{
  "code": "002475",
  "name": "立讯精密",
  "market": "A",
  "industry": "电子零部件制造",
  "quality_tier": "rejected",
  "quality_conflict": false,
  "in_quality_pool": false,
  "quality_source": "2026-10-02-rating-v2；保留原深研评分/判断，修正档位归类",
  "score": 2,
  "verdict": "回避本轮ROE纯质量池：2026H1合并权益乘数已超过3倍，投资收益与并购显著影响回报，须先净化利润和现金流而非追逐制造龙头标签。",
  "dupont": {
    "margin": 0.054672906990144716,
    "turnover": 1.2532662603343638,
    "leverage": 2.8105171016286072,
    "roe": 0.19257581586873335,
    "basis": "FY2025合并简单平均权益杜邦；非加权归母ROE",
    "conclusion": "FY2025同口径合并杜邦：净利率5.47%×资产周转1.253次×平均总权益乘数2.811倍＝合并简单平均权益ROE19.26%；归母简单平均ROE21.52%，报表加权ROE21.10%。2026H1期末合并乘数3.071倍。杠杆及投资收益显著支撑，打回纯质量认证：2025合并平均2.81倍而归母桥接3.44倍；2026H1真实合并期末3.07倍、归母桥接3.74倍，不能混淆少数权益与债务杠杆。"
  },
  "roe_series": [
    {
      "year": 2019,
      "roe": 0.22406188027910393,
      "basis": "August TTM"
    },
    {
      "year": 2020,
      "roe": 0.323849172677132,
      "basis": "August TTM"
    },
    {
      "year": 2021,
      "roe": 0.32600005536332183,
      "basis": "August TTM"
    },
    {
      "year": 2022,
      "roe": 0.24546754348748415,
      "basis": "August TTM"
    },
    {
      "year": 2023,
      "roe": 0.2443577430972389,
      "basis": "August TTM"
    },
    {
      "year": 2024,
      "roe": 0.23661894458139318,
      "basis": "August TTM"
    },
    {
      "year": 2025,
      "roe": 0.23332542271434983,
      "basis": "August TTM"
    },
    {
      "year": 2026,
      "roe": 0.2188298795180723,
      "basis": "August TTM"
    }
  ],
  "roe_min": 0.2188298795180723,
  "channels": [
    "compounder",
    "roe_quality"
  ],
  "proxy_candidate": false,
  "death_risk": "【死法】核心客户订单迁移/降价→海外并购低回报→存货与固定资产减值→杠杆与现金缺口扩大→股东被稀释，形成有收入增长、无每股现金增值的扩张。；【反面检验】CFO扣购建长期资产约-5.79亿元尚未包含收购对价，负现金差并非完全投资期豁免；应先证明新增资本回报高于成本。",
  "price_lines": {
    "watch": 19.38,
    "good": null,
    "fat": null,
    "intrinsic_value": null,
    "basis": "深研条件价；全部人工验证仍须满足",
    "condition": "只有完成verify才重新进入候补；正常化PE≤15倍，当前估值不构成豁免高杠杆及利润口径缺口的理由。",
    "currency": "CNY",
    "manual_gate": true
  },
  "current": {
    "price": 49.43,
    "date": "2026-09-30",
    "pe": 21.5,
    "dy": 0.0058,
    "market_cap": 382602000000.0,
    "source": "腾讯行情；见原始深研来源",
    "currency": "CNY",
    "source_count": 1
  },
  "buy_conditions": {
    "buy_when": "只有完成verify才重新进入候补；正常化PE≤15倍，当前估值不构成豁免高杠杆及利润口径缺口的理由。",
    "verify": "合并权益乘数降至3倍以下且非靠一次增发短暂美化；权益法分红实收、对冲与汇兑、金融投资及少数股东税后桥接完成；并购后多个报告期自由现金流转正，核心客户与海外资产经营稳定。",
    "anchor": "研究者正常化归母盈利情景100—140亿元（不是预测/已认证事实）；正常化PE≤15倍按区间下沿给统一估值总额上限1500亿元，依本次报价股本代理对应≤19.38元/股。当前正常化情景PE约27.33—38.26倍；当前股息率行情代理0.58%，并未通过已付与可持续性核验。股本变化须重算，A/H公司只是A股每股支付价格门槛。",
    "source": [
      "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=002475&id=12091103",
