{
|
"conclusion": {
|
"base_midpoint": "15.40793333334458022372434227",
|
"price_label": "当前价格高于基准合理区间",
|
"price_position": "ABOVE_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-1.475348197247229351339308679"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "61.4248514",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "10",
|
"required_profit": "3461689392.22469440"
|
},
|
{
|
"exit_pe": "12",
|
"required_profit": "2884741160.187245333333333333"
|
},
|
{
|
"exit_pe": "15",
|
"required_profit": "2307792928.149796266666666667"
|
},
|
{
|
"exit_pe": "18",
|
"required_profit": "1923160773.458163555555555556"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "1730844696.11234720"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "1384675756.88987776"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "1153896464.074898133333333333"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "989054112.06419840"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "865422348.05617360"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "692337878.44493888"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "576948232.0374490666666666667"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "461558585.6299592533333333333"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "346168939.22246944"
|
}
|
],
|
"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": "0.456666666667",
|
"mark": "E",
|
"profit": "257361331.7335212"
|
},
|
"2027": {
|
"eps": "0.715",
|
"mark": "E",
|
"profit": "402948946.4"
|
},
|
"2028": {
|
"eps": "1.004",
|
"mark": "E",
|
"profit": "565819219.84"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池5家）",
|
"report_date": "2026-08-25",
|
"source_id": "SRC-EM-CONSENSUS-20260825",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.456666666667",
|
"eps_profit_reconciliation_gap": "0.00000000000000004538366319962077329098958861",
|
"institution_count": 1,
|
"pe_on_mean": "83.51824817512151573651542714",
|
"profit_max": "257361331.7335212",
|
"profit_mean": "257361331.7335212",
|
"profit_median": "257361331.7335212",
|
"profit_min": "257361331.7335212"
|
},
|
"2027": {
|
"eps_mean": "0.715",
|
"eps_profit_reconciliation_gap": "0.000",
|
"institution_count": 1,
|
"pe_on_mean": "53.34265734265734265734265734",
|
"profit_max": "402948946.4",
|
"profit_mean": "402948946.4",
|
"profit_median": "402948946.4",
|
"profit_min": "402948946.4"
|
},
|
"2028": {
|
"eps_mean": "1.004",
|
"eps_profit_reconciliation_gap": "0.00",
|
"institution_count": 1,
|
"pe_on_mean": "37.98804780876494023904382470",
|
"profit_max": "565819219.84",
|
"profit_mean": "565819219.84",
|
"profit_median": "565819219.84",
|
"profit_min": "565819219.84"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-25",
|
"code": "002364.SZ",
|
"company": "中恒电气",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-28",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "1.925248741447559685937681147",
|
"annual_fcf": "215890058.19",
|
"book_value_per_share": "4.437542634180094518296524326",
|
"current_fcf": "-146320706.16",
|
"deduct_pe": "180.6322031736620072281014924",
|
"diluted_shares": "563564960.0",
|
"enterprise_value": "20976505363.620",
|
"market_cap": "21494367574.400",
|
"normalized_eps": "0.2111472889655879545811364851",
|
"normalized_pe": "180.6322031736619814224630582",
|
"normalized_profit": "118995213.460000017",
|
"pb": "8.594847000731286984086015208",
|
"price": "38.14",
|
"ps": "9.916823569307938046548754341",
|
"reported_pe": "164.0553014357113104220066523",
|
"ttm_attributable_profit": "131019036.79",
|
"ttm_deduct_profit": "118995213.46",
|
"ttm_eps": "0.2324825815820770688085362866",
|
"ttm_revenue": "2167464957.32"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-12023823.329999983",
|
"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": "3.814",
|
"implied_margin": "0.9916823569307938046548754341",
|
"implied_profit": "2149436757.440",
|
"pe": "10"
|
},
|
{
|
"implied_eps": "3.178333333333333333333333333",
|
"implied_margin": "0.8264019641089948372123961952",
|
"implied_profit": "1791197297.866666666666666667",
|
"pe": "12"
|
},
|
{
|
"implied_eps": "2.542666666666666666666666667",
|
"implied_margin": "0.6611215712871958697699169559",
|
"implied_profit": "1432957838.293333333333333333",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "2.118888888888888888888888889",
|
"implied_margin": "0.5509346427393298914749307966",
|
"implied_profit": "1194131531.911111111111111111",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "1.907",
|
"implied_margin": "0.4958411784653969023274377170",
|
"implied_profit": "1074718378.720",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "1.5256",
|
"implied_margin": "0.3966729427723175218619501736",
|
"implied_profit": "859774702.976",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.271333333333333333333333333",
|
"implied_margin": "0.3305607856435979348849584780",
|
"implied_profit": "716478919.1466666666666666667",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.089714285714285714285714286",
|
"implied_margin": "0.2833378162659410870442501240",
|
"implied_profit": "614124787.840",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.9535",
|
"implied_margin": "0.2479205892326984511637188585",
|
"implied_profit": "537359189.360",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.7628",
|
"implied_margin": "0.1983364713861587609309750868",
|
"implied_profit": "429887351.488",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.6356666666666666666666666667",
|
"implied_margin": "0.1652803928217989674424792390",
|
"implied_profit": "358239459.5733333333333333333",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.5085333333333333333333333333",
|
"implied_margin": "0.1322243142574391739539833912",
|
"implied_profit": "286591567.6586666666666666667",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.3814",
|
"implied_margin": "0.09916823569307938046548754341",
|
"implied_profit": "214943675.744",
|
"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": "-0.265564181470204",
|
"cagr_low": "-0.36379733469934417",
|
"equity_value_high": "4592973270.64911270",
|
"equity_value_low": "2240278920.47395548",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "8.149856000005949092363726801",
|
"price_low": "3.975192000002902025704366006",
|
"role": "pessimistic",
|
"upside_to_high": "-0.7863173571052451732468870792",
|
"upside_to_low": "-0.8957736759307052431645420554"
|
},
|
{
|
"assumption": "以TTM扣非利润与5家机构覆盖池预期为锚，按业务质量和周期属性定价。",
|
"cagr_high": "-0.10786182285130208",
|
"cagr_low": "-0.24654500757655917",
|
"equity_value_high": "12147454857.822200",
|
"equity_value_low": "5219287807.55581004",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "21.55466666668239984260199570",
|
"price_low": "9.261200000006760604846688836",
|
"role": "base",
|
"upside_to_high": "-0.4348540464949554314996854824",
|
"upside_to_low": "-0.7571788148923240533600763284"
|
},
|
{
|
"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": "0.01773227855747006",
|
"cagr_low": "-0.0906927338187622",
|
"equity_value_high": "23468882785.3124848",
|
"equity_value_low": "13362200343.6044200",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "41.64361600003038655916435969",
|
"price_low": "23.71013333335063982686219526",
|
"role": "optimistic",
|
"upside_to_high": "0.091861982171745845809238587",
|
"upside_to_low": "-0.3783394511444509746496540309"
|
}
|
]
|
}
|
