{
|
"conclusion": {
|
"base_midpoint": "2.826424177885671475187443289",
|
"price_label": "当前价格高于基准合理区间",
|
"price_position": "ABOVE_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.2701561315844415610591599156"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "5.7817309",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "10",
|
"required_profit": "1180917171.25833451"
|
},
|
{
|
"exit_pe": "12",
|
"required_profit": "984097642.7152787583333333333"
|
},
|
{
|
"exit_pe": "15",
|
"required_profit": "787278114.1722230066666666667"
|
},
|
{
|
"exit_pe": "18",
|
"required_profit": "656065095.1435191722222222222"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "590458585.629167255"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "472366868.503333804"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "393639057.0861115033333333333"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "337404906.07380986"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "295229292.8145836275"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "236183434.251666902"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "196819528.5430557516666666667"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "157455622.8344446013333333333"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "118091717.125833451"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-25",
|
"code": "601015.SH",
|
"company": "陕西黑猫",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-28",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": null,
|
"annual_fcf": "-1108660360.72",
|
"book_value_per_share": "2.355353481571392895989536074",
|
"current_fcf": "36335113.49",
|
"deduct_pe": null,
|
"diluted_shares": "2042497639.0",
|
"enterprise_value": "13297269167.060",
|
"market_cap": "7332566524.010",
|
"normalized_eps": "-0.5973637386711319752962514930",
|
"normalized_pe": null,
|
"normalized_profit": "-1220114025.860000057",
|
"pb": "1.524187357901329873270991899",
|
"price": "3.59",
|
"ps": "0.7412488733160032933421912291",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-1228532310.42",
|
"ttm_deduct_profit": "-1220114025.86",
|
"ttm_eps": "-0.6014853025835003180632807576",
|
"ttm_revenue": "9892178980.60"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "8418284.559999943",
|
"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": "0.359",
|
"implied_margin": "0.07412488733160032933421912291",
|
"implied_profit": "733256652.401",
|
"pe": "10"
|
},
|
{
|
"implied_eps": "0.2991666666666666666666666667",
|
"implied_margin": "0.06177073944300027444518260243",
|
"implied_profit": "611047210.3341666666666666667",
|
"pe": "12"
|
},
|
{
|
"implied_eps": "0.2393333333333333333333333333",
|
"implied_margin": "0.04941659155440021955614608194",
|
"implied_profit": "488837768.2673333333333333333",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "0.1994444444444444444444444444",
|
"implied_margin": "0.04118049296200018296345506828",
|
"implied_profit": "407364806.8894444444444444444",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "0.1795",
|
"implied_margin": "0.03706244366580016466710956146",
|
"implied_profit": "366628326.2005",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.1436",
|
"implied_margin": "0.02964995493264013173368764917",
|
"implied_profit": "293302660.9604",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.1196666666666666666666666667",
|
"implied_margin": "0.02470829577720010977807304097",
|
"implied_profit": "244418884.1336666666666666667",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.1025714285714285714285714286",
|
"implied_margin": "0.02117853923760009409549117798",
|
"implied_profit": "209501900.686",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.08975",
|
"implied_margin": "0.01853122183290008233355478073",
|
"implied_profit": "183314163.10025",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.0718",
|
"implied_margin": "0.01482497746632006586684382458",
|
"implied_profit": "146651330.4802",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.05983333333333333333333333333",
|
"implied_margin": "0.01235414788860005488903652048",
|
"implied_profit": "122209442.0668333333333333333",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.04786666666666666666666666667",
|
"implied_margin": "0.009883318310880043911229216389",
|
"implied_profit": "97767553.65346666666666666667",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.0359",
|
"implied_margin": "0.007412488733160032933421912291",
|
"implied_profit": "73325665.2401",
|
"pe": "100"
|
}
|
],
|
"scenarios": [
|
{
|
"assumption": "亏损延续并消耗净资产。",
|
"cagr_high": "-0.10000347855309644",
|
"cagr_low": "-0.19982251022617892",
|
"equity_value_high": "4329723532.608",
|
"equity_value_low": "2405401962.560",
|
"method": "pb",
|
"name": "悲观",
|
"price_high": "2.119818133414253606390582467",
|
"price_low": "1.177676740785696447994768037",
|
"role": "pessimistic",
|
"upside_to_high": "-0.4095214113052218366600048838",
|
"upside_to_low": "-0.6719563396140121314777804911"
|
},
|
{
|
"assumption": "盈利接近盈亏平衡，按中性净资产倍数定价。",
|
"cagr_high": "-0.0031941438048718185",
|
"cagr_low": "-0.10000347855309644",
|
"equity_value_high": "7216205887.680",
|
"equity_value_low": "4329723532.608",
|
"method": "pb",
|
"name": "基准",
|
"price_high": "3.533030222357089343984304111",
|
"price_low": "2.119818133414253606390582467",
|
"role": "base",
|
"upside_to_high": "-0.0158690188420363944333414733",
|
"upside_to_low": "-0.4095214113052218366600048838"
|
},
|
{
|
"assumption": "核心产品放量并实现可持续扭亏。",
|
"cagr_high": "0.09505158295243987",
|
"cagr_low": "-0.0031941438048718185",
|
"equity_value_high": "11545929420.288",
|
"equity_value_low": "7216205887.680",
|
"method": "pb",
|
"name": "乐观",
|
"price_high": "5.652848355771342950374886578",
|
"price_low": "3.533030222357089343984304111",
|
"role": "optimistic",
|
"upside_to_high": "0.574609569852741768906653643",
|
"upside_to_low": "-0.0158690188420363944333414733"
|
}
|
]
|
}
|
