{
|
"conclusion": {
|
"base_midpoint": "64.5875999996234777218517492",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.05097572909344387739746921013"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "109.3214188",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "1056856360.23725582"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "845485088.189804656"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "704570906.8248372133333333333"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "603917920.1355747542857142857"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "528428180.11862791"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "422742544.094902328"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "352285453.4124186066666666667"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "281828362.7299348853333333333"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "211371272.047451164"
|
}
|
],
|
"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": "1.864",
|
"profit": "360401516.392"
|
},
|
"2027": {
|
"eps": "2.646",
|
"profit": "511600006.638"
|
},
|
"2028": {
|
"eps": "3.735",
|
"profit": "722156471.9549999"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池5家）",
|
"report_date": "2026-08-05",
|
"source_id": "SRC-EM-CONSENSUS-20260805",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "1.864",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "36.41630901287553648068669528",
|
"profit_max": "360401516.392",
|
"profit_mean": "360401516.392",
|
"profit_median": "360401516.392",
|
"profit_min": "360401516.392"
|
},
|
"2027": {
|
"eps_mean": "2.646",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "25.65381708238851095993953137",
|
"profit_max": "511600006.638",
|
"profit_mean": "511600006.638",
|
"profit_median": "511600006.638",
|
"profit_min": "511600006.638"
|
},
|
"2028": {
|
"eps_mean": "3.735",
|
"eps_profit_reconciliation_gap": "0.0000000000000001384741449858962842221537708",
|
"institution_count": 1,
|
"pe_on_mean": "18.17402945113788738945782106",
|
"profit_max": "722156471.9549999",
|
"profit_mean": "722156471.9549999",
|
"profit_median": "722156471.9549999",
|
"profit_min": "722156471.9549999"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-05",
|
"code": "688401.SH",
|
"company": "路维光电",
|
"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": "1.403956790055468035243786304",
|
"annual_fcf": "89396816.41",
|
"book_value_per_share": "8.950304024154773040775247372",
|
"current_fcf": "-66832427.63",
|
"deduct_pe": "52.67654073078285907720939580",
|
"diluted_shares": "193348453.0",
|
"enterprise_value": "13408302575.700",
|
"market_cap": "13124492989.640",
|
"normalized_eps": "1.288619166298682420800129184",
|
"normalized_pe": "52.67654073078286288282101218",
|
"normalized_profit": "249152522.309999982",
|
"pb": "7.584099916249524910486857681",
|
"price": "67.88",
|
"ps": "10.74263643243273089160109123",
|
"reported_pe": "48.41966041454950347904412650",
|
"ttm_attributable_profit": "271057105.26",
|
"ttm_deduct_profit": "249152522.31",
|
"ttm_eps": "1.401909873362162354616822303",
|
"ttm_revenue": "1221719926.22"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-21904582.950000018",
|
"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": "3.394",
|
"implied_margin": "0.5371318216216365445800545617",
|
"implied_profit": "656224649.482",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "2.7152",
|
"implied_margin": "0.4297054572973092356640436494",
|
"implied_profit": "524979719.5856",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "2.262666666666666666666666667",
|
"implied_margin": "0.3580878810810910297200363745",
|
"implied_profit": "437483099.6546666666666666667",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.939428571428571428571428571",
|
"implied_margin": "0.3069324694980780254743168924",
|
"implied_profit": "374985513.9897142857142857143",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "1.697",
|
"implied_margin": "0.2685659108108182722900272808",
|
"implied_profit": "328112324.741",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "1.3576",
|
"implied_margin": "0.2148527286486546178320218247",
|
"implied_profit": "262489859.7928",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "1.131333333333333333333333333",
|
"implied_margin": "0.1790439405405455148600181872",
|
"implied_profit": "218741549.8273333333333333333",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.9050666666666666666666666667",
|
"implied_margin": "0.1432351524324364118880145498",
|
"implied_profit": "174993239.8618666666666666667",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.6788",
|
"implied_margin": "0.1074263643243273089160109123",
|
"implied_profit": "131244929.8964",
|
"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": "-0.13290145202388204",
|
"cagr_low": "-0.2596487420354483",
|
"equity_value_high": "6433167067.6",
|
"equity_value_low": "2919252282.84",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "33.27240000001448162608262503",
|
"price_low": "15.09840000033514620362646501",
|
"role": "pessimistic",
|
"upside_to_high": "-0.5098350029461626159976042276",
|
"upside_to_low": "-0.7775721862060231849789854890"
|
},
|
{
|
"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": "0.058108592211942645",
|
"cagr_low": "-0.10425442005110108",
|
"equity_value_high": "17407393241.70",
|
"equity_value_low": "7568431844.12",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "90.03119999982622048700849962",
|
"price_low": "39.14399999942073495669499874",
|
"role": "base",
|
"upside_to_high": "0.326328815554304957086159393",
|
"upside_to_low": "-0.4233352975925053777740866420"
|
},
|
{
|
"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": "0.21544759928208723",
|
"cagr_low": "0.07847176138597622",
|
"equity_value_high": "34814786483.40",
|
"equity_value_low": "19148132566.08",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "180.0623999996524409740169992",
|
"price_low": "99.03432000089496449190622694",
|
"role": "optimistic",
|
"upside_to_high": "1.652657631108609914172318786",
|
"upside_to_low": "0.458961697125736070888424086"
|
}
|
]
|
}
|