      "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=002475&id=12529542",
      "https://qt.gtimg.cn/q=sz002475"
    ]
  },
  "research_file": "research/002475.html",
  "research_document": {
    "code": "002475",
    "name": "立讯精密",
    "score": "★★☆☆☆（2/5）",
    "verdict": "回避本轮ROE纯质量池：2026H1合并权益乘数已超过3倍，投资收益与并购显著影响回报，须先净化利润和现金流而非追逐制造龙头标签。",
    "roe_quality_note": "FY2025同口径合并杜邦：净利率5.47%×资产周转1.253次×平均总权益乘数2.811倍＝合并简单平均权益ROE19.26%；归母简单平均ROE21.52%，报表加权ROE21.10%。2026H1期末合并乘数3.071倍。杠杆及投资收益显著支撑，打回纯质量认证：2025合并平均2.81倍而归母桥接3.44倍；2026H1真实合并期末3.07倍、归母桥接3.74倍，不能混淆少数权益与债务杠杆。",
    "as_of": "2026-10-02",
    "research_type": "ROE质量通道四大师深研第1批",
    "status": "回避；核验后方可重新候补",
    "rating_is_research_opinion": true,
    "watchlist_changed": false,
    "buffett": {
      "analysis": [
        "【事实】消费电子、通信/数据中心、汽车电子三条制造链；2025前五客户占收入65.04%，莱尼和闻泰相关业务收购扩展版图。",
        "【观点】制造工艺、快速量产、垂直整合是能力型壁垒，十年存续有基础；但头部品牌可多源采购，提价权受客户压价和产品换代制约，不是终端品牌护城河。",
        "【反证】规模增长包含并表，2026H1收入+40.16%而扣非仅+6.47%，不能把营收扩张当内生复利。"
      ],
      "sources": [
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=002475&id=12091103",
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=002475&id=12529542"
      ],
      "source_status": "发行人披露经新浪镜像；单源，未经独立经营资料交叉验证",
      "facts_vs_opinions": "条目标明事实/观点/假设/风险情景；管理层自述不等于独立验证"
    },
    "munger": {
      "analysis": [
        "【事实】2025现金购建长期资产179.04亿元，高于CFO173.25亿元；年报投资收益67.64亿元，其中权益法42.65亿元、处置交易性金融资产17.13亿元、存款/理财等13.81亿元，另有终止确认损失等。",
        "【解释】权益法投资可能是产业链经营收益，不应全扣；处置收益可能含风险对冲，须与汇兑损失匹配，不能把投资收益/归母利润比率机械解释成非主业利润比例。报告中这些项目是合并税前值，尚未桥接归母税后。",
        "【资本配置】2025年度分红预案每10股1.4元；收购德国莱尼、闻泰部分资产强化全球交付，也引入整合、负商誉和争议交割风险。H股于2026年7月上市，随后部分超配；融资增厚权益不等于经营回报。回购用于何种用途尚未完整核对，未认证净注销增厚。"
      ],
      "sources": [
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=002475&id=12091103",
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=002475&id=12529542"
      ],
      "source_status": "发行人披露经新浪镜像；单源，未经独立经营资料交叉验证",
      "facts_vs_opinions": "条目标明事实/观点/假设/风险情景；管理层自述不等于独立验证"
    },
    "fisher_lynch": {
      "analysis": [
        "【事实】2026H1归母78.43亿元、扣非59.62亿元、CFO-24.46亿元；半年报解释汇兑损失约19.86亿元与部分非经常对冲收益同时存在。",
        "【正常化假设】100—140亿元是相对2025扣非141.69亿元的压力区间，不是净化后的事实盈利。必须剔除非持续投资、并表及对冲不对称，正常化未完成前估值门槛只能挂起。",
        "【口径】002475/02475为A+H，采用A价统一股本的每股估值代理，不称真实A+H总市值。半年报不同股本披露及随后IPO变化，须用最新股本月报重建。"
      ],
      "sources": [
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=002475&id=12091103",
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=002475&id=12529542"
      ],
      "source_status": "发行人披露经新浪镜像；单源，未经独立经营资料交叉验证",
      "facts_vs_opinions": "条目标明事实/观点/假设/风险情景；管理层自述不等于独立验证"
    },
    "graham": {
      "analysis": [
        "【死法】核心客户订单迁移/降价→海外并购低回报→存货与固定资产减值→杠杆与现金缺口扩大→股东被稀释，形成有收入增长、无每股现金增值的扩张。",
