{
|
"conclusion": {
|
"base_midpoint": "1.868333333269907803423496149",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-32.09901873439749659378668496"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "99.5939384",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "5888437503.49296420"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "4710750002.79437136"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "3925625002.32864280"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "3364821430.567408114285714286"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "2944218751.74648210"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "2355375001.39718568"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "1962812501.16432140"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "1570250000.93145712"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "1177687500.69859284"
|
}
|
],
|
"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": "0.063333333333",
|
"profit": "74890978.54960583"
|
},
|
"2027": {
|
"eps": "0.116666666667",
|
"profit": "137957065.75039417"
|
},
|
"2028": {
|
"eps": "0.17",
|
"profit": "201023152.95000002"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池3家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.063333333333",
|
"eps_profit_reconciliation_gap": "0.00000000000000009286832853162934014109383455",
|
"institution_count": 1,
|
"pe_on_mean": "976.4210526367180962187843541",
|
"profit_max": "74890978.54960583",
|
"profit_mean": "74890978.54960583",
|
"profit_median": "74890978.54960583",
|
"profit_min": "74890978.54960583"
|
},
|
"2027": {
|
"eps_mean": "0.116666666667",
|
"eps_profit_reconciliation_gap": "0.00000000000000005041423548818939867019910421",
|
"institution_count": 1,
|
"pe_on_mean": "530.0571428556283814408440110",
|
"profit_max": "137957065.75039417",
|
"profit_mean": "137957065.75039417",
|
"profit_median": "137957065.75039417",
|
"profit_min": "137957065.75039417"
|
},
|
"2028": {
|
"eps_mean": "0.17",
|
"eps_profit_reconciliation_gap": "0.00000000000000009949102730954851442240028705",
|
"institution_count": 1,
|
"pe_on_mean": "363.7647058823529049851463010",
|
"profit_max": "201023152.95000002",
|
"profit_mean": "201023152.95000002",
|
"profit_median": "201023152.95000002",
|
"profit_min": "201023152.95000002"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "600118.SH",
|
"company": "中国卫星",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-22",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "10.21842973037208807400208960",
|
"annual_fcf": "152137339.38",
|
"book_value_per_share": "5.348829615757949437734157278",
|
"current_fcf": "-157140431.25",
|
"deduct_pe": null,
|
"diluted_shares": "1182489135.0",
|
"enterprise_value": "73920451860.6199999",
|
"market_cap": "73125128108.400",
|
"normalized_eps": "-0.009345662063947843377013354123",
|
"normalized_pe": null,
|
"normalized_profit": "-11051143.85",
|
"pb": "11.56140771764647760629677596",
|
"price": "61.84",
|
"ps": "11.66207246913866616724330997",
|
"reported_pe": "4307.567922835803689019447190",
|
"ttm_attributable_profit": "16975966.35",
|
"ttm_deduct_profit": "-11051143.85",
|
"ttm_eps": "0.01435612881973752765178683862",
|
"ttm_revenue": "6270337309.42"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-28027110.2",
|
"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": "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"
|
}
|
],
|
"status": "PASS_WITH_WARNINGS",
|
"warning_count": 1
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "3.092",
|
"implied_margin": "0.5831036234569333083621654987",
|
"implied_profit": "3656256405.420",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "2.4736",
|
"implied_margin": "0.4664828987655466466897323990",
|
"implied_profit": "2925005124.336",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "2.061333333333333333333333333",
|
"implied_margin": "0.3887357489712888722414436658",
|
"implied_profit": "2437504270.280",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.766857142857142857142857143",
|
"implied_margin": "0.3332020705468190333498088564",
|
"implied_profit": "2089289374.525714285714285714",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "1.546",
|
"implied_margin": "0.2915518117284666541810827493",
|
"implied_profit": "1828128202.710",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "1.2368",
|
"implied_margin": "0.2332414493827733233448661995",
|
"implied_profit": "1462502562.168",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "1.030666666666666666666666667",
|
"implied_margin": "0.1943678744856444361207218329",
|
"implied_profit": "1218752135.140",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.8245333333333333333333333333",
|
"implied_margin": "0.1554942995885155488965774663",
|
"implied_profit": "975001708.112",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.6184",
|
"implied_margin": "0.1166207246913866616724330997",
|
"implied_profit": "731251281.084",
|
"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": "-0.5609068999356399",
|
"cagr_low": "-0.6164962836478016",
|
"equity_value_high": "1193574970.75",
|
"equity_value_low": "606616926.30",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "1.009375000092495564451845894",
|
"price_low": "0.5130000000380553179459023106",
|
"role": "pessimistic",
|
"upside_to_high": "-0.9836776358329156603419817934",
|
"upside_to_low": "-0.9917043984469913435002279704"
|
},
|
{
|
"assumption": "以TTM归一化利润与3家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "-0.4715234149458791",
|
"cagr_low": "-0.5464002281202854",
|
"equity_value_high": "3014361886.55",
|
"equity_value_low": "1404205847.75",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "2.549166666592670215105189952",
|
"price_low": "1.187499999947145391741802346",
|
"role": "base",
|
"upside_to_high": "-0.9587780293241806239471993863",
|
"upside_to_low": "-0.9807972186295739749071506736"
|
},
|
{
|
"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": "-0.39787592001637373",
|
"cagr_low": "-0.4613529483299258",
|
"equity_value_high": "5787574822.08",
|
"equity_value_low": "3315798075.45",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "4.894399999776742134717373111",
|
"price_low": "2.804083333459127300987843749",
|
"role": "optimistic",
|
"upside_to_high": "-0.9208538163037396161915043158",
|
"upside_to_low": "-0.9546558322532482648611280118"
|
}
|
]
|
}
|
