{
|
"conclusion": {
|
"base_midpoint": "11.48400000001123928025196540",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.1250435388355412156366566034"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "20.8077892",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "4443228833.20462168"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "3554583066.563697344"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "2962152555.469747786666666667"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "2538987904.688355245714285714"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "2221614416.60231084"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "1777291533.281848672"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "1481076277.734873893333333333"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "1184861022.187899114666666667"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "888645766.640924336"
|
}
|
],
|
"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": "0.29",
|
"profit": "1238513471.32"
|
},
|
"2027": {
|
"eps": "0.3525",
|
"profit": "1505434478.07"
|
},
|
"2028": {
|
"eps": "0.453333333333",
|
"profit": "1936067035.6252432"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池4家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.29",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "44.55172413793103448275862069",
|
"profit_max": "1238513471.32",
|
"profit_mean": "1238513471.32",
|
"profit_median": "1238513471.32",
|
"profit_min": "1238513471.32"
|
},
|
"2027": {
|
"eps_mean": "0.3525",
|
"eps_profit_reconciliation_gap": "0.000",
|
"institution_count": 1,
|
"pe_on_mean": "36.65248226950354609929078014",
|
"profit_max": "1505434478.07",
|
"profit_mean": "1505434478.07",
|
"profit_median": "1505434478.07",
|
"profit_min": "1505434478.07"
|
},
|
"2028": {
|
"eps_mean": "0.453333333333",
|
"eps_profit_reconciliation_gap": "0.00000000000000005786783098851664099310522692",
|
"institution_count": 1,
|
"pe_on_mean": "28.50000000002095423311977341",
|
"profit_max": "1936067035.6252432",
|
"profit_mean": "1936067035.6252432",
|
"profit_median": "1936067035.6252432",
|
"profit_min": "1936067035.6252432"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "002414.SZ",
|
"company": "高德红外",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-21",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "2.344125773966729854361689347",
|
"annual_fcf": "1152746393.04",
|
"book_value_per_share": "1.734429956459861883838035539",
|
"current_fcf": "-281356891.25",
|
"deduct_pe": "61.06880043730355837348975643",
|
"diluted_shares": "4270736108.0",
|
"enterprise_value": "55077809671.720",
|
"market_cap": "55177910515.360",
|
"normalized_eps": "0.2115646599815621047499289788",
|
"normalized_pe": "61.06880043730356547029402035",
|
"normalized_profit": "903536832.559999895",
|
"pb": "7.449133331605365511322646192",
|
"price": "12.92",
|
"ps": "10.64386415527133007663169930",
|
"reported_pe": "56.96971297212024678456535501",
|
"ttm_attributable_profit": "968548157.20",
|
"ttm_deduct_profit": "903536832.56",
|
"ttm_eps": "0.2267871703394884636594830317",
|
"ttm_revenue": "5184011155.20"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-65011324.640000105",
|
"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": "0.646",
|
"implied_margin": "0.5321932077635665038315849649",
|
"implied_profit": "2758895525.768",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.5168",
|
"implied_margin": "0.4257545662108532030652679719",
|
"implied_profit": "2207116420.6144",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.4306666666666666666666666667",
|
"implied_margin": "0.3547954718423776692210566432",
|
"implied_profit": "1839263683.845333333333333333",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.3691428571428571428571428571",
|
"implied_margin": "0.3041104044363237164751914086",
|
"implied_profit": "1576511729.010285714285714286",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.323",
|
"implied_margin": "0.2660966038817832519157924824",
|
"implied_profit": "1379447762.884",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.2584",
|
"implied_margin": "0.2128772831054266015326339859",
|
"implied_profit": "1103558210.3072",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.2153333333333333333333333333",
|
"implied_margin": "0.1773977359211888346105283216",
|
"implied_profit": "919631841.9226666666666666667",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.1722666666666666666666666667",
|
"implied_margin": "0.1419181887369510676884226573",
|
"implied_profit": "735705473.5381333333333333333",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.1292",
|
"implied_margin": "0.1064386415527133007663169930",
|
"implied_profit": "551779105.1536",
|
"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": "-0.1446317411759579",
|
"cagr_low": "-0.2597913843286418",
|
"equity_value_high": "25265674815.04",
|
"equity_value_low": "12261283365.98",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "5.916000000026224987254585949",
|
"price_low": "2.870999999979394652871396755",
|
"role": "pessimistic",
|
"upside_to_high": "-0.5421052631558649390669825117",
|
"upside_to_low": "-0.7777863777105731692823996320"
|
},
|
{
|
"assumption": "以TTM归一化利润与4家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "0.04379427953083792",
|
"cagr_low": "-0.11637225219643732",
|
"equity_value_high": "68365943616.96",
|
"equity_value_low": "29724323311.68",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "16.00800000002247856050393081",
|
"price_low": "6.96",
|
"role": "base",
|
"upside_to_high": "0.239009287927436421091635512",
|
"upside_to_low": "-0.4613003095975232198142414861"
|
},
|
{
|
"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": "0.1862464981544425",
|
"cagr_low": "0.0638819715226262",
|
"equity_value_high": "129610434773.95",
|
"equity_value_low": "75202537978.56",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "30.34850000007305532163777514",
|
"price_low": "17.60880000000224785605039308",
|
"role": "optimistic",
|
"upside_to_high": "1.348955108364787563594255042",
|
"upside_to_low": "0.362910216718440236536408133"
|
}
|
]
|
}
|
