{
|
"conclusion": {
|
"base_midpoint": "42.54075000010368675111039775",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-2.635572950632582623774241521"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "249.0814766",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "3813571549.57522293"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "3050857239.660178344"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "2542381033.05014862"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "2179183742.614413102857142857"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "1906785774.787611465"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "1525428619.830089172"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "1271190516.52507431"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "1016952413.220059448"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "762714309.915044586"
|
}
|
],
|
"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": "1.314",
|
"profit": "402360953.09400004"
|
},
|
"2027": {
|
"eps": "2.126",
|
"profit": "651004099.1459999"
|
},
|
"2028": {
|
"eps": "3.12",
|
"profit": "955377605.52"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池6家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "1.314",
|
"eps_profit_reconciliation_gap": "0.00000000000000009941322509655938921189107918",
|
"institution_count": 1,
|
"pe_on_mean": "117.7016742770167310690643886",
|
"profit_max": "402360953.09400004",
|
"profit_mean": "402360953.09400004",
|
"profit_median": "402360953.09400004",
|
"profit_min": "402360953.09400004"
|
},
|
"2027": {
|
"eps_mean": "2.126",
|
"eps_profit_reconciliation_gap": "0.0000000000000001536088638015981543702277820",
|
"institution_count": 1,
|
"pe_on_mean": "72.74694261523989828652251908",
|
"profit_max": "651004099.1459999",
|
"profit_mean": "651004099.1459999",
|
"profit_median": "651004099.1459999",
|
"profit_min": "651004099.1459999"
|
},
|
"2028": {
|
"eps_mean": "3.12",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "49.57051282051282051282051282",
|
"profit_max": "955377605.52",
|
"profit_mean": "955377605.52",
|
"profit_median": "955377605.52",
|
"profit_min": "955377605.52"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "688409.SH",
|
"company": "富创精密",
|
"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": "-440939859.34",
|
"book_value_per_share": "14.75691803124064502616728658",
|
"current_fcf": "-316581491.78",
|
"deduct_pe": "3222.500991832791350928814818",
|
"diluted_shares": "306210771.0",
|
"enterprise_value": "49685704147.950",
|
"market_cap": "47358557842.860",
|
"normalized_eps": "0.04799377886677928125526322521",
|
"normalized_pe": "3222.500991832793543671397229",
|
"normalized_profit": "14696212.02999999",
|
"pb": "10.48050817064797436340980902",
|
"price": "154.66",
|
"ps": "12.38416941961951321693901161",
|
"reported_pe": "662.4475309437999980101909673",
|
"ttm_attributable_profit": "71490277.54",
|
"ttm_deduct_profit": "14696212.03",
|
"ttm_eps": "0.2334675469008893877217663255",
|
"ttm_revenue": "3824120636.45"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-56794065.51000001",
|
"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": "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"
|
}
|
],
|
"status": "PASS_WITH_WARNINGS",
|
"warning_count": 1
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "7.733",
|
"implied_margin": "0.6192084709809756608469505805",
|
"implied_profit": "2367927892.143",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "6.1864",
|
"implied_margin": "0.4953667767847805286775604644",
|
"implied_profit": "1894342313.7144",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "5.155333333333333333333333333",
|
"implied_margin": "0.4128056473206504405646337203",
|
"implied_profit": "1578618594.762",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "4.418857142857142857142857143",
|
"implied_margin": "0.3538334119891289490554003318",
|
"implied_profit": "1353101652.653142857142857143",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "3.8665",
|
"implied_margin": "0.3096042354904878304234752903",
|
"implied_profit": "1183963946.0715",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "3.0932",
|
"implied_margin": "0.2476833883923902643387802322",
|
"implied_profit": "947171156.8572",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "2.577666666666666666666666667",
|
"implied_margin": "0.2064028236603252202823168602",
|
"implied_profit": "789309297.381",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "2.062133333333333333333333333",
|
"implied_margin": "0.1651222589282601762258534881",
|
"implied_profit": "631447437.9048",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "1.5466",
|
"implied_margin": "0.1238416941961951321693901161",
|
"implied_profit": "473585578.4286",
|
"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": "-0.3142416317500111",
|
"cagr_low": "-0.4144816967182119",
|
"equity_value_high": "7182143012.8",
|
"equity_value_low": "3259123720.02",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "23.45490000023545873244282449",
|
"price_low": "10.64339999986479900800093018",
|
"role": "pessimistic",
|
"upside_to_high": "-0.8483454028175646014972014452",
|
"upside_to_low": "-0.9311819474986111534462632214"
|
},
|
{
|
"assumption": "以TTM归一化利润与6家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "-0.17130438994202335",
|
"cagr_low": "-0.3074618120180166",
|
"equity_value_high": "18508603842.40",
|
"equity_value_low": "7544267870.50",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "60.44400000024819505777607020",
|
"price_low": "24.63749999995917844444472530",
|
"role": "base",
|
"upside_to_high": "-0.6091814302324570344124138743",
|
"upside_to_low": "-0.8406989525413217480638515111"
|
},
|
{
|
"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": "-0.05532769136918114",
|
"cagr_low": "-0.1553562452794367",
|
"equity_value_high": "35629062396.40",
|
"equity_value_low": "20359464226.40",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "116.3546999997593161084461003",
|
"price_low": "66.48839999948924069689240291",
|
"role": "optimistic",
|
"upside_to_high": "-0.2476742532021252029713817387",
|
"upside_to_low": "-0.5700995732607704597381843857"
|
}
|
]
|
}
|
