{
|
"conclusion": {
|
"base_midpoint": "2.660082975310637134364108572",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-7.428308518226524266357332843"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "36.1076342",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "185645852.22179282"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "148516681.777434256"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "123763901.4811952133333333333"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "106083344.1267387542857142857"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "92822926.11089641"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "74258340.888717128"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "61881950.74059760666666666667"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "49505560.59247808533333333333"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "37129170.444358564"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-06",
|
"code": "688511.SH",
|
"company": "天微电子",
|
"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": "-0.2005501298910669469441538465",
|
"annual_fcf": "-26184934.88",
|
"book_value_per_share": "7.982888582791053532275898986",
|
"current_fcf": "28621942.56",
|
"deduct_pe": "367.4742515773831382766573551",
|
"diluted_shares": "102829142.0",
|
"enterprise_value": "1758338825.890",
|
"market_cap": "2305429363.640",
|
"normalized_eps": "0.06101107738504712992742854939",
|
"normalized_pe": "367.4742515773831382766573551",
|
"normalized_profit": "6273716.74",
|
"pb": "2.808507192287695199241170026",
|
"price": "22.42",
|
"ps": "18.18755572699167091447921808",
|
"reported_pe": "97.42779674757142989332614519",
|
"ttm_attributable_profit": "23662952.88",
|
"ttm_deduct_profit": "6273716.74",
|
"ttm_eps": "0.2301191317924251473380960429",
|
"ttm_revenue": "126758614.42"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-17389236.14",
|
"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": "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": 2
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "1.121",
|
"implied_margin": "0.9093777863495835457239609041",
|
"implied_profit": "115271468.182",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.8968",
|
"implied_margin": "0.7275022290796668365791687233",
|
"implied_profit": "92217174.5456",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.7473333333333333333333333333",
|
"implied_margin": "0.6062518575663890304826406028",
|
"implied_profit": "76847645.45466666666666666667",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.6405714285714285714285714286",
|
"implied_margin": "0.5196444493426191689851205167",
|
"implied_profit": "65869410.38971428571428571429",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.5605",
|
"implied_margin": "0.4546888931747917728619804521",
|
"implied_profit": "57635734.091",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.4484",
|
"implied_margin": "0.3637511145398334182895843616",
|
"implied_profit": "46108587.2728",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.3736666666666666666666666667",
|
"implied_margin": "0.3031259287831945152413203013",
|
"implied_profit": "38423822.72733333333333333333",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.2989333333333333333333333333",
|
"implied_margin": "0.2425007430265556121930562411",
|
"implied_profit": "30739058.18186666666666666667",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.2242",
|
"implied_margin": "0.1818755572699167091447921808",
|
"implied_profit": "23054293.6364",
|
"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": "-0.4248883263145671",
|
"cagr_low": "-0.5023165617836889",
|
"equity_value_high": "145048330.88",
|
"equity_value_low": "70391101.88",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "1.410576107695229043144209061",
|
"price_low": "0.6845442888164913405579130476",
|
"role": "pessimistic",
|
"upside_to_high": "-0.9370840273106499088695714067",
|
"upside_to_low": "-0.9694672484916819205817166348"
|
},
|
{
|
"assumption": "以TTM归一化利润与无家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "-0.3040390579180514",
|
"cagr_low": "-0.40588789935153435",
|
"equity_value_high": "376423004.64",
|
"equity_value_low": "170645095.36",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "3.660664645436796506577872642",
|
"price_low": "1.659501305184477762150344501",
|
"role": "base",
|
"upside_to_high": "-0.8367232539947905215620931025",
|
"upside_to_low": "-0.9259812085109510364785751784"
|
},
|
{
|
"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": "-0.20905752560033042",
|
"cagr_low": "-0.29064537559414516",
|
"equity_value_high": "713635278.85",
|
"equity_value_low": "414065304.96",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "6.940010049388528399857697928",
|
"price_low": "4.026731108580094930676364099",
|
"role": "optimistic",
|
"upside_to_high": "-0.6904545027034554683381936696",
|
"upside_to_low": "-0.8203955794567308237878517351"
|
}
|
]
|
}
|
