{
  "snapshot_id": "688519-SH-20260905-current",
  "meta": {
    "company": "南亚新材",
    "code": "688519.SH",
    "market": "上交所科创板",
    "as_of_date": "2026-09-05",
    "currency": "CNY",
    "report_period_end": "2026-06-30",
    "latest_operating_info_date": "2026-08-29"
  },
  "market": {
    "price": 267.14,
    "price_type": "前复权完整交易日收盘价（与未复权报价同值核验）",
    "price_timestamp": "2026-09-04T15:00:00+08:00",
    "diluted_shares": 235180442,
    "shares_date": "2026-09-05",
    "platform_market_cap": 62826103275.88
  },
  "financials": {
    "annual": {
      "period_end": "2025-12-31",
      "basis": "audited",
      "revenue": 5227828810.43,
      "attributable_profit": 240327620.48,
      "deduct_profit": 218017399.69,
      "cfo": -83184590.91,
      "capex": 233398291.47
    },
    "current_cumulative": {
      "period_end": "2026-06-30",
      "basis": "interim_report_unaudited",
      "revenue": 4223655477.69,
      "attributable_profit": 461065617.47,
      "deduct_profit": 452920222.37,
      "cfo": -23636325.28,
      "capex": 215279014.54
    },
    "prior_year_same_period": {
      "period_end": "2025-06-30",
      "basis": "reported_comparative",
      "revenue": 2305055409.51,
      "attributable_profit": 87190150.81,
      "deduct_profit": 81202292.54,
      "cfo": -70241508.13,
      "capex": 103727313.07
    }
  },
  "balance_sheet": {
    "period_end": "2026-06-30",
    "equity": 3273743271.85,
    "cash_available": 417575689.14,
    "non_operating_financial_assets": 0,
    "interest_bearing_debt": 964787663.23,
    "minority_interest": 0
  },
  "normalization": {
    "adjustments": [
      {
        "description": "以最新TTM扣非归母利润替代TTM归母利润作为核心盈利代理",
        "amount": -24467757.62,
        "basis": "2025-12-31+2026-06-30-2025-06-30"
      }
    ]
  },
  "valuation": {
    "scenarios": [
      {
        "name": "悲观",
        "role": "pessimistic",
        "method": "pe",
        "profit_low": 350000000,
        "profit_high": 550000000,
        "multiple_low": 12,
        "multiple_high": 20,
        "assumption": "覆铜板景气回落、产品价格与稼动率承压，利润向周期中枢回归。"
      },
      {
        "name": "基准",
        "role": "base",
        "method": "pe",
        "profit_low": 550000000,
        "profit_high": 850000000,
        "multiple_low": 20,
        "multiple_high": 35,
        "assumption": "H1高增长部分延续，但按周期材料公司折价，未把AI覆铜板渗透率全部提前资本化。"
      },
      {
        "name": "乐观",
        "role": "optimistic",
        "method": "pe",
        "profit_low": 850000000,
        "profit_high": 1100000000,
        "multiple_low": 35,
        "multiple_high": 50,
        "assumption": "高端覆铜板放量、良率和价格同时兑现，现金流随利润改善。"
      }
    ],
    "reverse_pe_multiples": [10, 12, 15, 20, 25, 30, 35, 40, 50, 60, 80, 100],
    "exit_pe_multiples": [12, 15, 20, 25, 30, 35, 40],
    "holding_period": {
      "years": 5,
      "required_return": 0.1,
      "cumulative_dividend_per_share": 0
    }
  },
  "institutions": {
    "coverage_status": "no_usable_forecasts",
    "forecasts": []
  },
  "sources": [
    {
      "id": "SRC-CNINFO-688519-H1-20260829",
      "source_type": "cninfo",
      "title": "南亚新材2026年半年度报告",
      "publish_date": "2026-08-29",
      "period_end": "2026-06-30",
      "url": "https://static.cninfo.com.cn/finalpage/2026-08-29/1225528689.PDF",
      "supports": ["financials.current_cumulative", "financials.prior_year_same_period", "balance_sheet.equity"],
      "revision_status": "current"
    },
    {
      "id": "SRC-EM-FINANCE-688519-20260905",
      "source_type": "financial_mirror",
      "title": "东方财富结构化财务与法定报告勾稽",
      "publish_date": "2026-08-29",
      "period_end": "2026-06-30",
      "url": "https://datacenter-web.eastmoney.com/api/data/v1/get",
      "supports": ["financials.annual", "financials.current_cumulative", "financials.prior_year_same_period", "balance_sheet.equity"],
      "revision_status": "current"
    },
    {
      "id": "SRC-MARKET-688519-20260905",
      "source_type": "quote_provider",
      "title": "trading_xuntou前复权收盘与东方财富当前总股本勾稽",
      "publish_date": "2026-09-05",
      "period_end": "2026-09-04",
      "url": "https://push2.eastmoney.com/api/qt/stock/get",
      "supports": ["market.price", "market.diluted_shares", "market.platform_market_cap"],
      "revision_status": "current"
    },
    {
      "id": "SRC-NO-CONSENSUS-688519-20260905",
      "source_type": "institution_aggregator",
      "title": "固定机构预测明细未形成可用样本",
      "publish_date": "2026-09-05",
      "period_end": "2026-09-05",
      "url": "https://datacenter-web.eastmoney.com/api/data/v1/get",
      "supports": ["institutions"],
      "revision_status": "current"
    }
  ],
  "analysis": {
    "company_type": "覆铜板与半固化片材料公司",
    "primary_model": "TTM扣非PE三情景，结合周期中枢与同行材料估值交叉验证",
    "cross_checks": ["TTM扣非PE", "PB", "PS", "经营现金流", "同行覆铜板与电子材料估值"],
    "profit_sources": ["主要利润来自覆铜板及半固化片，AI服务器高频高速材料属于增长分支。"],
    "profit_source_quality": ["2026H1收入和扣非利润显著增长，但经营现金流仍为负，利润兑现尚未完整转化为现金。"],
    "risks": ["覆铜板具明显周期性，价格、铜价、稼动率与产品结构变化会放大利润波动。", "当前估值已提前计入高端材料渗透与份额提升，若订单、良率或现金回收不及预期将面临压缩。"],
    "upgrade_triggers": ["高端覆铜板收入和毛利可验证放量，经营现金流连续转正。"],
    "downgrade_triggers": ["H2单季扣非利润回落、应收存货扩张或高端产品认证与放量延期。"],
    "information_cutoff": "2026-09-05T22:14:05+08:00"
  }
}