{
|
"conclusion": {
|
"base_midpoint": "30.9672",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "0.1574956728409413831408716319"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "42.0182059",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "697194644.67281200"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "557755715.73824960"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "464796429.7818746666666666667"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "398396939.8130354285714285714"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "348597322.33640600"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "278877857.86912480"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "232398214.8909373333333333333"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "185918571.9127498666666666667"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "139438928.93456240"
|
}
|
],
|
"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": "0.782",
|
"profit": "259509515.20000002"
|
},
|
"2027": {
|
"eps": "1.0",
|
"profit": "331853600.0"
|
},
|
"2028": {
|
"eps": "1.264",
|
"profit": "419462950.4"
|
}
|
},
|
"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": "0.782",
|
"eps_profit_reconciliation_gap": "0.00000000000000007706846504100747693366543340",
|
"institution_count": 1,
|
"pe_on_mean": "33.36317135549871865637307811",
|
"profit_max": "259509515.20000002",
|
"profit_mean": "259509515.20000002",
|
"profit_median": "259509515.20000002",
|
"profit_min": "259509515.20000002"
|
},
|
"2027": {
|
"eps_mean": "1.0",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "26.09",
|
"profit_max": "331853600.0",
|
"profit_mean": "331853600.0",
|
"profit_median": "331853600.0",
|
"profit_min": "331853600.0"
|
},
|
"2028": {
|
"eps_mean": "1.264",
|
"eps_profit_reconciliation_gap": "0.000",
|
"institution_count": 1,
|
"pe_on_mean": "20.64082278481012658227848101",
|
"profit_max": "419462950.4",
|
"profit_mean": "419462950.4",
|
"profit_median": "419462950.4",
|
"profit_min": "419462950.4"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "002985.SZ",
|
"company": "北摩高科",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-29",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "1.891839278778534422114916322",
|
"annual_fcf": "311771953.43",
|
"book_value_per_share": "8.310002353628226422735808802",
|
"current_fcf": "-119477691.54",
|
"deduct_pe": "42.20950565426164859168088005",
|
"diluted_shares": "331853600.0",
|
"enterprise_value": "8530243194.340",
|
"market_cap": "8658060424.000",
|
"normalized_eps": "0.6181072153202496673231810654",
|
"normalized_pe": "42.20950565426164756278856449",
|
"normalized_profit": "205121104.590000005",
|
"pb": "3.139589965171171910897204065",
|
"price": "26.09",
|
"ps": "9.408361488427953762192658756",
|
"reported_pe": "40.55805710075858830082178655",
|
"ttm_attributable_profit": "213473253.97",
|
"ttm_deduct_profit": "205121104.59",
|
"ttm_eps": "0.6432753900213829230721016738",
|
"ttm_revenue": "920251675.56"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-8352149.379999995",
|
"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": [],
|
"status": "PASS",
|
"warning_count": 0
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "1.3045",
|
"implied_margin": "0.4704180744213976881096329378",
|
"implied_profit": "432903021.200",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "1.0436",
|
"implied_margin": "0.3763344595371181504877063503",
|
"implied_profit": "346322416.960",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.8696666666666666666666666667",
|
"implied_margin": "0.3136120496142651254064219585",
|
"implied_profit": "288602014.1333333333333333333",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.7454285714285714285714285714",
|
"implied_margin": "0.2688103282407986789197902502",
|
"implied_profit": "247373154.9714285714285714286",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.65225",
|
"implied_margin": "0.2352090372106988440548164689",
|
"implied_profit": "216451510.600",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.5218",
|
"implied_margin": "0.1881672297685590752438531751",
|
"implied_profit": "173161208.480",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.4348333333333333333333333333",
|
"implied_margin": "0.1568060248071325627032109793",
|
"implied_profit": "144301007.0666666666666666667",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.3478666666666666666666666667",
|
"implied_margin": "0.1254448198457060501625687834",
|
"implied_profit": "115440805.6533333333333333333",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.2609",
|
"implied_margin": "0.09408361488427953762192658756",
|
"implied_profit": "86580604.240",
|
"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": "-0.09369877234844182",
|
"cagr_low": "-0.21571560531711165",
|
"equity_value_high": "5293994110.08",
|
"equity_value_low": "2569144200.48",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "15.9528",
|
"price_low": "7.7418",
|
"role": "pessimistic",
|
"upside_to_high": "-0.3885473361441165197393637409",
|
"upside_to_low": "-0.7032656190111153698735147566"
|
},
|
{
|
"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": "0.10594709026915772",
|
"cagr_low": "-0.06375656992107337",
|
"equity_value_high": "14324925239.04",
|
"equity_value_low": "6228228364.8",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "43.1664",
|
"price_low": "18.768",
|
"role": "base",
|
"upside_to_high": "0.654518972786508240705251054",
|
"upside_to_low": "-0.2806439248754311996933691069"
|
},
|
{
|
"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": "0.2568816372169096",
|
"cagr_low": "0.12723090542884696",
|
"equity_value_high": "27157670765.55",
|
"equity_value_low": "15757417763.04",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "81.83629999960826099219655896",
|
"price_low": "47.48304000028928419037792569",
|
"role": "optimistic",
|
"upside_to_high": "2.136692219226073629444099615",
|
"upside_to_low": "0.819970870076246998481330996"
|
}
|
]
|
}
|