        "【反面检验】CFO扣购建长期资产约-5.79亿元尚未包含收购对价，负现金差并非完全投资期豁免；应先证明新增资本回报高于成本。"
      ],
      "sources": [
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=002475&id=12091103",
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=002475&id=12529542"
      ],
      "source_status": "发行人披露经新浪镜像；单源，未经独立经营资料交叉验证",
      "facts_vs_opinions": "条目标明事实/观点/假设/风险情景；管理层自述不等于独立验证"
    },
    "roe_quality": {
      "assessment": "杠杆及投资收益显著支撑，打回纯质量认证：2025合并平均2.81倍而归母桥接3.44倍；2026H1真实合并期末3.07倍、归母桥接3.74倍，不能混淆少数权益与债务杠杆。",
      "fy2025": {
        "revenue": 332344443143.39,
        "parent_np": 16599769785.64,
        "adjusted_np": 14168855968.15,
        "cfo": 17325329533.97,
        "parent_equity": 84921103420.87,
        "parent_equity_start": 69327010925.99,
        "assets_end": 306537675786.42,
        "assets_start": 223827584433.26,
        "consolidated_np": 18170236828.67,
        "liabilities_end": 202517443006.8,
        "liabilities_start": 139140458018.25,
        "dupont": {
          "net_margin_pct": 5.467290699014471,
          "asset_turnover": 1.2532662603343638,
          "equity_multiplier": 2.8105171016286072,
          "consolidated_roe_pct": 19.257581586873336,
          "parent_roe_simple_pct": 21.523465432208596,
          "parent_bridge_multiplier": 3.4383905596864537,
          "end_consolidated_multiplier": 2.9469043434642064,
          "end_parent_bridge_multiplier": 3.609676080952642,
          "adjusted_parent_roe_simple_pct": 18.371512712678335,
          "cfo_parent_np": 1.0437090247454917,
          "reported_weighted_parent_roe_pct": 21.1
        },
        "capex_cash": 17904337668.17,
        "cfo_minus_capex_yi": -5.7900813419999695,
        "source": "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=002475&id=12091103"
      },
      "h1_2026": {
        "revenue": 174504335921.25,
        "parent_np": 7842698288.86,
        "adjusted_np": 5961877867.17,
        "cfo": null,
        "parent_equity": 93607124197.25,
        "assets_end": 349889629015.27,
        "consolidated_np": 8525673665.38,
        "liabilities_end": 235963762191.32,
        "dupont": {
          "halfyear_net_margin_pct": 4.885651477008256,
          "halfyear_turnover_not_annualized": 0.5316790896562984,
          "average_multiplier": 3.011879111375194,
          "halfyear_consolidated_roe_not_annualized_pct": 7.823653353638954,
          "end_consolidated_multiplier": 3.0712044487311694,
          "end_parent_bridge_multiplier": 3.737852562140234
        },
        "source": "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=002475&id=12529542"
      },
      "method": "合并净利率=合并税后净利润/营业收入；周转率=营业收入/期初期末平均总资产；杠杆=平均总资产/平均合并总权益。乘积是合并简单平均ROE，不冒充报表归母加权ROE。另列归母净利润/平均归母权益、扣非归母净利润/平均归母权益；归母桥接乘数含少数权益效果，不是纯债务杠杆。半年周转率和ROE为半年度、未年化。",
