{
|
"conclusion": {
|
"base_midpoint": "30.51998333334826998618270974",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.1261474039681054585712323550"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "55.3532287",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "13239205029.726982845"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "10591364023.781586276"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "8826136686.48465523"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "7565260016.98684734"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "6619602514.8634914225"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "5295682011.890793138"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "4413068343.242327615"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "3530454674.593862092"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "2647841005.945396569"
|
}
|
],
|
"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": "1.335666666667",
|
"profit": "6389208097.404594"
|
},
|
"2027": {
|
"eps": "1.565555555556",
|
"profit": "7488889617.538793"
|
},
|
"2028": {
|
"eps": "1.770625",
|
"profit": "8469846459.294374"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池9家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "1.335666666667",
|
"eps_profit_reconciliation_gap": "0.00000000000000008007705997365033108218402077",
|
"institution_count": 1,
|
"pe_on_mean": "25.73246818067738352597079523",
|
"profit_max": "6389208097.404594",
|
"profit_mean": "6389208097.404594",
|
"profit_median": "6389208097.404594",
|
"profit_min": "6389208097.404594"
|
},
|
"2027": {
|
"eps_mean": "1.565555555556",
|
"eps_profit_reconciliation_gap": "0.00000000000000004243993652352075511713109575",
|
"institution_count": 1,
|
"pe_on_mean": "21.95386799147708810504531773",
|
"profit_max": "7488889617.538793",
|
"profit_mean": "7488889617.538793",
|
"profit_median": "7488889617.538793",
|
"profit_min": "7488889617.538793"
|
},
|
"2028": {
|
"eps_mean": "1.770625",
|
"eps_profit_reconciliation_gap": "0.0000000000000001180658946777779446308760761",
|
"institution_count": 1,
|
"pe_on_mean": "19.41122484998235315661125313",
|
"profit_max": "8469846459.294374",
|
"profit_mean": "8469846459.294374",
|
"profit_median": "8469846459.294374",
|
"profit_min": "8469846459.294374"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "000063.SZ",
|
"company": "中兴通讯",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-25",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "0.6975656602426774444194245200",
|
"annual_fcf": "25758000.0",
|
"book_value_per_share": "16.05802608626401766639817547",
|
"current_fcf": "-3086144000.0",
|
"deduct_pe": "69.96510643541157510978187462",
|
"diluted_shares": "4783534887.0",
|
"enterprise_value": "184726050066.190",
|
"market_cap": "164410094066.190",
|
"normalized_eps": "0.4912448754970269750642669453",
|
"normalized_pe": "69.96510643541157510978187462",
|
"normalized_profit": "2349887000.0",
|
"pb": "2.140362695599304336306466956",
|
"price": "34.37",
|
"ps": "1.209650927184213470680027309",
|
"reported_pe": "36.73954625562092836742296175",
|
"ttm_attributable_profit": "4475017000.0",
|
"ttm_deduct_profit": "2349887000.0",
|
"ttm_eps": "0.9355042046754074399625048663",
|
"ttm_revenue": "135915321000.0"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-2125130000.0",
|
"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": "1.7185",
|
"implied_margin": "0.06048254635921067353400136545",
|
"implied_profit": "8220504703.3095",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "1.3748",
|
"implied_margin": "0.04838603708736853882720109236",
|
"implied_profit": "6576403762.6476",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.145666666666666666666666667",
|
"implied_margin": "0.04032169757280711568933424364",
|
"implied_profit": "5480336468.873",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.982",
|
"implied_margin": "0.03456145506240609916228649454",
|
"implied_profit": "4697431259.034",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.85925",
|
"implied_margin": "0.03024127317960533676700068273",
|
"implied_profit": "4110252351.65475",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.6874",
|
"implied_margin": "0.02419301854368426941360054618",
|
"implied_profit": "3288201881.3238",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.5728333333333333333333333333",
|
"implied_margin": "0.02016084878640355784466712182",
|
"implied_profit": "2740168234.4365",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.4582666666666666666666666667",
|
"implied_margin": "0.01612867902912284627573369745",
|
"implied_profit": "2192134587.5492",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.3437",
|
"implied_margin": "0.01209650927184213470680027309",
|
"implied_profit": "1644100940.6619",
|
"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": "-0.14914755739408092",
|
"cagr_low": "-0.2682167525135378",
|
"equity_value_high": "73316162917.8",
|
"equity_value_low": "34501723725.96",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "15.32677500002102524647062326",
|
"price_low": "7.212599999996613383118825783",
|
"role": "pessimistic",
|
"upside_to_high": "-0.5540653185911834376936100303",
|
"upside_to_low": "-0.7901483852197668494873777776"
|
},
|
{
|
"assumption": "以TTM归一化利润与9家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "0.045863208141135425",
|
"cagr_low": "-0.12103726106572954",
|
"equity_value_high": "205732500736.56",
|
"equity_value_low": "86254309314.90",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "43.00846666670500651456835502",
|
"price_low": "18.03149999999153345779706446",
|
"role": "base",
|
"upside_to_high": "0.251337406654204437432887839",
|
"upside_to_low": "-0.4753709630494171237184444440"
|
},
|
{
|
"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": "0.2013813467434571",
|
"cagr_low": "0.06599071640871745",
|
"equity_value_high": "411465001472.80",
|
"equity_value_low": "226305750810.16",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "86.01693333334311689321228107",
|
"price_low": "47.30931333336380034223841545",
|
"role": "optimistic",
|
"upside_to_high": "1.502674813306462522351244721",
|
"upside_to_low": "0.376471147319284269486133705"
|
}
|
]
|
}
|
