{
  "conclusion": {
    "base_midpoint": "109.5281363635841101859503690",
    "price_label": "当前价格处于基准合理区间",
    "price_position": "WITHIN_BASE_RANGE",
    "safety_margin_to_base_midpoint": "-0.3199348112716231758052246425"
  },
  "engine_version": "1.0.0",
  "holding_period": {
    "cumulative_dividend_per_share": "0",
    "required_exit_price": "232.8314307",
    "required_profit_by_exit_pe": [
      {
        "exit_pe": "20",
        "required_profit": "11919290921.396513655"
      },
      {
        "exit_pe": "25",
        "required_profit": "9535432737.117210924"
      },
      {
        "exit_pe": "30",
        "required_profit": "7946193947.59767577"
      },
      {
        "exit_pe": "35",
        "required_profit": "6811023383.65515066"
      },
      {
        "exit_pe": "40",
        "required_profit": "5959645460.6982568275"
      },
      {
        "exit_pe": "50",
        "required_profit": "4767716368.558605462"
      },
      {
        "exit_pe": "60",
        "required_profit": "3973096973.798837885"
      },
      {
        "exit_pe": "75",
        "required_profit": "3178477579.039070308"
      },
      {
        "exit_pe": "100",
        "required_profit": "2383858184.279302731"
      }
    ],
    "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": "3.712818181818",
            "profit": "3801390552.322814"
          },
          "2027": {
            "eps": "5.858681818182",
            "profit": "5998445553.236687"
          },
          "2028": {
            "eps": "8.019444444444",
            "profit": "8210754971.863434"
          }
        },
        "included": true,
        "institution": "东方财富公开一致预期汇总（覆盖池22家）",
        "report_date": "2026-08-06",
        "source_id": "SRC-EM-CONSENSUS-20260806",
        "statuses": [
          "CURRENT"
        ]
      }
    ],
    "summary": {
      "2026": {
        "eps_mean": "3.712818181818",
        "eps_profit_reconciliation_gap": "0.00000000000000004093396820406101277335269397",
        "institution_count": 1,
        "pe_on_mean": "38.93807693249621241051402700",
        "profit_max": "3801390552.322814",
        "profit_mean": "3801390552.322814",
        "profit_median": "3801390552.322814",
        "profit_min": "3801390552.322814"
      },
      "2027": {
        "eps_mean": "5.858681818182",
        "eps_profit_reconciliation_gap": "0.0000000000000001407688029350162969362405743",
        "institution_count": 1,
        "pe_on_mean": "24.67619926914913258087930823",
        "profit_max": "5998445553.236687",
        "profit_mean": "5998445553.236687",
        "profit_median": "5998445553.236687",
        "profit_min": "5998445553.236687"
      },
      "2028": {
        "eps_mean": "8.019444444444",
        "eps_profit_reconciliation_gap": "0.00000000000000001926107898018399281882842760",
        "institution_count": 1,
        "pe_on_mean": "18.02743332178832122857110440",
        "profit_max": "8210754971.863434",
        "profit_mean": "8210754971.863434",
        "profit_median": "8210754971.863434",
        "profit_min": "8210754971.863434"
      }
    }
  },
  "meta": {
    "as_of_date": "2026-08-06",
    "code": "002353.SZ",
    "company": "杰瑞股份",
    "currency": "CNY",
    "latest_operating_info_date": "2026-04-17",
    "market": "深圳证券交易所",
    "report_period_end": "2026-03-31"
  },
  "metrics": {
    "annual_cash_conversion": "2.006525352495386229780993816",
    "annual_fcf": "4505333472.27",
    "book_value_per_share": "22.94467430610418761954740946",
    "current_fcf": "-1448720001.13",
    "deduct_pe": "52.84202879923414254970097102",
    "diluted_shares": "1023855833.0",
    "enterprise_value": "143526560060.420",
    "market_cap": "148018837776.810",
    "normalized_eps": "2.735890413089046967416163561",
