{
|
"conclusion": {
|
"base_midpoint": "0.01881144380951868897817638330",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-206.3206097038962845298835967"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "6.280989",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "10",
|
"required_profit": "351398841.0721932"
|
},
|
{
|
"exit_pe": "12",
|
"required_profit": "292832367.5601610"
|
},
|
{
|
"exit_pe": "15",
|
"required_profit": "234265894.0481288"
|
},
|
{
|
"exit_pe": "18",
|
"required_profit": "195221578.3734406666666666667"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "175699420.5360966"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "140559536.42887728"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "117132947.0240644"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "100399668.8777694857142857143"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "87849710.2680483"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "70279768.21443864"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "58566473.5120322"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "46853178.80962576"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "35139884.10721932"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-25",
|
"code": "600892.SH",
|
"company": "大晟文化",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-30",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": null,
|
"annual_fcf": "-184122106.58",
|
"book_value_per_share": "0.01567620317459890748181365274",
|
"current_fcf": "-35818643.71",
|
"deduct_pe": null,
|
"diluted_shares": "559464188.0",
|
"enterprise_value": "2200736104.19",
|
"market_cap": "2181910333.20",
|
"normalized_eps": "-0.2151679345917312047862480878",
|
"normalized_pe": null,
|
"normalized_profit": "-120378753.81000001",
|
"pb": "248.7847316446755414358603161",
|
"price": "3.9",
|
"ps": "6.172447126203728093680149300",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-88072142.90",
|
"ttm_deduct_profit": "-120378753.81",
|
"ttm_eps": "-0.1574223065373399735820087916",
|
"ttm_revenue": "353491943.89"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-32306610.91000001",
|
"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": "0.39",
|
"implied_margin": "0.6172447126203728093680149300",
|
"implied_profit": "218191033.32",
|
"pe": "10"
|
},
|
{
|
"implied_eps": "0.325",
|
"implied_margin": "0.5143705938503106744733457750",
|
"implied_profit": "181825861.10",
|
"pe": "12"
|
},
|
{
|
"implied_eps": "0.26",
|
"implied_margin": "0.4114964750802485395786766200",
|
"implied_profit": "145460688.88",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "0.2166666666666666666666666667",
|
"implied_margin": "0.3429137292335404496488971832",
|
"implied_profit": "121217240.7333333333333333333",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "0.195",
|
"implied_margin": "0.3086223563101864046840074650",
|
"implied_profit": "109095516.66",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.156",
|
"implied_margin": "0.2468978850481491237472059720",
|
"implied_profit": "87276413.328",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.13",
|
"implied_margin": "0.2057482375401242697893383100",
|
"implied_profit": "72730344.44",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.1114285714285714285714285714",
|
"implied_margin": "0.1763556321772493741051471228",
|
"implied_profit": "62340295.23428571428571428571",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.0975",
|
"implied_margin": "0.1543111781550932023420037325",
|
"implied_profit": "54547758.33",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.078",
|
"implied_margin": "0.1234489425240745618736029860",
|
"implied_profit": "43638206.664",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.065",
|
"implied_margin": "0.1028741187700621348946691550",
|
"implied_profit": "36365172.22",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.052",
|
"implied_margin": "0.08229929501604970791573532400",
|
"implied_profit": "29092137.776",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.039",
|
"implied_margin": "0.06172447126203728093680149300",
|
"implied_profit": "21819103.332",
|
"pe": "100"
|
}
|
],
|
"scenarios": [
|
{
|
"assumption": "亏损延续并消耗净资产。",
|
"cagr_high": "-0.6751493371996914",
|
"cagr_low": "-0.711178674898636",
|
"equity_value_high": "7893246.852",
|
"equity_value_low": "4385137.140",
|
"method": "pb",
|
"name": "悲观",
|
"price_high": "0.01410858285713901673363228747",
|
"price_low": "0.007838101587299453740906826372",
|
"role": "pessimistic",
|
"upside_to_high": "-0.9963824146520156367349660801",
|
"upside_to_low": "-0.9979902303622309092972033779"
|
},
|
{
|
"assumption": "盈利接近盈亏平衡，按中性净资产倍数定价。",
|
"cagr_high": "-0.6402063393004789",
|
"cagr_low": "-0.6751493371996914",
|
"equity_value_high": "13155411.420",
|
"equity_value_low": "7893246.852",
|
"method": "pb",
|
"name": "基准",
|
"price_high": "0.02351430476189836122272047912",
|
"price_low": "0.01410858285713901673363228747",
|
"role": "base",
|
"upside_to_high": "-0.9939706910866927278916101336",
|
"upside_to_low": "-0.9963824146520156367349660801"
|
},
|
{
|
"assumption": "核心产品放量并实现可持续扭亏。",
|
"cagr_high": "-0.6047448806238371",
|
"cagr_low": "-0.6402063393004789",
|
"equity_value_high": "21048658.272",
|
"equity_value_low": "13155411.420",
|
"method": "pb",
|
"name": "乐观",
|
"price_high": "0.03762288761903737795635276659",
|
"price_low": "0.02351430476189836122272047912",
|
"role": "optimistic",
|
"upside_to_high": "-0.9903531057387083646265762137",
|
"upside_to_low": "-0.9939706910866927278916101336"
|
}
|
]
|
}
|
