{
|
"conclusion": {
|
"base_midpoint": "140.0066856778920219344728542",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.01173739892599620493358633785"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "228.1287415",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "25",
|
"required_profit": "4293503777.63724670"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "3577919814.697705583333333333"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "3066788412.598033357142857143"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "2683439861.0232791875"
|
},
|
{
|
"exit_pe": "45",
|
"required_profit": "2385279876.465137055555555556"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "2146751888.81862335"
|
}
|
],
|
"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；抓取日仅作为汇总快照日期，本条是C1市场基准，不替代单家研报。",
|
"estimates": {
|
"2026": {
|
"eps": "3.8",
|
"profit": "1787950331.0"
|
},
|
"2027": {
|
"eps": "5.021666666667",
|
"profit": "2362760678.6418233"
|
},
|
"2028": {
|
"eps": "6.315",
|
"profit": "2971291142.175"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（底层6家）",
|
"report_date": "2026-08-03",
|
"source_id": "SRC-EM-CONSENSUS-20260803",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "3.8",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "37.27631578947368421052631579",
|
"profit_max": "1787950331.0",
|
"profit_mean": "1787950331.0",
|
"profit_median": "1787950331.0",
|
"profit_min": "1787950331.0"
|
},
|
"2027": {
|
"eps_mean": "5.021666666667",
|
"eps_profit_reconciliation_gap": "0.00000000000000008651532160993262085418527204",
|
"institution_count": 1,
|
"pe_on_mean": "28.20776634583284626606970364",
|
"profit_max": "2362760678.6418233",
|
"profit_mean": "2362760678.6418233",
|
"profit_median": "2362760678.6418233",
|
"profit_min": "2362760678.6418233"
|
},
|
"2028": {
|
"eps_mean": "6.315",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "22.43072050673000791765637371",
|
"profit_max": "2971291142.175",
|
"profit_mean": "2971291142.175",
|
"profit_median": "2971291142.175",
|
"profit_min": "2971291142.175"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-03",
|
"code": "688002.SH",
|
"company": "睿创微纳",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-28",
|
"market": "上海证券交易所科创板",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "1.649989562819397552573112919",
|
"annual_fcf": "1277853377.63",
|
"book_value_per_share": "15.45787361384481323155950690",
|
"current_fcf": "749739390.13",
|
"deduct_pe": "47.92927489531837070389423430",
|
"diluted_shares": "470513245.0",
|
"enterprise_value": "65851371115.720",
|
"market_cap": "66648201154.250",
|
"normalized_eps": "2.955396264795903885766276356",
|
"normalized_pe": "47.92927489531837070389423430",
|
"normalized_profit": "1390553086.81",
|
"pb": "9.163614837239415908567962247",
|
"price": "141.65",
|
"ps": "9.370595345811825087251776265",
|
"reported_pe": "45.72623339027554314189294653",
|
"ttm_attributable_profit": "1457548462.07",
|
"ttm_deduct_profit": "1390553086.81",
|
"ttm_eps": "3.097784127352249138066240835",
|
"ttm_revenue": "7112483112.83"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-66995375.26",
|
"basis": "2025年报加2026年一季报减2025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": "5.666",
|
"implied_margin": "0.3748238138324730034900710506",
|
"implied_profit": "2665928046.170",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "4.721666666666666666666666667",
|
"implied_margin": "0.3123531781937275029083925422",
|
"implied_profit": "2221606705.141666666666666667",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "4.047142857142857142857142857",
|
"implied_margin": "0.2677312955946235739214793218",
|
"implied_profit": "1904234318.692857142857142857",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "3.54125",
|
"implied_margin": "0.2342648836452956271812944066",
|
"implied_profit": "1666205028.85625",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "3.147777777777777777777777778",
|
"implied_margin": "0.2082354521291516686055950281",
|
"implied_profit": "1481071136.761111111111111111",
|
"pe": "45"
|
},
|
{
|
"implied_eps": "2.833",
|
"implied_margin": "0.1874119069162365017450355253",
|
"implied_profit": "1332964023.085",
|
"pe": "50"
|
}
|
],
|
"scenarios": [
|
{
|
"assumption": "高增长回落、毛利或费用率承压，利润回到12亿至14亿元。",
|
"cagr_high": "-0.08821557022514392",
|
"cagr_low": "-0.14755461384078816",
|
"equity_value_high": "42000000000",
|
"equity_value_low": "30000000000",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "89.26422464472812024664682925",
|
"price_low": "63.76016046052008589046202089",
|
"role": "pessimistic",
|
"upside_to_high": "-0.3698254525610439799036581062",
|
"upside_to_low": "-0.5498753232578885570740415045"
|
},
|
{
|
"assumption": "2026年利润接近6家机构一致预期17.88亿元，维持35至40倍成长PE。",
|
"cagr_high": "0.021147921037139916",
|
"cagr_low": "-0.028254112665845432",
|
"equity_value_high": "74000000000",
|
"equity_value_low": "57750000000",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "157.2750624692828785298063182",
|
"price_low": "122.7383088865011653391393902",
|
"role": "base",
|
"upside_to_high": "0.110307535963874892550697622",
|
"upside_to_low": "-0.1335099972714354723675298962"
|
},
|
{
|
"assumption": "红外和微波业务持续高增、产能释放顺利，利润超一致预期。",
|
"cagr_high": "0.11527478032847416",
|
"cagr_low": "0.06191759187102752",
|
"equity_value_high": "115000000000",
|
"equity_value_low": "90000000000",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "244.4139484319936625801044134",
|
"price_low": "191.2804813815602576713860627",
|
"role": "optimistic",
|
"upside_to_high": "0.725477927511427197882840899",
|
"upside_to_low": "0.350374030226334328777875487"
|
}
|
]
|
}
|
