{
|
"conclusion": {
|
"base_midpoint": "18.05149999943663652606763624",
|
"price_label": "当前价格高于基准合理区间",
|
"price_position": "ABOVE_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-1.310057336027554603540283352"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "67.158267",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "342727256.13052575"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "274181804.9044206"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "228484837.4203505"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "195844146.3603004285714285714"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "171363628.065262875"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "137090902.4522103"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "114242418.71017525"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "91393934.9681402"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "68545451.22610515"
|
}
|
],
|
"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": "0.79",
|
"profit": "80631780.55"
|
},
|
"2027": {
|
"eps": "1.315",
|
"profit": "134216191.675"
|
},
|
"2028": {
|
"eps": "1.595",
|
"profit": "162794544.275"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池2家）",
|
"report_date": "2026-08-06",
|
"source_id": "SRC-EM-CONSENSUS-20260806",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.79",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "52.78481012658227848101265823",
|
"profit_max": "80631780.55",
|
"profit_mean": "80631780.55",
|
"profit_median": "80631780.55",
|
"profit_min": "80631780.55"
|
},
|
"2027": {
|
"eps_mean": "1.315",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "31.71102661596958174904942966",
|
"profit_max": "134216191.675",
|
"profit_mean": "134216191.675",
|
"profit_median": "134216191.675",
|
"profit_min": "134216191.675"
|
},
|
"2028": {
|
"eps_mean": "1.595",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "26.14420062695924764890282132",
|
"profit_max": "162794544.275",
|
"profit_mean": "162794544.275",
|
"profit_median": "162794544.275",
|
"profit_min": "162794544.275"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-06",
|
"code": "688023.SH",
|
"company": "安恒信息",
|
"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": null,
|
"annual_fcf": "227135700.50",
|
"book_value_per_share": "21.84214612139679457940483245",
|
"current_fcf": "-367668085.04",
|
"deduct_pe": null,
|
"diluted_shares": "102065545.0",
|
"enterprise_value": "3795191979.50",
|
"market_cap": "4256133226.50",
|
"normalized_eps": "-0.9795025899288541005684141499",
|
"normalized_pe": null,
|
"normalized_profit": "-99973465.670000005",
|
"pb": "1.909153055209636394522435557",
|
"price": "41.7",
|
"ps": "1.965645979420870334270933630",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-60177052.16",
|
"ttm_deduct_profit": "-99973465.67",
|
"ttm_eps": "-0.5895922287976809412030279170",
|
"ttm_revenue": "2165259294.43"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-39796413.510000005",
|
"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"
|
}
|
],
|
"status": "PASS_WITH_WARNINGS",
|
"warning_count": 2
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "2.085",
|
"implied_margin": "0.09828229897104351671354668150",
|
"implied_profit": "212806661.325",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "1.668",
|
"implied_margin": "0.07862583917683481337083734520",
|
"implied_profit": "170245329.06",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.39",
|
"implied_margin": "0.06552153264736234447569778766",
|
"implied_profit": "141871107.55",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.191428571428571428571428571",
|
"implied_margin": "0.05616131369773915240774096087",
|
"implied_profit": "121603806.4714285714285714286",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "1.0425",
|
"implied_margin": "0.04914114948552175835677334075",
|
"implied_profit": "106403330.6625",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.834",
|
"implied_margin": "0.03931291958841740668541867260",
|
"implied_profit": "85122664.53",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.695",
|
"implied_margin": "0.03276076632368117223784889383",
|
"implied_profit": "70935553.775",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.556",
|
"implied_margin": "0.02620861305894493779027911507",
|
"implied_profit": "56748443.02",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.417",
|
"implied_margin": "0.01965645979420870334270933630",
|
"implied_profit": "42561332.265",
|
"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": "-0.26303180416954364",
|
"cagr_low": "-0.36616391674652016",
|
"equity_value_high": "925249681.8",
|
"equity_value_low": "435411615.00",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "9.065249999889776711621928830",
|
"price_low": "4.266000000293928769008189786",
|
"role": "pessimistic",
|
"upside_to_high": "-0.7826079136717079925270520664",
|
"upside_to_low": "-0.8976978417195700535010026430"
|
},
|
{
|
"assumption": "以TTM归一化利润与2家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "-0.09412269038521537",
|
"cagr_low": "-0.23868399328194223",
|
"equity_value_high": "2596343333.64",
|
"equity_value_low": "1088529037.38",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "25.43799999931416620564755717",
|
"price_low": "10.66499999955910684648771532",
|
"role": "base",
|
"upside_to_high": "-0.3899760192010991317590513868",
|
"upside_to_low": "-0.7442446043271197398923809276"
|
},
|
{
|
"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": "0.029959391036667116",
|
"cagr_low": "-0.07668919343259284",
|
"equity_value_high": "4933052334.22",
|
"equity_value_low": "2855977667.2",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "48.33220000167539398334668178",
|
"price_low": "27.98180000116591745039915282",
|
"role": "optimistic",
|
"upside_to_high": "0.159045563589337985212150642",
|
"upside_to_low": "-0.3289736210751578549064951362"
|
}
|
]
|
}
|
