{
|
"conclusion": {
|
"base_midpoint": "2.677206639422410178519333237",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-1.117879104477069955971924987"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "9.1315917",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "10",
|
"required_profit": "1900227288.16415880"
|
},
|
{
|
"exit_pe": "12",
|
"required_profit": "1583522740.13679900"
|
},
|
{
|
"exit_pe": "15",
|
"required_profit": "1266818192.10943920"
|
},
|
{
|
"exit_pe": "18",
|
"required_profit": "1055681826.75786600"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "950113644.08207940"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "760090915.26566352"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "633409096.05471960"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "542922082.33261680"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "475056822.04103970"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "380045457.63283176"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "316704548.02735980"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "253363638.42188784"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "190022728.81641588"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-25",
|
"code": "002366.SZ",
|
"company": "融发核电",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-25",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": null,
|
"annual_fcf": "-277067434.95",
|
"book_value_per_share": "2.231005532852008482099444364",
|
"current_fcf": "-47972004.70",
|
"deduct_pe": null,
|
"diluted_shares": "2080937640.0",
|
"enterprise_value": "13213895598.220",
|
"market_cap": "11798916418.800",
|
"normalized_eps": "-0.05899413173188601461406599383",
|
"normalized_pe": null,
|
"normalized_profit": "-122763109.259999996",
|
"pb": "2.541454925372483947166309984",
|
"price": "5.67",
|
"ps": "12.23012294482104710520865920",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-74157223.49",
|
"ttm_deduct_profit": "-122763109.26",
|
"ttm_eps": "-0.03563644679424415620643009754",
|
"ttm_revenue": "964742257.46"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-48605885.769999996",
|
"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": "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"
|
},
|
{
|
"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": 4
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "0.567",
|
"implied_margin": "1.223012294482104710520865920",
|
"implied_profit": "1179891641.880",
|
"pe": "10"
|
},
|
{
|
"implied_eps": "0.4725",
|
"implied_margin": "1.019176912068420592100721600",
|
"implied_profit": "983243034.900",
|
"pe": "12"
|
},
|
{
|
"implied_eps": "0.378",
|
"implied_margin": "0.8153415296547364736805772799",
|
"implied_profit": "786594427.920",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "0.315",
|
"implied_margin": "0.6794512747122803947338143999",
|
"implied_profit": "655495356.600",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "0.2835",
|
"implied_margin": "0.6115061472410523552604329600",
|
"implied_profit": "589945820.940",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.2268",
|
"implied_margin": "0.4892049177928418842083463680",
|
"implied_profit": "471956656.752",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.189",
|
"implied_margin": "0.4076707648273682368402886400",
|
"implied_profit": "393297213.960",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.162",
|
"implied_margin": "0.3494320841377442030059616914",
|
"implied_profit": "337111897.680",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.14175",
|
"implied_margin": "0.3057530736205261776302164800",
|
"implied_profit": "294972910.470",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.1134",
|
"implied_margin": "0.2446024588964209421041731840",
|
"implied_profit": "235978328.376",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.0945",
|
"implied_margin": "0.2038353824136841184201443200",
|
"implied_profit": "196648606.980",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.0756",
|
"implied_margin": "0.1630683059309472947361154560",
|
"implied_profit": "157318885.584",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.0567",
|
"implied_margin": "0.1223012294482104710520865920",
|
"implied_profit": "117989164.188",
|
"pe": "100"
|
}
|
],
|
"scenarios": [
|
{
|
"assumption": "亏损延续并消耗净资产。",
|
"cagr_high": "-0.18748381712545914",
|
"cagr_low": "-0.27760036386816866",
|
"equity_value_high": "4178325049.5240009",
|
"equity_value_low": "2321291694.1800005",
|
"method": "pb",
|
"name": "悲观",
|
"price_high": "2.007904979566807633889499928",
|
"price_low": "1.115502766426004241049722182",
|
"role": "pessimistic",
|
"upside_to_high": "-0.6458721376425383361746913707",
|
"upside_to_low": "-0.8032622986902990756526063171"
|
},
|
{
|
"assumption": "盈利接近盈亏平衡，按中性净资产倍数定价。",
|
"cagr_high": "-0.10008442250358596",
|
"cagr_low": "-0.18748381712545914",
|
"equity_value_high": "6963875082.5400015",
|
"equity_value_low": "4178325049.5240009",
|
"method": "pb",
|
"name": "基准",
|
"price_high": "3.346508299278012723149166546",
|
"price_low": "2.007904979566807633889499928",
|
"role": "base",
|
"upside_to_high": "-0.4097868960708972269578189513",
|
"upside_to_low": "-0.6458721376425383361746913707"
|
},
|
{
|
"assumption": "核心产品放量并实现可持续扭亏。",
|
"cagr_high": "-0.01138825425590062",
|
"cagr_low": "-0.10008442250358596",
|
"equity_value_high": "11142200132.0640024",
|
"equity_value_low": "6963875082.5400015",
|
"method": "pb",
|
"name": "乐观",
|
"price_high": "5.354413278844820357038666473",
|
"price_low": "3.346508299278012723149166546",
|
"role": "optimistic",
|
"upside_to_high": "-0.0556590337134355631325103222",
|
"upside_to_low": "-0.4097868960708972269578189513"
|
}
|
]
|
}
|
