{
|
"conclusion": {
|
"base_midpoint": "9.184612499999999166665466435",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.4360976034644903306208864595"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "21.2426269",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "10",
|
"required_profit": "3058933867.87918094"
|
},
|
{
|
"exit_pe": "12",
|
"required_profit": "2549111556.565984116666666667"
|
},
|
{
|
"exit_pe": "15",
|
"required_profit": "2039289245.252787293333333333"
|
},
|
{
|
"exit_pe": "18",
|
"required_profit": "1699407704.377322744444444444"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "1529466933.93959047"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "1223573547.151672376"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "1019644622.626393646666666667"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "873981105.1083374114285714286"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "764733466.969795235"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "611786773.575836188"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "509822311.3131968233333333333"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "407857849.0505574586666666667"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "305893386.787918094"
|
}
|
],
|
"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": "0.93625",
|
"mark": "E",
|
"profit": "1348198058.2175"
|
},
|
"2027": {
|
"eps": "1.06875",
|
"mark": "E",
|
"profit": "1538997783.4125001"
|
},
|
"2028": {
|
"eps": "1.18",
|
"mark": "E",
|
"profit": "1699197552.6799998"
|
}
|
},
|
"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": "0.93625",
|
"eps_profit_reconciliation_gap": "0.00",
|
"institution_count": 1,
|
"pe_on_mean": "14.08811748998664886515353805",
|
"profit_max": "1348198058.2175",
|
"profit_mean": "1348198058.2175",
|
"profit_median": "1348198058.2175",
|
"profit_min": "1348198058.2175"
|
},
|
"2027": {
|
"eps_mean": "1.06875",
|
"eps_profit_reconciliation_gap": "0.00000000000000006497735154514958517642688612",
|
"institution_count": 1,
|
"pe_on_mean": "12.34152046783625650802220643",
|
"profit_max": "1538997783.4125001",
|
"profit_mean": "1538997783.4125001",
|
"profit_median": "1538997783.4125001",
|
"profit_min": "1538997783.4125001"
|
},
|
"2028": {
|
"eps_mean": "1.18",
|
"eps_profit_reconciliation_gap": "0.0000000000000001177026177353875115990398032",
|
"institution_count": 1,
|
"pe_on_mean": "11.17796610169491656991315926",
|
"profit_max": "1699197552.6799998",
|
"profit_mean": "1699197552.6799998",
|
"profit_median": "1699197552.6799998",
|
"profit_min": "1699197552.6799998"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-25",
|
"code": "601101.SH",
|
"company": "昊华能源",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-08-19",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-06-30"
|
},
|
"metrics": {
|
"annual_cash_conversion": "3.837895112365833081130582627",
|
"annual_fcf": "845752292.01",
|
"book_value_per_share": "8.635352685945465035343391182",
|
"current_fcf": "1102642446.46",
|
"deduct_pe": "24.30710814077122221369584148",
|
"diluted_shares": "1439997926.0",
|
"enterprise_value": "23862210693.420",
|
"market_cap": "18993572643.940",
|
"normalized_eps": "0.5426396230934570971041801348",
|
"normalized_pe": "24.30710814077122457783761251",
|
"normalized_profit": "781399931.819999924",
|
"pb": "1.527441956304516245337068358",
|
"price": "13.19",
|
"ps": "2.249717395571219042093766844",
|
"reported_pe": "23.48279892954345646238077812",
|
"ttm_attributable_profit": "808829164.74",
|
"ttm_deduct_profit": "781399931.82",
|
"ttm_eps": "0.5616877289446873828344666658",
|
"ttm_revenue": "8442648254.99"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-27429232.920000076",
|
"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": "1.319",
|
"implied_margin": "0.2249717395571219042093766844",
|
"implied_profit": "1899357264.394",
|
"pe": "10"
|
},
|
{
|
"implied_eps": "1.099166666666666666666666667",
|
"implied_margin": "0.1874764496309349201744805703",
|
"implied_profit": "1582797720.328333333333333333",
|
"pe": "12"
|
},
|
{
|
"implied_eps": "0.8793333333333333333333333333",
|
"implied_margin": "0.1499811597047479361395844563",
|
"implied_profit": "1266238176.262666666666666667",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "0.7327777777777777777777777778",
|
"implied_margin": "0.1249842997539566134496537136",
|
"implied_profit": "1055198480.218888888888888889",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "0.6595",
|
"implied_margin": "0.1124858697785609521046883422",
|
"implied_profit": "949678632.197",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.5276",
|
"implied_margin": "0.08998869582284876168375067375",
|
"implied_profit": "759742905.7576",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.4396666666666666666666666667",
|
"implied_margin": "0.07499057985237396806979222812",
|
"implied_profit": "633119088.1313333333333333333",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.3768571428571428571428571429",
|
"implied_margin": "0.06427763987346340120267905268",
|
"implied_profit": "542673504.1125714285714285714",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.32975",
|
"implied_margin": "0.05624293488928047605234417110",
|
"implied_profit": "474839316.0985",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.2638",
|
"implied_margin": "0.04499434791142438084187533688",
|
"implied_profit": "379871452.8788",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.2198333333333333333333333333",
|
"implied_margin": "0.03749528992618698403489611407",
|
"implied_profit": "316559544.0656666666666666667",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.1758666666666666666666666667",
|
"implied_margin": "0.02999623194094958722791689125",
|
"implied_profit": "253247635.2525333333333333333",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.1319",
|
"implied_margin": "0.02249717395571219042093766844",
|
"implied_profit": "189935726.4394",
|
"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": "-0.19357409548510318",
|
"cagr_low": "-0.297056100371331",
|
"equity_value_high": "6477822030.123444",
|
"equity_value_low": "3259942904.769915",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "4.498494",
|
"price_low": "2.2638525",
|
"role": "pessimistic",
|
"upside_to_high": "-0.6589466262319939347990902199",
|
"upside_to_low": "-0.8283659969673995451099317665"
|
},
|
{
|
"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": "0.0010183936881817957",
|
"cagr_low": "-0.17269064437427406",
|
"equity_value_high": "19090484504.3597976",
|
"equity_value_low": "7361161397.86755",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "13.25729999999999833333093287",
|
"price_low": "5.111925",
|
"role": "base",
|
"upside_to_high": "0.005102350265352413444346692",
|
"upside_to_low": "-0.6124393479909021986353297953"
|
},
|
{
|
"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": "0.14464656690559985",
|
"cagr_low": "0.02028286904038734",
|
"equity_value_high": "37321897206.0234022",
|
"equity_value_low": "20999532954.795780",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "25.91802149999999527777097646",
|
"price_low": "14.58303",
|
"role": "optimistic",
|
"upside_to_high": "0.964975094768763857298785175",
|
"upside_to_low": "0.105612585291887793783169067"
|
}
|
]
|
}
|
