{
|
"conclusion": {
|
"base_midpoint": "47.26718750015533941323062204",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-5.727288354081887926470000409"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "512.1099698",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "9014458530.19247679"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "7211566824.153981432"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "6009639020.12831786"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "5151119160.109986737142857143"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "4507229265.096238395"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "3605783412.076990716"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "3004819510.06415893"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "2403855608.051327144"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "1802891706.038495358"
|
}
|
],
|
"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": "1.05625",
|
"profit": "371854577.49375"
|
},
|
"2027": {
|
"eps": "1.91",
|
"profit": "672418691.61"
|
},
|
"2028": {
|
"eps": "3.075714285714",
|
"profit": "1082810353.8041852"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池8家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "1.05625",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "301.0461538461538461538461538",
|
"profit_max": "371854577.49375",
|
"profit_mean": "371854577.49375",
|
"profit_median": "371854577.49375",
|
"profit_min": "371854577.49375"
|
},
|
"2027": {
|
"eps_mean": "1.91",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "166.4816753926701570680628272",
|
"profit_max": "672418691.61",
|
"profit_mean": "672418691.61",
|
"profit_median": "672418691.61",
|
"profit_min": "672418691.61"
|
},
|
"2028": {
|
"eps_mean": "3.075714285714",
|
"eps_profit_reconciliation_gap": "0.00000000000000006640682714879492145747975345",
|
"institution_count": 1,
|
"pe_on_mean": "103.3841151881192113524419861",
|
"profit_max": "1082810353.8041852",
|
"profit_mean": "1082810353.8041852",
|
"profit_median": "1082810353.8041852",
|
"profit_min": "1082810353.8041852"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "688361.SH",
|
"company": "中科飞测",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-29",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "-14.69963715613025130531161335",
|
"annual_fcf": "-1438766906.45",
|
"book_value_per_share": "14.40826975995236790113119503",
|
"current_fcf": "-172599000.17",
|
"deduct_pe": null,
|
"diluted_shares": "352051671.0",
|
"enterprise_value": "110695755559.800",
|
"market_cap": "111945390344.580",
|
"normalized_eps": "-0.5551892955792844397548676882",
|
"normalized_pe": null,
|
"normalized_profit": "-195455319.23",
|
"pb": "22.06927030779379339336184221",
|
"price": "317.98",
|
"ps": "51.94286989238274551943400567",
|
"reported_pe": "19809.81061582362763058396878",
|
"ttm_attributable_profit": "5651007.60",
|
"ttm_deduct_profit": "-195455319.23",
|
"ttm_eps": "0.01605164260106579638987141748",
|
"ttm_revenue": "2155163751.57"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-201106326.83",
|
"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": "15.899",
|
"implied_margin": "2.597143494619137275971700283",
|
"implied_profit": "5597269517.229",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "12.7192",
|
"implied_margin": "2.077714795695309820777360227",
|
"implied_profit": "4477815613.7832",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "10.59933333333333333333333333",
|
"implied_margin": "1.731428996412758183981133522",
|
"implied_profit": "3731513011.486",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "9.085142857142857142857142857",
|
"implied_margin": "1.484081996925221300555257305",
|
"implied_profit": "3198439724.130857142857142857",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "7.9495",
|
"implied_margin": "1.298571747309568637985850142",
|
"implied_profit": "2798634758.6145",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "6.3596",
|
"implied_margin": "1.038857397847654910388680113",
|
"implied_profit": "2238907806.8916",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "5.299666666666666666666666667",
|
"implied_margin": "0.8657144982063790919905667611",
|
"implied_profit": "1865756505.743",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "4.239733333333333333333333333",
|
"implied_margin": "0.6925715985651032735924534089",
|
"implied_profit": "1492605204.5944",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "3.1798",
|
"implied_margin": "0.5194286989238274551943400567",
|
"implied_profit": "1119453903.4458",
|
"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": "-0.4057310627087749",
|
"cagr_low": "-0.49487318689969184",
|
"equity_value_high": "8297005260.25",
|
"equity_value_low": "3681360317.14",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "23.56757812477475785081559803",
|
"price_low": "10.45687499986330131635705260",
|
"role": "pessimistic",
|
"upside_to_high": "-0.9258834576867263417484885904",
|
"upside_to_low": "-0.9671146770241420802680764432"
|
},
|
{
|
"assumption": "以TTM归一化利润与8家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "-0.26804313333916163",
|
"cagr_low": "-0.3860977219665169",
|
"equity_value_high": "23519802026.60",
|
"equity_value_low": "9761182659.20",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "66.80781250034174670910736850",
|
"price_low": "27.72656249996893211735387559",
|
"role": "base",
|
"upside_to_high": "-0.7898993254281975384957941742",
|
"upside_to_low": "-0.9128040678660012198334679049"
|
},
|
{
|
"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": "-0.16698885628976778",
|
"cagr_low": "-0.25395671384383467",
|
"equity_value_high": "44901440232.00",
|
"equity_value_low": "25871782229.15",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "127.5421874989481302589812164",
|
"price_low": "73.48859375006346724597708272",
|
"role": "optimistic",
|
"upside_to_high": "-0.5988987121864641478741392025",
|
"upside_to_low": "-0.7688892579719999143154378177"
|
}
|
]
|
}
|
