{
|
"conclusion": {
|
"base_midpoint": "2.586237076843308920627699134",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-1.018376446126660175448105314"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "8.4068622",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "10",
|
"required_profit": "970466797.08017028"
|
},
|
{
|
"exit_pe": "12",
|
"required_profit": "808722330.90014190"
|
},
|
{
|
"exit_pe": "15",
|
"required_profit": "646977864.72011352"
|
},
|
{
|
"exit_pe": "18",
|
"required_profit": "539148220.60009460"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "485233398.54008514"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "388186718.832068112"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "323488932.36005676"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "277276227.7371915085714285714"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "242616699.27004257"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "194093359.416034056"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "161744466.18002838"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "129395572.944022704"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "97046679.708017028"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-25",
|
"code": "300067.SZ",
|
"company": "安诺其",
|
"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": null,
|
"annual_fcf": "-82491588.35",
|
"book_value_per_share": "2.155197564036090767189749278",
|
"current_fcf": "-87756232.66",
|
"deduct_pe": null,
|
"diluted_shares": "1154374574.0",
|
"enterprise_value": "6824270545.560",
|
"market_cap": "6025835276.280",
|
"normalized_eps": "-0.04490113668252017477301089620",
|
"normalized_pe": null,
|
"normalized_profit": "-51832730.53",
|
"pb": "2.422051735351992210537726377",
|
"price": "5.22",
|
"ps": "5.323162875010056925217705307",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-43736430.28",
|
"ttm_deduct_profit": "-51832730.53",
|
"ttm_eps": "-0.03788755510133056690141548457",
|
"ttm_revenue": "1132002799.42"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-8096300.25",
|
"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": "0.522",
|
"implied_margin": "0.5323162875010056925217705307",
|
"implied_profit": "602583527.628",
|
"pe": "10"
|
},
|
{
|
"implied_eps": "0.435",
|
"implied_margin": "0.4435969062508380771014754422",
|
"implied_profit": "502152939.690",
|
"pe": "12"
|
},
|
{
|
"implied_eps": "0.348",
|
"implied_margin": "0.3548775250006704616811803538",
|
"implied_profit": "401722351.752",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "0.29",
|
"implied_margin": "0.2957312708338920514009836281",
|
"implied_profit": "334768626.460",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "0.261",
|
"implied_margin": "0.2661581437505028462608852653",
|
"implied_profit": "301291763.814",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.2088",
|
"implied_margin": "0.2129265150004022770087082123",
|
"implied_profit": "241033411.0512",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.174",
|
"implied_margin": "0.1774387625003352308405901769",
|
"implied_profit": "200861175.876",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.1491428571428571428571428571",
|
"implied_margin": "0.1520903678574301978633630088",
|
"implied_profit": "172166722.1794285714285714286",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.1305",
|
"implied_margin": "0.1330790718752514231304426327",
|
"implied_profit": "150645881.907",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.1044",
|
"implied_margin": "0.1064632575002011385043541061",
|
"implied_profit": "120516705.5256",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.087",
|
"implied_margin": "0.08871938125016761542029508844",
|
"implied_profit": "100430587.938",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.0696",
|
"implied_margin": "0.07097550500013409233623607075",
|
"implied_profit": "80344470.3504",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.0522",
|
"implied_margin": "0.05323162875010056925217705307",
|
"implied_profit": "60258352.7628",
|
"pe": "100"
|
}
|
],
|
"scenarios": [
|
{
|
"assumption": "亏损延续并消耗净资产。",
|
"cagr_high": "-0.17962613051052279",
|
"cagr_low": "-0.27061417692062273",
|
"equity_value_high": "2239114742.883",
|
"equity_value_low": "1243952634.935",
|
"method": "pb",
|
"name": "悲观",
|
"price_high": "1.939677807632481690470774350",
|
"price_low": "1.077598782018045383594874639",
|
"role": "pessimistic",
|
"upside_to_high": "-0.6284142130972257297948708142",
|
"upside_to_low": "-0.7935634517206809609971504523"
|
},
|
{
|
"assumption": "盈利接近盈亏平衡，按中性净资产倍数定价。",
|
"cagr_high": "-0.09138151327308985",
|
"cagr_low": "-0.17962613051052279",
|
"equity_value_high": "3731857904.805",
|
"equity_value_low": "2239114742.883",
|
"method": "pb",
|
"name": "基准",
|
"price_high": "3.232796346054136150784623917",
|
"price_low": "1.939677807632481690470774350",
|
"role": "base",
|
"upside_to_high": "-0.3806903551620428829914513569",
|
"upside_to_low": "-0.6284142130972257297948708142"
|
},
|
{
|
"assumption": "核心产品放量并实现可持续扭亏。",
|
"cagr_high": "-0.0018275815633030934",
|
"cagr_low": "-0.09138151327308985",
|
"equity_value_high": "5970972647.688",
|
"equity_value_low": "3731857904.805",
|
"method": "pb",
|
"name": "乐观",
|
"price_high": "5.172474153686617841255398267",
|
"price_low": "3.232796346054136150784623917",
|
"role": "optimistic",
|
"upside_to_high": "-0.0091045682592686127863221711",
|
"upside_to_low": "-0.3806903551620428829914513569"
|
}
|
]
|
}
|
