{
|
"conclusion": {
|
"base_midpoint": "2.841132413808278598320518118",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-3.575640310468559588192488905"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "20.936630",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "729509992.8575745"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "583607994.2860596"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "486339995.2383830"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "416862853.0614711428571428571"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "364754996.42878725"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "291803997.1430298"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "243169997.6191915"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "194535998.0953532"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "145901998.5715149"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-06",
|
"code": "300053.SZ",
|
"company": "航宇微",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-28",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": null,
|
"annual_fcf": "2214099.30",
|
"book_value_per_share": "2.029380295577341855943227227",
|
"current_fcf": "-49587281.98",
|
"deduct_pe": null,
|
"diluted_shares": "696874323.0",
|
"enterprise_value": "9109618168.21000003",
|
"market_cap": "9059366199.00",
|
"normalized_eps": "-0.5270414256603339982724546446",
|
"normalized_pe": null,
|
"normalized_profit": "-367281636.700000083",
|
"pb": "6.405896434655983423469484469",
|
"price": "13.0",
|
"ps": "36.45625114843414357947981240",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-361159572.35",
|
"ttm_deduct_profit": "-367281636.70",
|
"ttm_eps": "-0.5182563920496178189650417067",
|
"ttm_revenue": "248499665.04"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-6122064.350000083",
|
"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": 1,
|
"issues": [
|
{
|
"action": "补充法定披露、行情接口或机构预测汇总页来源。",
|
"field": "institutions",
|
"issue_id": "QA-CORE-SOURCE-MISSING",
|
"message": "核心字段没有由注册表中允许承载核心数字的来源支持。",
|
"recalc_scope": "institutions",
|
"severity": "WARNING"
|
},
|
{
|
"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": "不得以公司业绩预告或自有情景冒充机构预期。",
|
"field": "institutions",
|
"issue_id": "QA-INSTITUTION-NONE",
|
"message": "估值日没有可用机构盈利预测，已明确记录为空。",
|
"recalc_scope": "机构预期模块",
|
"severity": "INFO"
|
}
|
],
|
"status": "PASS_WITH_WARNINGS",
|
"warning_count": 3
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "0.65",
|
"implied_margin": "1.822812557421707178973990620",
|
"implied_profit": "452968309.95",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.52",
|
"implied_margin": "1.458250045937365743179192496",
|
"implied_profit": "362374647.96",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.4333333333333333333333333333",
|
"implied_margin": "1.215208371614471452649327080",
|
"implied_profit": "301978873.30",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.3714285714285714285714285714",
|
"implied_margin": "1.041607175669546959413708926",
|
"implied_profit": "258839034.2571428571428571429",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.325",
|
"implied_margin": "0.9114062787108535894869953101",
|
"implied_profit": "226484154.975",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.26",
|
"implied_margin": "0.7291250229686828715895962481",
|
"implied_profit": "181187323.98",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.2166666666666666666666666667",
|
"implied_margin": "0.6076041858072357263246635401",
|
"implied_profit": "150989436.65",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.1733333333333333333333333333",
|
"implied_margin": "0.4860833486457885810597308321",
|
"implied_profit": "120791549.32",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.13",
|
"implied_margin": "0.3645625114843414357947981240",
|
"implied_profit": "90593661.99",
|
"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": "-0.3102622160132469",
|
"cagr_low": "-0.3772492382136875",
|
"equity_value_high": "1414223019.590",
|
"equity_value_low": "848533811.754",
|
"method": "pb",
|
"name": "悲观",
|
"price_high": "2.029380295577341855943227227",
|
"price_low": "1.217628177346405113565936336",
|
"role": "pessimistic",
|
"upside_to_high": "-0.8438938234171275495428286748",
|
"upside_to_low": "-0.9063362940502765297256972049"
|
},
|
{
|
"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": "-0.2242201083736577",
|
"cagr_low": "-0.3102622160132469",
|
"equity_value_high": "2545601435.262",
|
"equity_value_low": "1414223019.590",
|
"method": "pb",
|
"name": "基准",
|
"price_high": "3.652884532039215340697809008",
|
"price_low": "2.029380295577341855943227227",
|
"role": "base",
|
"upside_to_high": "-0.7190088821508295891770916148",
|
"upside_to_low": "-0.8438938234171275495428286748"
|
},
|
{
|
"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": "-0.14077230226585735",
|
"cagr_low": "-0.2242201083736577",
|
"equity_value_high": "4242669058.770",
|
"equity_value_low": "2545601435.262",
|
"method": "pb",
|
"name": "乐观",
|
"price_high": "6.088140886732025567829681680",
|
"price_low": "3.652884532039215340697809008",
|
"role": "optimistic",
|
"upside_to_high": "-0.5316814702513826486284860246",
|
"upside_to_low": "-0.7190088821508295891770916148"
|
}
|
]
|
}
|
