{
|
"conclusion": {
|
"base_midpoint": "56.53209859990027278415844475",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "0.05434255362856266255315598190"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "86.0978646",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "10",
|
"required_profit": "424612110.56667480"
|
},
|
{
|
"exit_pe": "12",
|
"required_profit": "353843425.47222900"
|
},
|
{
|
"exit_pe": "15",
|
"required_profit": "283074740.37778320"
|
},
|
{
|
"exit_pe": "18",
|
"required_profit": "235895616.98148600"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "212306055.28333740"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "169844844.22666992"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "141537370.18889160"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "121317745.87619280"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "106153027.64166870"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "84922422.11333496"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "70768685.09444580"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "56614948.07555664"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "42461211.05666748"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-25",
|
"code": "920012.BJ",
|
"company": "创达新材",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-08-20",
|
"market": "北京证券交易所",
|
"report_period_end": "2026-06-30"
|
},
|
"metrics": {
|
"annual_cash_conversion": "0.5843379798651877669123299126",
|
"annual_fcf": "12926930.06",
|
"book_value_per_share": "17.17284895872408672155739011",
|
"current_fcf": "-1826605.22",
|
"deduct_pe": "38.65374812043249721682734296",
|
"diluted_shares": "49317380.0",
|
"enterprise_value": "2442281120.140",
|
"market_cap": "2636507134.800",
|
"normalized_eps": "1.383048283789609032353300196",
|
"normalized_pe": "38.65374812043250362055298877",
|
"normalized_profit": "68208317.7699999887",
|
"pb": "3.113053642321907807587370363",
|
"price": "53.46",
|
"ps": "5.694661570942689293082730720",
|
"reported_pe": "38.12533950837473474191485596",
|
"ttm_attributable_profit": "69153669.68",
|
"ttm_deduct_profit": "68208317.77",
|
"ttm_eps": "1.402217021261064557768478374",
|
"ttm_revenue": "462978721.73"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-945351.9100000113",
|
"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": "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": 1
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "5.346",
|
"implied_margin": "0.5694661570942689293082730720",
|
"implied_profit": "263650713.480",
|
"pe": "10"
|
},
|
{
|
"implied_eps": "4.455",
|
"implied_margin": "0.4745551309118907744235608934",
|
"implied_profit": "219708927.900",
|
"pe": "12"
|
},
|
{
|
"implied_eps": "3.564",
|
"implied_margin": "0.3796441047295126195388487147",
|
"implied_profit": "175767142.320",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "2.97",
|
"implied_margin": "0.3163700872745938496157072622",
|
"implied_profit": "146472618.600",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "2.673",
|
"implied_margin": "0.2847330785471344646541365360",
|
"implied_profit": "131825356.740",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "2.1384",
|
"implied_margin": "0.2277864628377075717233092288",
|
"implied_profit": "105460285.392",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.782",
|
"implied_margin": "0.1898220523647563097694243573",
|
"implied_profit": "87883571.160",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.527428571428571428571428571",
|
"implied_margin": "0.1627046163126482655166494492",
|
"implied_profit": "75328775.280",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "1.3365",
|
"implied_margin": "0.1423665392735672323270682680",
|
"implied_profit": "65912678.370",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "1.0692",
|
"implied_margin": "0.1138932314188537858616546144",
|
"implied_profit": "52730142.696",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.891",
|
"implied_margin": "0.09491102618237815488471217867",
|
"implied_profit": "43941785.580",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.7128",
|
"implied_margin": "0.07592882094590252390776974294",
|
"implied_profit": "35153428.464",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.5346",
|
"implied_margin": "0.05694661570942689293082730720",
|
"implied_profit": "26365071.348",
|
"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": "-0.10305410200146736",
|
"cagr_low": "-0.22886609282337556",
|
"equity_value_high": "1530594650.75880",
|
"equity_value_low": "718915669.295799880",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "31.03560348823883182764372317",
|
"price_low": "14.57732891114247918279519309",
|
"role": "pessimistic",
|
"upside_to_high": "-0.4194612142117689519707496601",
|
"upside_to_low": "-0.7273226915237097047737524675"
|
},
|
{
|
"assumption": "以TTM扣非利润与无家机构覆盖池预期为锚，按业务质量和周期属性定价。",
|
"cagr_high": "0.07791913845183052",
|
"cagr_low": "-0.07982651753891368",
|
"equity_value_high": "3836717874.56249955",
|
"equity_value_low": "1739312103.134999880",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "77.79646596316551183375921430",
|
"price_low": "35.26773123663503373455767520",
|
"role": "base",
|
"upside_to_high": "0.455227571327450651585469777",
|
"upside_to_low": "-0.3402968343315556727542522409"
|
},
|
{
|
"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": "0.2373773690332064",
|
"cagr_low": "0.09866355913911318",
|
"equity_value_high": "7647857629.96124870",
|
"equity_value_low": "4220389662.01875",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "155.0742888199099120837319420",
|
"price_low": "85.57611255948207305416467785",
|
"role": "optimistic",
|
"upside_to_high": "1.900753625512718145973287355",
|
"upside_to_low": "0.600750328460195904492418216"
|
}
|
]
|
}
|
