{
|
"conclusion": {
|
"base_midpoint": "8.49749999990247708010026210",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-3.117681671126986565435238130"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "56.3517449",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "1227890408.076489795"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "982312326.461191836"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "818593605.38432653"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "701651661.7579941685714285714"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "613945204.0382448975"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "491156163.230595918"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "409296802.692163265"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "327437442.153730612"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "245578081.615297959"
|
}
|
],
|
"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": "0.22",
|
"profit": "95874898.02"
|
},
|
"2027": {
|
"eps": "1.06",
|
"profit": "461942690.46000004"
|
},
|
"2028": {
|
"eps": "1.85",
|
"profit": "806220733.35"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池1家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.22",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "159.0454545454545454545454545",
|
"profit_max": "95874898.02",
|
"profit_mean": "95874898.02",
|
"profit_median": "95874898.02",
|
"profit_min": "95874898.02"
|
},
|
"2027": {
|
"eps_mean": "1.06",
|
"eps_profit_reconciliation_gap": "0.00000000000000008659082787990046062123566219",
|
"institution_count": 1,
|
"pe_on_mean": "33.00943396226414808508201178",
|
"profit_max": "461942690.46000004",
|
"profit_mean": "461942690.46000004",
|
"profit_median": "461942690.46000004",
|
"profit_min": "461942690.46000004"
|
},
|
"2028": {
|
"eps_mean": "1.85",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "18.91351351351351351351351351",
|
"profit_max": "806220733.35",
|
"profit_mean": "806220733.35",
|
"profit_median": "806220733.35",
|
"profit_min": "806220733.35"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "688166.SH",
|
"company": "博瑞医药",
|
"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": "5.965197007888861362521939897",
|
"annual_fcf": "-128217917.59",
|
"book_value_per_share": "5.806226027893927766599777187",
|
"current_fcf": "-158785898.94",
|
"deduct_pe": "684.8011161953358045498863850",
|
"diluted_shares": "435794991.0",
|
"enterprise_value": "17313384181.990",
|
"market_cap": "15248466735.090",
|
"normalized_eps": "0.05109512699745555359079379598",
|
"normalized_pe": "684.8011161953358045498863850",
|
"normalized_profit": "22267000.41",
|
"pb": "6.026289681439046796547989460",
|
"price": "34.99",
|
"ps": "11.73306425483953000210013460",
|
"reported_pe": "299.8796559103565780098172347",
|
"ttm_attributable_profit": "50848620.22",
|
"ttm_deduct_profit": "22267000.41",
|
"ttm_eps": "0.1166801392171118368820352045",
|
"ttm_revenue": "1299615036.95"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-28581619.81",
|
"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": [
|
{
|
"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": "1.7495",
|
"implied_margin": "0.5866532127419765001050067298",
|
"implied_profit": "762423336.7545",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "1.3996",
|
"implied_margin": "0.4693225701935812000840053838",
|
"implied_profit": "609938669.4036",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.166333333333333333333333333",
|
"implied_margin": "0.3911021418279843334033378199",
|
"implied_profit": "508282224.503",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.9997142857142857142857142857",
|
"implied_margin": "0.3352304072811294286314324170",
|
"implied_profit": "435670478.1454285714285714286",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.87475",
|
"implied_margin": "0.2933266063709882500525033649",
|
"implied_profit": "381211668.37725",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.6998",
|
"implied_margin": "0.2346612850967906000420026919",
|
"implied_profit": "304969334.7018",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.5831666666666666666666666667",
|
"implied_margin": "0.1955510709139921667016689099",
|
"implied_profit": "254141112.2515",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.4665333333333333333333333333",
|
"implied_margin": "0.1564408567311937333613351279",
|
"implied_profit": "203312889.8012",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.3499",
|
"implied_margin": "0.1173306425483953000210013460",
|
"implied_profit": "152484667.3509",
|
"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": "-0.35431099411094713",
|
"cagr_low": "-0.4486939588628821",
|
"equity_value_high": "1711366929.72",
|
"equity_value_low": "776586673.98",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "3.927000000144563387145493832",
|
"price_low": "1.782000000041303824898712523",
|
"role": "pessimistic",
|
"upside_to_high": "-0.8877679336912099632139041488",
|
"upside_to_low": "-0.9490711631883022627922631460"
|
},
|
{
|
"assumption": "以TTM归一化利润与1家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "-0.1876928928865933",
|
"cagr_low": "-0.33297884721149973",
|
"equity_value_high": "5392963013.40",
|
"equity_value_low": "2013372858.56",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "12.37499999948370218876609346",
|
"price_low": "4.620000000321251971434430737",
|
"role": "base",
|
"upside_to_high": "-0.6463275221639410634819636050",
|
"upside_to_low": "-0.8679622749265146621482014651"
|
},
|
{
|
"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": "-0.06483977079501968",
|
"cagr_low": "-0.17206014292701466",
|
"equity_value_high": "10905769649.45",
|
"equity_value_low": "5932259315.10",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "25.02499999925423649488435722",
|
"price_low": "13.61250000025814890561695327",
|
"role": "optimistic",
|
"upside_to_high": "-0.2847956559229998143788408911",
|
"upside_to_low": "-0.6109602743567262387648770143"
|
}
|
]
|
}
|
