{
|
"conclusion": {
|
"base_midpoint": "5.027",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-4.719116769444997016112989855"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "46.3021625",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "1212737049.22074375"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "970189639.37659500"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "808491366.14716250"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "692992599.5547107142857142857"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "606368524.610371875"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "485094819.68829750"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "404245683.07358125"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "323396546.45886500"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "242547409.84414875"
|
}
|
],
|
"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": "115243926.6"
|
},
|
"2027": {
|
"eps": "0.325",
|
"profit": "170246709.75"
|
},
|
"2028": {
|
"eps": "0.56",
|
"profit": "293348176.8"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池2家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.22",
|
"eps_profit_reconciliation_gap": "0.00",
|
"institution_count": 1,
|
"pe_on_mean": "130.6818181818181818181818182",
|
"profit_max": "115243926.6",
|
"profit_mean": "115243926.6",
|
"profit_median": "115243926.6",
|
"profit_min": "115243926.6"
|
},
|
"2027": {
|
"eps_mean": "0.325",
|
"eps_profit_reconciliation_gap": "0.00",
|
"institution_count": 1,
|
"pe_on_mean": "88.46153846153846153846153846",
|
"profit_max": "170246709.75",
|
"profit_mean": "170246709.75",
|
"profit_median": "170246709.75",
|
"profit_min": "170246709.75"
|
},
|
"2028": {
|
"eps_mean": "0.56",
|
"eps_profit_reconciliation_gap": "0.00",
|
"institution_count": 1,
|
"pe_on_mean": "51.33928571428571428571428571",
|
"profit_max": "293348176.8",
|
"profit_mean": "293348176.8",
|
"profit_median": "293348176.8",
|
"profit_min": "293348176.8"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "002792.SZ",
|
"company": "通宇通讯",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-28",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "0.05258733304823275222737232130",
|
"annual_fcf": "-24356636.28",
|
"book_value_per_share": "5.384791910724430887275928691",
|
"current_fcf": "-124934851.19",
|
"deduct_pe": null,
|
"diluted_shares": "523836030.0",
|
"enterprise_value": "13864995278.320",
|
"market_cap": "15060285862.500",
|
"normalized_eps": "-0.08514646577479597193801274036",
|
"normalized_pe": null,
|
"normalized_profit": "-44602786.599999996",
|
"pb": "5.339110679976523607732173265",
|
"price": "28.75",
|
"ps": "13.21867932235762010732529427",
|
"reported_pe": "884.9834749396758292551451963",
|
"ttm_attributable_profit": "17017589.92",
|
"ttm_deduct_profit": "-44602786.60",
|
"ttm_eps": "0.03248648230630489468240663018",
|
"ttm_revenue": "1139318497.35"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-61620376.519999996",
|
"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"
|
},
|
{
|
"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": 2
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "1.4375",
|
"implied_margin": "0.6609339661178810053662647137",
|
"implied_profit": "753014293.125",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "1.15",
|
"implied_margin": "0.5287471728943048042930117710",
|
"implied_profit": "602411434.500",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.9583333333333333333333333333",
|
"implied_margin": "0.4406226440785873369108431425",
|
"implied_profit": "502009528.750",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.8214285714285714285714285714",
|
"implied_margin": "0.3776765520673605744950084078",
|
"implied_profit": "430293881.7857142857142857143",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.71875",
|
"implied_margin": "0.3304669830589405026831323569",
|
"implied_profit": "376507146.5625",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.575",
|
"implied_margin": "0.2643735864471524021465058855",
|
"implied_profit": "301205717.250",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.4791666666666666666666666667",
|
"implied_margin": "0.2203113220392936684554215712",
|
"implied_profit": "251004764.375",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.3833333333333333333333333333",
|
"implied_margin": "0.1762490576314349347643372570",
|
"implied_profit": "200803811.500",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.2875",
|
"implied_margin": "0.1321867932235762010732529427",
|
"implied_profit": "150602858.625",
|
"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": "-0.3852373058302043",
|
"cagr_low": "-0.4712678506365091",
|
"equity_value_high": "1322424057.78",
|
"equity_value_low": "622317203.64",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "2.524500000085904743894764169",
|
"price_low": "1.188",
|
"role": "pessimistic",
|
"upside_to_high": "-0.9121913043448380958645299420",
|
"upside_to_low": "-0.9586782608695652173913043478"
|
},
|
{
|
"assumption": "以TTM归一化利润与2家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "-0.24433703028882459",
|
"cagr_low": "-0.36492689636799147",
|
"equity_value_high": "3710854436.52",
|
"equity_value_low": "1555793009.10",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "7.084",
|
"price_low": "2.97",
|
"role": "base",
|
"upside_to_high": "-0.7536",
|
"upside_to_low": "-0.8966956521739130434782608696"
|
},
|
{
|
"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": "-0.13197118975685584",
|
"cagr_low": "-0.22979438976650912",
|
"equity_value_high": "7421708873.20",
|
"equity_value_low": "4081939880.20",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "14.16800000030543908940360593",
|
"price_low": "7.792400000053451840645631038",
|
"role": "optimistic",
|
"upside_to_high": "-0.5071999999893760316729180546",
|
"upside_to_low": "-0.7289599999981408055427606595"
|
}
|
]
|
}
|
