{
|
"conclusion": {
|
"base_midpoint": "1.106545756035907659467262779",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-19.86673766001116386723696527"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "37.1866759",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "403015302.321417555"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "322412241.857134044"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "268676868.21427837"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "230294458.46938146"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "201507651.1607087775"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "161206120.928567022"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "134338434.107139185"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "107470747.285711348"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "80603060.464283511"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "688711.SH",
|
"company": "宏微科技",
|
"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": "8.103810373505654074191005969",
|
"annual_fcf": "72417049.79",
|
"book_value_per_share": "5.013109841315853804870715026",
|
"current_fcf": "74997670.64",
|
"deduct_pe": "743.3775291185265408217526784",
|
"diluted_shares": "216752529.0",
|
"enterprise_value": "5644294234.410",
|
"market_cap": "5004815894.610",
|
"normalized_eps": "0.03106093350357170227065724340",
|
"normalized_pe": "743.3775291185268720687929902",
|
"normalized_profit": "6732535.889999997",
|
"pb": "4.605923414983318647861719869",
|
"price": "23.09",
|
"ps": "3.682486662183646109131460446",
|
"reported_pe": "295.4384972531018821534216523",
|
"ttm_attributable_profit": "16940297.02",
|
"ttm_deduct_profit": "6732535.89",
|
"ttm_eps": "0.07815501437586456027002111703",
|
"ttm_revenue": "1359085952.98"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-10207761.130000003",
|
"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": "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": 1
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "1.1545",
|
"implied_margin": "0.1841243331091823054565730223",
|
"implied_profit": "250240794.7305",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.9236",
|
"implied_margin": "0.1472994664873458443652584178",
|
"implied_profit": "200192635.7844",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.7696666666666666666666666667",
|
"implied_margin": "0.1227495554061215369710486815",
|
"implied_profit": "166827196.487",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.6597142857142857142857142857",
|
"implied_margin": "0.1052139046338184602608988699",
|
"implied_profit": "142994739.846",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.57725",
|
"implied_margin": "0.09206216655459115272828651114",
|
"implied_profit": "125120397.36525",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.4618",
|
"implied_margin": "0.07364973324367292218262920891",
|
"implied_profit": "100096317.8922",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.3848333333333333333333333333",
|
"implied_margin": "0.06137477770306076848552434076",
|
"implied_profit": "83413598.2435",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.3078666666666666666666666667",
|
"implied_margin": "0.04909982216244861478841947261",
|
"implied_profit": "66730878.5948",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.2309",
|
"implied_margin": "0.03682486662183646109131460446",
|
"implied_profit": "50048158.9461",
|
"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": "-0.5136406260801782",
|
"cagr_low": "-0.584733736356439",
|
"equity_value_high": "136199201.04",
|
"equity_value_low": "61804679.4",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "0.6283626847094365390311086059",
|
"price_low": "0.2851393692389167002522032857",
|
"role": "pessimistic",
|
"upside_to_high": "-0.9727863713854726488076609525",
|
"upside_to_low": "-0.9876509584565215807599738724"
|
},
|
{
|
"assumption": "以TTM归一化利润与无家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "-0.4171562885701159",
|
"cagr_low": "-0.5088321846785577",
|
"equity_value_high": "336626794.40",
|
"equity_value_low": "143066387.75",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "1.553046674717230173586579006",
|
"price_low": "0.6600448373545851453479465515",
|
"role": "base",
|
"upside_to_high": "-0.9327394250880368049551070158",
|
"upside_to_low": "-0.9714142556364406606605480056"
|
},
|
{
|
"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": "-0.3355867850371964",
|
"cagr_low": "-0.40593953327848753",
|
"equity_value_high": "648006579.55",
|
"equity_value_low": "370289474.00",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "2.989614850353141669687277328",
|
"price_low": "1.708351342927122202112806721",
|
"role": "optimistic",
|
"upside_to_high": "-0.8705233932285343581772508736",
|
"upside_to_low": "-0.9260133675648712775178515928"
|
}
|
]
|
}
|
