{
|
"conclusion": {
|
"base_midpoint": "35.34636363634545667764603134",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "0.02649108819167542257251583084"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "55.4176491",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "5819535615.536019135"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "4655628492.428815308"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "3879690410.35734609"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "3325448923.163439505714285714"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "2909767807.7680095675"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "2327814246.214407654"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "1939845205.178673045"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "1551876164.142938436"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "1163907123.107203827"
|
}
|
],
|
"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": "1.198181818182",
|
"profit": "2516476926.769473"
|
},
|
"2027": {
|
"eps": "1.450909090909",
|
"profit": "3047266445.465264"
|
},
|
"2028": {
|
"eps": "1.73",
|
"profit": "3633426093.81"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池11家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "1.198181818182",
|
"eps_profit_reconciliation_gap": "0.00000000000000009058139877031404155382672621",
|
"institution_count": 1,
|
"pe_on_mean": "28.71851289832644375479803479",
|
"profit_max": "2516476926.769473",
|
"profit_mean": "2516476926.769473",
|
"profit_median": "2516476926.769473",
|
"profit_min": "2516476926.769473"
|
},
|
"2027": {
|
"eps_mean": "1.450909090909",
|
"eps_profit_reconciliation_gap": "0.0000000000000001266797659175682831995114593",
|
"institution_count": 1,
|
"pe_on_mean": "23.71616541353531755738441967",
|
"profit_max": "3047266445.465264",
|
"profit_mean": "3047266445.465264",
|
"profit_median": "3047266445.465264",
|
"profit_min": "3047266445.465264"
|
},
|
"2028": {
|
"eps_mean": "1.73",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "19.89017341040462427745664740",
|
"profit_max": "3633426093.81",
|
"profit_mean": "3633426093.81",
|
"profit_median": "3633426093.81",
|
"profit_min": "3633426093.81"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "002179.SZ",
|
"company": "中航光电",
|
"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": "0.7225627607155963925423477203",
|
"annual_fcf": "-20306341.77",
|
"book_value_per_share": "11.74776413626501444558909273",
|
"current_fcf": "-2519922007.78",
|
"deduct_pe": "38.88521145924562258695225224",
|
"diluted_shares": "2100246297.0",
|
"enterprise_value": "70793319154.810",
|
"market_cap": "72269475079.770",
|
"normalized_eps": "0.8849122509225403624173131919",
|
"normalized_pe": "38.88521145924561777477223060",
|
"normalized_profit": "1858533678.17000023",
|
"pb": "2.929067999737695335353195403",
|
"price": "34.41",
|
"ps": "3.373982910817607787636243577",
|
"reported_pe": "37.64144188919539225056144152",
|
"ttm_attributable_profit": "1919944387.16",
|
"ttm_deduct_profit": "1858533678.17",
|
"ttm_eps": "0.9141520163146846391035441497",
|
"ttm_revenue": "21419632816.77"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-61410708.98999977",
|
"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": [
|
{
|
"action": "拆解营运资本、资本开支与回款持续性。",
|
"field": "metrics.annual_fcf",
|
"issue_id": "QA-NEGATIVE-FCF",
|
"message": "最近完整年度简化自由现金流为负。",
|
"recalc_scope": "DCF 与现金流交叉验证",
|
"severity": "WARNING"
|
}
|
],
|
"status": "PASS_WITH_WARNINGS",
|
"warning_count": 1
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "1.7205",
|
"implied_margin": "0.1686991455408803893818121789",
|
"implied_profit": "3613473753.9885",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "1.3764",
|
"implied_margin": "0.1349593164327043115054497431",
|
"implied_profit": "2890779003.1908",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.147",
|
"implied_margin": "0.1124660970272535929212081192",
|
"implied_profit": "2408982502.659",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.9831428571428571428571428571",
|
"implied_margin": "0.09639951173764593678960695937",
|
"implied_profit": "2064842145.136285714285714286",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.86025",
|
"implied_margin": "0.08434957277044019469090608944",
|
"implied_profit": "1806736876.99425",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.6882",
|
"implied_margin": "0.06747965821635215575272487155",
|
"implied_profit": "1445389501.5954",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.5735",
|
"implied_margin": "0.05623304851362679646060405962",
|
"implied_profit": "1204491251.3295",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.4588",
|
"implied_margin": "0.04498643881090143716848324770",
|
"implied_profit": "963593001.0636",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.3441",
|
"implied_margin": "0.03373982910817607787636243577",
|
"implied_profit": "722694750.7977",
|
"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": "-0.11110257103984733",
|
"cagr_low": "-0.2236373848430061",
|
"equity_value_high": "40106351020.50",
|
"equity_value_low": "20383463106.90",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "19.09602272732872719832249275",
|
"price_low": "9.705272727306229836909456529",
|
"role": "pessimistic",
|
"upside_to_high": "-0.4450443845588861610484599608",
|
"upside_to_low": "-0.7179519695638991619613642392"
|
},
|
{
|
"assumption": "以TTM归一化利润与11家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "0.06984481801766096",
|
"cagr_low": "-0.08173535190471282",
|
"equity_value_high": "101288196302.30",
|
"equity_value_low": "47183942377.00",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "48.22681818174394810038796131",
|
"price_low": "22.46590909094696525490410137",
|
"role": "base",
|
"upside_to_high": "0.401534966048937753571286292",
|
"upside_to_low": "-0.3471110406583270777418162926"
|
},
|
{
|
"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": "0.21893636349197143",
|
"cagr_low": "0.09043384940557275",
|
"equity_value_high": "194473336900.8",
|
"equity_value_low": "111417015932.60",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "92.59549090913121605184765623",
|
"price_low": "53.04949999995167233474236665",
|
"role": "optimistic",
|
"upside_to_high": "1.690947134819273933503273939",
|
"upside_to_low": "0.541688462654800125973332364"
|
}
|
]
|
}
|
