{
|
"conclusion": {
|
"base_midpoint": "11.25031250015661434627971396",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-2.404349879122631479718788774"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "61.682533",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "2381560665.38259045"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "1905248532.30607236"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "1587707110.2550603"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "1360891808.790051685714285714"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "1190780332.691295225"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "952624266.15303618"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "793853555.12753015"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "635082844.10202412"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "476312133.07651809"
|
}
|
],
|
"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": "0.3475",
|
"profit": "268339282.11749998"
|
},
|
"2027": {
|
"eps": "0.7325",
|
"profit": "565636040.7225001"
|
},
|
"2028": {
|
"eps": "1.0875",
|
"profit": "839766818.1374999"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池4家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.3475",
|
"eps_profit_reconciliation_gap": "0.00000000000000007453250915101737383871229705",
|
"institution_count": 1,
|
"pe_on_mean": "110.2158273381295046175398575",
|
"profit_max": "268339282.11749998",
|
"profit_mean": "268339282.11749998",
|
"profit_median": "268339282.11749998",
|
"profit_min": "268339282.11749998"
|
},
|
"2027": {
|
"eps_mean": "0.7325",
|
"eps_profit_reconciliation_gap": "0.0000000000000001767921292148705180862293166",
|
"institution_count": 1,
|
"pe_on_mean": "52.28668941979521259912826085",
|
"profit_max": "565636040.7225001",
|
"profit_mean": "565636040.7225001",
|
"profit_median": "565636040.7225001",
|
"profit_min": "565636040.7225001"
|
},
|
"2028": {
|
"eps_mean": "1.0875",
|
"eps_profit_reconciliation_gap": "0.0000000000000001190806755401312117827683832",
|
"institution_count": 1,
|
"pe_on_mean": "35.21839080459770534325505580",
|
"profit_max": "839766818.1374999",
|
"profit_mean": "839766818.1374999",
|
"profit_median": "839766818.1374999",
|
"profit_min": "839766818.1374999"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "605358.SH",
|
"company": "立昂微",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-28",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": null,
|
"annual_fcf": "-168087095.10",
|
"book_value_per_share": "9.331605630376496045147656446",
|
"current_fcf": "-113618646.85",
|
"deduct_pe": null,
|
"diluted_shares": "772199373.0",
|
"enterprise_value": "36381754720.359999",
|
"market_cap": "29575235985.90",
|
"normalized_eps": "-0.1163419457865837842372866055",
|
"normalized_pe": null,
|
"normalized_profit": "-89839177.58999999",
|
"pb": "4.104331185549119218475220165",
|
"price": "38.3",
|
"ps": "7.845180149304597683161672417",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-54183805.41",
|
"ttm_deduct_profit": "-89839177.59",
|
"ttm_eps": "-0.07016815514819124309234578982",
|
"ttm_revenue": "3769860656.23"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-35655372.17999999",
|
"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": "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": "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": 3
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "1.915",
|
"implied_margin": "0.3922590074652298841580836209",
|
"implied_profit": "1478761799.295",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "1.532",
|
"implied_margin": "0.3138072059721839073264668967",
|
"implied_profit": "1183009439.436",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.276666666666666666666666667",
|
"implied_margin": "0.2615060049768199227720557472",
|
"implied_profit": "985841199.53",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.094285714285714285714285714",
|
"implied_margin": "0.2241480042658456480903334976",
|
"implied_profit": "845006742.4542857142857142857",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.9575",
|
"implied_margin": "0.1961295037326149420790418104",
|
"implied_profit": "739380899.6475",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.766",
|
"implied_margin": "0.1569036029860919536632334483",
|
"implied_profit": "591504719.718",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.6383333333333333333333333333",
|
"implied_margin": "0.1307530024884099613860278736",
|
"implied_profit": "492920599.765",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.5106666666666666666666666667",
|
"implied_margin": "0.1046024019907279691088222989",
|
"implied_profit": "394336479.812",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.383",
|
"implied_margin": "0.07845180149304597683161672417",
|
"implied_profit": "295752359.859",
|
"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": "-0.3051695363628075",
|
"cagr_low": "-0.40673570608342013",
|
"equity_value_high": "4789856185.80",
|
"equity_value_low": "2173548185.10",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "6.202875000003399381159559683",
|
"price_low": "2.814749999932983628568680539",
|
"role": "pessimistic",
|
"upside_to_high": "-0.8380450391644021049305597994",
|
"upside_to_low": "-0.9265078328999220984707916308"
|
},
|
{
|
"assumption": "以TTM归一化利润与4家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "-0.16034133652274452",
|
"cagr_low": "-0.2983000244358157",
|
"equity_value_high": "12343606977.60",
|
"equity_value_low": "5031361539.75",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "15.98500000025252545756729072",
|
"price_low": "6.515625000060703234992137193",
|
"role": "base",
|
"upside_to_high": "-0.5826370757114223118128644721",
|
"upside_to_low": "-0.8298792428182584011751400211"
|
},
|
{
|
"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": "-0.04283034873056757",
|
"cagr_low": "-0.1441822092511602",
|
"equity_value_high": "23761443431.55",
|
"equity_value_low": "13577967675.20",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "30.77112500005876073147238880",
|
"price_low": "17.58350000007057762788419151",
|
"role": "optimistic",
|
"upside_to_high": "-0.1965763707556459339041151749",
|
"upside_to_low": "-0.5409007832879744744677756786"
|
}
|
]
|
}
|