    "normalized_pe": "52.84202879923413715449523793",
    "normalized_profit": "2801157357.890000286",
    "pb": "6.300808548044575314276211560",
    "price": "144.57",
    "ps": "8.796530902690162303184881546",
    "reported_pe": "52.80635040855746942343607529",
    "ttm_attributable_profit": "2803049948.19",
    "ttm_deduct_profit": "2801157357.89",
    "ttm_eps": "2.737738906049676234056284368",
    "ttm_revenue": "16826955923.22"
  },
  "normalization_adjustments": [
    {
      "amount": "-1892590.299999714",
      "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": [],
    "status": "PASS",
    "warning_count": 0
  },
  "reverse_pe": [
    {
      "implied_eps": "7.2285",
      "implied_margin": "0.4398265451345081151592440773",
      "implied_profit": "7400941888.8405",
      "pe": "20"
    },
    {
      "implied_eps": "5.7828",
      "implied_margin": "0.3518612361076064921273952618",
      "implied_profit": "5920753511.0724",
      "pe": "25"
    },
    {
      "implied_eps": "4.819",
      "implied_margin": "0.2932176967563387434394960515",
      "implied_profit": "4933961259.227",
      "pe": "30"
    },
    {
      "implied_eps": "4.130571428571428571428571429",
      "implied_margin": "0.2513294543625760658052823299",
      "implied_profit": "4229109650.766",
      "pe": "35"
    },
    {
      "implied_eps": "3.61425",
      "implied_margin": "0.2199132725672540575796220386",
      "implied_profit": "3700470944.42025",
      "pe": "40"
    },
    {
      "implied_eps": "2.8914",
      "implied_margin": "0.1759306180538032460636976309",
      "implied_profit": "2960376755.5362",
      "pe": "50"
    },
    {
      "implied_eps": "2.4095",
      "implied_margin": "0.1466088483781693717197480258",
      "implied_profit": "2466980629.6135",
      "pe": "60"
    },
    {
      "implied_eps": "1.9276",
      "implied_margin": "0.1172870787025354973757984206",
      "implied_profit": "1973584503.6908",
      "pe": "75"
    },
    {
      "implied_eps": "1.4457",
      "implied_margin": "0.08796530902690162303184881546",
      "implied_profit": "1480188377.7681",
      "pe": "100"
    }
  ],
  "scenarios": [
    {
      "assumption": "需求、验收或价格低于预期，利润下修且估值回归低位。",
      "cagr_high": "-0.16360940664770052",
      "cagr_low": "-0.2694968314765188",
      "equity_value_high": "60584661927.75",
      "equity_value_low": "30791263473.90",
      "method": "pe",
      "name": "悲观",
      "price_high": "59.17303977282707925931208715",
      "price_low": "30.07382727280902251791927819",
      "role": "pessimistic",
      "upside_to_high": "-0.5906962732736592705311469382",
      "upside_to_low": "-0.7919774000635745831229212272"
    },
    {
      "assumption": "以TTM归一化利润与22家机构覆盖池预期为锚，按行业成长和周期属性定价。",
      "cagr_high": "0.006649488438587703",
      "cagr_low": "-0.13597689806221958",
      "equity_value_high": "153005969730.95",
      "equity_value_low": "71276072856.00",
      "method": "pe",
      "name": "基准",
      "price_high": "149.4409318181322506564261572",
      "price_low": "69.61534090903596971547458088",
      "role": "base",
      "upside_to_high": "0.033692549063652560395837015",
      "upside_to_low": "-0.5184662038525560647750253795"
    },
    {
      "assumption": "订单、产品结构和规模效应超预期，利润与估值中枢同步上移。",
      "cagr_high": "0.14693425259711357",
      "cagr_low": "0.02602233351390426",
      "equity_value_high": "293771461883.52",
      "equity_value_low": "168306566704.15",
      "method": "pe",
      "name": "乐观",
      "price_high": "286.9265890909076844610797856",
      "price_low": "164.3850250000480292228798583",
      "role": "optimistic",
      "upside_to_high": "0.984689694202861482057686834",
      "upside_to_low": "0.137061803970727185604757960"
    }
  ]
}