{
|
"conclusion": {
|
"base_midpoint": "3.371428571408004291131712149",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-3.624152542401090638397137350"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "25.1078509",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "4141915787.62706503"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "3313532630.101652024"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "2761277191.751376686666666667"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "2366809021.501180017142857143"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "2070957893.813532515"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "1656766315.050826012"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "1380638595.875688343333333333"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "1104510876.700550674666666667"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "828383157.525413006"
|
}
|
],
|
"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": "0.114285714286",
|
"profit": "377062781.0295141"
|
},
|
"2027": {
|
"eps": "0.148571428571",
|
"profit": "490181615.3357289"
|
},
|
"2028": {
|
"eps": "0.194285714286",
|
"profit": "641006727.7495141"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池7家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.114285714286",
|
"eps_profit_reconciliation_gap": "0.00000000000000003839148472961299747200912156",
|
"institution_count": 1,
|
"pe_on_mean": "136.4124999996589635129224419",
|
"profit_max": "377062781.0295141",
|
"profit_mean": "377062781.0295141",
|
"profit_median": "377062781.0295141",
|
"profit_min": "377062781.0295141"
|
},
|
"2027": {
|
"eps_mean": "0.148571428571",
|
"eps_profit_reconciliation_gap": "0.00000000000000005770514257379219732538842111",
|
"institution_count": 1,
|
"pe_on_mean": "104.9326923079949920957324768",
|
"profit_max": "490181615.3357289",
|
"profit_mean": "490181615.3357289",
|
"profit_median": "490181615.3357289",
|
"profit_min": "490181615.3357289"
|
},
|
"2028": {
|
"eps_mean": "0.194285714286",
|
"eps_profit_reconciliation_gap": "0.00000000000000002258322631156030513232750879",
|
"institution_count": 1,
|
"pe_on_mean": "80.24264705870552370689345704",
|
"profit_max": "641006727.7495141",
|
"profit_mean": "641006727.7495141",
|
"profit_median": "641006727.7495141",
|
"profit_min": "641006727.7495141"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "600879.SH",
|
"company": "航天电子",
|
"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": "-4.551538025538448865770073139",
|
"annual_fcf": "-1905084410.34",
|
"book_value_per_share": "6.328789619105230298573448565",
|
"current_fcf": "-1421375484.97",
|
"deduct_pe": "307.0976914063889676498224185",
|
"diluted_shares": "3299299334.0",
|
"enterprise_value": "57960719332.670",
|
"market_cap": "51436076617.060",
|
"normalized_eps": "0.05076560467974804070930049174",
|
"normalized_pe": "307.0976914063889786509327213",
|
"normalized_profit": "167490925.709999994",
|
"pb": "2.463346222307217025780049863",
|
"price": "15.59",
|
"ps": "3.660324627696920240559528679",
|
"reported_pe": "225.0672249764660090579588362",
|
"ttm_attributable_profit": "228536503.36",
|
"ttm_deduct_profit": "167490925.71",
|
"ttm_eps": "0.06926819309932913168041757317",
|
"ttm_revenue": "14052326459.75"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-61045577.650000006",
|
"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": "0.7795",
|
"implied_margin": "0.1830162313848460120279764339",
|
"implied_profit": "2571803830.853",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.6236",
|
"implied_margin": "0.1464129851078768096223811472",
|
"implied_profit": "2057443064.6824",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.5196666666666666666666666667",
|
"implied_margin": "0.1220108209232306746853176226",
|
"implied_profit": "1714535887.235333333333333333",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.4454285714285714285714285714",
|
"implied_margin": "0.1045807036484834354445579622",
|
"implied_profit": "1469602189.058857142857142857",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.38975",
|
"implied_margin": "0.09150811569242300601398821697",
|
"implied_profit": "1285901915.4265",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.3118",
|
"implied_margin": "0.07320649255393840481119057358",
|
"implied_profit": "1028721532.3412",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.2598333333333333333333333333",
|
"implied_margin": "0.06100541046161533734265881132",
|
"implied_profit": "857267943.6176666666666666667",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.2078666666666666666666666667",
|
"implied_margin": "0.04880432836929226987412704905",
|
"implied_profit": "685814354.8941333333333333333",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.1559",
|
"implied_margin": "0.03660324627696920240559528679",
|
"implied_profit": "514360766.1706",
|
"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": "-0.34910159710925615",
|
"cagr_low": "-0.431505627305774",
|
"equity_value_high": "6009438072.75",
|
"equity_value_low": "3054208526.28",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "1.821428571461045856107822922",
|
"price_low": "0.9257142856986979890682449973",
|
"role": "pessimistic",
|
"upside_to_high": "-0.8831668652045512600315700499",
|
"upside_to_low": "-0.9406212773766069282188425274"
|
},
|
{
|
"assumption": "以TTM归一化利润与7家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "-0.2166022077480072",
|
"cagr_low": "-0.32759734317955735",
|
"equity_value_high": "15176776936.30",
|
"equity_value_low": "7069927144.25",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "4.599999999969690534299365272",
|
"price_low": "2.142857142846318047964059026",
|
"role": "base",
|
"upside_to_high": "-0.7049390635041891895895211500",
|
"upside_to_low": "-0.8625492531849699776803041035"
|
},
|
{
|
"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": "-0.10742937669521069",
|
"cagr_low": "-0.20152581399176828",
|
"equity_value_high": "29139411718.08",
|
"equity_value_low": "16694454630.0",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "8.832000000058194174145218677",
|
"price_low": "5.059999999987876213719746109",
|
"role": "optimistic",
|
"upside_to_high": "-0.4334830019205776668284016243",
|
"upside_to_low": "-0.6754329698532471960410682419"
|
}
|
]
|
}
|
