{
|
"conclusion": {
|
"base_midpoint": "10.91585454545187017353130446",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.2193273503763989865984377603"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "21.4358881",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "10",
|
"required_profit": "4249570798.01979340"
|
},
|
{
|
"exit_pe": "12",
|
"required_profit": "3541308998.349827833333333333"
|
},
|
{
|
"exit_pe": "15",
|
"required_profit": "2833047198.679862266666666667"
|
},
|
{
|
"exit_pe": "18",
|
"required_profit": "2360872665.566551888888888889"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "2124785399.00989670"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "1699828319.20791736"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "1416523599.339931133333333333"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "1214163085.14851240"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "1062392699.50494835"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "849914159.60395868"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "708261799.6699655666666666667"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "566609439.7359724533333333333"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "424957079.80197934"
|
}
|
],
|
"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": "1.112727272727",
|
"mark": "E",
|
"profit": "2205933013.9630957"
|
},
|
"2027": {
|
"eps": "1.203636363636",
|
"mark": "E",
|
"profit": "2386156299.417461"
|
},
|
"2028": {
|
"eps": "1.297272727273",
|
"mark": "E",
|
"profit": "2571786283.4369044"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池11家）",
|
"report_date": "2026-08-25",
|
"source_id": "SRC-EM-CONSENSUS-20260825",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "1.112727272727",
|
"eps_profit_reconciliation_gap": "0.000000000000000002819668575894507146183625529",
|
"institution_count": 1,
|
"pe_on_mean": "11.96160130719247421495865206",
|
"profit_max": "2205933013.9630957",
|
"profit_mean": "2205933013.9630957",
|
"profit_median": "2205933013.9630957",
|
"profit_min": "2205933013.9630957"
|
},
|
"2027": {
|
"eps_mean": "1.203636363636",
|
"eps_profit_reconciliation_gap": "0.00000000000000003141453894629626487721549500",
|
"institution_count": 1,
|
"pe_on_mean": "11.05815709970122568194835029",
|
"profit_max": "2386156299.417461",
|
"profit_mean": "2386156299.417461",
|
"profit_median": "2386156299.417461",
|
"profit_min": "2386156299.417461"
|
},
|
"2028": {
|
"eps_mean": "1.297272727273",
|
"eps_profit_reconciliation_gap": "0.00000000000000003646492735573405840138366764",
|
"institution_count": 1,
|
"pe_on_mean": "10.25998598458088400162692664",
|
"profit_max": "2571786283.4369044",
|
"profit_mean": "2571786283.4369044",
|
"profit_median": "2571786283.4369044",
|
"profit_min": "2571786283.4369044"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-25",
|
"code": "600546.SH",
|
"company": "山煤国际",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-24",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "2.876945206946330570655497929",
|
"annual_fcf": "2137276813.72",
|
"book_value_per_share": "8.426057567770452666862027021",
|
"current_fcf": "751852041.65",
|
"deduct_pe": "18.39450477772284880479245790",
|
"diluted_shares": "1982456140.0",
|
"enterprise_value": "29656076482.819999",
|
"market_cap": "26386491223.400",
|
"normalized_eps": "0.7235856665257673947833216628",
|
"normalized_pe": "18.39450477772284829186665333",
|
"normalized_profit": "1434476847.42000004",
|
"pb": "1.579623672512107669638314666",
|
"price": "13.31",
|
"ps": "1.220505316889148909499957813",
|
"reported_pe": "19.69087059712661236160459511",
|
"ttm_attributable_profit": "1340036799.96",
|
"ttm_deduct_profit": "1434476847.42",
|
"ttm_eps": "0.6759477664711411976055117164",
|
"ttm_revenue": "21619316899.54"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "94440047.46000004",
|
"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": "1.331",
|
"implied_margin": "0.1220505316889148909499957813",
|
"implied_profit": "2638649122.340",
|
"pe": "10"
|
},
|
{
|
"implied_eps": "1.109166666666666666666666667",
|
"implied_margin": "0.1017087764074290757916631511",
|
"implied_profit": "2198874268.616666666666666667",
|
"pe": "12"
|
},
|
{
|
"implied_eps": "0.8873333333333333333333333333",
|
"implied_margin": "0.08136702112594326063333052086",
|
"implied_profit": "1759099414.893333333333333333",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "0.7394444444444444444444444444",
|
"implied_margin": "0.06780585093828605052777543407",
|
"implied_profit": "1465916179.077777777777777778",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "0.6655",
|
"implied_margin": "0.06102526584445744547499789066",
|
"implied_profit": "1319324561.170",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.5324",
|
"implied_margin": "0.04882021267556595637999831252",
|
"implied_profit": "1055459648.936",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.4436666666666666666666666667",
|
"implied_margin": "0.04068351056297163031666526044",
|
"implied_profit": "879549707.4466666666666666667",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.3802857142857142857142857143",
|
"implied_margin": "0.03487158048254711169999879466",
|
"implied_profit": "753899749.240",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.33275",
|
"implied_margin": "0.03051263292222872273749894533",
|
"implied_profit": "659662280.585",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.2662",
|
"implied_margin": "0.02441010633778297818999915626",
|
"implied_profit": "527729824.468",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.2218333333333333333333333333",
|
"implied_margin": "0.02034175528148581515833263022",
|
"implied_profit": "439774853.7233333333333333333",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.1774666666666666666666666667",
|
"implied_margin": "0.01627340422518865212666610418",
|
"implied_profit": "351819882.9786666666666666667",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.1331",
|
"implied_margin": "0.01220505316889148909499957813",
|
"implied_profit": "263864912.234",
|
"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": "-0.16674640050272493",
|
"cagr_low": "-0.2736709828752535",
|
"equity_value_high": "10599066945.4898823",
|
"equity_value_low": "5333946027.762765",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "5.346431999998689655751980470",
|
"price_low": "2.690574545453885804505112532",
|
"role": "pessimistic",
|
"upside_to_high": "-0.5983146506387160288691224290",
|
"upside_to_low": "-0.7978531521071460702851155122"
|
},
|
{
|
"assumption": "以TTM扣非利润与11家机构覆盖池预期为锚，按业务质量和周期属性定价。",
|
"cagr_high": "0.03431967529045288",
|
"cagr_low": "-0.14516821122259338",
|
"equity_value_high": "31236011477.717436",
|
"equity_value_low": "12044394256.2385022",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "15.75621818181432049235651690",
|
"price_low": "6.075490909089419854706092010",
|
"role": "base",
|
"upside_to_high": "0.183787992623164574932871292",
|
"upside_to_low": "-0.5435393757258136848455227641"
|
},
|
{
|
"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": "0.18272598472643775",
|
"cagr_low": "0.05422502969410137",
|
"equity_value_high": "61066402438.937585",
|
"equity_value_low": "34359612625.4891796",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "30.80340654544699536202601688",
|
"price_low": "17.33183999999575254159216859",
|
"role": "optimistic",
|
"upside_to_high": "1.314305525578286653796094431",
|
"upside_to_low": "0.302166791885481032426158421"
|
}
|
]
|
}
|
