{
|
"conclusion": {
|
"base_midpoint": "3.614517189541163853036032708",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-2.026683627803898161530243849"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "17.6189794",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "10",
|
"required_profit": "762326810.86538306"
|
},
|
{
|
"exit_pe": "12",
|
"required_profit": "635272342.3878192166666666667"
|
},
|
{
|
"exit_pe": "15",
|
"required_profit": "508217873.9102553733333333333"
|
},
|
{
|
"exit_pe": "18",
|
"required_profit": "423514894.9252128111111111111"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "381163405.43269153"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "304930724.346153224"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "254108936.9551276866666666667"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "217807660.2472523028571428571"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "190581702.716345765"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "152465362.173076612"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "127054468.4775638433333333333"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "101643574.7820510746666666667"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "76232681.086538306"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-25",
|
"code": "603330.SH",
|
"company": "天洋新材",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-23",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": null,
|
"annual_fcf": "55430371.14",
|
"book_value_per_share": "3.012097657950969877530027256",
|
"current_fcf": "35439767.09",
|
"deduct_pe": null,
|
"diluted_shares": "432673649.0",
|
"enterprise_value": "4847704885.17000003",
|
"market_cap": "4733449720.060",
|
"normalized_eps": "-0.5628421658052025615731453986",
|
"normalized_pe": null,
|
"normalized_profit": "-243526973.6900000155",
|
"pb": "3.632020353364677793836292619",
|
"price": "10.94",
|
"ps": "5.930592600993629160319116792",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-238232913.30",
|
"ttm_deduct_profit": "-243526973.69",
|
"ttm_eps": "-0.5506064763837744137730005369",
|
"ttm_revenue": "798141103.01"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-5294060.3900000155",
|
"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": "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": 3
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "1.094",
|
"implied_margin": "0.5930592600993629160319116792",
|
"implied_profit": "473344972.006",
|
"pe": "10"
|
},
|
{
|
"implied_eps": "0.9116666666666666666666666667",
|
"implied_margin": "0.4942160500828024300265930660",
|
"implied_profit": "394454143.3383333333333333333",
|
"pe": "12"
|
},
|
{
|
"implied_eps": "0.7293333333333333333333333333",
|
"implied_margin": "0.3953728400662419440212744528",
|
"implied_profit": "315563314.6706666666666666667",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "0.6077777777777777777777777778",
|
"implied_margin": "0.3294773667218682866843953773",
|
"implied_profit": "262969428.8922222222222222222",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "0.547",
|
"implied_margin": "0.2965296300496814580159558396",
|
"implied_profit": "236672486.003",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.4376",
|
"implied_margin": "0.2372237040397451664127646717",
|
"implied_profit": "189337988.8024",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.3646666666666666666666666667",
|
"implied_margin": "0.1976864200331209720106372264",
|
"implied_profit": "157781657.3353333333333333333",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.3125714285714285714285714286",
|
"implied_margin": "0.1694455028855322617234033370",
|
"implied_profit": "135241420.5731428571428571429",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.2735",
|
"implied_margin": "0.1482648150248407290079779198",
|
"implied_profit": "118336243.0015",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.2188",
|
"implied_margin": "0.1186118520198725832063823358",
|
"implied_profit": "94668994.4012",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.1823333333333333333333333333",
|
"implied_margin": "0.09884321001656048600531861321",
|
"implied_profit": "78890828.66766666666666666667",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.1458666666666666666666666667",
|
"implied_margin": "0.07907456801324838880425489056",
|
"implied_profit": "63112662.93413333333333333333",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.1094",
|
"implied_margin": "0.05930592600993629160319116792",
|
"implied_profit": "47334497.2006",
|
"pe": "100"
|
}
|
],
|
"scenarios": [
|
{
|
"assumption": "亏损延续并消耗净资产。",
|
"cagr_high": "-0.24348272913669855",
|
"cagr_low": "-0.3273884105721494",
|
"equity_value_high": "1172929756.329",
|
"equity_value_low": "651627642.405",
|
"method": "pb",
|
"name": "悲观",
|
"price_high": "2.710887892155872889777024531",
|
"price_low": "1.506048828975484938765013628",
|
"role": "pessimistic",
|
"upside_to_high": "-0.7522040317956240502946047047",
|
"upside_to_low": "-0.8623355732197911390525581693"
|
},
|
{
|
"assumption": "盈利接近盈亏平衡，按中性净资产倍数定价。",
|
"cagr_high": "-0.16210693270575716",
|
"cagr_low": "-0.24348272913669855",
|
"equity_value_high": "1954882927.215",
|
"equity_value_low": "1172929756.329",
|
"method": "pb",
|
"name": "基准",
|
"price_high": "4.518146486926454816295040884",
|
"price_low": "2.710887892155872889777024531",
|
"role": "base",
|
"upside_to_high": "-0.5870067196593734171576745079",
|
"upside_to_low": "-0.7522040317956240502946047047"
|
},
|
{
|
"assumption": "核心产品放量并实现可持续扭亏。",
|
"cagr_high": "-0.07952373676080704",
|
"cagr_low": "-0.16210693270575716",
|
"equity_value_high": "3127812683.544",
|
"equity_value_low": "1954882927.215",
|
"method": "pb",
|
"name": "乐观",
|
"price_high": "7.229034379082327706072065415",
|
"price_low": "4.518146486926454816295040884",
|
"role": "optimistic",
|
"upside_to_high": "-0.3392107514549974674522792125",
|
"upside_to_low": "-0.5870067196593734171576745079"
|
}
|
]
|
}
|
