{
  "conclusion": {
    "base_midpoint": "86.6356055236940153382312293",
    "price_label": "当前价格高于乐观情景上限",
    "price_position": "ABOVE_OPTIMISTIC_RANGE",
    "safety_margin_to_base_midpoint": "-2.083489731331533742331288343"
  },
  "engine_version": "1.0.0",
  "holding_period": {
    "cumulative_dividend_per_share": "0",
    "required_exit_price": "430.2316414",
    "required_profit_by_exit_pe": [
      {
        "exit_pe": "12",
        "required_profit": "8431838965.569791566666666667"
      },
      {
        "exit_pe": "15",
        "required_profit": "6745471172.455833253333333333"
      },
      {
        "exit_pe": "20",
        "required_profit": "5059103379.34187494"
      },
      {
        "exit_pe": "25",
        "required_profit": "4047282703.473499952"
      },
      {
        "exit_pe": "30",
        "required_profit": "3372735586.227916626666666667"
      },
      {
        "exit_pe": "35",
        "required_profit": "2890916216.76678568"
      },
      {
        "exit_pe": "40",
        "required_profit": "2529551689.67093747"
      }
    ],
    "required_return": "0.1",
    "years": 5
  },
  "institutions": {
    "coverage_status": "no_usable_forecasts",
    "detail": [],
    "summary": {}
  },
  "meta": {
    "as_of_date": "2026-09-05",
    "code": "688519.SH",
    "company": "南亚新材",
    "currency": "CNY",
    "latest_operating_info_date": "2026-08-29",
    "market": "上交所科创板",
    "report_period_end": "2026-06-30"
  },
  "metrics": {
    "annual_cash_conversion": "-0.3461299651860972813306822785",
    "annual_fcf": "-316582882.38",
    "book_value_per_share": "13.92013402139111550781080682",
    "current_fcf": "-238915339.82",
    "deduct_pe": "106.5327107450315061802641584",
    "diluted_shares": "235180442",
    "enterprise_value": "63373315249.97",
    "market_cap": "62826103275.88",
    "normalized_eps": "2.507586619468977781749385436",
    "normalized_pe": "106.5327107450315061802641584",
    "normalized_profit": "589735329.52",
    "pb": "19.19090718447718159302003362",
    "price": "267.14",
    "ps": "8.791258451325950821935986529",
    "reported_pe": "102.2888106414866757421423794",
    "ttm_attributable_profit": "614203087.14",
    "ttm_deduct_profit": "589735329.52",
    "ttm_eps": "2.611624852461158313496153732",
    "ttm_revenue": "7146428878.61"
  },
  "normalization_adjustments": [
    {
      "amount": "-24467757.62",
      "basis": "2025-12-31+2026-06-30-2025-06-30",
      "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"
    }
  ],
  "qa": {
    "error_count": 0,
    "info_count": 1,
    "issues": [
      {
        "action": "拆解营运资本、资本开支与回款持续性。",
        "field": "metrics.annual_fcf",
        "issue_id": "QA-NEGATIVE-FCF",
        "message": "最近完整年度简化自由现金流为负。",
        "recalc_scope": "DCF 与现金流交叉验证",
        "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": "26.714",
      "implied_margin": "0.8791258451325950821935986529",
      "implied_profit": "6282610327.588",
      "pe": "10"
    },
    {
      "implied_eps": "22.26166666666666666666666667",
      "implied_margin": "0.7326048709438292351613322107",
      "implied_profit": "5235508606.323333333333333333",
      "pe": "12"
    },
    {
      "implied_eps": "17.80933333333333333333333333",
      "implied_margin": "0.5860838967550633881290657686",
      "implied_profit": "4188406885.058666666666666667",
      "pe": "15"
    },
    {
      "implied_eps": "13.357",
      "implied_margin": "0.4395629225662975410967993265",
      "implied_profit": "3141305163.794",
      "pe": "20"
    },
    {
      "implied_eps": "10.6856",
      "implied_margin": "0.3516503380530380328774394612",
      "implied_profit": "2513044131.0352",
      "pe": "25"
    },
    {
      "implied_eps": "8.904666666666666666666666667",
      "implied_margin": "0.2930419483775316940645328843",
      "implied_profit": "2094203442.529333333333333333",
      "pe": "30"
    },
    {
      "implied_eps": "7.632571428571428571428571429",
      "implied_margin": "0.2511788128950271663410281865",
      "implied_profit": "1795031522.168",
      "pe": "35"
    },
    {
      "implied_eps": "6.6785",
      "implied_margin": "0.2197814612831487705483996632",
      "implied_profit": "1570652581.897",
      "pe": "40"
    },
    {
      "implied_eps": "5.3428",
      "implied_margin": "0.1758251690265190164387197306",
      "implied_profit": "1256522065.5176",
      "pe": "50"
    },
    {
      "implied_eps": "4.452333333333333333333333333",
      "implied_margin": "0.1465209741887658470322664422",
      "implied_profit": "1047101721.264666666666666667",
      "pe": "60"
    },
    {
      "implied_eps": "3.33925",
      "implied_margin": "0.1098907306415743852741998316",
      "implied_profit": "785326290.9485",
      "pe": "80"
    },
    {
      "implied_eps": "2.6714",
      "implied_margin": "0.08791258451325950821935986529",
      "implied_profit": "628261032.7588",
      "pe": "100"
    }
  ],
  "scenarios": [
    {
      "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。",
      "cagr_high": "-0.2942506086852269",
      "cagr_low": "-0.41786751739685735",
      "equity_value_high": "11000000000",
      "equity_value_low": "4200000000",
      "method": "pe",
      "name": "悲观",
      "price_high": "46.77259684714768926235796427",
      "price_low": "17.85862788709275408199122272",
      "role": "pessimistic",
      "upside_to_high": "-0.8249135402891828656795763859",
      "upside_to_low": "-0.9331488062922334578049291655"
    },
    {
      "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。",
      "cagr_high": "-0.13886871153186853",
      "cagr_low": "-0.2942506086852269",
      "equity_value_high": "29750000000",
      "equity_value_low": "11000000000",
      "method": "pe",
      "name": "基准",
      "price_high": "126.4986142002403414141044943",
      "price_low": "46.77259684714768926235796427",
      "role": "base",
      "upside_to_high": "-0.5264707112366536594515815891",
      "upside_to_low": "-0.8249135402891828656795763859"
    },
    {
      "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。",
      "cagr_high": "-0.026256631244809592",
      "cagr_low": "-0.13886871153186853",
      "equity_value_high": "55000000000",
      "equity_value_low": "29750000000",
      "method": "pe",
      "name": "乐观",
      "price_high": "233.8629842357384463117898214",
      "price_low": "126.4986142002403414141044943",
      "role": "optimistic",
      "upside_to_high": "-0.1245677014459143283978819293",
      "upside_to_low": "-0.5264707112366536594515815891"
    }
  ]
}