{
|
"conclusion": {
|
"base_midpoint": "16.49000000078152804721060582",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-3.730745906385857452391309483"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "125.6358851",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "843972777.59790292"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "675178222.078322336"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "562648518.3986019466666666667"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "482270158.6273730971428571429"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "421986388.79895146"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "337589111.039161168"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "281324259.1993009733333333333"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "225059407.3594407786666666667"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "168794555.519580584"
|
}
|
],
|
"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": "0.453333333333",
|
"profit": "60906323.41328855"
|
},
|
"2027": {
|
"eps": "1.143333333333",
|
"profit": "153609330.37328854"
|
},
|
"2028": {
|
"eps": "2.263333333333",
|
"profit": "304083776.45328856"
|
}
|
},
|
"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": "0.453333333333",
|
"eps_profit_reconciliation_gap": "0.00000000000000001195278189852393651629232546",
|
"institution_count": 1,
|
"pe_on_mean": "172.0808823530677044742967059",
|
"profit_max": "60906323.41328855",
|
"profit_mean": "60906323.41328855",
|
"profit_median": "60906323.41328855",
|
"profit_min": "60906323.41328855"
|
},
|
"2027": {
|
"eps_mean": "1.143333333333",
|
"eps_profit_reconciliation_gap": "0.00000000000000006036091673251853594997507764",
|
"institution_count": 1,
|
"pe_on_mean": "68.23032069972835115071867967",
|
"profit_max": "153609330.37328854",
|
"profit_mean": "153609330.37328854",
|
"profit_median": "153609330.37328854",
|
"profit_min": "153609330.37328854"
|
},
|
"2028": {
|
"eps_mean": "2.263333333333",
|
"eps_profit_reconciliation_gap": "0.00000000000000003527975127488581418907677969",
|
"institution_count": 1,
|
"pe_on_mean": "34.46686303387841805692395988",
|
"profit_max": "304083776.45328856",
|
"profit_mean": "304083776.45328856",
|
"profit_median": "304083776.45328856",
|
"profit_min": "304083776.45328856"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "688202.SH",
|
"company": "美迪西",
|
"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": null,
|
"annual_fcf": "36140484.49",
|
"book_value_per_share": "14.57605175387398242815315901",
|
"current_fcf": "-47315044.34",
|
"deduct_pe": null,
|
"diluted_shares": "134352184.0",
|
"enterprise_value": "10332677458.610",
|
"market_cap": "10480813873.840",
|
"normalized_eps": "-1.123150322736845200819362936",
|
"normalized_pe": null,
|
"normalized_profit": "-150897698.82000001",
|
"pb": "5.351929405661359532820793753",
|
"price": "78.01",
|
"ps": "8.314043962263974819508213270",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-137666037.05",
|
"ttm_deduct_profit": "-150897698.82",
|
"ttm_eps": "-1.024665420027708667542017776",
|
"ttm_revenue": "1260615642.81"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-13231661.77000001",
|
"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"
|
}
|
],
|
"status": "PASS_WITH_WARNINGS",
|
"warning_count": 2
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "3.9005",
|
"implied_margin": "0.4157021981131987409754106635",
|
"implied_profit": "524040693.692",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "3.1204",
|
"implied_margin": "0.3325617584905589927803285308",
|
"implied_profit": "419232554.9536",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "2.600333333333333333333333333",
|
"implied_margin": "0.2771347987421324939836071090",
|
"implied_profit": "349360462.4613333333333333333",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "2.228857142857142857142857143",
|
"implied_margin": "0.2375441132075421377002346648",
|
"implied_profit": "299451824.9668571428571428571",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "1.95025",
|
"implied_margin": "0.2078510990565993704877053318",
|
"implied_profit": "262020346.846",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "1.5602",
|
"implied_margin": "0.1662808792452794963901642654",
|
"implied_profit": "209616277.4768",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "1.300166666666666666666666667",
|
"implied_margin": "0.1385673993710662469918035545",
|
"implied_profit": "174680231.2306666666666666667",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "1.040133333333333333333333333",
|
"implied_margin": "0.1108539194968529975934428436",
|
"implied_profit": "139744184.9845333333333333333",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.7801",
|
"implied_margin": "0.08314043962263974819508213270",
|
"implied_profit": "104808138.7384",
|
"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": "-0.3644040529024051",
|
"cagr_low": "-0.45731167455970967",
|
"equity_value_high": "1087177873.04",
|
"equity_value_low": "493341219.72",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "8.092000000833629917024646209",
|
"price_low": "3.672000000535904946658701134",
|
"role": "pessimistic",
|
"upside_to_high": "-0.8962697090009789781178740391",
|
"upside_to_low": "-0.9529291116454825670214241618"
|
},
|
{
|
"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": "-0.21361441136551762",
|
"cagr_low": "-0.3434053585201139",
|
"equity_value_high": "3151902236.85",
|
"equity_value_low": "1279032791.68",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "23.46000000156305609442121164",
|
"price_low": "9.52",
|
"role": "base",
|
"upside_to_high": "-0.6992693244255472875987538567",
|
"upside_to_low": "-0.8779643635431354954493013716"
|
},
|
{
|
"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": "-0.09468165319955313",
|
"cagr_low": "-0.19848051784382748",
|
"equity_value_high": "6373846745.5",
|
"equity_value_low": "3467092460.40",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "47.44133333552657394836246205",
|
"price_low": "25.80600000071453992887826818",
|
"role": "optimistic",
|
"upside_to_high": "-0.3918557449618436873687673112",
|
"upside_to_low": "-0.6691962568809826954380429665"
|
}
|
]
|
}
|
