{
|
"conclusion": {
|
"base_midpoint": "27.31662311662342578098415457",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "0.2751666296574269363283913586"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "31.888098",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "3527202598.5510369"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "2821762078.84082952"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "2351468399.0340246"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "2015544342.029163942857142857"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "1763601299.27551845"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "1410881039.42041476"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "1175734199.5170123"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "940587359.61360984"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "705440519.71020738"
|
}
|
],
|
"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": "1.429545454545",
|
"profit": "3162494321.2467217"
|
},
|
"2027": {
|
"eps": "1.566818181818",
|
"profit": "3466174221.093689"
|
},
|
"2028": {
|
"eps": "1.707619047619",
|
"profit": "3777659201.936085"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池22家）",
|
"report_date": "2026-08-06",
|
"source_id": "SRC-EM-CONSENSUS-20260806",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "1.429545454545",
|
"eps_profit_reconciliation_gap": "0.000000000000000003207910898635425176354060628",
|
"institution_count": 1,
|
"pe_on_mean": "13.85055643879613694631968041",
|
"profit_max": "3162494321.2467217",
|
"profit_mean": "3162494321.2467217",
|
"profit_median": "3162494321.2467217",
|
"profit_min": "3162494321.2467217"
|
},
|
"2027": {
|
"eps_mean": "1.566818181818",
|
"eps_profit_reconciliation_gap": "0.00000000000000009115006339765292533757416548",
|
"institution_count": 1,
|
"pe_on_mean": "12.63707571801713108784173056",
|
"profit_max": "3466174221.093689",
|
"profit_mean": "3466174221.093689",
|
"profit_median": "3466174221.093689",
|
"profit_min": "3466174221.093689"
|
},
|
"2028": {
|
"eps_mean": "1.707619047619",
|
"eps_profit_reconciliation_gap": "0.00000000000000003482023998686410242221749761",
|
"institution_count": 1,
|
"pe_on_mean": "11.59509202454020104769326065",
|
"profit_max": "3777659201.936085",
|
"profit_mean": "3777659201.936085",
|
"profit_median": "3777659201.936085",
|
"profit_min": "3777659201.936085"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-06",
|
"code": "002555.SZ",
|
"company": "三七互娱",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-28",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "1.220019444260110054556241515",
|
"annual_fcf": "3184180277.49",
|
"book_value_per_share": "6.552770611635739514374540662",
|
"current_fcf": "330253217.50",
|
"deduct_pe": "15.00733963183816503545905174",
|
"diluted_shares": "2212237681.0",
|
"enterprise_value": "40239418394.2900003",
|
"market_cap": "43802306083.80",
|
"normalized_eps": "1.319354428282156843887517166",
|
"normalized_pe": "15.00733963183816776058335157",
|
"normalized_profit": "2918725580.83999947",
|
"pb": "3.021622634682371776008429067",
|
"price": "19.8",
|
"ps": "2.836421074846986368069161740",
|
"reported_pe": "13.58482712719258094608922127",
|
"ttm_attributable_profit": "3224355059.78",
|
"ttm_deduct_profit": "2918725580.84",
|
"ttm_eps": "1.457508425732307196877549253",
|
"ttm_revenue": "15442808006.27"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-305629478.94000053",
|
"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": "0.99",
|
"implied_margin": "0.1418210537423493184034580870",
|
"implied_profit": "2190115304.19",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.792",
|
"implied_margin": "0.1134568429938794547227664696",
|
"implied_profit": "1752092243.352",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.66",
|
"implied_margin": "0.09454736916156621226897205800",
|
"implied_profit": "1460076869.46",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.5657142857142857142857142857",
|
"implied_margin": "0.08104060213848532480197604972",
|
"implied_profit": "1251494459.537142857142857143",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.495",
|
"implied_margin": "0.07091052687117465920172904350",
|
"implied_profit": "1095057652.095",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.396",
|
"implied_margin": "0.05672842149693972736138323480",
|
"implied_profit": "876046121.676",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.33",
|
"implied_margin": "0.04727368458078310613448602900",
|
"implied_profit": "730038434.73",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.264",
|
"implied_margin": "0.03781894766462648490758882320",
|
"implied_profit": "584030747.784",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.198",
|
"implied_margin": "0.02836421074846986368069161740",
|
"implied_profit": "438023060.838",
|
"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": "-0.06303130734406248",
|
"cagr_low": "-0.1941517020211757",
|
"equity_value_high": "31631688482.40",
|
"equity_value_low": "14885500462.30",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "14.29850361652889683330549870",
|
"price_low": "6.728707584246233621585256779",
|
"role": "pessimistic",
|
"upside_to_high": "-0.2778533527005607659946717828",
|
"upside_to_low": "-0.6601662836239275948694314758"
|
},
|
{
|
"assumption": "以TTM归一化利润与22家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "0.13812952812853374",
|
"cagr_low": "-0.032075919215805104",
|
"equity_value_high": "83647974796.89",
|
"equity_value_low": "37213751155.65",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "37.81147727267647060749979152",
|
"price_low": "16.82176896057038095446851762",
|
"role": "base",
|
"upside_to_high": "0.909670569327094475126252097",
|
"upside_to_low": "-0.1504157090621019719965395141"
|
},
|
{
|
"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": "0.30047415785248455",
|
"cagr_low": "0.1600326903290532",
|
"equity_value_high": "162931707430.72",
|
"equity_value_low": "92012772276.74",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "73.65018181819858442235800612",
|
"price_low": "41.59262500001689465843611584",
|
"role": "optimistic",
|
"upside_to_high": "2.719706152434271940523131622",
|
"upside_to_low": "1.100637626263479528203844234"
|
}
|
]
|
}
|
