{
|
"conclusion": {
|
"base_midpoint": "22.17249953394",
|
"price_label": "当前价格高于基准合理区间",
|
"price_position": "ABOVE_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.5167437459417562400998946109"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "54.1614513",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "270807256.50000000"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "216645805.20000000"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "180538171.00000000"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "154747003.7142857142857142857"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "135403628.25000000"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "108322902.60000000"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "90269085.50000000"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "72215268.40000000"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "54161451.30000000"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-06",
|
"code": "688053.SH",
|
"company": "ST思科瑞",
|
"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": null,
|
"annual_fcf": "-34451962.64",
|
"book_value_per_share": "15.8374996671",
|
"current_fcf": "-39216559.86",
|
"deduct_pe": null,
|
"diluted_shares": "100000000.0",
|
"enterprise_value": "3089236922.700",
|
"market_cap": "3363000000.000",
|
"normalized_eps": "-0.170258943599999984",
|
"normalized_pe": null,
|
"normalized_profit": "-17025894.3599999984",
|
"pb": "2.123441244318458736139852455",
|
"price": "33.63",
|
"ps": "16.94280311852311411592576960",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-18951103.12",
|
"ttm_deduct_profit": "-17025894.36",
|
"ttm_eps": "-0.1895110312",
|
"ttm_revenue": "198491358.04"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "1925208.7600000016",
|
"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": "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"
|
},
|
{
|
"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": 4
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "1.6815",
|
"implied_margin": "0.8471401559261557057962884801",
|
"implied_profit": "168150000.000",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "1.3452",
|
"implied_margin": "0.6777121247409245646370307841",
|
"implied_profit": "134520000.000",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.121",
|
"implied_margin": "0.5647601039507704705308589867",
|
"implied_profit": "112100000.000",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.9608571428571428571428571429",
|
"implied_margin": "0.4840800891006604033121648458",
|
"implied_profit": "96085714.28571428571428571429",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.84075",
|
"implied_margin": "0.4235700779630778528981442400",
|
"implied_profit": "84075000.000",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.6726",
|
"implied_margin": "0.3388560623704622823185153920",
|
"implied_profit": "67260000.000",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.5605",
|
"implied_margin": "0.2823800519753852352654294934",
|
"implied_profit": "56050000.000",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.4484",
|
"implied_margin": "0.2259040415803081882123435947",
|
"implied_profit": "44840000.000",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.3363",
|
"implied_margin": "0.1694280311852311411592576960",
|
"implied_profit": "33630000.000",
|
"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": "-0.13981483108995163",
|
"cagr_low": "-0.22335562636610806",
|
"equity_value_high": "1583749966.710",
|
"equity_value_low": "950249980.026",
|
"method": "pb",
|
"name": "悲观",
|
"price_high": "15.8374996671",
|
"price_low": "9.50249980026",
|
"role": "pessimistic",
|
"upside_to_high": "-0.5290663197413024085637823372",
|
"upside_to_low": "-0.7174397918447814451382694023"
|
},
|
{
|
"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": "-0.0325100746859468",
|
"cagr_low": "-0.13981483108995163",
|
"equity_value_high": "2850749940.078",
|
"equity_value_low": "1583749966.710",
|
"method": "pb",
|
"name": "基准",
|
"price_high": "28.50749940078",
|
"price_low": "15.8374996671",
|
"role": "base",
|
"upside_to_high": "-0.1523193755343443354148082070",
|
"upside_to_low": "-0.5290663197413024085637823372"
|
},
|
{
|
"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": "0.07155927870964707",
|
"cagr_low": "-0.0325100746859468",
|
"equity_value_high": "4751249900.130",
|
"equity_value_low": "2850749940.078",
|
"method": "pb",
|
"name": "乐观",
|
"price_high": "47.5124990013",
|
"price_low": "28.50749940078",
|
"role": "optimistic",
|
"upside_to_high": "0.412801040776092774308652988",
|
"upside_to_low": "-0.1523193755343443354148082070"
|
}
|
]
|
}
|
