{
|
"conclusion": {
|
"base_midpoint": "3.989519279638699851397371214",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-1.082957724358352501894330048"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "13.3833381",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "882859149.588706125"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "706287319.67096490"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "588572766.39247075"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "504490942.6221177857142857143"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "441429574.7943530625"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "353143659.83548245"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "294286383.196235375"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "235429106.55698830"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "176571829.917741225"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "002413.SZ",
|
"company": "雷科防务",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-08-01",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-06-30"
|
},
|
"metrics": {
|
"annual_cash_conversion": null,
|
"annual_fcf": "189812351.55",
|
"book_value_per_share": "2.493449549774187407123357008",
|
"current_fcf": "-183844577.94",
|
"deduct_pe": null,
|
"diluted_shares": "1319340725.0",
|
"enterprise_value": "10708518101.150",
|
"market_cap": "10963721424.750",
|
"normalized_eps": "-0.06750756951734360659563510404",
|
"normalized_pe": null,
|
"normalized_profit": "-89065485.710000014",
|
"pb": "3.332732358973364003030928077",
|
"price": "8.31",
|
"ps": "7.426397898004800199199032324",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-63219229.35",
|
"ttm_deduct_profit": "-89065485.71",
|
"ttm_eps": "-0.04791728789392141290870862794",
|
"ttm_revenue": "1476317533.12"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-25846256.360000014",
|
"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": "使用正常化情景、PB 或反向估值。",
|
"field": "metrics.ttm_attributable_profit",
|
"issue_id": "QA-NEGATIVE-TTM-PROFIT",
|
"message": "TTM 归母利润不为正，报告 PE 不适用。",
|
"recalc_scope": "PE 模块",
|
"severity": "WARNING"
|
},
|
{
|
"action": "检查主营盈利恢复条件。",
|
"field": "metrics.ttm_deduct_profit",
|
"issue_id": "QA-NEGATIVE-TTM-DEDUCT",
|
"message": "TTM 扣非利润不为正，扣非 PE 不适用。",
|
"recalc_scope": "扣非 PE 模块",
|
"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": 3
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "0.4155",
|
"implied_margin": "0.3713198949002400099599516162",
|
"implied_profit": "548186071.2375",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.3324",
|
"implied_margin": "0.2970559159201920079679612929",
|
"implied_profit": "438548856.990",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.277",
|
"implied_margin": "0.2475465966001600066399677441",
|
"implied_profit": "365457380.825",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.2374285714285714285714285714",
|
"implied_margin": "0.2121827970858514342628294950",
|
"implied_profit": "313249183.5642857142857142857",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.20775",
|
"implied_margin": "0.1856599474501200049799758081",
|
"implied_profit": "274093035.61875",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.1662",
|
"implied_margin": "0.1485279579600960039839806465",
|
"implied_profit": "219274428.495",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.1385",
|
"implied_margin": "0.1237732983000800033199838721",
|
"implied_profit": "182728690.4125",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.1108",
|
"implied_margin": "0.09901863864006400265598709765",
|
"implied_profit": "146182952.330",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.0831",
|
"implied_margin": "0.07426397898004800199199032324",
|
"implied_profit": "109637214.2475",
|
"pe": "100"
|
}
|
],
|
"scenarios": [
|
{
|
"assumption": "盈利尚未稳定，按归母净资产折价并要求现金消耗受控。",
|
"cagr_high": "-0.18477749260444576",
|
"cagr_low": "-0.2482768763125881",
|
"equity_value_high": "3947651444.100",
|
"equity_value_low": "2631767629.400",
|
"method": "pb",
|
"name": "悲观",
|
"price_high": "2.992139459729024888548028410",
|
"price_low": "1.994759639819349925698685607",
|
"role": "pessimistic",
|
"upside_to_high": "-0.6399350830650992913901289519",
|
"upside_to_low": "-0.7599567220433995275934193012"
|
},
|
{
|
"assumption": "业务逐步接近盈亏平衡，按归母净资产的中性倍数定价。",
|
"cagr_high": "-0.09708698855020403",
|
"cagr_low": "-0.18477749260444576",
|
"equity_value_high": "6579419073.500",
|
"equity_value_low": "3947651444.100",
|
"method": "pb",
|
"name": "基准",
|
"price_high": "4.986899099548374814246714017",
|
"price_low": "2.992139459729024888548028410",
|
"role": "base",
|
"upside_to_high": "-0.3998918051084988189835482531",
|
"upside_to_low": "-0.6399350830650992913901289519"
|
},
|
{
|
"assumption": "新业务放量并形成可持续盈利，给予成长型资产溢价。",
|
"cagr_high": "-0.02081632723559179",
|
"cagr_low": "-0.09708698855020403",
|
"equity_value_high": "9869128610.250",
|
"equity_value_low": "6579419073.500",
|
"method": "pb",
|
"name": "乐观",
|
"price_high": "7.480348649322562221370071025",
|
"price_low": "4.986899099548374814246714017",
|
"role": "optimistic",
|
"upside_to_high": "-0.0998377076627482284753223797",
|
"upside_to_low": "-0.3998918051084988189835482531"
|
}
|
]
|
}
|