      "reported_roe_difference": "分红、增资/注销的时点加权及少数权益导致简单均值与报表加权ROE不同，不能强行调数配平。",
      "cashflow_caution": "CFO/归母利润是合并现金流对归母利润的粗比，不是同口径收益率；CFO减全部购建长期资产是现金差，非已认证所有者收益，未扣并购/客户结算和维持性资本开支净化。",
      "leverage_exceeds_3_latest": true,
      "source_status": "单一发行人年报/半年报披露，半年报未经审计；工具计算"
    },
    "valuation": {
      "quote": {
        "price": "49.43",
        "timestamp": "20260930161500",
        "pe_ttm": "21.50",
        "market_cap_yi": "3826.02",
        "div_yield_quote": "0.58"
      },
      "market_cap_basis": "腾讯A价×全部股本的统一估值，不是真实A+H合计市值",
      "fy2025_static_pe": 23.05,
      "adjusted_ttm_profit_yi": 145.313,
      "adjusted_ttm_pe": 26.33,
      "normalized_profit_scenario_yi": [
        100,
        140
      ],
      "normalized_pe_scenario": [
        27.33,
        38.26
      ],
      "entry_pe_ceiling": 15,
      "conditional_cap_ceiling_yi": 1500,
      "conditional_price_proxy": 19.38,
      "normalization_status": "研究者保守情景，非经审计正常化盈利或预测；必须通过verify后才能激活价格门槛",
      "dividend_yield_pct": 0.58,
      "dividend_basis": "腾讯股息率字段64，单源行情代理，未逐笔重建滚动已付分红；不作为满足买入条件的证据。",
      "fiscal_dividend_reference": {
        "dps_rmb": 0.14,
        "yield_at_quote_pct": 0.2832,
        "basis": "仅2025年度预案每股0.14元，非全年/TTM完整股息；2026H1每股0.11元为另期方案，不冒充已派。",
        "source": [
          "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=002475&id=12091103",
          "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=002475&id=12529542"
        ]
      },
      "sources": [
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=002475&id=12091103",
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=002475&id=12529542",
        "https://qt.gtimg.cn/q=sz002475"
      ],
      "quote_as_of": "2026-09-30；不是2026-10-02成交价",
      "actual_ah_capitalization": null,
      "normalization_rationale": [
        "【事实】2026H1归母78.43亿元、扣非59.62亿元、CFO-24.46亿元；半年报解释汇兑损失约19.86亿元与部分非经常对冲收益同时存在。",
        "【正常化假设】100—140亿元是相对2025扣非141.69亿元的压力区间，不是净化后的事实盈利。必须剔除非持续投资、并表及对冲不对称，正常化未完成前估值门槛只能挂起。",
        "【口径】002475/02475为A+H，采用A价统一股本的每股估值代理，不称真实A+H总市值。半年报不同股本披露及随后IPO变化，须用最新股本月报重建。"
      ],
      "entry_status": "未触发：价格和定性验证必须同时通过；本次无已核验可买入结论"
    },
    "risks": [
      "【死法】核心客户订单迁移/降价→海外并购低回报→存货与固定资产减值→杠杆与现金缺口扩大→股东被稀释，形成有收入增长、无每股现金增值的扩张。",
      "【反面检验】CFO扣购建长期资产约-5.79亿元尚未包含收购对价，负现金差并非完全投资期豁免；应先证明新增资本回报高于成本。"
    ],
    "buy_conditions": {
      "buy_when": "只有完成verify才重新进入候补；正常化PE≤15倍，当前估值不构成豁免高杠杆及利润口径缺口的理由。",
      "verify": "合并权益乘数降至3倍以下且非靠一次增发短暂美化；权益法分红实收、对冲与汇兑、金融投资及少数股东税后桥接完成；并购后多个报告期自由现金流转正，核心客户与海外资产经营稳定。",
      "anchor": "研究者正常化归母盈利情景100—140亿元（不是预测/已认证事实）；正常化PE≤15倍按区间下沿给统一估值总额上限1500亿元，依本次报价股本代理对应≤19.38元/股。当前正常化情景PE约27.33—38.26倍；当前股息率行情代理0.58%，并未通过已付与可持续性核验。股本变化须重算，A/H公司只是A股每股支付价格门槛。",
