{ "conclusion": { "base_midpoint": "9.410403240344978025726656815", "price_label": "当前价格高于基准合理区间", "price_position": "ABOVE_BASE_RANGE", "safety_margin_to_base_midpoint": "-0.3782618734544822693444270934" }, "engine_version": "1.0.0", "holding_period": { "cumulative_dividend_per_share": "0", "required_exit_price": "20.8883147", "required_profit_by_exit_pe": [ { "exit_pe": "20", "required_profit": "7914649532.052400665" }, { "exit_pe": "25", "required_profit": "6331719625.641920532" }, { "exit_pe": "30", "required_profit": "5276433021.36826711" }, { "exit_pe": "35", "required_profit": "4522656875.458514665714285714" }, { "exit_pe": "40", "required_profit": "3957324766.0262003325" }, { "exit_pe": "50", "required_profit": "3165859812.820960266" }, { "exit_pe": "60", "required_profit": "2638216510.684133555" }, { "exit_pe": "75", "required_profit": "2110573208.547306844" }, { "exit_pe": "100", "required_profit": "1582929906.410480133" } ], "required_return": "0.1", "years": 5 }, "institutions": { "coverage_status": "available", "detail": [ { "core_assumption": "汇总接口未提供逐家报告日期；估值日仅作为C1汇总快照日期，不替代单家研报。", "estimates": { "2026": { "eps": "-0.048", "profit": "-363747083.472" }, "2027": { "eps": "0.396", "profit": "3000913438.644" }, "2028": { "eps": "0.743", "profit": "5630501729.577" } }, "included": true, "institution": "东方财富公开一致预期汇总（覆盖池11家）", "report_date": "2026-08-05", "source_id": "SRC-EM-CONSENSUS-20260805", "statuses": [ "CURRENT" ] } ], "summary": { "2026": { "eps_mean": "-0.048", "eps_profit_reconciliation_gap": "0.0", "institution_count": 1, "pe_on_mean": null, "profit_max": "-363747083.472", "profit_mean": "-363747083.472", "profit_median": "-363747083.472", "profit_min": "-363747083.472" }, "2027": { "eps_mean": "0.396", "eps_profit_reconciliation_gap": "0.0", "institution_count": 1, "pe_on_mean": "32.75252525252525252525252525", "profit_max": "3000913438.644", "profit_mean": "3000913438.644", "profit_median": "3000913438.644", "profit_min": "3000913438.644" }, "2028": { "eps_mean": "0.743", "eps_profit_reconciliation_gap": "0.0", "institution_count": 1, "pe_on_mean": "17.45625841184387617765814266", "profit_max": "5630501729.577", "profit_mean": "5630501729.577", "profit_median": "5630501729.577", "profit_min": "5630501729.577" } } }, "meta": { "as_of_date": "2026-08-05", "code": "601012.SH", "company": "隆基绿能", "currency": "CNY", "latest_operating_info_date": "2026-04-29", "market": "上海证券交易所", "report_period_end": "2026-03-31" }, "metrics": { "annual_cash_conversion": null, "annual_fcf": "-1534589984.50", "book_value_per_share": "6.721716600246412875519040582", "current_fcf": "-3257508504.47", "deduct_pe": null, "diluted_shares": "7578064239.0", "enterprise_value": "83690252536.669996", "market_cap": "98287493179.830", "normalized_eps": "-0.9921734676390355682230315282", "normalized_pe": null, "normalized_profit": "-7518754273.9999992", "pb": "1.929566622836275177082197931", "price": "12.97", "ps": "1.447828815446502799155917830", "reported_pe": null, "ttm_attributable_profit": "-6908805585.66", "ttm_deduct_profit": "-7518754274.00", "ttm_eps": "-0.9116847479471465588878600690", "ttm_revenue": "67886128616.33" }, "normalization_adjustments": [ { "amount": "-609948688.3399992", "basis": "2025年报加2026年最新累计期减上年同期比较数", "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": "使用正常化情景、PB 或反向估值。", "field": "metrics.ttm_attributable_profit", "issue_id": "QA-NEGATIVE-TTM-PROFIT", "message": "TTM 归母利润不为正，报告 PE 不适用。", "recalc_scope": "PE 模块", "severity": "WARNING" }, { "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" }, { "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" } ], "status": "PASS_WITH_WARNINGS", "warning_count": 3 }, "reverse_pe": [ { "implied_eps": "0.6485", "implied_margin": "0.07239144077232513995779589152", "implied_profit": "4914374658.9915", "pe": "20" }, { "implied_eps": "0.5188", "implied_margin": "0.05791315261786011196623671322", "implied_profit": "3931499727.1932", "pe": "25" }, { "implied_eps": "0.4323333333333333333333333333", "implied_margin": "0.04826096051488342663853059435", "implied_profit": "3276249772.661", "pe": "30" }, { "implied_eps": "0.3705714285714285714285714286", "implied_margin": "0.04136653758418579426159765230", "implied_profit": "2808214090.852285714285714286", "pe": "35" }, { "implied_eps": "0.32425", "implied_margin": "0.03619572038616256997889794576", "implied_profit": "2457187329.49575", "pe": "40" }, { "implied_eps": "0.2594", "implied_margin": "0.02895657630893005598311835661", "implied_profit": "1965749863.5966", "pe": "50" }, { "implied_eps": "0.2161666666666666666666666667", "implied_margin": "0.02413048025744171331926529717", "implied_profit": "1638124886.3305", "pe": "60" }, { "implied_eps": "0.1729333333333333333333333333", "implied_margin": "0.01930438420595337065541223774", "implied_profit": "1310499909.0644", "pe": "75" }, { "implied_eps": "0.1297", "implied_margin": "0.01447828815446502799155917830", "implied_profit": "982874931.7983", "pe": "100" } ], "scenarios": [ { "assumption": "亏损继续且现金消耗偏高，按归母净资产折价。", "cagr_high": "-0.12318485157213288", "cagr_low": "-0.20834074295149818", "equity_value_high": "50937600193.020", "equity_value_low": "30562560115.812", "method": "pb", "name": "悲观", "price_high": "6.721716600246412875519040582", "price_low": "4.033029960147847725311424349", "role": "pessimistic", "upside_to_high": "-0.4817489128568687065906676498", "upside_to_low": "-0.6890493477141212239544005899" }, { "assumption": "业务逐步接近盈亏平衡，按成长型资产的中性净资产倍数定价。", "cagr_high": "-0.013805569861647493", "cagr_low": "-0.12318485157213288", "equity_value_high": "91687680347.436", "equity_value_low": "50937600193.020", "method": "pb", "name": "基准", "price_high": "12.09908988044354317593427305", "price_low": "6.721716600246412875519040582", "role": "base", "upside_to_high": "-0.0671480431423636718632017695", "upside_to_low": "-0.4817489128568687065906676498" }, { "assumption": "核心产品或订单放量并形成可持续盈利，给予成长溢价。", "cagr_high": "0.09227575872016636", "cagr_low": "-0.013805569861647493", "equity_value_high": "152812800579.060", "equity_value_low": "91687680347.436", "method": "pb", "name": "乐观", "price_high": "20.16514980073923862655712175", "price_low": "12.09908988044354317593427305", "role": "optimistic", "upside_to_high": "0.554753261429393880227997051", "upside_to_low": "-0.0671480431423636718632017695" } ] }