{
|
"conclusion": {
|
"base_midpoint": "33.56749163214927453815670268",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.01407636808340425531914893604"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "54.8217604",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "5756959963.75606194"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "4605567971.004849552"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "3837973309.17070796"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "3289691407.860606822857142857"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "2878479981.87803097"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "2302783985.502424776"
|
}
|
],
|
"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；抓取日仅作为汇总快照日期，本条是C1市场基准，不替代单家研报。",
|
"estimates": {
|
"2026": {
|
"eps": "1.198181818182",
|
"profit": "2516476926.7694726"
|
},
|
"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（底层11家）",
|
"report_date": "2026-08-03",
|
"source_id": "SRC-EM-CONSENSUS-20260803",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "1.198181818182",
|
"eps_profit_reconciliation_gap": "0.00000000000000006837098253107145807672780719",
|
"institution_count": 1,
|
"pe_on_mean": "28.40971168436594887537647701",
|
"profit_max": "2516476926.7694726",
|
"profit_mean": "2516476926.7694726",
|
"profit_median": "2516476926.7694726",
|
"profit_min": "2516476926.7694726"
|
},
|
"2027": {
|
"eps_mean": "1.450909090909",
|
"eps_profit_reconciliation_gap": "0.0000000000000001266797659175682831995114593",
|
"institution_count": 1,
|
"pe_on_mean": "23.46115288220698080945555494",
|
"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": "19.67630057803468208092485549",
|
"profit_max": "3633426093.81",
|
"profit_mean": "3633426093.81",
|
"profit_median": "3633426093.81",
|
"profit_min": "3633426093.81"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-03",
|
"code": "002179.SZ",
|
"company": "中航光电",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-25",
|
"market": "深圳证券交易所主板",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "0.7225627607155963925423477203",
|
"annual_fcf": "-20306341.77",
|
"book_value_per_share": "12.65342113425947394968791129",
|
"current_fcf": "-2519922007.78",
|
"deduct_pe": "38.46709090592040083870545383",
|
"diluted_shares": "2100246297.0",
|
"enterprise_value": "70016228024.920",
|
"market_cap": "71492383949.880",
|
"normalized_eps": "0.8849122509225402529063475835",
|
"normalized_pe": "38.46709090592040083870545383",
|
"normalized_profit": "1858533678.17",
|
"pb": "2.690181543696178378494774461",
|
"price": "34.04",
|
"ps": "3.337703524679784047984240958",
|
"reported_pe": "37.23669520221479663496400666",
|
"ttm_attributable_profit": "1919944387.16",
|
"ttm_deduct_profit": "1858533678.17",
|
"ttm_eps": "0.9141520163146846391035441497",
|
"ttm_revenue": "21419632816.77"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-61410708.99",
|
"basis": "2025年报加2026年一季报减2025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": "1.702",
|
"implied_margin": "0.1668851762339892023992120479",
|
"implied_profit": "3574619197.494",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "1.3616",
|
"implied_margin": "0.1335081409871913619193696383",
|
"implied_profit": "2859695357.9952",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.134666666666666666666666667",
|
"implied_margin": "0.1112567841559928015994746986",
|
"implied_profit": "2383079464.996",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.9725714285714285714285714286",
|
"implied_margin": "0.09536295784799382994240688453",
|
"implied_profit": "2042639541.425142857142857143",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.851",
|
"implied_margin": "0.08344258811699460119960602396",
|
"implied_profit": "1787309598.747",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.6808",
|
"implied_margin": "0.06675407049359568095968481917",
|
"implied_profit": "1429847678.9976",
|
"pe": "50"
|
}
|
],
|
"scenarios": [
|
{
|
"assumption": "航空防务和高端制造需求恢复较慢，利润维持低位。",
|
"cagr_high": "-0.059887331927498844",
|
"cagr_low": "-0.12821670204554125",
|
"equity_value_high": "52500000000",
|
"equity_value_low": "36000000000",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "24.99706823670690657096775731",
|
"price_low": "17.14084679088473593437789073",
|
"role": "pessimistic",
|
"upside_to_high": "-0.2656560447500908762935441448",
|
"upside_to_low": "-0.4964498592572051723155731278"
|
},
|
{
|
"assumption": "2026年利润接近11家机构一致预期25.16亿元，给予25至30倍质量溢价。",
|
"cagr_high": "0.02528604891161601",
|
"cagr_low": "-0.034442160579645664",
|
"equity_value_high": "81000000000",
|
"equity_value_low": "60000000000",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "38.56690527949065585235025414",
|
"price_low": "28.56807798480789322396315121",
|
"role": "base",
|
"upside_to_high": "0.132987816671288362289960462",
|
"upside_to_low": "-0.1607497654286752871926218798"
|
},
|
{
|
"assumption": "需求和产品结构同步改善，利润提前接近2027年预测。",
|
"cagr_high": "0.1072799511107061",
|
"cagr_low": "0.04712022031001473",
|
"equity_value_high": "119000000000",
|
"equity_value_low": "90000000000",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "56.66002133653565489419358324",
|
"price_low": "42.85211697721183983594472682",
|
"role": "optimistic",
|
"upside_to_high": "0.664512965233127347067966605",
|
"upside_to_low": "0.258875351856987069211067180"
|
}
|
]
|
}
|