      "source": [
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=002475&id=12091103",
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=002475&id=12529542",
        "https://qt.gtimg.cn/q=sz002475"
      ],
      "manual": true,
      "triggered": false,
      "thresholds_are_opinions": true
    },
    "findings": [
      "巴菲特｜【事实】消费电子、通信/数据中心、汽车电子三条制造链；2025前五客户占收入65.04%，莱尼和闻泰相关业务收购扩展版图。 【观点】制造工艺、快速量产、垂直整合是能力型壁垒，十年存续有基础；但头部品牌可多源采购，提价权受客户压价和产品换代制约，不是终端品牌护城河。 【反证】规模增长包含并表，2026H1收入+40.16%而扣非仅+6.47%，不能把营收扩张当内生复利。 来源：https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=002475&id=12091103 ; https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=002475&id=12529542",
      "杜邦｜FY2025同口径合并杜邦：净利率5.47%×资产周转1.253次×平均总权益乘数2.811倍＝合并简单平均权益ROE19.26%；归母简单平均ROE21.52%，报表加权ROE21.10%。2026H1期末合并乘数3.071倍。杠杆及投资收益显著支撑，打回纯质量认证：2025合并平均2.81倍而归母桥接3.44倍；2026H1真实合并期末3.07倍、归母桥接3.74倍，不能混淆少数权益与债务杠杆。 来源：https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=002475&id=12091103 ; https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=002475&id=12529542",
      "芒格｜【事实】2025现金购建长期资产179.04亿元，高于CFO173.25亿元；年报投资收益67.64亿元，其中权益法42.65亿元、处置交易性金融资产17.13亿元、存款/理财等13.81亿元，另有终止确认损失等。 【解释】权益法投资可能是产业链经营收益，不应全扣；处置收益可能含风险对冲，须与汇兑损失匹配，不能把投资收益/归母利润比率机械解释成非主业利润比例。报告中这些项目是合并税前值，尚未桥接归母税后。 【资本配置】2025年度分红预案每10股1.4元；收购德国莱尼、闻泰部分资产强化全球交付，也引入整合、负商誉和争议交割风险。H股于2026年7月上市，随后部分超配；融资增厚权益不等于经营回报。回购用于何种用途尚未完整核对，未认证净注销增厚。 来源：https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=002475&id=12091103 ; https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=002475&id=12529542",
      "费雪/林奇｜【事实】2026H1归母78.43亿元、扣非59.62亿元、CFO-24.46亿元；半年报解释汇兑损失约19.86亿元与部分非经常对冲收益同时存在。 【正常化假设】100—140亿元是相对2025扣非141.69亿元的压力区间，不是净化后的事实盈利。必须剔除非持续投资、并表及对冲不对称，正常化未完成前估值门槛只能挂起。 【口径】002475/02475为A+H，采用A价统一股本的每股估值代理，不称真实A+H总市值。半年报不同股本披露及随后IPO变化，须用最新股本月报重建。 正常化情景PE=[27.33, 38.26]。来源：https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=002475&id=12091103 ; https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=002475&id=12529542 ; https://qt.gtimg.cn/q=sz002475",
      "烟蒂/最坏情况｜【死法】核心客户订单迁移/降价→海外并购低回报→存货与固定资产减值→杠杆与现金缺口扩大→股东被稀释，形成有收入增长、无每股现金增值的扩张。 【反面检验】CFO扣购建长期资产约-5.79亿元尚未包含收购对价，负现金差并非完全投资期豁免；应先证明新增资本回报高于成本。 来源：https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=002475&id=12091103 ; https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=002475&id=12529542"
    ],
    "data_gaps": [
      "投资收益归母税后净化/权益法实收分红",
      "对冲和汇兑一体化口径",
      "IPO后最新A/H股本、收购商誉及可回收价值",
      "管理层并购逐项目回报未独立核验",
      "未完成十年资本配置逐项目审计、全部监管记录及公告穷尽检索；没有发现不是证实不存在",
      "正常化区间为研究者压力情景；缺行业完整周期利润桥接，不能宣称精确内在价值",
      "财务关键数字为发行人单源；新浪镜像不是独立第二来源，行情腾讯单源",
      "股息率行情代理未逐笔独立复算；归属年度分红与支付年度、TTM不可混用"
    ],
    "sources": [
      {
        "id": "FY2025",
