{
|
"conclusion": {
|
"base_midpoint": "26.77500000000764879085433162",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "0.1861811391225480758267100665"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "35.0930129",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "10",
|
"required_profit": "1266397355.88865587"
|
},
|
{
|
"exit_pe": "12",
|
"required_profit": "1055331129.907213225"
|
},
|
{
|
"exit_pe": "15",
|
"required_profit": "844264903.92577058"
|
},
|
{
|
"exit_pe": "18",
|
"required_profit": "703554086.6048088166666666667"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "633198677.944327935"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "506558942.355462348"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "422132451.96288529"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "361827815.9681873914285714286"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "316599338.9721639675"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "253279471.177731174"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "211066225.981442645"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "168852980.785154116"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "126639735.588865587"
|
}
|
],
|
"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": "1.166666666667",
|
"mark": "E",
|
"profit": "421013603.5001203"
|
},
|
"2027": {
|
"eps": "1.62",
|
"mark": "E",
|
"profit": "584607460.86"
|
},
|
"2028": {
|
"eps": "1.985",
|
"mark": "E",
|
"profit": "716324573.955"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池3家）",
|
"report_date": "2026-08-25",
|
"source_id": "SRC-EM-CONSENSUS-20260825",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "1.166666666667",
|
"eps_profit_reconciliation_gap": "0.00000000000000002469991447674689827519658126",
|
"institution_count": 1,
|
"pe_on_mean": "18.67714285713752035500270090",
|
"profit_max": "421013603.5001203",
|
"profit_mean": "421013603.5001203",
|
"profit_median": "421013603.5001203",
|
"profit_min": "421013603.5001203"
|
},
|
"2027": {
|
"eps_mean": "1.62",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "13.45061728395061728395061728",
|
"profit_max": "584607460.86",
|
"profit_mean": "584607460.86",
|
"profit_median": "584607460.86",
|
"profit_min": "584607460.86"
|
},
|
"2028": {
|
"eps_mean": "1.985",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "10.97732997481108312342569270",
|
"profit_max": "716324573.955",
|
"profit_mean": "716324573.955",
|
"profit_median": "716324573.955",
|
"profit_min": "716324573.955"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-25",
|
"code": "002150.SZ",
|
"company": "正泰电源",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-08-18",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-06-30"
|
},
|
"metrics": {
|
"annual_cash_conversion": "0.8781900201569286424593387078",
|
"annual_fcf": "183886699.97",
|
"book_value_per_share": "6.005147684240247279009041965",
|
"current_fcf": "-243148098.14",
|
"deduct_pe": "35.76829171206258096674133208",
|
"diluted_shares": "360868803.0",
|
"enterprise_value": "8328539382.390",
|
"market_cap": "7863331217.370",
|
"normalized_eps": "0.6091987891233701406990285054",
|
"normalized_pe": "35.76829171206258064133962722",
|
"normalized_profit": "219840837.820000002",
|
"pb": "3.628553558671855285014920652",
|
"price": "21.79",
|
"ps": "1.890502263161568123466736391",
|
"reported_pe": "31.16044102771704376677774553",
|
"ttm_attributable_profit": "252349805.01",
|
"ttm_deduct_profit": "219840837.82",
|
"ttm_eps": "0.6992840692022912271527112306",
|
"ttm_revenue": "4159387359.96"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-32508967.189999998",
|
"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": [],
|
"status": "PASS",
|
"warning_count": 0
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "2.179",
|
"implied_margin": "0.1890502263161568123466736391",
|
"implied_profit": "786333121.737",
|
"pe": "10"
|
},
|
{
|
"implied_eps": "1.815833333333333333333333333",
|
"implied_margin": "0.1575418552634640102888946992",
|
"implied_profit": "655277601.4475",
|
"pe": "12"
|
},
|
{
|
"implied_eps": "1.452666666666666666666666667",
|
"implied_margin": "0.1260334842107712082311157594",
|
"implied_profit": "524222081.158",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "1.210555555555555555555555556",
|
"implied_margin": "0.1050279035089760068592631328",
|
"implied_profit": "436851734.2983333333333333333",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "1.0895",
|
"implied_margin": "0.09452511315807840617333681955",
|
"implied_profit": "393166560.8685",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.8716",
|
"implied_margin": "0.07562009052646272493866945564",
|
"implied_profit": "314533248.6948",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.7263333333333333333333333333",
|
"implied_margin": "0.06301674210538560411555787970",
|
"implied_profit": "262111040.579",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.6225714285714285714285714286",
|
"implied_margin": "0.05401435037604480352762103973",
|
"implied_profit": "224666606.2105714285714285714",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.54475",
|
"implied_margin": "0.04726255657903920308666840977",
|
"implied_profit": "196583280.43425",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.4358",
|
"implied_margin": "0.03781004526323136246933472782",
|
"implied_profit": "157266624.3474",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.3631666666666666666666666667",
|
"implied_margin": "0.03150837105269280205777893985",
|
"implied_profit": "131055520.2895",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.2905333333333333333333333333",
|
"implied_margin": "0.02520669684215424164622315188",
|
"implied_profit": "104844416.2316",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.2179",
|
"implied_margin": "0.01890502263161568123466736391",
|
"implied_profit": "78633312.1737",
|
"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": "-0.0793217832464218",
|
"cagr_low": "-0.20846263735434867",
|
"equity_value_high": "5201707273.9646868",
|
"equity_value_low": "2443226143.83189792",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "14.41440000000412005689502620",
|
"price_low": "6.770400000001933999265655557",
|
"role": "pessimistic",
|
"upside_to_high": "-0.3384855438272547013815958605",
|
"upside_to_low": "-0.6892886645249227168762893274"
|
},
|
{
|
"assumption": "以TTM扣非利润与3家机构覆盖池预期为锚，按业务质量和周期属性定价。",
|
"cagr_high": "0.11272300296143167",
|
"cagr_low": "-0.05547961942116064",
|
"equity_value_high": "13413493407.5138313",
|
"equity_value_low": "5911030993.14168912",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "37.17000000001061687784632356",
|
"price_low": "16.38000000000468070386233969",
|
"role": "base",
|
"upside_to_high": "0.705828361634264198157242935",
|
"upside_to_low": "-0.2482790270764258511306865677"
|
},
|
{
|
"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": "0.2707111770252921",
|
"cagr_low": "0.13413721972262715",
|
"equity_value_high": "26051984973.7046404",
|
"equity_value_low": "14754842748.2652147",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "72.19240000002061801945234928",
|
"price_low": "40.88700000001167931382530731",
|
"role": "optimistic",
|
"upside_to_high": "2.313097751262993025215803088",
|
"upside_to_low": "0.876411197797690652309559766"
|
}
|
]
|
}
|
