{
  "conclusion": {
    "base_midpoint": "25.15892187422167210547815582",
    "price_label": "当前价格高于基准合理区间",
    "price_position": "ABOVE_BASE_RANGE",
    "safety_margin_to_base_midpoint": "-0.3466395805582637729549248745"
  },
  "engine_version": "1.0.0",
  "holding_period": {
    "cumulative_dividend_per_share": "0",
    "required_exit_price": "54.5640788",
    "required_profit_by_exit_pe": [
      {
        "exit_pe": "10",
        "required_profit": "6495485650.10024372"
      },
      {
        "exit_pe": "12",
        "required_profit": "5412904708.416869766666666667"
      },
      {
        "exit_pe": "15",
        "required_profit": "4330323766.733495813333333333"
      },
      {
        "exit_pe": "18",
        "required_profit": "3608603138.944579844444444444"
      },
      {
        "exit_pe": "20",
        "required_profit": "3247742825.05012186"
      },
      {
        "exit_pe": "25",
        "required_profit": "2598194260.040097488"
      },
      {
        "exit_pe": "30",
        "required_profit": "2165161883.366747906666666667"
      },
      {
        "exit_pe": "35",
        "required_profit": "1855853042.88578392"
      },
      {
        "exit_pe": "40",
        "required_profit": "1623871412.52506093"
      },
      {
        "exit_pe": "50",
        "required_profit": "1299097130.020048744"
      },
      {
        "exit_pe": "60",
        "required_profit": "1082580941.683373953333333333"
      },
      {
        "exit_pe": "75",
        "required_profit": "866064753.3466991626666666667"
      },
      {
        "exit_pe": "100",
        "required_profit": "649548565.010024372"
      }
    ],
    "required_return": "0.1",
    "years": 5
  },
  "institutions": {
    "coverage_status": "available",
    "detail": [
      {
        "core_assumption": "半年报后因二季度六氟磷酸锂价格和价差收窄，下调2026至2028年盈利预测。",
        "estimates": {
          "2026": {
            "eps": "1.12",
            "mark": "E",
            "profit": "1336000000.0"
          },
          "2027": {
            "eps": "1.65",
            "mark": "E",
            "profit": "1964000000.0"
          },
          "2028": {
            "eps": "2.49",
            "mark": "E",
            "profit": "2961000000.0"
          }
        },
        "included": true,
        "institution": "华安证券",
        "report_date": "2026-08-20",
        "source_id": "SRC-THS-FORECAST-DETAIL-20260825",
        "statuses": [
          "CURRENT"
        ]
      },
      {
        "core_assumption": "发布早于2026年半年报，仅保留为公告前市场预期差证据，不进入当前一致预期。",
        "estimates": {
          "2026": {
            "eps": "1.80",
            "mark": "E",
            "profit": "2137000000.0"
          },
          "2027": {
            "eps": "2.26",
            "mark": "E",
            "profit": "2694000000.0"
          },
          "2028": {
            "eps": "3.19",
            "mark": "E",
            "profit": "3794000000.0"
          }
        },
        "included": false,
        "institution": "中原证券",
        "report_date": "2026-04-28",
        "source_id": "SRC-THS-FORECAST-DETAIL-20260825",
        "statuses": [
          "STALE_BEFORE_LATEST_DISCLOSURE"
        ]
      },
      {
        "core_assumption": "发布早于2026年半年报，仅保留为公告前市场预期差证据，不进入当前一致预期。",
        "estimates": {
          "2026": {
            "eps": "2.11",
            "mark": "E",
            "profit": "2506000000.0"
          },
          "2027": {
            "eps": "2.52",
            "mark": "E",
            "profit": "2998000000.0"
          },
          "2028": {
            "eps": "3.00",
            "mark": "E",
            "profit": "3570000000.0"
          }
        },
