{
|
"conclusion": {
|
"base_midpoint": "9.13499999980222913553571970",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.03119868639342540291652523496"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "15.1710042",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "575325045.01213038"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "460260036.009704304"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "383550030.00808692"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "328757168.5783602171428571429"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "287662522.50606519"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "230130018.004852152"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "191775015.00404346"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "153420012.003234768"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "115065009.002426076"
|
}
|
],
|
"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": "0.29",
|
"profit": "219951508.61999997"
|
},
|
"2027": {
|
"eps": "0.32",
|
"profit": "242705112.96"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池1家）",
|
"report_date": "2026-08-06",
|
"source_id": "SRC-EM-CONSENSUS-20260806",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.29",
|
"eps_profit_reconciliation_gap": "0.0000000000000001363936996305381562597758231",
|
"institution_count": 1,
|
"pe_on_mean": "32.48275862068965960285741559",
|
"profit_max": "219951508.61999997",
|
"profit_mean": "219951508.61999997",
|
"profit_median": "219951508.61999997",
|
"profit_min": "219951508.61999997"
|
},
|
"2027": {
|
"eps_mean": "0.32",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "29.4375",
|
"profit_max": "242705112.96",
|
"profit_mean": "242705112.96",
|
"profit_median": "242705112.96",
|
"profit_min": "242705112.96"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-06",
|
"code": "300525.SZ",
|
"company": "博思软件",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-29",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "1.716982079979220845659666185",
|
"annual_fcf": "182807380.79",
|
"book_value_per_share": "3.297036733688760274891903126",
|
"current_fcf": "-291070208.29",
|
"deduct_pe": "48.32835688312017569184857882",
|
"diluted_shares": "758453478.0",
|
"enterprise_value": "7112799857.410",
|
"market_cap": "7144631762.760",
|
"normalized_eps": "0.1949166205418864253662239782",
|
"normalized_pe": "48.32835688312017438422061053",
|
"normalized_profit": "147835188.770000004",
|
"pb": "2.857111024498899759564629283",
|
"price": "9.42",
|
"ps": "3.560303885265760842665140467",
|
"reported_pe": "40.87003083152579757467829763",
|
"ttm_attributable_profit": "174813466.43",
|
"ttm_deduct_profit": "147835188.77",
|
"ttm_eps": "0.2304867358390569605905347302",
|
"ttm_revenue": "2006747736.43"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-26978277.659999996",
|
"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": "0.471",
|
"implied_margin": "0.1780151942632880421332570233",
|
"implied_profit": "357231588.138",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.3768",
|
"implied_margin": "0.1424121554106304337066056187",
|
"implied_profit": "285785270.5104",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.314",
|
"implied_margin": "0.1186767961755253614221713489",
|
"implied_profit": "238154392.092",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.2691428571428571428571428571",
|
"implied_margin": "0.1017229681504503097904325847",
|
"implied_profit": "204132336.0788571428571428571",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.2355",
|
"implied_margin": "0.08900759713164402106662851167",
|
"implied_profit": "178615794.069",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.1884",
|
"implied_margin": "0.07120607770531521685330280933",
|
"implied_profit": "142892635.2552",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.157",
|
"implied_margin": "0.05933839808776268071108567444",
|
"implied_profit": "119077196.046",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.1256",
|
"implied_margin": "0.04747071847021014456886853956",
|
"implied_profit": "95261756.8368",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.0942",
|
"implied_margin": "0.03560303885265760842665140467",
|
"implied_profit": "71446317.6276",
|
"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": "-0.1397836255922339",
|
"cagr_low": "-0.26016321928344044",
|
"equity_value_high": "3365258082.00",
|
"equity_value_low": "1583650862.08",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "4.437000000150305856992853028",
|
"price_low": "2.088000000021095558876189899",
|
"role": "pessimistic",
|
"upside_to_high": "-0.5289808917037891871557480862",
|
"upside_to_low": "-0.7783439490423465436437165712"
|
},
|
{
|
"assumption": "以TTM归一化利润与1家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "0.06736245392043738",
|
"cagr_low": "-0.11136396553036065",
|
"equity_value_high": "9897817887.72",
|
"equity_value_low": "3959127155.04",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "13.04999999976267496264286364",
|
"price_low": "5.219999999841783308428575760",
|
"role": "base",
|
"upside_to_high": "0.385350318446143838921747732",
|
"upside_to_low": "-0.4458598726282607952835906837"
|
},
|
{
|
"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": "0.2191889831170437",
|
"cagr_low": "0.08790371251991247",
|
"equity_value_high": "19245757004.00",
|
"equity_value_low": "10887599676.60",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "25.37499999967038189255953283",
|
"price_low": "14.35499999988133748132143182",
|
"role": "optimistic",
|
"upside_to_high": "1.693736730325942876067890959",
|
"upside_to_low": "0.523885350305874467231574503"
|
}
|
]
|
}
|
