{
|
"conclusion": {
|
"base_midpoint": "0.509211734776583337418995160",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-23.90123289394214441526350676"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "20.4212668",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "1208999739.66022328"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "967199791.728178624"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "805999826.4401488533333333333"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "690856994.09155616"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "604499869.83011164"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "483599895.864089312"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "402999913.2200744266666666667"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "322399930.5760595413333333333"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "241799947.932044656"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "600877.SH",
|
"company": "电科芯片",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-29",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "1.660623217001390177945755427",
|
"annual_fcf": "-987984.42",
|
"book_value_per_share": "2.114282246892371519454024190",
|
"current_fcf": "-126820494.53",
|
"deduct_pe": "1085.693754175877496505488895",
|
"diluted_shares": "1184059492.0",
|
"enterprise_value": "14326814002.750",
|
"market_cap": "15013874358.560",
|
"normalized_eps": "0.01167916822882071874814209082",
|
"normalized_pe": "1085.693754175877496505488895",
|
"normalized_profit": "13828830.00",
|
"pb": "5.997307132781066696469673852",
|
"price": "12.68",
|
"ps": "15.29871445910708354609013029",
|
"reported_pe": "502.8100974552549597077774002",
|
"ttm_attributable_profit": "29859930.09",
|
"ttm_deduct_profit": "13828830.00",
|
"ttm_eps": "0.02521826841619542542377591953",
|
"ttm_revenue": "981381435.59"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-16031100.09",
|
"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": "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"
|
},
|
{
|
"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": 2
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "0.634",
|
"implied_margin": "0.7649357229553541773045065147",
|
"implied_profit": "750693717.928",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.5072",
|
"implied_margin": "0.6119485783642833418436052118",
|
"implied_profit": "600554974.3424",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.4226666666666666666666666667",
|
"implied_margin": "0.5099571486369027848696710099",
|
"implied_profit": "500462478.6186666666666666667",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.3622857142857142857142857143",
|
"implied_margin": "0.4371061274030595298882894370",
|
"implied_profit": "428967838.816",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.317",
|
"implied_margin": "0.3824678614776770886522532574",
|
"implied_profit": "375346858.964",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.2536",
|
"implied_margin": "0.3059742891821416709218026059",
|
"implied_profit": "300277487.1712",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.2113333333333333333333333333",
|
"implied_margin": "0.2549785743184513924348355049",
|
"implied_profit": "250231239.3093333333333333333",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.1690666666666666666666666667",
|
"implied_margin": "0.2039828594547611139478684040",
|
"implied_profit": "200184991.4474666666666666667",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.1268",
|
"implied_margin": "0.1529871445910708354609013029",
|
"implied_profit": "150138743.5856",
|
"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": "-0.536919921728918",
|
"cagr_low": "-0.5992651583911093",
|
"equity_value_high": "319722549.44",
|
"equity_value_low": "155159472.6",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "0.2700223693152066720647512870",
|
"price_low": "0.1310402675273684643541542590",
|
"role": "pessimistic",
|
"upside_to_high": "-0.9787048604641004201841678796",
|
"upside_to_low": "-0.9896655940435829286786944591"
|
},
|
{
|
"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": "-0.43961205761537026",
|
"cagr_low": "-0.5216207727660541",
|
"equity_value_high": "829729800.0",
|
"equity_value_low": "376144176.0",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "0.7007500937292431248885254492",
|
"price_low": "0.3176733758239235499494648703",
|
"role": "base",
|
"upside_to_high": "-0.9447357970245076399930184977",
|
"upside_to_low": "-0.9749468946511101301301683856"
|
},
|
{
|
"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": "-0.3631329014751824",
|
"cagr_low": "-0.4288274608768765",
|
"equity_value_high": "1573029412.5",
|
"equity_value_low": "912702780.00",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "1.328505386028356757601162831",
|
"price_low": "0.7708251031021674373773779941",
|
"role": "optimistic",
|
"upside_to_high": "-0.8952282818589624008200975685",
|
"upside_to_low": "-0.9392093767269584039923203475"
|
}
|
]
|
}
|
