{
|
"conclusion": {
|
"base_midpoint": "3.304048327671870726387249918",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-3.558044709537198966671676217"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "24.2542806",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "1938484896.32611407"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "1550787917.060891256"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "1292323264.21740938"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "1107705655.043493754285714286"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "969242448.163057035"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "775393958.530445628"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "646161632.10870469"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "516929305.686963752"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "387696979.265222814"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "000547.SZ",
|
"company": "航天发展",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-30",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": null,
|
"annual_fcf": "332123112.46",
|
"book_value_per_share": "2.360034519765621947419464227",
|
"current_fcf": "-320392421.23",
|
"deduct_pe": null,
|
"diluted_shares": "1598468269.0",
|
"enterprise_value": "24145028671.610",
|
"market_cap": "24072932131.140",
|
"normalized_eps": "-0.8820548817975942943162670938",
|
"normalized_pe": null,
|
"normalized_profit": "-1409936740.07000016",
|
"pb": "6.381262593352078553340346705",
|
"price": "15.06",
|
"ps": "8.464893542439294960076117445",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-1237728921.74",
|
"ttm_deduct_profit": "-1409936740.07",
|
"ttm_eps": "-0.7743218590847110522154506403",
|
"ttm_revenue": "2843855272.42"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-172207818.33000016",
|
"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": "0.753",
|
"implied_margin": "0.4232446771219647480038058722",
|
"implied_profit": "1203646606.557",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.6024",
|
"implied_margin": "0.3385957416975717984030446978",
|
"implied_profit": "962917285.2456",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.502",
|
"implied_margin": "0.2821631180813098320025372482",
|
"implied_profit": "802431071.038",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.4302857142857142857142857143",
|
"implied_margin": "0.2418541012125512845736033556",
|
"implied_profit": "687798060.8897142857142857143",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.3765",
|
"implied_margin": "0.2116223385609823740019029361",
|
"implied_profit": "601823303.2785",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.3012",
|
"implied_margin": "0.1692978708487858992015223489",
|
"implied_profit": "481458642.6228",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.251",
|
"implied_margin": "0.1410815590406549160012686241",
|
"implied_profit": "401215535.519",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.2008",
|
"implied_margin": "0.1128652472325239328010148993",
|
"implied_profit": "320972428.4152",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.1506",
|
"implied_margin": "0.08464893542439294960076117445",
|
"implied_profit": "240729321.3114",
|
"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": "-0.30973051197430357",
|
"cagr_low": "-0.3767691730309698",
|
"equity_value_high": "3772440293.590",
|
"equity_value_low": "2263464176.154",
|
"method": "pb",
|
"name": "悲观",
|
"price_high": "2.360034519765621947419464227",
|
"price_low": "1.416020711859373168451678536",
|
"role": "pessimistic",
|
"upside_to_high": "-0.8432912005467714510345641284",
|
"upside_to_low": "-0.9059747203280628706207384770"
|
},
|
{
|
"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": "-0.22362207632251407",
|
"cagr_low": "-0.30973051197430357",
|
"equity_value_high": "6790392528.462",
|
"equity_value_low": "3772440293.590",
|
"method": "pb",
|
"name": "基准",
|
"price_high": "4.248062135578119505355035609",
|
"price_low": "2.360034519765621947419464227",
|
"role": "base",
|
"upside_to_high": "-0.7179241609841886118622154310",
|
"upside_to_low": "-0.8432912005467714510345641284"
|
},
|
{
|
"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": "-0.140109942093827",
|
"cagr_low": "-0.22362207632251407",
|
"equity_value_high": "11317320880.770",
|
"equity_value_low": "6790392528.462",
|
"method": "pb",
|
"name": "乐观",
|
"price_high": "7.080103559296865842258392681",
|
"price_low": "4.248062135578119505355035609",
|
"role": "optimistic",
|
"upside_to_high": "-0.5298736016403143531036923851",
|
"upside_to_low": "-0.7179241609841886118622154310"
|
}
|
]
|
}
|
