{
|
"conclusion": {
|
"base_midpoint": "40.53496456829112852120061858",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "0.01813161985260650072972718212"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "64.098298000000",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "18",
|
"required_profit": "269423186.6038704444444444444"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "242480867.943483400000"
|
},
|
{
|
"exit_pe": "22",
|
"required_profit": "220437152.675894000000"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "193984694.354786720000"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "161653911.9623222666666666667"
|
}
|
],
|
"required_return": "0.10",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "available",
|
"detail": [
|
{
|
"core_assumption": "聚焦机器人主业，股权激励强化增长目标；仅一家机构覆盖，预测不构成一致性共识",
|
"estimates": {
|
"2026": {
|
"eps": "0.43",
|
"profit": "33000000"
|
},
|
"2027": {
|
"eps": "1.49",
|
"profit": "113000000"
|
},
|
"2028": {
|
"eps": "2.43",
|
"profit": "184000000"
|
}
|
},
|
"included": true,
|
"institution": "国投证券",
|
"report_date": "2026-05-06",
|
"source_id": "SRC-INSTITUTION-20260506",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.43",
|
"eps_profit_reconciliation_gap": "0.01413944303030303030303030303",
|
"institution_count": 1,
|
"pe_on_mean": "91.24941899393939393939393939",
|
"profit_max": "33000000",
|
"profit_mean": "33000000",
|
"profit_median": "33000000",
|
"profit_min": "33000000"
|
},
|
"2027": {
|
"eps_mean": "1.49",
|
"eps_profit_reconciliation_gap": "0.002371607610619469026548672566",
|
"institution_count": 1,
|
"pe_on_mean": "26.64806041415929203539823009",
|
"profit_max": "113000000",
|
"profit_mean": "113000000",
|
"profit_median": "113000000",
|
"profit_min": "113000000"
|
},
|
"2028": {
|
"eps_mean": "2.43",
|
"eps_profit_reconciliation_gap": "0.0008069001086956521739130434783",
|
"institution_count": 1,
|
"pe_on_mean": "16.36538492826086956521739130",
|
"profit_max": "184000000",
|
"profit_mean": "184000000",
|
"profit_median": "184000000",
|
"profit_min": "184000000"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-02",
|
"code": "688084.SH",
|
"company": "晶品特装",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-05-06",
|
"market": "上海证券交易所科创板",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": null,
|
"annual_fcf": "-19241134.97",
|
"book_value_per_share": "20.26748228414556426060030929",
|
"current_fcf": "-27235257.41",
|
"deduct_pe": null,
|
"diluted_shares": "75659066",
|
"enterprise_value": "2048470455.00",
|
"market_cap": "3011230826.80",
|
"normalized_eps": "-0.3582468279478892853369350343",
|
"normalized_pe": null,
|
"normalized_profit": "-27104620.40",
|
"pb": "1.963736760294786998540545636",
|
"price": "39.80",
|
"ps": "9.336067576823840866982891898",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-15301545.37",
|
"ttm_deduct_profit": "-27104620.40",
|
"ttm_eps": "-0.2022433817779352444028320413",
|
"ttm_revenue": "322537385.47"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-11803075.03",
|
"description": "剔除TTM非经常性损益净收益，使用扣非归母作为核心盈利代理",
|
"source_id": "SRC-ANNUAL-2025"
|
}
|
],
|
"qa": {
|
"error_count": 0,
|
"info_count": 0,
|
"issues": [
|
{
|
"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"
|
}
|
],
|
"status": "PASS_WITH_WARNINGS",
|
"warning_count": 3
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "2.211111111111111111111111111",
|
"implied_margin": "0.5186704209346578259434939944",
|
"implied_profit": "167290601.4888888888888888889",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "1.99",
|
"implied_margin": "0.4668033788411920433491445949",
|
"implied_profit": "150561541.34",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "1.809090909090909090909090909",
|
"implied_margin": "0.4243667080374473121355859954",
|
"implied_profit": "136874128.4909090909090909091",
|
"pe": "22"
|
},
|
{
|
"implied_eps": "1.592",
|
"implied_margin": "0.3734427030729536346793156759",
|
"implied_profit": "120449233.072",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.326666666666666666666666667",
|
"implied_margin": "0.3112022525607946955660963965",
|
"implied_profit": "100374360.8933333333333333333",
|
"pe": "30"
|
}
|
],
|
"scenarios": [
|
{
|
"assumption": "盈利修复不及预期，核心业务继续亏损，按资产折价与低成长估值",
|
"cagr_high": "-0.05245117411945166",
|
"cagr_low": "-0.09380931169602302",
|
"equity_value_high": "2300128169.685",
|
"equity_value_low": "1840102535.748",
|
"method": "pb",
|
"name": "悲观",
|
"price_high": "30.40122342621834639090046393",
|
"price_low": "24.32097874097467711272037114",
|
"role": "pessimistic",
|
"upside_to_high": "-0.2361501651703933067612948761",
|
"upside_to_low": "-0.3889201321363146454090359010"
|
},
|
{
|
"assumption": "2026年明显减亏、2027年利润接近单一机构预测，维持中等成长溢价",
|
"cagr_high": "0.02298174104600026",
|
"cagr_low": "-0.017261779212124462",
|
"equity_value_high": "3373521315.538",
|
"equity_value_low": "2760153803.622",
|
"method": "pb",
|
"name": "基准",
|
"price_high": "44.58846102512024137332068043",
|
"price_low": "36.48146811146201566908055672",
|
"role": "base",
|
"upside_to_high": "0.120313091083423150083434182",
|
"upside_to_low": "-0.0833801982044719681135538513"
|
},
|
{
|
"assumption": "特种机器人放量且智能感知止亏，2027至2028年机构预测基本兑现",
|
"cagr_high": "0.08844777756835787",
|
"cagr_low": "0.04947318812972967",
|
"equity_value_high": "4600256339.370",
|
"equity_value_low": "3833546949.475",
|
"method": "pb",
|
"name": "乐观",
|
"price_high": "60.80244685243669278180092786",
|
"price_low": "50.66870571036391065150077322",
|
"role": "optimistic",
|
"upside_to_high": "0.527699669659213386477410248",
|
"upside_to_low": "0.273083058049344488731175207"
|
}
|
]
|
}
|
