{
|
"conclusion": {
|
"base_midpoint": "3.351197416160073542494513968",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-5.719986083602395574920653805"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "36.2686852",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "10",
|
"required_profit": "3669157806.94320000"
|
},
|
{
|
"exit_pe": "12",
|
"required_profit": "3057631505.78600000"
|
},
|
{
|
"exit_pe": "15",
|
"required_profit": "2446105204.62880000"
|
},
|
{
|
"exit_pe": "18",
|
"required_profit": "2038421003.857333333333333333"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "1834578903.47160000"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "1467663122.77728000"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "1223052602.31440000"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "1048330801.983771428571428571"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "917289451.73580000"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "733831561.38864000"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "611526301.15720000"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "489221040.92576000"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "366915780.69432000"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-25",
|
"code": "000029.SZ",
|
"company": "深深房A",
|
"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": "-0.9536138936526861699390418057",
|
"annual_fcf": "-97225053.93",
|
"book_value_per_share": "3.571787055315026787655931835",
|
"current_fcf": "12312193.93",
|
"deduct_pe": "143.6397025370012054139289751",
|
"diluted_shares": "1011660000.0",
|
"enterprise_value": "21437382107.280",
|
"market_cap": "22782583200.000",
|
"normalized_eps": "0.1567811656683075341517901271",
|
"normalized_pe": "143.6397025370012054139289751",
|
"normalized_profit": "158609234.06",
|
"pb": "6.304967135845607250771095355",
|
"price": "22.52",
|
"ps": "18.67114194178935187243580178",
|
"reported_pe": "965.0380113519138415481671137",
|
"ttm_attributable_profit": "23607964.59",
|
"ttm_deduct_profit": "158609234.06",
|
"ttm_eps": "0.02333586836486566633058537453",
|
"ttm_revenue": "1220202988.71"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "135001269.47",
|
"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": "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"
|
},
|
{
|
"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": 2
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "2.252",
|
"implied_margin": "1.867114194178935187243580178",
|
"implied_profit": "2278258320.000",
|
"pe": "10"
|
},
|
{
|
"implied_eps": "1.876666666666666666666666667",
|
"implied_margin": "1.555928495149112656036316815",
|
"implied_profit": "1898548600.000",
|
"pe": "12"
|
},
|
{
|
"implied_eps": "1.501333333333333333333333333",
|
"implied_margin": "1.244742796119290124829053452",
|
"implied_profit": "1518838880.000",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "1.251111111111111111111111111",
|
"implied_margin": "1.037285663432741770690877877",
|
"implied_profit": "1265699066.666666666666666667",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "1.126",
|
"implied_margin": "0.9335570970894675936217900890",
|
"implied_profit": "1139129160.000",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.9008",
|
"implied_margin": "0.7468456776715740748974320712",
|
"implied_profit": "911303328.000",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.7506666666666666666666666667",
|
"implied_margin": "0.6223713980596450624145267260",
|
"implied_profit": "759419440.000",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.6434285714285714285714285714",
|
"implied_margin": "0.5334611983368386249267371937",
|
"implied_profit": "650930948.5714285714285714286",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.563",
|
"implied_margin": "0.4667785485447337968108950445",
|
"implied_profit": "569564580.000",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.4504",
|
"implied_margin": "0.3734228388357870374487160356",
|
"implied_profit": "455651664.000",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.3753333333333333333333333333",
|
"implied_margin": "0.3111856990298225312072633630",
|
"implied_profit": "379709720.000",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.3002666666666666666666666667",
|
"implied_margin": "0.2489485592238580249658106904",
|
"implied_profit": "303767776.000",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.2252",
|
"implied_margin": "0.1867114194178935187243580178",
|
"implied_profit": "227825832.000",
|
"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": "-0.3994576045315934",
|
"cagr_low": "-0.483693938646543",
|
"equity_value_high": "1779595606.15320015",
|
"equity_value_low": "835870663.49620",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "1.759084678798410681454243521",
|
"price_low": "0.8262367430719807049799339699",
|
"role": "pessimistic",
|
"upside_to_high": "-0.9218878917052215505570939822",
|
"upside_to_low": "-0.9633109794373010344147453832"
|
},
|
{
|
"assumption": "以TTM扣非利润与无家机构覆盖池预期为锚，按业务质量和周期属性定价。",
|
"cagr_high": "-0.26891251170244934",
|
"cagr_low": "-0.3839057755470212",
|
"equity_value_high": "4758277021.800",
|
"equity_value_low": "2022267734.265",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "4.703434970049226024553703814",
|
"price_low": "1.998959862270921060435324121",
|
"role": "base",
|
"upside_to_high": "-0.7911440954685068372755904168",
|
"upside_to_low": "-0.9112362405741154058421259271"
|
},
|
{
|
"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": "-0.1640145786890458",
|
"cagr_low": "-0.2548428232857137",
|
"equity_value_high": "9302431577.6190",
|
"equity_value_low": "5234104723.9800",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "9.195215366446236878002490955",
|
"price_low": "5.173778467054148627009074195",
|
"role": "optimistic",
|
"upside_to_high": "-0.5916867066409308668737792649",
|
"upside_to_low": "-0.7702585050153575210031494585"
|
}
|
]
|
}
|
