{
|
"conclusion": {
|
"base_midpoint": "8.7756",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "0.3094489265691234787364966498"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "9.7596906",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "10",
|
"required_profit": "4315105488.08248800"
|
},
|
{
|
"exit_pe": "12",
|
"required_profit": "3595921240.06874000"
|
},
|
{
|
"exit_pe": "15",
|
"required_profit": "2876736992.05499200"
|
},
|
{
|
"exit_pe": "18",
|
"required_profit": "2397280826.712493333333333333"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "2157552744.04124400"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "1726042195.23299520"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "1438368496.02749600"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "1232887282.309282285714285714"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "1078776372.02062200"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "863021097.61649760"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "719184248.01374800"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "575347398.41099840"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "431510548.80824880"
|
}
|
],
|
"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": "0.5325",
|
"mark": "E",
|
"profit": "2354371431.0"
|
},
|
"2027": {
|
"eps": "0.61375",
|
"mark": "E",
|
"profit": "2713606508.5"
|
},
|
"2028": {
|
"eps": "0.668571428571",
|
"mark": "E",
|
"profit": "2955991494.855248"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池8家）",
|
"report_date": "2026-08-25",
|
"source_id": "SRC-EM-CONSENSUS-20260825",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.5325",
|
"eps_profit_reconciliation_gap": "0.0000",
|
"institution_count": 1,
|
"pe_on_mean": "11.38028169014084507042253521",
|
"profit_max": "2354371431.0",
|
"profit_mean": "2354371431.0",
|
"profit_median": "2354371431.0",
|
"profit_min": "2354371431.0"
|
},
|
"2027": {
|
"eps_mean": "0.61375",
|
"eps_profit_reconciliation_gap": "0.00000",
|
"institution_count": 1,
|
"pe_on_mean": "9.873727087576374745417515275",
|
"profit_max": "2713606508.5",
|
"profit_mean": "2713606508.5",
|
"profit_median": "2713606508.5",
|
"profit_min": "2713606508.5"
|
},
|
"2028": {
|
"eps_mean": "0.668571428571",
|
"eps_profit_reconciliation_gap": "0.000000000000000003112322892678185788677633780",
|
"institution_count": 1,
|
"pe_on_mean": "9.064102564108374396510168379",
|
"profit_max": "2955991494.855248",
|
"profit_mean": "2955991494.855248",
|
"profit_median": "2955991494.855248",
|
"profit_min": "2955991494.855248"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-25",
|
"code": "600583.SH",
|
"company": "海油工程",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-08-18",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-06-30"
|
},
|
"metrics": {
|
"annual_cash_conversion": "1.724078325068348221372677244",
|
"annual_fcf": "2506030200.0",
|
"book_value_per_share": "6.526602049670386099753858252",
|
"current_fcf": "1079187200.0",
|
"deduct_pe": "15.17724734048202671070812532",
|
"diluted_shares": "4421354800.0",
|
"enterprise_value": "11007767088.000",
|
"market_cap": "26793410088.000",
|
"normalized_eps": "0.3992818897954084119193510550",
|
"normalized_pe": "15.17724734048202671070812532",
|
"normalized_profit": "1765366900.0",
|
"pb": "0.9285076604764111566106669914",
|
"price": "6.06",
|
"ps": "0.9491345757044247815134893665",
|
"reported_pe": "12.89730836673177879334296698",
|
"ttm_attributable_profit": "2077442000.0",
|
"ttm_deduct_profit": "1765366900.0",
|
"ttm_eps": "0.4698654810511927249086637426",
|
"ttm_revenue": "28229305700.0"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-312075100.0",
|
"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": "0.606",
|
"implied_margin": "0.09491345757044247815134893665",
|
"implied_profit": "2679341008.800",
|
"pe": "10"
|
},
|
{
|
"implied_eps": "0.505",
|
"implied_margin": "0.07909454797536873179279078054",
|
"implied_profit": "2232784174.000",
|
"pe": "12"
|
},
|
{
|
"implied_eps": "0.404",
|
"implied_margin": "0.06327563838029498543423262443",
|
"implied_profit": "1786227339.200",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "0.3366666666666666666666666667",
|
"implied_margin": "0.05272969865024582119519385371",
|
"implied_profit": "1488522782.666666666666666667",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "0.303",
|
"implied_margin": "0.04745672878522123907567446832",
|
"implied_profit": "1339670504.400",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.2424",
|
"implied_margin": "0.03796538302817699126053957466",
|
"implied_profit": "1071736403.520",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.202",
|
"implied_margin": "0.03163781919014749271711631222",
|
"implied_profit": "893113669.600",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.1731428571428571428571428571",
|
"implied_margin": "0.02711813073441213661467112476",
|
"implied_profit": "765526002.5142857142857142857",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.1515",
|
"implied_margin": "0.02372836439261061953783723416",
|
"implied_profit": "669835252.200",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.1212",
|
"implied_margin": "0.01898269151408849563026978733",
|
"implied_profit": "535868201.760",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.101",
|
"implied_margin": "0.01581890959507374635855815611",
|
"implied_profit": "446556834.800",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.0808",
|
"implied_margin": "0.01265512767605899708684652489",
|
"implied_profit": "357245467.840",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.0606",
|
"implied_margin": "0.009491345757044247815134893665",
|
"implied_profit": "267934100.880",
|
"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": "-0.06260830439591014",
|
"cagr_low": "-0.19409350954266202",
|
"equity_value_high": "19392486602.8608",
|
"equity_value_low": "9108592192.2528",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "4.386096",
|
"price_low": "2.060136",
|
"role": "pessimistic",
|
"upside_to_high": "-0.2762217821782178217821782178",
|
"upside_to_low": "-0.6600435643564356435643564356"
|
},
|
{
|
"assumption": "以TTM扣非利润与8家机构覆盖池预期为锚，按业务质量和周期属性定价。",
|
"cagr_high": "0.1570491248317929",
|
"cagr_low": "-0.03833332322622529",
|
"equity_value_high": "55563165771.60",
|
"equity_value_low": "22036916594.16",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "12.567",
|
"price_low": "4.9842",
|
"role": "base",
|
"upside_to_high": "1.073762376237623762376237624",
|
"upside_to_low": "-0.1775247524752475247524752475"
|
},
|
{
|
"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": "0.31993705950520646",
|
"cagr_low": "0.17931639233372865",
|
"equity_value_high": "107348036270.7311832",
|
"equity_value_low": "61119482348.760",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "24.27944399999999620025970320",
|
"price_low": "13.8237",
|
"role": "optimistic",
|
"upside_to_high": "3.006508910891088481891040132",
|
"upside_to_low": "1.281138613861386138613861386"
|
}
|
]
|
}
|
