{
|
"conclusion": {
|
"base_midpoint": "4.0625",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-5.547692307692307692307692308"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "42.839566",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "9048541883.3405596"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "7238833506.67244768"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "6032361255.560373066666666667"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "5170595361.9088912"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "4524270941.6702798"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "3619416753.33622384"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "3016180627.780186533333333333"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "2412944502.224149226666666667"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "1809708376.66811192"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "available",
|
"detail": [
|
{
|
"core_assumption": "汇总接口未提供逐家报告日期；估值日仅作为C1汇总快照日期，不替代单家研报。",
|
"estimates": {
|
"2026": {
|
"eps": "0.13",
|
"profit": "549170103.5600001"
|
},
|
"2027": {
|
"eps": "0.17",
|
"profit": "718145520.0400001"
|
},
|
"2028": {
|
"eps": "0.23",
|
"profit": "971608644.76"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池1家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.13",
|
"eps_profit_reconciliation_gap": "0.0000000000000001820929423356244396333353934",
|
"institution_count": 1,
|
"pe_on_mean": "204.6153846153845781255979529",
|
"profit_max": "549170103.5600001",
|
"profit_mean": "549170103.5600001",
|
"profit_median": "549170103.5600001",
|
"profit_min": "549170103.5600001"
|
},
|
"2027": {
|
"eps_mean": "0.17",
|
"eps_profit_reconciliation_gap": "0.0000000000000001392475441390069303916082480",
|
"institution_count": 1,
|
"pe_on_mean": "156.4705882352940958589136818",
|
"profit_max": "718145520.0400001",
|
"profit_mean": "718145520.0400001",
|
"profit_median": "718145520.0400001",
|
"profit_min": "718145520.0400001"
|
},
|
"2028": {
|
"eps_mean": "0.23",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "115.6521739130434782608695652",
|
"profit_max": "971608644.76",
|
"profit_mean": "971608644.76",
|
"profit_median": "971608644.76",
|
"profit_min": "971608644.76"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "601698.SH",
|
"company": "中国卫通",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-30",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "3.097638186706788546627711797",
|
"annual_fcf": "196215882.41",
|
"book_value_per_share": "3.781497252227988235463587478",
|
"current_fcf": "-58966521.01",
|
"deduct_pe": "322.3158093822529756893043308",
|
"diluted_shares": "4224385412.0",
|
"enterprise_value": "111643760339.28",
|
"market_cap": "112368651959.20",
|
"normalized_eps": "0.08252775453671131558201678592",
|
"normalized_pe": "322.3158093822528832369351279",
|
"normalized_profit": "348629042.3500001",
|
"pb": "7.034250781043876738118397687",
|
"price": "26.6",
|
"ps": "42.42585234873481449718621018",
|
"reported_pe": "282.5934014955275814534794694",
|
"ttm_attributable_profit": "397633672.14",
|
"ttm_deduct_profit": "348629042.35",
|
"ttm_eps": "0.09412817093119911569280838147",
|
"ttm_revenue": "2648589144.08"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-49004629.7899999",
|
"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": 0,
|
"issues": [],
|
"status": "PASS",
|
"warning_count": 0
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "1.33",
|
"implied_margin": "2.121292617436740724859310509",
|
"implied_profit": "5618432597.96",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "1.064",
|
"implied_margin": "1.697034093949392579887448407",
|
"implied_profit": "4494746078.368",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.8866666666666666666666666667",
|
"implied_margin": "1.414195078291160483239540339",
|
"implied_profit": "3745621731.973333333333333333",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.76",
|
"implied_margin": "1.212167209963851842776748862",
|
"implied_profit": "3210532913.12",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.665",
|
"implied_margin": "1.060646308718370362429655255",
|
"implied_profit": "2809216298.98",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.532",
|
"implied_margin": "0.8485170469746962899437242037",
|
"implied_profit": "2247373039.184",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.4433333333333333333333333333",
|
"implied_margin": "0.7070975391455802416197701699",
|
"implied_profit": "1872810865.986666666666666667",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.3546666666666666666666666667",
|
"implied_margin": "0.5656780313164641932958161357",
|
"implied_profit": "1498248692.789333333333333333",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.266",
|
"implied_margin": "0.4242585234873481449718621018",
|
"implied_profit": "1123686519.592",
|
"pe": "100"
|
}
|
],
|
"scenarios": [
|
{
|
"assumption": "需求、验收或价格低于预期，利润下修且估值回归低位。",
|
"cagr_high": "-0.3997994588011906",
|
"cagr_low": "-0.47578511693084946",
|
"equity_value_high": "8752398525.50",
|
"equity_value_low": "4448277838.8",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "2.071875000002959010312953898",
|
"price_low": "1.052999999991478050298692775",
|
"role": "pessimistic",
|
"upside_to_high": "-0.9221099624059037966047761692",
|
"upside_to_low": "-0.9604135338349068402143348581"
|
},
|
{
|
"assumption": "以TTM归一化利润与1家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "-0.26547267824681686",
|
"cagr_low": "-0.37997015089216535",
|
"equity_value_high": "24026192030.75",
|
"equity_value_low": "10296939441.75",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "5.6875",
|
"price_low": "2.4375",
|
"role": "base",
|
"upside_to_high": "-0.7861842105263157894736842105",
|
"upside_to_low": "-0.9083646616541353383458646616"
|
},
|
{
|
"assumption": "订单、产品结构和规模效应超预期，利润与估值中枢同步上移。",
|
"cagr_high": "-0.16311034330944585",
|
"cagr_low": "-0.251336790659085",
|
"equity_value_high": "46130288699.04",
|
"equity_value_low": "26428811234.0",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "10.92",
|
"price_low": "6.256250000041426144381354568",
|
"role": "optimistic",
|
"upside_to_high": "-0.5894736842105263157894736842",
|
"upside_to_low": "-0.7648026315773899945721295275"
|
}
|
]
|
}
|
