模块",
|
"severity": "WARNING"
|
},
|
{
|
"action": "检查主营盈利恢复条件。",
|
"field": "metrics.ttm_deduct_profit",
|
"issue_id": "QA-NEGATIVE-TTM-DEDUCT",
|
"message": "TTM 扣非利润不为正，扣非 PE 不适用。",
|
"recalc_scope": "扣非 PE 模块",
|
"severity": "WARNING"
|
}
|
],
|
"status": "PASS_WITH_WARNINGS",
|
"warning_count": 2
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "1.277",
|
"implied_margin": "0.04405439142669880265901380627",
|
"implied_profit": "2991458935.022",
|
"pe": "10"
|
},
|
{
|
"implied_eps": "1.064166666666666666666666667",
|
"implied_margin": "0.03671199285558233554917817189",
|
"implied_profit": "2492882445.851666666666666667",
|
"pe": "12"
|
},
|
{
|
"implied_eps": "0.8513333333333333333333333333",
|
"implied_margin": "0.02936959428446586843934253751",
|
"implied_profit": "1994305956.681333333333333333",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "0.7094444444444444444444444444",
|
"implied_margin": "0.02447466190372155703278544793",
|
"implied_profit": "1661921630.567777777777777778",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "0.6385",
|
"implied_margin": "0.02202719571334940132950690313",
|
"implied_profit": "1495729467.511",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.5108",
|
"implied_margin": "0.01762175657067952106360552251",
|
"implied_profit": "1196583574.0088",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.4256666666666666666666666667",
|
"implied_margin": "0.01468479714223293421967126876",
|
"implied_profit": "997152978.3406666666666666667",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.3648571428571428571428571429",
|
"implied_margin": "0.01258696897905680075971823036",
|
"implied_profit": "854702552.8634285714285714286",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.31925",
|
"implied_margin": "0.01101359785667470066475345157",
|
"implied_profit": "747864733.7555",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.2554",
|
"implied_margin": "0.008810878285339760531802761254",
|
"implied_profit": "598291787.0044",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.2128333333333333333333333333",
|
"implied_margin": "0.007342398571116467109835634377",
|
"implied_profit": "498576489.1703333333333333333",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.1702666666666666666666666667",
|
"implied_margin": "0.005873918856893173687868507503",
|
"implied_profit": "398861191.3362666666666666667",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.1277",
|
"implied_margin": "0.004405439142669880265901380627",
|
"implied_profit": "299145893.5022",
|
"pe": "100"
|
}
|
],
|
"scenarios": [
|
{
|
"assumption": "行业供需继续承压或盈利修复延后，账面资产按折价情景定价。",
|
"cagr_high": "-0.09051195036273241",
|
"cagr_low": "-0.1913836918302224",
|
"equity_value_high": "18615213873.072",
|
"equity_value_low": "10341785485.040",
|
"method": "pb",
|
"name": "悲观",
|
"price_high": "7.946499895957328594346537059",
|
"price_low": "4.414722164420738107970298366",
|
"role": "pessimistic",
|
"upside_to_high": "-0.3777212297605850748358232530",
|
"upside_to_low": "-0.6542895720892139304643462517"
|
},
|
{
|
"assumption": "供需逐步改善、产能利用率企稳，按中性归母净资产倍数定价。",
|
"cagr_high": "-0.0064857463027218065",
|
"cagr_low": "-0.09051195036273241",
|
"equity_value_high": "28956999358.112",
|
"equity_value_low": "18615213873.072",
|
"method": "pb",
|
"name": "基准",
|
"price_high": "12.36122206037806670231683542",
|
"price_low": "7.946499895957328594346537059",
|
"role": "base",
|
"upside_to_high": "-0.0320108018497990053001695051",
|
"upside_to_low": "-0.3777212297605850748358232530"
|
},
|
{
|
"assumption": "景气、良率或产品结构显著改善，盈利修复与资产回报同步上升。",
|
"cagr_high": "0.08750942934795525",
|
"cagr_low": "-0.0064857463027218065",
|
"equity_value_high": "45503856134.176",
|
"equity_value_low": "28956999358.112",
|
"method": "pb",
|
"name": "乐观",
|
"price_high": "19.42477752345124767506931281",
|
"price_low": "12.36122206037806670231683542",
|
"role": "optimistic",
|
"upside_to_high": "0.521125882807458705956876493",
|
"upside_to_low": "-0.0320108018497990053001695051"
|
}
|
]
|
}
|
