{
|
"conclusion": {
|
"base_midpoint": "150.48",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "0.05927698032961190855927698033"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "227.9837956",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "5363469773.75863610"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "4290775819.00690888"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "3575646515.839090733333333333"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "3064839870.719220628571428571"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "2681734886.87931805"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "2145387909.50345444"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "1787823257.919545366666666667"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "1430258606.335636293333333333"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "1072693954.75172722"
|
}
|
],
|
"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": "3.8",
|
"profit": "1787950331.0"
|
},
|
"2027": {
|
"eps": "5.021666666667",
|
"profit": "2362760678.6418233"
|
},
|
"2028": {
|
"eps": "6.315",
|
"profit": "2971291142.175"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池6家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "3.8",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "37.25263157894736842105263158",
|
"profit_max": "1787950331.0",
|
"profit_mean": "1787950331.0",
|
"profit_median": "1787950331.0",
|
"profit_min": "1787950331.0"
|
},
|
"2027": {
|
"eps_mean": "5.021666666667",
|
"eps_profit_reconciliation_gap": "0.00000000000000008651532160993262085418527204",
|
"institution_count": 1,
|
"pe_on_mean": "28.18984400929119461648307269",
|
"profit_max": "2362760678.6418233",
|
"profit_mean": "2362760678.6418233",
|
"profit_median": "2362760678.6418233",
|
"profit_min": "2362760678.6418233"
|
},
|
"2028": {
|
"eps_mean": "6.315",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "22.41646872525732383214568488",
|
"profit_max": "2971291142.175",
|
"profit_mean": "2971291142.175",
|
"profit_median": "2971291142.175",
|
"profit_min": "2971291142.175"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "688002.SH",
|
"company": "睿创微纳",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-28",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "1.649989562819397552573112919",
|
"annual_fcf": "1277853377.63",
|
"book_value_per_share": "15.53022408079075436016684291",
|
"current_fcf": "749739390.13",
|
"deduct_pe": "47.89882212623557046836052106",
|
"diluted_shares": "470513245.0",
|
"enterprise_value": "65809024923.670",
|
"market_cap": "66605854962.200",
|
"normalized_eps": "2.955396264795904417100946861",
|
"normalized_pe": "47.89882212623556185689099491",
|
"normalized_profit": "1390553086.81000025",
|
"pb": "9.115129264303066758504102852",
|
"price": "141.56",
|
"ps": "9.364641561264539070606152122",
|
"reported_pe": "45.69718036517759186139333223",
|
"ttm_attributable_profit": "1457548462.07",
|
"ttm_deduct_profit": "1390553086.81",
|
"ttm_eps": "3.097784127352249138066240835",
|
"ttm_revenue": "7112483112.83"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-66995375.25999975",
|
"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": "7.078",
|
"implied_margin": "0.4682320780632269535303076061",
|
"implied_profit": "3330292748.110",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "5.6624",
|
"implied_margin": "0.3745856624505815628242460849",
|
"implied_profit": "2664234198.488",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "4.718666666666666666666666667",
|
"implied_margin": "0.3121547187088179690202050708",
|
"implied_profit": "2220195165.406666666666666667",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "4.044571428571428571428571429",
|
"implied_margin": "0.2675611874647011163030329178",
|
"implied_profit": "1903024427.491428571428571429",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "3.539",
|
"implied_margin": "0.2341160390316134767651538031",
|
"implied_profit": "1665146374.055",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "2.8312",
|
"implied_margin": "0.1872928312252907814121230424",
|
"implied_profit": "1332117099.244",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "2.359333333333333333333333333",
|
"implied_margin": "0.1560773593544089845101025353",
|
"implied_profit": "1110097582.703333333333333333",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "1.887466666666666666666666667",
|
"implied_margin": "0.1248618874835271876080820283",
|
"implied_profit": "888078066.1626666666666666667",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "1.4156",
|
"implied_margin": "0.09364641561264539070606152122",
|
"implied_profit": "666058549.622",
|
"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": "-0.11346753942057486",
|
"cagr_low": "-0.23282287058769413",
|
"equity_value_high": "36474186752.32",
|
"equity_value_low": "17700708276.90",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "77.51999999982997290543861310",
|
"price_low": "37.62",
|
"role": "pessimistic",
|
"upside_to_high": "-0.4523876801368326299418012638",
|
"upside_to_low": "-0.7342469624187623622492229443"
|
},
|
{
|
"assumption": "以TTM归一化利润与6家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "0.08182353205898418",
|
"cagr_low": "-0.08417845364690768",
|
"equity_value_high": "98694858271.20",
|
"equity_value_low": "42910807944.00",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "209.76",
|
"price_low": "91.2",
|
"role": "base",
|
"upside_to_high": "0.481774512574173495337666007",
|
"upside_to_low": "-0.3557502119242723933314495620"
|
},
|
{
|
"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": "0.22946580728781285",
|
"cagr_low": "0.10264309231949831",
|
"equity_value_high": "187109002139.15",
|
"equity_value_low": "108564344098.56",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "397.67",
|
"price_low": "230.7360000005100812836841607",
|
"role": "optimistic",
|
"upside_to_high": "1.809197513421870584910991806",
|
"upside_to_low": "0.629951963835194131701640016"
|
}
|
]
|
}
|
