300347.sz_market_implied_growth_two_stage.output.json

{
  "ticker": "300347.SZ",
  "market": "CN",
  "valuation_model": "two_stage",
  "requested_valuation_model": "two_stage",
  "effective_valuation_model": "two_stage",
  "degraded": false,
  "degradation_reasons": [],
  "currency": "CNY",
  "as_of_date": "2026-04-14",
  "tax": {
    "effective_tax_rate": 0.1975238824869139,
    "effective_tax_rate_source": "akshare:tax_rate",
    "marginal_tax_rate": 0.25,
    "marginal_tax_rate_source": "market_default"
  },
  "wacc_inputs": {
    "risk_free_rate": 0.025,
    "risk_free_rate_source": "market_default_cn",
    "equity_risk_premium": 0.06,
    "equity_risk_premium_source": "market_default",
    "beta": 1.5279662821920361,
    "beta_source": "baostock_price_regression:sh.000300",
    "cost_of_equity": 0.11667797693152215,
    "pre_tax_cost_of_debt": 0.04813826848966028,
    "pre_tax_cost_of_debt_source": "akshare:interest_expense_over_total_debt",
    "wacc": 0.1136554831003471
  },
  "capital_structure": {
    "equity_weight": 0.9624881041745897,
    "debt_weight": 0.037511895825410285,
    "source": "akshare_baostock:market_value_using_total_debt"
  },
  "fcff": {
    "anchor": 1179493839.0077107,
    "anchor_method": "cfo_plus_after_tax_interest_minus_capex",
    "selected_path": "cfo",
    "anchor_ebiat_path": 996601402.3732998,
    "anchor_cfo_path": 1179493839.0077107,
    "ebiat_path_available": true,
    "cfo_path_available": true,
    "after_tax_interest": 275778170.9477107,
    "after_tax_interest_source": "interest_paid",
    "reconciliation_gap": 182892436.63441086,
    "reconciliation_gap_pct": 0.15506010339848433,
    "anchor_mode": "latest",
    "anchor_observation_count": 1,
    "delta_nwc_source": "op_nwc_delta",
    "last_report_period": "2025-12-31"
  },
  "valuation": {
    "enterprise_value": 20939847669.80358,
    "equity_value": 20836104574.74358,
    "per_share_value": 24.19915701126996,
    "terminal_growth_rate": 0.03,
    "terminal_growth_rate_effective": 0.03,
    "present_value_stage1": 5999032096.989023,
    "present_value_stage2": null,
    "present_value_terminal": 14940815572.814556,
    "terminal_value": 25593436472.292904,
    "terminal_value_share": 0.7135111873024769,
    "explicit_forecast_years": 5,
    "stage1_years": null,
    "stage2_years": null,
    "stage2_decay_mode": null
  },
  "market_implied_growth": {
    "enabled": true,
    "success": true,
    "valuation_model": "two_stage",
    "solved_field": "stage1_growth_rate",
    "solved_value": 0.3638739585876465,
    "solver_used": "bisection",
    "lower_bound": -0.5,
    "upper_bound": 0.5,
    "iterations": 21,
    "residual": 7.886977508775317e-05,
    "market_price": 59.45,
    "market_enterprise_value": 51291741767.56,
    "base_case_per_share_value": 24.19915701126996,
    "base_case_enterprise_value": 20939847669.80358,
    "message": "Market-implied growth solved successfully."
  },
  "diagnostics": [
    "provider_normalization:akshare_baostock:A",
    "provider_cache_hit:akshare_baostock",
    "tax_rate_paths_are_separated",
    "fcff_path_selector_preferred_cfo",
    "fcff_path_selected:cfo",
    "valuation_model_two_stage"
  ],
  "warnings": [
    "fcff_reconciliation_gap_pct_above_0.10"
  ],
  "market_inputs": {
    "enterprise_value_market": 51291741767.56,
    "enterprise_value_market_source": "derived_from_market_price_shares_out_and_net_debt",
    "equity_value_market": 51187998672.5,
    "market_price": 59.45,
    "market_price_source": "market_inputs.market_price",
    "shares_out": 861026050.0,
    "shares_out_source": "fundamentals.shares_out",
    "net_debt": 103743095.05999994,
    "net_debt_source": "fundamentals.net_debt"
  },
  "sensitivity": {
    "metric": "per_share_value",
    "metric_label": "Per Share Value",
    "base_wacc": 0.113655,
    "base_terminal_growth_rate": 0.03,
    "base_metric_value": 24.19915701126996,
    "market_price": 59.45,
    "wacc_axis": {
      "min": 0.093655,
      "max": 0.133655,
      "points": 5
    },
    "terminal_growth_axis": {
      "min": 0.02,
      "max": 0.04,
      "points": 5
    },
    "diagnostics": [
      "sensitivity_heatmap:wacc_x_terminal_growth",
      "sensitivity_metric:per_share_value"
    ],
    "warnings": []
  },
  "artifacts": {
    "sensitivity_heatmap_path": "examples/300347.sz_market_implied_growth_two_stage.output.sensitivity.png",
    "sensitivity_heatmap_svg_path": "examples/300347.sz_market_implied_growth_two_stage.output.sensitivity.svg"
  }
}