{
|
"conclusion": {
|
"base_midpoint": "3.255915675873824489145193580",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-4.896958616671512277195774848"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "30.921792",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "1109733541.0630656"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "887786832.85045248"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "739822360.7087104"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "634133452.0360374857142857143"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "554866770.5315328"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "443893416.42522624"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "369911180.3543552"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "295928944.28348416"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "221946708.21261312"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "300455.SZ",
|
"company": "航天智装",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-24",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": null,
|
"annual_fcf": "145887232.09",
|
"book_value_per_share": "2.325654054195588920817995414",
|
"current_fcf": "-79415446.32",
|
"deduct_pe": null,
|
"diluted_shares": "717767936.0",
|
"enterprise_value": "13779163118.35",
|
"market_cap": "13781144371.20",
|
"normalized_eps": "-0.2833469156805577562049247070",
|
"normalized_pe": null,
|
"normalized_profit": "-203377330.839999976",
|
"pb": "8.255742063340117188074084788",
|
"price": "19.2",
|
"ps": "12.57236862017724960082049182",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-182196524.94",
|
"ttm_deduct_profit": "-203377330.84",
|
"ttm_eps": "-0.2538376483565852682502663368",
|
"ttm_revenue": "1096145427.13"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-21180805.899999976",
|
"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": "0.96",
|
"implied_margin": "0.6286184310088624800410245908",
|
"implied_profit": "689057218.56",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.768",
|
"implied_margin": "0.5028947448070899840328196726",
|
"implied_profit": "551245774.848",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.64",
|
"implied_margin": "0.4190789540059083200273497272",
|
"implied_profit": "459371479.04",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.5485714285714285714285714286",
|
"implied_margin": "0.3592105320050642743091569090",
|
"implied_profit": "393746982.0342857142857142857",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.48",
|
"implied_margin": "0.3143092155044312400205122954",
|
"implied_profit": "344528609.28",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.384",
|
"implied_margin": "0.2514473724035449920164098363",
|
"implied_profit": "275622887.424",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.32",
|
"implied_margin": "0.2095394770029541600136748636",
|
"implied_profit": "229685739.52",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.256",
|
"implied_margin": "0.1676315816023633280109398909",
|
"implied_profit": "183748591.616",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.192",
|
"implied_margin": "0.1257236862017724960082049182",
|
"implied_profit": "137811443.712",
|
"pe": "100"
|
}
|
],
|
"scenarios": [
|
{
|
"assumption": "亏损继续且现金消耗偏高，按归母净资产折价。",
|
"cagr_high": "-0.3443851577509095",
|
"cagr_low": "-0.4080581752545027",
|
"equity_value_high": "1669279910.330",
|
"equity_value_low": "1001567946.198",
|
"method": "pb",
|
"name": "悲观",
|
"price_high": "2.325654054195588920817995414",
|
"price_low": "1.395392432517353352490797248",
|
"role": "pessimistic",
|
"upside_to_high": "-0.8788721846773130770407294055",
|
"upside_to_low": "-0.9273233108063878462244376433"
|
},
|
{
|
"assumption": "业务逐步接近盈亏平衡，按成长型资产的中性净资产倍数定价。",
|
"cagr_high": "-0.26259975446206774",
|
"cagr_low": "-0.3443851577509095",
|
"equity_value_high": "3004703838.594",
|
"equity_value_low": "1669279910.330",
|
"method": "pb",
|
"name": "基准",
|
"price_high": "4.186177297552060057472391745",
|
"price_low": "2.325654054195588920817995414",
|
"role": "base",
|
"upside_to_high": "-0.7819699324191635386733129299",
|
"upside_to_low": "-0.8788721846773130770407294055"
|
},
|
{
|
"assumption": "核心产品或订单放量并形成可持续盈利，给予成长溢价。",
|
"cagr_high": "-0.18328030653916128",
|
"cagr_low": "-0.26259975446206774",
|
"equity_value_high": "5007839730.990",
|
"equity_value_low": "3004703838.594",
|
"method": "pb",
|
"name": "乐观",
|
"price_high": "6.976962162586766762453986242",
|
"price_low": "4.186177297552060057472391745",
|
"role": "optimistic",
|
"upside_to_high": "-0.6366165540319392311221882166",
|
"upside_to_low": "-0.7819699324191635386733129299"
|
}
|
]
|
}
|
