{
|
"conclusion": {
|
"base_midpoint": "1.014399645767152024827881898",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-10.32689669988059613493885576"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "18.5047599",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "960904550.35501740"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "768723640.28401392"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "640603033.57001160"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "549088314.4885813714285714286"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "480452275.17750870"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "384361820.14200696"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "320301516.78500580"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "256241213.42800464"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "192180910.07100348"
|
}
|
],
|
"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": "-0.266666666667",
|
"profit": "-276946272.0003462"
|
},
|
"2027": {
|
"eps": "-0.046666666667",
|
"profit": "-48465597.600346185"
|
},
|
"2028": {
|
"eps": "0.07",
|
"profit": "72698396.4"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池3家）",
|
"report_date": "2026-08-05",
|
"source_id": "SRC-EM-CONSENSUS-20260805",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "-0.266666666667",
|
"eps_profit_reconciliation_gap": "0.00000000000000006196147677329467333194896873",
|
"institution_count": 1,
|
"pe_on_mean": null,
|
"profit_max": "-276946272.0003462",
|
"profit_mean": "-276946272.0003462",
|
"profit_median": "-276946272.0003462",
|
"profit_min": "-276946272.0003462"
|
},
|
"2027": {
|
"eps_mean": "-0.046666666667",
|
"eps_profit_reconciliation_gap": "0.00000000000000004456769558092834353713439657",
|
"institution_count": 1,
|
"pe_on_mean": null,
|
"profit_max": "-48465597.600346185",
|
"profit_mean": "-48465597.600346185",
|
"profit_median": "-48465597.600346185",
|
"profit_min": "-48465597.600346185"
|
},
|
"2028": {
|
"eps_mean": "0.07",
|
"eps_profit_reconciliation_gap": "0.00",
|
"institution_count": 1,
|
"pe_on_mean": "164.1428571428571428571428571",
|
"profit_max": "72698396.4",
|
"profit_mean": "72698396.4",
|
"profit_median": "72698396.4",
|
"profit_min": "72698396.4"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-05",
|
"code": "688327.SH",
|
"company": "云从科技",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-23",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": null,
|
"annual_fcf": "-82782862.19",
|
"book_value_per_share": "0.7245711755479657320199156415",
|
"current_fcf": "14630282.06",
|
"deduct_pe": null,
|
"diluted_shares": "1038548520.0",
|
"enterprise_value": "11536937100.110",
|
"market_cap": "11932922494.800",
|
"normalized_eps": "-0.5314840181082729095796121302",
|
"normalized_pe": null,
|
"normalized_profit": "-551971940.41000003",
|
"pb": "15.85765537983283458891439806",
|
"price": "11.49",
|
"ps": "24.52323821568096114892087593",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-444691024.25",
|
"ttm_deduct_profit": "-551971940.41",
|
"ttm_eps": "-0.4281851215290355427977500753",
|
"ttm_revenue": "486596524.89"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-107280916.16000003",
|
"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": "使用正常化情景、PB 或反向估值。",
|
"field": "metrics.ttm_attributable_profit",
|
"issue_id": "QA-NEGATIVE-TTM-PROFIT",
|
"message": "TTM 归母利润不为正，报告 PE 不适用。",
|
"recalc_scope": "PE 模块",
|
"severity": "WARNING"
|
},
|
{
|
"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": 3
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "0.5745",
|
"implied_margin": "1.226161910784048057446043796",
|
"implied_profit": "596646124.740",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.4596",
|
"implied_margin": "0.9809295286272384459568350371",
|
"implied_profit": "477316899.792",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.383",
|
"implied_margin": "0.8174412738560320382973625309",
|
"implied_profit": "397764083.160",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.3282857142857142857142857143",
|
"implied_margin": "0.7006639490194560328263107407",
|
"implied_profit": "340940642.7085714285714285714",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.28725",
|
"implied_margin": "0.6130809553920240287230218982",
|
"implied_profit": "298323062.370",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.2298",
|
"implied_margin": "0.4904647643136192229784175186",
|
"implied_profit": "238658449.896",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.1915",
|
"implied_margin": "0.4087206369280160191486812655",
|
"implied_profit": "198882041.580",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.1532",
|
"implied_margin": "0.3269765095424128153189450124",
|
"implied_profit": "159105633.264",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.1149",
|
"implied_margin": "0.2452323821568096114892087593",
|
"implied_profit": "119329224.948",
|
"pe": "100"
|
}
|
],
|
"scenarios": [
|
{
|
"assumption": "亏损继续且现金消耗偏高，按归母净资产折价。",
|
"cagr_high": "-0.4246233876545007",
|
"cagr_low": "-0.48050370449320023",
|
"equity_value_high": "752502322.00",
|
"equity_value_low": "451501393.20",
|
"method": "pb",
|
"name": "悲观",
|
"price_high": "0.7245711755479657320199156415",
|
"price_low": "0.4347427053287794392119493849",
|
"role": "pessimistic",
|
"upside_to_high": "-0.9369389751481317900765956796",
|
"upside_to_low": "-0.9621633850888790740459574078"
|
},
|
{
|
"assumption": "业务逐步接近盈亏平衡，按成长型资产的中性净资产倍数定价。",
|
"cagr_high": "-0.3528473916715338",
|
"cagr_low": "-0.4246233876545007",
|
"equity_value_high": "1354504179.60",
|
"equity_value_low": "752502322.00",
|
"method": "pb",
|
"name": "基准",
|
"price_high": "1.304228115986338317635848155",
|
"price_low": "0.7245711755479657320199156415",
|
"role": "base",
|
"upside_to_high": "-0.8864901552666372221378722232",
|
"upside_to_low": "-0.9369389751481317900765956796"
|
},
|
{
|
"assumption": "核心产品或订单放量并形成可持续盈利，给予成长溢价。",
|
"cagr_high": "-0.2832355520700479",
|
"cagr_low": "-0.3528473916715338",
|
"equity_value_high": "2257506966.00",
|
"equity_value_low": "1354504179.60",
|
"method": "pb",
|
"name": "乐观",
|
"price_high": "2.173713526643897196059746924",
|
"price_low": "1.304228115986338317635848155",
|
"role": "optimistic",
|
"upside_to_high": "-0.8108169254443953702297870388",
|
"upside_to_low": "-0.8864901552666372221378722232"
|
}
|
]
|
}
|
