{
|
"conclusion": {
|
"base_midpoint": "1.311131629276496892819083851",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-3.149087611441330096539313925"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "8.7611744",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "10",
|
"required_profit": "517103495.92457248"
|
},
|
{
|
"exit_pe": "12",
|
"required_profit": "430919579.9371437333333333333"
|
},
|
{
|
"exit_pe": "15",
|
"required_profit": "344735663.9497149866666666667"
|
},
|
{
|
"exit_pe": "18",
|
"required_profit": "287279719.9580958222222222222"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "258551747.96228624"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "206841398.369828992"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "172367831.9748574933333333333"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "147743855.97844928"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "129275873.98114312"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "103420699.184914496"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "86183915.98742874666666666667"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "68947132.78994299733333333333"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "51710349.592457248"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-25",
|
"code": "688280.SH",
|
"company": "精进电动",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-29",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "3.852027400660603197133618231",
|
"annual_fcf": "446691615.10",
|
"book_value_per_share": "1.092609691063747410682569876",
|
"current_fcf": "-223228343.54",
|
"deduct_pe": null,
|
"diluted_shares": "590221667.0",
|
"enterprise_value": "3262048207.000",
|
"market_cap": "3210805868.480",
|
"normalized_eps": "-0.03301672313903718990377220428",
|
"normalized_pe": null,
|
"normalized_profit": "-19487185.370000003",
|
"pb": "4.978905133729596115847176710",
|
"price": "5.44",
|
"ps": "1.211109529560621859583375344",
|
"reported_pe": "305.8186636251728418054987330",
|
"ttm_attributable_profit": "10499051.40",
|
"ttm_deduct_profit": "-19487185.37",
|
"ttm_eps": "0.01778831918076636790089239472",
|
"ttm_revenue": "2651127573.61"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-29986236.770000003",
|
"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": "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": 2
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "0.544",
|
"implied_margin": "0.1211109529560621859583375344",
|
"implied_profit": "321080586.848",
|
"pe": "10"
|
},
|
{
|
"implied_eps": "0.4533333333333333333333333333",
|
"implied_margin": "0.1009257941300518216319479453",
|
"implied_profit": "267567155.7066666666666666667",
|
"pe": "12"
|
},
|
{
|
"implied_eps": "0.3626666666666666666666666667",
|
"implied_margin": "0.08074063530404145730555835622",
|
"implied_profit": "214053724.5653333333333333333",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "0.3022222222222222222222222222",
|
"implied_margin": "0.06728386275336788108796529685",
|
"implied_profit": "178378103.8044444444444444444",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "0.272",
|
"implied_margin": "0.06055547647803109297916876718",
|
"implied_profit": "160540293.424",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.2176",
|
"implied_margin": "0.04844438118242487438333501374",
|
"implied_profit": "128432234.7392",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.1813333333333333333333333333",
|
"implied_margin": "0.04037031765202072865277917813",
|
"implied_profit": "107026862.2826666666666666667",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.1554285714285714285714285714",
|
"implied_margin": "0.03460312941601776741666786696",
|
"implied_profit": "91737310.528",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.136",
|
"implied_margin": "0.03027773823901554648958438359",
|
"implied_profit": "80270146.712",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.1088",
|
"implied_margin": "0.02422219059121243719166750687",
|
"implied_profit": "64216117.3696",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.09066666666666666666666666667",
|
"implied_margin": "0.02018515882601036432638958906",
|
"implied_profit": "53513431.14133333333333333333",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.07253333333333333333333333333",
|
"implied_margin": "0.01614812706080829146111167125",
|
"implied_profit": "42810744.91306666666666666667",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.0544",
|
"implied_margin": "0.01211109529560621859583375344",
|
"implied_profit": "32108058.6848",
|
"pe": "100"
|
}
|
],
|
"scenarios": [
|
{
|
"assumption": "亏损延续并消耗净资产。",
|
"cagr_high": "-0.2897328456387154",
|
"cagr_low": "-0.3685089051989877",
|
"equity_value_high": "580393721.916",
|
"equity_value_low": "322440956.620",
|
"method": "pb",
|
"name": "悲观",
|
"price_high": "0.9833487219573726696143128883",
|
"price_low": "0.5463048455318737053412849380",
|
"role": "pessimistic",
|
"upside_to_high": "-0.8192373672872476710267807191",
|
"upside_to_low": "-0.8995763151595820394593226217"
|
},
|
{
|
"assumption": "盈利接近盈亏平衡，按中性净资产倍数定价。",
|
"cagr_high": "-0.2133320051147033",
|
"cagr_low": "-0.2897328456387154",
|
"equity_value_high": "967322869.860",
|
"equity_value_low": "580393721.916",
|
"method": "pb",
|
"name": "基准",
|
"price_high": "1.638914536595621116023854814",
|
"price_low": "0.9833487219573726696143128883",
|
"role": "base",
|
"upside_to_high": "-0.6987289454787461183779678651",
|
"upside_to_low": "-0.8192373672872476710267807191"
|
},
|
{
|
"assumption": "核心产品放量并实现可持续扭亏。",
|
"cagr_high": "-0.13579758013727417",
|
"cagr_low": "-0.2133320051147033",
|
"equity_value_high": "1547716591.776",
|
"equity_value_low": "967322869.860",
|
"method": "pb",
|
"name": "乐观",
|
"price_high": "2.622263258552993785638167702",
|
"price_low": "1.638914536595621116023854814",
|
"role": "optimistic",
|
"upside_to_high": "-0.5179663127659937894047485842",
|
"upside_to_low": "-0.6987289454787461183779678651"
|
}
|
]
|
}
|
