{
|
"conclusion": {
|
"base_midpoint": "7.566750000000000223565365845",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-2.557670069712888519460559595"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "43.3549292",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "10",
|
"required_profit": "1454438024.29371952"
|
},
|
{
|
"exit_pe": "12",
|
"required_profit": "1212031686.911432933333333333"
|
},
|
{
|
"exit_pe": "15",
|
"required_profit": "969625349.5291463466666666667"
|
},
|
{
|
"exit_pe": "18",
|
"required_profit": "808021124.6076219555555555556"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "727219012.14685976"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "581775209.717487808"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "484812674.7645731733333333333"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "415553721.2267770057142857143"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "363609506.07342988"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "290887604.858743904"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "242406337.3822865866666666667"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "193925069.9058292693333333333"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "145443802.429371952"
|
}
|
],
|
"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": "0.19",
|
"mark": "E",
|
"profit": "63739747.64"
|
},
|
"2027": {
|
"eps": "0.3",
|
"mark": "E",
|
"profit": "100641706.8"
|
},
|
"2028": {
|
"eps": "0.45",
|
"mark": "E",
|
"profit": "150962560.20000002"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池1家）",
|
"report_date": "2026-08-25",
|
"source_id": "SRC-EM-CONSENSUS-20260825",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.19",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "141.6842105263157894736842105",
|
"profit_max": "63739747.64",
|
"profit_mean": "63739747.64",
|
"profit_median": "63739747.64",
|
"profit_min": "63739747.64"
|
},
|
"2027": {
|
"eps_mean": "0.3",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "89.73333333333333333333333333",
|
"profit_max": "100641706.8",
|
"profit_mean": "100641706.8",
|
"profit_median": "100641706.8",
|
"profit_min": "100641706.8"
|
},
|
"2028": {
|
"eps_mean": "0.45",
|
"eps_profit_reconciliation_gap": "0.0000000000000001324831797599574450668093850",
|
"institution_count": 1,
|
"pe_on_mean": "59.82222222222221429678400192",
|
"profit_max": "150962560.20000002",
|
"profit_mean": "150962560.20000002",
|
"profit_median": "150962560.20000002",
|
"profit_min": "150962560.20000002"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-25",
|
"code": "688371.SH",
|
"company": "菲沃泰",
|
"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": "1.980828759877152893304553788",
|
"annual_fcf": "4333366.50",
|
"book_value_per_share": "5.826437952073761928687799241",
|
"current_fcf": "-32618276.74",
|
"deduct_pe": null,
|
"diluted_shares": "335472356.0",
|
"enterprise_value": "8335349866.450",
|
"market_cap": "9030915823.520",
|
"normalized_eps": "-0.06796333185796088962990440858",
|
"normalized_pe": null,
|
"normalized_profit": "-22799819.059999997",
|
"pb": "4.620318661493435978562020243",
|
"price": "26.92",
|
"ps": "18.08501456171865337573251996",
|
"reported_pe": "3362.592000298588740009804666",
|
"ttm_attributable_profit": "2685700.74",
|
"ttm_deduct_profit": "-22799819.06",
|
"ttm_eps": "0.008005728913174592543774307293",
|
"ttm_revenue": "499359057.34"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-25485519.799999997",
|
"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": [
|
{
|
"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"
|
}
|
],
|
"status": "PASS_WITH_WARNINGS",
|
"warning_count": 1
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "2.692",
|
"implied_margin": "1.808501456171865337573251996",
|
"implied_profit": "903091582.352",
|
"pe": "10"
|
},
|
{
|
"implied_eps": "2.243333333333333333333333333",
|
"implied_margin": "1.507084546809887781311043330",
|
"implied_profit": "752576318.6266666666666666667",
|
"pe": "12"
|
},
|
{
|
"implied_eps": "1.794666666666666666666666667",
|
"implied_margin": "1.205667637447910225048834664",
|
"implied_profit": "602061054.9013333333333333333",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "1.495555555555555555555555556",
|
"implied_margin": "1.004723031206591854207362220",
|
"implied_profit": "501717545.7511111111111111111",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "1.346",
|
"implied_margin": "0.9042507280859326687866259981",
|
"implied_profit": "451545791.176",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "1.0768",
|
"implied_margin": "0.7234005824687461350293007985",
|
"implied_profit": "361236632.9408",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.8973333333333333333333333333",
|
"implied_margin": "0.6028338187239551125244173321",
|
"implied_profit": "301030527.4506666666666666667",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.7691428571428571428571428571",
|
"implied_margin": "0.5167147017633900964495005703",
|
"implied_profit": "258026166.3862857142857142857",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.673",
|
"implied_margin": "0.4521253640429663343933129990",
|
"implied_profit": "225772895.588",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.5384",
|
"implied_margin": "0.3617002912343730675146503992",
|
"implied_profit": "180618316.4704",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.4486666666666666666666666667",
|
"implied_margin": "0.3014169093619775562622086660",
|
"implied_profit": "150515263.7253333333333333333",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.3589333333333333333333333333",
|
"implied_margin": "0.2411335274895820450097669329",
|
"implied_profit": "120412210.9802666666666666667",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.2692",
|
"implied_margin": "0.1808501456171865337573251996",
|
"implied_profit": "90309158.2352",
|
"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": "-0.32005244728639914",
|
"cagr_low": "-0.41542671172338574",
|
"equity_value_high": "1312528883.402880",
|
"equity_value_low": "616490839.174080040",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "3.91248",
|
"price_low": "1.837680000000000119234861784",
|
"role": "pessimistic",
|
"upside_to_high": "-0.8546627043090638930163447251",
|
"upside_to_low": "-0.9317355126300148544117807658"
|
},
|
{
|
"assumption": "以TTM扣非利润与1家机构覆盖池预期为锚，按业务质量和周期属性定价。",
|
"cagr_high": "-0.16869534109713702",
|
"cagr_low": "-0.30244431813836026",
|
"equity_value_high": "3585360804.75",
|
"equity_value_low": "1491510094.776000150",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "10.6875",
|
"price_low": "4.446000000000000447130731690",
|
"role": "base",
|
"upside_to_high": "-0.6029903417533432392273402675",
|
"upside_to_low": "-0.8348439821693907709089624186"
|
},
|
{
|
"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": "-0.0457191685308973",
|
"cagr_low": "-0.15269698560977896",
|
"equity_value_high": "7146819204.13499935",
|
"equity_value_low": "3943896885.22500045",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "21.30374999999999806243349601",
|
"price_low": "11.75625000000000134139219507",
|
"role": "optimistic",
|
"upside_to_high": "-0.2086274145616642621681465078",
|
"upside_to_low": "-0.5632893759286775133212408964"
|
}
|
]
|
}
|
