{
|
"conclusion": {
|
"base_midpoint": "41.28299999985034712157826320",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.1893515490680907366900029386"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "79.076041",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "1030372964.26369965"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "824298371.41095972"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "686915309.5091331"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "588784551.0078283714285714286"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "515186482.131849825"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "412149185.70547986"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "343457654.75456655"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "274766123.80365324"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "206074592.85273993"
|
}
|
],
|
"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": "1.39",
|
"profit": "362238271.46999997"
|
},
|
"2027": {
|
"eps": "1.652",
|
"profit": "430516276.59599996"
|
},
|
"2028": {
|
"eps": "1.905",
|
"profit": "496448854.065"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池5家）",
|
"report_date": "2026-08-06",
|
"source_id": "SRC-EM-CONSENSUS-20260806",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "1.39",
|
"eps_profit_reconciliation_gap": "0.00000000000000008281841639277078699381883339",
|
"institution_count": 1,
|
"pe_on_mean": "35.32374100719424752977283805",
|
"profit_max": "362238271.46999997",
|
"profit_mean": "362238271.46999997",
|
"profit_median": "362238271.46999997",
|
"profit_min": "362238271.46999997"
|
},
|
"2027": {
|
"eps_mean": "1.652",
|
"eps_profit_reconciliation_gap": "0.00000000000000009291170200641759086628166434",
|
"institution_count": 1,
|
"pe_on_mean": "29.72154963680387685348944825",
|
"profit_max": "430516276.59599996",
|
"profit_mean": "430516276.59599996",
|
"profit_median": "430516276.59599996",
|
"profit_min": "430516276.59599996"
|
},
|
"2028": {
|
"eps_mean": "1.905",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "25.77427821522309711286089239",
|
"profit_max": "496448854.065",
|
"profit_mean": "496448854.065",
|
"profit_median": "496448854.065",
|
"profit_min": "496448854.065"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-06",
|
"code": "603039.SH",
|
"company": "泛微网络",
|
"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": "0.9801797368986783268151368596",
|
"annual_fcf": "191471642.26",
|
"book_value_per_share": "10.16037710579874858190946966",
|
"current_fcf": "-145825517.34",
|
"deduct_pe": "43.50743016602078286314983381",
|
"diluted_shares": "260603073.0",
|
"enterprise_value": "11981897863.32",
|
"market_cap": "12795610884.30",
|
"normalized_eps": "1.128542867566262524463784815",
|
"normalized_pe": "43.50743016602077620615296555",
|
"normalized_profit": "294101739.300000045",
|
"pb": "4.832497798922990785589510624",
|
"price": "49.1",
|
"ps": "5.584981558184022526575315591",
|
"reported_pe": "39.40664515422157020552419593",
|
"ttm_attributable_profit": "324706932.91",
|
"ttm_deduct_profit": "294101739.30",
|
"ttm_eps": "1.245982747525007120695004237",
|
"ttm_revenue": "2291074867.66"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-30605193.609999955",
|
"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": "2.455",
|
"implied_margin": "0.2792490779092011263287657795",
|
"implied_profit": "639780544.215",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "1.964",
|
"implied_margin": "0.2233992623273609010630126236",
|
"implied_profit": "511824435.372",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.636666666666666666666666667",
|
"implied_margin": "0.1861660519394674175525105197",
|
"implied_profit": "426520362.81",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.402857142857142857142857143",
|
"implied_margin": "0.1595709016624006436164375883",
|
"implied_profit": "365588882.4085714285714285714",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "1.2275",
|
"implied_margin": "0.1396245389546005631643828898",
|
"implied_profit": "319890272.1075",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.982",
|
"implied_margin": "0.1116996311636804505315063118",
|
"implied_profit": "255912217.686",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.8183333333333333333333333333",
|
"implied_margin": "0.09308302596973370877625525985",
|
"implied_profit": "213260181.405",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.6546666666666666666666666667",
|
"implied_margin": "0.07446642077578696702100420788",
|
"implied_profit": "170608145.124",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.491",
|
"implied_margin": "0.05584981558184022526575315591",
|
"implied_profit": "127956108.843",
|
"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": "-0.1540884636907245",
|
"cagr_low": "-0.2724662231314776",
|
"equity_value_high": "5542245553.44",
|
"equity_value_low": "2608115554.56",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "21.26699999980430008206388265",
|
"price_low": "10.00799999990790592097123889",
|
"role": "pessimistic",
|
"upside_to_high": "-0.5668635437921731144182508625",
|
"upside_to_low": "-0.7961710794316108773732945236"
|
},
|
{
|
"assumption": "以TTM归一化利润与5家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "0.03225436936904824",
|
"cagr_low": "-0.12614140405642316",
|
"equity_value_high": "14996664438.84",
|
"equity_value_low": "6520288886.4",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "57.54599999993092944072842917",
|
"price_low": "25.01999999976976480242809723",
|
"role": "base",
|
"upside_to_high": "0.172016293277615670890599372",
|
"upside_to_low": "-0.4904276985790271934332363090"
|
},
|
{
|
"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": "0.17908696365237242",
|
"cagr_low": "0.05211997721578121",
|
"equity_value_high": "29160180853.50",
|
"equity_value_low": "16496330882.76",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "111.8950000006331467933227326",
|
"price_low": "63.30060000006216350334441375",
|
"role": "optimistic",
|
"upside_to_high": "1.278920570277660830821236916",
|
"upside_to_low": "0.289217922608190702715772174"
|
}
|
]
|
}
|
