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| {
| "snapshot_id": "301566-SZ-20260905-current",
| "meta": {
| "company": "达利凯普",
| "code": "301566.SZ",
| "market": "深交所创业板",
| "as_of_date": "2026-09-05",
| "currency": "CNY",
| "report_period_end": "2026-06-30",
| "latest_operating_info_date": "2026-08-28"
| },
| "market": {
| "price": 23.66,
| "price_type": "前复权完整交易日收盘价（与未复权报价同值核验）",
| "price_timestamp": "2026-09-04T15:00:00+08:00",
| "diluted_shares": 400010000,
| "shares_date": "2026-09-05",
| "platform_market_cap": 9464236600
| },
| "financials": {
| "annual": {
| "period_end": "2025-12-31",
| "basis": "audited",
| "revenue": 362358396.78,
| "attributable_profit": 159140506.64,
| "deduct_profit": 144236410.1,
| "cfo": 155689550.49,
| "capex": 9200541.29
| },
| "current_cumulative": {
| "period_end": "2026-06-30",
| "basis": "interim_report_unaudited",
| "revenue": 244798437.8,
| "attributable_profit": 119041894.35,
| "deduct_profit": 102158651.2,
| "cfo": 47120803.31,
| "capex": 11445205.18
| },
| "prior_year_same_period": {
| "period_end": "2025-06-30",
| "basis": "reported_comparative",
| "revenue": 195049119.65,
| "attributable_profit": 89119231.51,
| "deduct_profit": 82613707.89,
| "cfo": 72571472.87,
| "capex": 6131141.68
| }
| },
| "balance_sheet": {
| "period_end": "2026-06-30",
| "equity": 1594792846.9,
| "cash_available": 487742707.56,
| "non_operating_financial_assets": 417310665.87,
| "interest_bearing_debt": 138672.3,
| "minority_interest": 3834647.52
| },
| "normalization": {
| "adjustments": [
| {
| "description": "以最新TTM扣非归母利润替代TTM归母利润作为核心盈利代理",
| "amount": -25281816.07,
| "basis": "2025-12-31+2026-06-30-2025-06-30"
| }
| ]
| },
| "valuation": {
| "scenarios": [
| {
| "name": "悲观",
| "role": "pessimistic",
| "method": "pe",
| "profit_low": 110000000,
| "profit_high": 150000000,
| "multiple_low": 18,
| "multiple_high": 25,
| "assumption": "射频微波MLCC需求与认证放量低于预期，盈利回到较低增速。"
| },
| {
| "name": "基准",
| "role": "base",
| "method": "pe",
| "profit_low": 170000000,
| "profit_high": 240000000,
| "multiple_low": 25,
| "multiple_high": 40,
| "assumption": "H1增长延续但保持小体量与客户认证折价，不把细分稀缺性无限外推。"
| },
| {
| "name": "乐观",
| "role": "optimistic",
| "method": "pe",
| "profit_low": 240000000,
| "profit_high": 300000000,
| "multiple_low": 40,
| "multiple_high": 50,
| "assumption": "高Q、高可靠MLCC放量，收入、利润和现金流同步兑现。"
| }
| ],
| "reverse_pe_multiples": [15, 18, 20, 25, 30, 35, 40, 50, 60, 80, 100],
| "exit_pe_multiples": [18, 20, 25, 30, 35, 40],
| "holding_period": {
| "years": 5,
| "required_return": 0.1,
| "cumulative_dividend_per_share": 0
| }
| },
| "institutions": {
| "coverage_status": "no_usable_forecasts",
| "forecasts": []
| },
| "sources": [
| {
| "id": "SRC-CNINFO-301566-H1-20260828",
| "source_type": "cninfo",
| "title": "达利凯普2026年半年度报告",
| "publish_date": "2026-08-28",
| "period_end": "2026-06-30",
| "url": "https://static.cninfo.com.cn/finalpage/2026-08-28/1225517641.PDF",
| "supports": ["financials.current_cumulative", "financials.prior_year_same_period", "balance_sheet.equity"],
| "revision_status": "current"
| },
| {
| "id": "SRC-EM-FINANCE-301566-20260905",
| "source_type": "financial_mirror",
| "title": "东方财富结构化财务与法定报告勾稽",
| "publish_date": "2026-08-28",
| "period_end": "2026-06-30",
| "url": "https://datacenter-web.eastmoney.com/api/data/v1/get",
| "supports": ["financials.annual", "financials.current_cumulative", "financials.prior_year_same_period", "balance_sheet.equity"],
| "revision_status": "current"
| },
| {
| "id": "SRC-MARKET-301566-20260905",
| "source_type": "quote_provider",
| "title": "trading_xuntou前复权收盘与东方财富当前总股本勾稽",
| "publish_date": "2026-09-05",
| "period_end": "2026-09-04",
| "url": "https://push2.eastmoney.com/api/qt/stock/get",
| "supports": ["market.price", "market.diluted_shares", "market.platform_market_cap"],
| "revision_status": "current"
| },
| {
| "id": "SRC-NO-CONSENSUS-301566-20260905",
| "source_type": "institution_aggregator",
| "title": "固定机构预测明细未形成可用样本",
| "publish_date": "2026-09-05",
| "period_end": "2026-09-05",
| "url": "https://datacenter-web.eastmoney.com/api/data/v1/get",
| "supports": ["institutions"],
| "revision_status": "current"
| }
| ],
| "analysis": {
| "company_type": "射频微波MLCC细分公司",
| "primary_model": "TTM扣非PE三情景，结合被动元件细分稀缺性与现金流交叉验证",
| "cross_checks": ["TTM扣非PE", "PB", "PS", "经营现金流", "同行高可靠被动元件估值"],
| "profit_sources": ["主要利润来自射频微波MLCC及相关陶瓷电容器，属于MLCC细分直接公司。"],
| "profit_source_quality": ["2026H1扣非利润增长，但经营现金流同比回落，规模仍小且客户认证节奏影响较大。"],
| "risks": ["细分市场容量、客户集中与认证周期可能限制收入放量。", "高毛利和稀缺性若未转化为持续增长，当前较高TTM PE会压缩安全边际。"],
| "upgrade_triggers": ["高Q、高可靠产品收入和客户数量增长，现金流同步改善。"],
| "downgrade_triggers": ["收入增速放缓、经营现金流继续下降或新增产能利用率不及预期。"],
| "information_cutoff": "2026-09-05T22:14:10+08:00"
| }
| }
|
|