        "url": "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=002475&id=12091103",
        "type": "发行人2025年度报告新浪镜像",
        "local_path": "/root/value-invest/data/roe_deep_batch1/002475_2025.txt",
        "sha256": "124949ed08e27f9e5468b901ff8db776d125f23a515dbb9e3d5b132c317f9f71"
      },
      {
        "id": "H1_2026",
        "url": "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=002475&id=12529542",
        "type": "发行人2026半年报新浪镜像",
        "local_path": "/root/value-invest/data/roe_deep_batch1/002475_2026H1.txt",
        "sha256": "6530c7e2d90bf398300b99feef4481b9f09651960ad9f5878bab03cbe59930be"
      },
      {
        "id": "QUOTE",
        "url": "https://qt.gtimg.cn/q=sz002475",
        "type": "腾讯行情单源",
        "quoted_timestamp": "20260930161500",
        "local_path": "/root/value-invest/data/roe_deep_batch1/quotes.txt"
      }
    ]
  },
  "outside_watch": false,
  "triggers": [],
  "status": "watch",
  "provenance": {
    "research": "results/2026-10-02-roe-deep-batch1.json",
    "conditions": "results/2026-10-02-roe-deep-batch1.json",
    "quality": "尚未判级",
    "quote": "腾讯行情；见原始深研来源",
    "quality_classification": {
      "rule": "2026-10-02-rating-v2",
      "previous_tier": "unverified",
      "previous_in_pool": false
    }
  },
  "research_rating": 2,
  "data_quality": [
    "原始研究和行情保留单源声明；发现通道不等于质量认证",
    "价格到线只启动复核，不代表买入"
  ],
  "distance_pct": 155.0568,
  "quote_fresh": true,
  "triggered": false,
  "roe_discovery": true,
  "reject_reason_tags": [
    "杠杆超限",
    "利润成色",
    "现金转换"
  ],
  "reject_reason": "回避本轮ROE纯质量池：2026H1合并权益乘数已超过3倍，投资收益与并购显著影响回报，须先净化利润和现金流而非追逐制造龙头标签。",
  "reject_reason_source": "companies.verdict（原研究判断摘录）",
  "tracking_state": "rejected",
  "verification_kind": "",
  "verification_reason": "",
  "tracking_kind": "",
  "tracking_checklist": [
    {
      "type": "人工",
      "item": "只有完成verify才重新进入候补",
      "basis": "buy_conditions.buy_when（原条件，需同时满足人工验证）"
    },
    {
      "type": "比率",
      "item": "正常化PE≤15倍，当前估值不构成豁免高杠杆及利润口径缺口的理由。",
      "basis": "buy_conditions.buy_when（原条件，需同时满足人工验证）"
    },
    {
      "type": "人工",
      "item": "合并权益乘数降至3倍以下且非靠一次增发短暂美化",
      "basis": "buy_conditions.verify（原条件，需同时满足人工验证）"
    },
    {
      "type": "人工",
      "item": "权益法分红实收、对冲与汇兑、金融投资及少数股东税后桥接完成",
      "basis": "buy_conditions.verify（原条件，需同时满足人工验证）"
    },
    {
      "type": "事件",
      "item": "并购后多个报告期自由现金流转正，核心客户与海外资产经营稳定。",
      "basis": "buy_conditions.verify（原条件，需同时满足人工验证）"
    }
  ],
  "monthly_review": {
    "month": "2026-10",
    "status": "本期未复核",
    "core_changes": "本期未复核",
    "reviewed_on": null,
    "event_count": null,
    "events": {},
    "sources": [],
    "decision": null,
    "observations": {},
    "source_file": "reports/monthly/2026-10.reviews.json"
  }
}