        "included": false,
        "institution": "光大证券",
        "report_date": "2026-04-27",
        "source_id": "SRC-THS-FORECAST-DETAIL-20260825",
        "statuses": [
          "STALE_BEFORE_LATEST_DISCLOSURE"
        ]
      }
    ],
    "summary": {
      "2026": {
        "eps_mean": "1.12",
        "eps_profit_reconciliation_gap": "0.002032576886227544910179640719",
        "institution_count": 1,
        "pe_on_mean": "30.18851454919161676646706587",
        "profit_max": "1336000000.0",
        "profit_mean": "1336000000.0",
        "profit_median": "1336000000.0",
        "profit_min": "1336000000.0"
      },
      "2027": {
        "eps_mean": "1.65",
        "eps_profit_reconciliation_gap": "0.0001088283350305498981670061100",
        "institution_count": 1,
        "pe_on_mean": "20.53556794181262729124236253",
        "profit_max": "1964000000.0",
        "profit_mean": "1964000000.0",
        "profit_median": "1964000000.0",
        "profit_min": "1964000000.0"
      },
      "2028": {
        "eps_mean": "2.49",
        "eps_profit_reconciliation_gap": "0.001072981023302938196555217832",
        "institution_count": 1,
        "pe_on_mean": "13.62102513938534278959810875",
        "profit_max": "2961000000.0",
        "profit_mean": "2961000000.0",
        "profit_median": "2961000000.0",
        "profit_min": "2961000000.0"
      }
    }
  },
  "meta": {
    "as_of_date": "2026-08-25",
    "code": "002407.SZ",
    "company": "多氟多",
    "currency": "CNY",
    "latest_operating_info_date": "2026-08-18",
    "market": "深圳证券交易所",
    "report_period_end": "2026-06-30"
  },
  "metrics": {
    "annual_cash_conversion": "0.9356374333576025737479033129",
    "annual_fcf": "-857622558.88",
    "book_value_per_share": "7.293298265203965534313266928",
    "current_fcf": "-148396886.41",
    "deduct_pe": "67.30314410031407103073652740",
    "diluted_shares": "1190432569.0",
    "enterprise_value": "48275865790.200",
    "market_cap": "40331855437.720",
    "normalized_eps": "0.5033940160284710842786089802",
    "normalized_pe": "67.30314410031406990762598447",
    "normalized_profit": "599256631.72000001",
    "pb": "4.645360544438464228156153721",
    "price": "33.88",
    "ps": "3.321776217286907979761557928",
    "reported_pe": "59.90031231842652282844897780",
    "ttm_attributable_profit": "673316279.61",
    "ttm_deduct_profit": "599256631.72",
    "ttm_eps": "0.5656063998447273664939521661",
    "ttm_revenue": "12141653380.45"
  },
  "normalization_adjustments": [
    {
      "amount": "-74059647.88999999",
      "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": "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": "保留作公告前预期对照，但不纳入当前一致预期。",
        "field": "institutions.中原证券",
        "issue_id": "QA-INSTITUTION-STALE",
        "message": "机构预测已早于最新经营信息或低于已实现累计利润。",
        "recalc_scope": "机构预期与 Forward PE",
        "severity": "WARNING"
      },
      {
        "action": "保留作公告前预期对照，但不纳入当前一致预期。",
        "field": "institutions.光大证券",
        "issue_id": "QA-INSTITUTION-STALE",
        "message": "机构预测已早于最新经营信息或低于已实现累计利润。",
        "recalc_scope": "机构预期与 Forward PE",
        "severity": "WARNING"
      }
    ],
    "status": "PASS_WITH_WARNINGS",
    "warning_count": 3
  },
  "reverse_pe": [
    {
      "implied_eps": "3.388",
      "implied_margin": "0.3321776217286907979761557928",
      "implied_profit": "4033185543.772",
      "pe": "10"
    },
    {
      "implied_eps": "2.823333333333333333333333333",
      "implied_margin": "0.2768146847739089983134631606",
      "implied_profit": "3360987953.143333333333333333",
      "pe": "12"
    },
    {
