{
|
"conclusion": {
|
"base_midpoint": "3.478619102343730869444359279",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-2.604878726604799717178882283"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "20.1957954",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "513366919.18153323"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "410693535.345226584"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "342244612.78768882"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "293352525.2465904171428571429"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "256683459.590766615"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "205346767.672613292"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "171122306.39384441"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "136897845.115075528"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "102673383.836306646"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-06",
|
"code": "300084.SZ",
|
"company": "海默科技",
|
"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": null,
|
"annual_fcf": "67233157.39",
|
"book_value_per_share": "2.484727930245522049603113771",
|
"current_fcf": "-30760887.95",
|
"deduct_pe": null,
|
"diluted_shares": "508389899.0",
|
"enterprise_value": "5999195638.890",
|
"market_cap": "6375209333.460",
|
"normalized_eps": "-0.1803118447087793044448351638",
|
"normalized_pe": null,
|
"normalized_profit": "-91668720.519999995",
|
"pb": "5.046830217246719604050435197",
|
"price": "12.54",
|
"ps": "10.60857728394990563536720955",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-33512825.46",
|
"ttm_deduct_profit": "-91668720.52",
|
"ttm_eps": "-0.06591953444771332878114480398",
|
"ttm_revenue": "600948568.58"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-58155895.059999995",
|
"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": 1,
|
"issues": [
|
{
|
"action": "补充法定披露、行情接口或机构预测汇总页来源。",
|
"field": "institutions",
|
"issue_id": "QA-CORE-SOURCE-MISSING",
|
"message": "核心字段没有由注册表中允许承载核心数字的来源支持。",
|
"recalc_scope": "institutions",
|
"severity": "WARNING"
|
},
|
{
|
"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": "不得以公司业绩预告或自有情景冒充机构预期。",
|
"field": "institutions",
|
"issue_id": "QA-INSTITUTION-NONE",
|
"message": "估值日没有可用机构盈利预测，已明确记录为空。",
|
"recalc_scope": "机构预期模块",
|
"severity": "INFO"
|
}
|
],
|
"status": "PASS_WITH_WARNINGS",
|
"warning_count": 3
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "0.627",
|
"implied_margin": "0.5304288641974952817683604774",
|
"implied_profit": "318760466.673",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.5016",
|
"implied_margin": "0.4243430913579962254146883819",
|
"implied_profit": "255008373.3384",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.418",
|
"implied_margin": "0.3536192427983301878455736516",
|
"implied_profit": "212506977.782",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.3582857142857142857142857143",
|
"implied_margin": "0.3031022081128544467247774156",
|
"implied_profit": "182148838.0988571428571428571",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.3135",
|
"implied_margin": "0.2652144320987476408841802387",
|
"implied_profit": "159380233.3365",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.2508",
|
"implied_margin": "0.2121715456789981127073441909",
|
"implied_profit": "127504186.6692",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.209",
|
"implied_margin": "0.1768096213991650939227868258",
|
"implied_profit": "106253488.891",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.1672",
|
"implied_margin": "0.1414476971193320751382294606",
|
"implied_profit": "85002791.1128",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.1254",
|
"implied_margin": "0.1060857728394990563536720955",
|
"implied_profit": "63752093.3346",
|
"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": "-0.27657042233852636",
|
"cagr_low": "-0.346829576330582",
|
"equity_value_high": "1263210581.50",
|
"equity_value_low": "757926348.90",
|
"method": "pb",
|
"name": "悲观",
|
"price_high": "2.484727930245522049603113771",
|
"price_low": "1.490836758147313229761868262",
|
"role": "pessimistic",
|
"upside_to_high": "-0.8018558269341688955659398907",
|
"upside_to_low": "-0.8811134961605013373395639344"
|
},
|
{
|
"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": "-0.18632539439323037",
|
"cagr_low": "-0.27657042233852636",
|
"equity_value_high": "2273779046.70",
|
"equity_value_low": "1263210581.50",
|
"method": "pb",
|
"name": "基准",
|
"price_high": "4.472510274441939689285604787",
|
"price_low": "2.484727930245522049603113771",
|
"role": "base",
|
"upside_to_high": "-0.6433404884815040120186918033",
|
"upside_to_low": "-0.8018558269341688955659398907"
|
},
|
{
|
"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": "-0.09880139247411557",
|
"cagr_low": "-0.18632539439323037",
|
"equity_value_high": "3789631744.50",
|
"equity_value_low": "2273779046.70",
|
"method": "pb",
|
"name": "乐观",
|
"price_high": "7.454183790736566148809341312",
|
"price_low": "4.472510274441939689285604787",
|
"role": "optimistic",
|
"upside_to_high": "-0.4055674808025066866978196721",
|
"upside_to_low": "-0.6433404884815040120186918033"
|
}
|
]
|
}
|
