{
|
"conclusion": {
|
"base_midpoint": "205.5224999999947799342862214",
|
"price_label": "当前价格高于基准合理区间",
|
"price_position": "ABOVE_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.5460107774088387902923148759"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "511.7234474",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "24507519419.21352476"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "19606015535.370819808"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "16338346279.47568317333333333"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "14004296810.97915700571428571"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "12253759709.60676238"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "9803007767.685409904"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "8169173139.737841586666666667"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "6535338511.790273269333333333"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "4901503883.842704952"
|
}
|
],
|
"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": "4.908",
|
"profit": "4701090243.984"
|
},
|
"2027": {
|
"eps": "6.6592",
|
"profit": "6378463763.8016"
|
},
|
"2028": {
|
"eps": "8.537391304348",
|
"profit": "8177474932.7514715"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池25家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "4.908",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "64.73920130399348003259983700",
|
"profit_max": "4701090243.984",
|
"profit_mean": "4701090243.984",
|
"profit_median": "4701090243.984",
|
"profit_min": "4701090243.984"
|
},
|
"2027": {
|
"eps_mean": "6.6592",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "47.71444017299375300336376742",
|
"profit_max": "6378463763.8016",
|
"profit_mean": "6378463763.8016",
|
"profit_median": "6378463763.8016",
|
"profit_min": "6378463763.8016"
|
},
|
"2028": {
|
"eps_mean": "8.537391304348",
|
"eps_profit_reconciliation_gap": "0.00000000000000006981323754518815340124617585",
|
"institution_count": 1,
|
"pe_on_mean": "37.21745773069795589719159179",
|
"profit_max": "8177474932.7514715",
|
"profit_mean": "8177474932.7514715",
|
"profit_median": "8177474932.7514715",
|
"profit_min": "8177474932.7514715"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "688012.SH",
|
"company": "中微公司",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-28",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "1.087086090839624228837026981",
|
"annual_fcf": "1440425909.48",
|
"book_value_per_share": "25.37922095880229342292558566",
|
"current_fcf": "-349493298.91",
|
"deduct_pe": "176.0182030476049874822194993",
|
"diluted_shares": "957842348.0",
|
"enterprise_value": "296591988316.390",
|
"market_cap": "304344827653.520",
|
"normalized_eps": "1.805154208477322512368183579",
|
"normalized_pe": "176.0182030476049773021852129",
|
"normalized_profit": "1729053145.5500001",
|
"pb": "12.51969083352804837450986912",
|
"price": "317.74",
|
"ps": "23.18579887738093864181393650",
|
"reported_pe": "111.5274644645044727109099410",
|
"ttm_attributable_profit": "2728877851.88",
|
"ttm_deduct_profit": "1729053145.55",
|
"ttm_eps": "2.848984342337722574780124464",
|
"ttm_revenue": "13126346401.22"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-999824706.3299999",
|
"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": "15.887",
|
"implied_margin": "1.159289943869046932090696825",
|
"implied_profit": "15217241382.676",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "12.7096",
|
"implied_margin": "0.9274319550952375456725574600",
|
"implied_profit": "12173793106.1408",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "10.59133333333333333333333333",
|
"implied_margin": "0.7728599625793646213937978836",
|
"implied_profit": "10144827588.45066666666666667",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "9.078285714285714285714285714",
|
"implied_margin": "0.6624513964965982469089696143",
|
"implied_profit": "8695566504.386285714285714286",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "7.9435",
|
"implied_margin": "0.5796449719345234660453484125",
|
"implied_profit": "7608620691.338",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "6.3548",
|
"implied_margin": "0.4637159775476187728362787300",
|
"implied_profit": "6086896553.0704",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "5.295666666666666666666666667",
|
"implied_margin": "0.3864299812896823106968989417",
|
"implied_profit": "5072413794.225333333333333333",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "4.236533333333333333333333333",
|
"implied_margin": "0.3091439850317458485575191534",
|
"implied_profit": "4057931035.380266666666666667",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "3.1774",
|
"implied_margin": "0.2318579887738093864181393650",
|
"implied_profit": "3043448276.5352",
|
"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": "-0.191879396935265",
|
"cagr_low": "-0.29531173873116656",
|
"equity_value_high": "104893076068.90",
|
"equity_value_low": "52887265244.75",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "109.5097500000073080919992901",
|
"price_low": "55.21499999992691908000709946",
|
"role": "pessimistic",
|
"upside_to_high": "-0.6553479259771910741738550699",
|
"upside_to_low": "-0.8262258450307581070057056101"
|
},
|
{
|
"assumption": "以TTM归一化利润与25家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "-0.023437369248745843",
|
"cagr_low": "-0.16518086675069588",
|
"equity_value_high": "270312689029.00",
|
"equity_value_low": "123403618904.65",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "282.2099999999164789485795422",
|
"price_low": "128.8350000000730809199929005",
|
"role": "base",
|
"upside_to_high": "-0.1118209857118509506244742802",
|
"upside_to_low": "-0.5945269717376689087933753997"
|
},
|
{
|
"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": "0.1172524502313359",
|
"cagr_low": "-0.0046435420336989885",
|
"equity_value_high": "529812870496.70",
|
"equity_value_low": "297343957932.00",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "553.1315999996901368992301017",
|
"price_low": "310.4310000000125281577130687",
|
"role": "optimistic",
|
"upside_to_high": "0.740830868004312132244067797",
|
"upside_to_low": "-0.0230030842827074710212341263"
|
}
|
]
|
}
|