      "implied_eps": "2.258666666666666666666666667",
      "implied_margin": "0.2214517478191271986507705286",
      "implied_profit": "2688790362.514666666666666667",
      "pe": "15"
    },
    {
      "implied_eps": "1.882222222222222222222222222",
      "implied_margin": "0.1845431231826059988756421071",
      "implied_profit": "2240658635.428888888888888889",
      "pe": "18"
    },
    {
      "implied_eps": "1.694",
      "implied_margin": "0.1660888108643453989880778964",
      "implied_profit": "2016592771.886",
      "pe": "20"
    },
    {
      "implied_eps": "1.3552",
      "implied_margin": "0.1328710486914763191904623171",
      "implied_profit": "1613274217.5088",
      "pe": "25"
    },
    {
      "implied_eps": "1.129333333333333333333333333",
      "implied_margin": "0.1107258739095635993253852642",
      "implied_profit": "1344395181.257333333333333333",
      "pe": "30"
    },
    {
      "implied_eps": "0.968",
      "implied_margin": "0.09490789192248308513604451223",
      "implied_profit": "1152338726.792",
      "pe": "35"
    },
    {
      "implied_eps": "0.847",
      "implied_margin": "0.08304440543217269949403894820",
      "implied_profit": "1008296385.943",
      "pe": "40"
    },
    {
      "implied_eps": "0.6776",
      "implied_margin": "0.06643552434573815959523115856",
      "implied_profit": "806637108.7544",
      "pe": "50"
    },
    {
      "implied_eps": "0.5646666666666666666666666667",
      "implied_margin": "0.05536293695478179966269263213",
      "implied_profit": "672197590.6286666666666666667",
      "pe": "60"
    },
    {
      "implied_eps": "0.4517333333333333333333333333",
      "implied_margin": "0.04429034956382543973015410570",
      "implied_profit": "537758072.5029333333333333333",
      "pe": "75"
    },
    {
      "implied_eps": "0.3388",
      "implied_margin": "0.03321776217286907979761557928",
      "implied_profit": "403318554.3772",
      "pe": "100"
    }
  ],
  "scenarios": [
    {
      "assumption": "六氟磷酸锂价格与价差继续回落，电池业务低毛利拖累，归一化NTM扣非利润降至9至11亿元。",
      "cagr_high": "-0.11863496197172096",
      "cagr_low": "-0.16217520836793398",
      "equity_value_high": "21450000000.00",
      "equity_value_low": "16650000000.00",
      "method": "pe",
      "name": "悲观",
      "price_high": "18.01866024046927768489170091",
      "price_low": "13.98651249435027848267817343",
      "role": "pessimistic",
      "upside_to_high": "-0.4681623305646612253573878126",
      "upside_to_low": "-0.5871749558928489231795108197"
    },
    {
      "assumption": "以半年报后华安证券2026年13.36亿元、2027年19.64亿元归母预测为外部锚，结合TTM扣非5.99亿元和二季度环比降速，采用14至17亿元归一化NTM扣非利润。",
      "cagr_high": "-0.03357947935918826",
      "cagr_low": "-0.08476986265031938",
      "equity_value_high": "34000000000.00",
      "equity_value_low": "25900000000.00",
      "method": "pe",
      "name": "基准",
      "price_high": "28.56104653500957768234581962",
      "price_low": "21.75679721343376652861049201",
      "role": "base",
      "upside_to_high": "-0.1569939039253371404266287007",
      "upside_to_low": "-0.3578277091666538805014612748"
    },
    {
      "assumption": "六氟磷酸锂景气和新能源电池盈利超预期，电子信息材料逐步贡献增量；为避免周期利润与估值倍数双重上调，倍数不高于20倍。",
      "cagr_high": "0.052133935023510825",
      "cagr_low": "0.001818947928727388",
      "equity_value_high": "52000000000.00",
      "equity_value_low": "40700000000.00",
      "method": "pe",
      "name": "乐观",
      "price_high": "43.68160058295582469064654766",
      "price_low": "34.18925276396734740210220172",
      "role": "optimistic",
      "upside_to_high": "0.289303441055366726406332576",
      "upside_to_low": "0.009127885595258187783417996"
    }
  ]
}