{
|
"conclusion": {
|
"base_midpoint": "2.793904145995739923288885870",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-5.671667682914280558900847809"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "30.0199064",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "957944741.54229136"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "766355793.233833088"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "638629827.6948609066666666667"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "547396995.1670236342857142857"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "478972370.77114568"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "383177896.616916544"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "319314913.8474304533333333333"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "255451931.0779443626666666667"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "191588948.308458272"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "600343.SH",
|
"company": "航天动力",
|
"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": "-64943175.42",
|
"book_value_per_share": "1.995645818568385659492061336",
|
"current_fcf": "-111251140.08",
|
"deduct_pe": null,
|
"diluted_shares": "638206348.0",
|
"enterprise_value": "12258021213.60999997",
|
"market_cap": "11896166326.720",
|
"normalized_eps": "-0.2688848925708272616555045610",
|
"normalized_pe": null,
|
"normalized_profit": "-171604045.319999998",
|
"pb": "9.340334756079992782461186933",
|
"price": "18.64",
|
"ps": "15.14880519885430431231533531",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-188640314.38",
|
"ttm_deduct_profit": "-171604045.32",
|
"ttm_eps": "-0.2955788750318102445449195062",
|
"ttm_revenue": "785287431.62"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "17036269.060000002",
|
"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": 1,
|
"issues": [
|
{
|
"action": "补充法定披露、行情接口或机构预测汇总页来源。",
|
"field": "institutions",
|
"issue_id": "QA-CORE-SOURCE-MISSING",
|
"message": "核心字段没有由注册表中允许承载核心数字的来源支持。",
|
"recalc_scope": "institutions",
|
"severity": "WARNING"
|
},
|
{
|
"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"
|
},
|
{
|
"action": "不得以公司业绩预告或自有情景冒充机构预期。",
|
"field": "institutions",
|
"issue_id": "QA-INSTITUTION-NONE",
|
"message": "估值日没有可用机构盈利预测，已明确记录为空。",
|
"recalc_scope": "机构预期模块",
|
"severity": "INFO"
|
}
|
],
|
"status": "PASS_WITH_WARNINGS",
|
"warning_count": 4
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "0.932",
|
"implied_margin": "0.7574402599427152156157667654",
|
"implied_profit": "594808316.336",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.7456",
|
"implied_margin": "0.6059522079541721724926134123",
|
"implied_profit": "475846653.0688",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.6213333333333333333333333333",
|
"implied_margin": "0.5049601732951434770771778436",
|
"implied_profit": "396538877.5573333333333333333",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.5325714285714285714285714286",
|
"implied_margin": "0.4328230056815515517804381517",
|
"implied_profit": "339890466.4777142857142857143",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.466",
|
"implied_margin": "0.3787201299713576078078833827",
|
"implied_profit": "297404158.168",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.3728",
|
"implied_margin": "0.3029761039770860862463067062",
|
"implied_profit": "237923326.5344",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.3106666666666666666666666667",
|
"implied_margin": "0.2524800866475717385385889219",
|
"implied_profit": "198269438.7786666666666666667",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.2485333333333333333333333333",
|
"implied_margin": "0.2019840693180573908308711374",
|
"implied_profit": "158615551.0229333333333333333",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.1864",
|
"implied_margin": "0.1514880519885430431231533531",
|
"implied_profit": "118961663.2672",
|
"pe": "100"
|
}
|
],
|
"scenarios": [
|
{
|
"assumption": "亏损继续且现金消耗偏高，按归母净资产折价。",
|
"cagr_high": "-0.36037193406996804",
|
"cagr_low": "-0.42249232307464346",
|
"equity_value_high": "1273633829.770",
|
"equity_value_low": "764180297.862",
|
"method": "pb",
|
"name": "悲观",
|
"price_high": "1.995645818568385659492061336",
|
"price_low": "1.197387491141031395695236801",
|
"role": "pessimistic",
|
"upside_to_high": "-0.8929374560853870354349752502",
|
"upside_to_low": "-0.9357624736512322212609851502"
|
},
|
{
|
"assumption": "业务逐步接近盈亏平衡，按成长型资产的中性净资产倍数定价。",
|
"cagr_high": "-0.280580818988601",
|
"cagr_low": "-0.36037193406996804",
|
"equity_value_high": "2292540893.586",
|
"equity_value_low": "1273633829.770",
|
"method": "pb",
|
"name": "基准",
|
"price_high": "3.592162473423094187085710404",
|
"price_low": "1.995645818568385659492061336",
|
"role": "base",
|
"upside_to_high": "-0.8072874209536966637829554504",
|
"upside_to_low": "-0.8929374560853870354349752502"
|
},
|
{
|
"assumption": "核心产品或订单放量并形成可持续盈利，给予成长溢价。",
|
"cagr_high": "-0.20319552842452515",
|
"cagr_low": "-0.280580818988601",
|
"equity_value_high": "3820901489.310",
|
"equity_value_low": "2292540893.586",
|
"method": "pb",
|
"name": "乐观",
|
"price_high": "5.986937455705156978476184007",
|
"price_low": "3.592162473423094187085710404",
|
"role": "optimistic",
|
"upside_to_high": "-0.6788123682561611063049257507",
|
"upside_to_low": "-0.8072874209536966637829554504"
|
}
|
]
|
}
|
