{
|
"conclusion": {
|
"base_midpoint": "137.4720000003930811178980520",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-1.931506052133144788203434869"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "649.035530",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "3054625815.9655810"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "2443700652.7724648"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "2036417210.643720666666666667"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "1745500466.266046285714285714"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "1527312907.9827905"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "1221850326.3862324"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "1018208605.321860333333333333"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "814566884.2574882666666666667"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "610925163.1931162"
|
}
|
],
|
"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": "3.072",
|
"profit": "289161689.088"
|
},
|
"2027": {
|
"eps": "4.78",
|
"profit": "449932576.12"
|
},
|
"2028": {
|
"eps": "6.794",
|
"profit": "639506678.2759999"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池5家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "3.072",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "131.1848958333333333333333333",
|
"profit_max": "289161689.088",
|
"profit_mean": "289161689.088",
|
"profit_median": "289161689.088",
|
"profit_min": "289161689.088"
|
},
|
"2027": {
|
"eps_mean": "4.78",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "84.30962343096234309623430962",
|
"profit_max": "449932576.12",
|
"profit_mean": "449932576.12",
|
"profit_median": "449932576.12",
|
"profit_min": "449932576.12"
|
},
|
"2028": {
|
"eps_mean": "6.794",
|
"eps_profit_reconciliation_gap": "0.0000000000000001563705327825235760697979314",
|
"institution_count": 1,
|
"pe_on_mean": "59.31704445098617353802247739",
|
"profit_max": "639506678.2759999",
|
"profit_mean": "639506678.2759999",
|
"profit_median": "639506678.2759999",
|
"profit_min": "639506678.2759999"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "688627.SH",
|
"company": "精智达",
|
"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": "1.610078003614242042232329800",
|
"annual_fcf": "-25936514.69",
|
"book_value_per_share": "18.50641035645934371559013045",
|
"current_fcf": "-277854305.60",
|
"deduct_pe": "424.4065599212152478231721349",
|
"diluted_shares": "94128154.0",
|
"enterprise_value": "37482924356.35",
|
"market_cap": "37933646062.00",
|
"normalized_eps": "0.9495611945178485812013268634",
|
"normalized_pe": "424.4065599212152145849620597",
|
"normalized_profit": "89380442.350000007",
|
"pb": "21.77623819193762731440319014",
|
"price": "403.0",
|
"ps": "28.98285077925914294536531563",
|
"reported_pe": "394.3713674832301198973427177",
|
"ttm_attributable_profit": "96187627.17",
|
"ttm_deduct_profit": "89380442.35",
|
"ttm_eps": "1.021879459890395810800666504",
|
"ttm_revenue": "1308830741.01"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-6807184.819999993",
|
"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": "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": 1
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "20.15",
|
"implied_margin": "1.449142538962957147268265781",
|
"implied_profit": "1896682303.10",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "16.12",
|
"implied_margin": "1.159314031170365717814612625",
|
"implied_profit": "1517345842.48",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "13.43333333333333333333333333",
|
"implied_margin": "0.9660950259753047648455105207",
|
"implied_profit": "1264454868.733333333333333333",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "11.51428571428571428571428571",
|
"implied_margin": "0.8280814508359755127247233039",
|
"implied_profit": "1083818458.914285714285714286",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "10.075",
|
"implied_margin": "0.7245712694814785736341328907",
|
"implied_profit": "948341151.55",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "8.06",
|
"implied_margin": "0.5796570155851828589073063126",
|
"implied_profit": "758672921.24",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "6.716666666666666666666666667",
|
"implied_margin": "0.4830475129876523824227552605",
|
"implied_profit": "632227434.3666666666666666667",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "5.373333333333333333333333333",
|
"implied_margin": "0.3864380103901219059382042084",
|
"implied_profit": "505781947.4933333333333333333",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "4.03",
|
"implied_margin": "0.2898285077925914294536531563",
|
"implied_profit": "379336460.62",
|
"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": "-0.2983300466448876",
|
"cagr_low": "-0.4035826455881716",
|
"equity_value_high": "6451920187.65",
|
"equity_value_low": "2862700721.98",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "68.54399999866139943634717409",
|
"price_low": "30.41280000009348956317575292",
|
"role": "pessimistic",
|
"upside_to_high": "-0.8299156327576640212497588732",
|
"upside_to_low": "-0.9245339950369888596447251789"
|
},
|
{
|
"assumption": "以TTM归一化利润与5家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "-0.13575805791056528",
|
"cagr_low": "-0.2751484121678045",
|
"equity_value_high": "18289476834.75",
|
"equity_value_low": "7590494338.70",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "194.3039999992988282761818531",
|
"price_low": "80.64000000148733395961425101",
|
"role": "base",
|
"upside_to_high": "-0.5178560794062063814486802653",
|
"upside_to_low": "-0.7999007444131827941448777891"
|
},
|
{
|
"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": "-0.016440446950842014",
|
"cagr_low": "-0.1191258284739094",
|
"equity_value_high": "34916273957.25",
|
"equity_value_low": "20118424518.5",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "370.9439999986613994363471741",
|
"price_low": "213.7344000021502599530423172",
|
"role": "optimistic",
|
"upside_to_high": "-0.0795434243209394554929350519",
|
"upside_to_low": "-0.4696416873395775187269421409"
|
}
|
]
|
}
|
