{
|
"conclusion": {
|
"base_midpoint": "177.1205000010033779298191880",
|
"price_label": "当前价格高于基准合理区间",
|
"price_position": "ABOVE_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.9195971104308869872501995049"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "547.573400",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "4011115224.2757200"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "3208892179.4205760"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "2674076816.183813333333333333"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "2292065842.443268571428571429"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "2005557612.1378600"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "1604446089.7102880"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "1337038408.091906666666666667"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "1069630726.473525333333333333"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "802223044.8551440"
|
}
|
],
|
"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": "3.958",
|
"profit": "579867249.128"
|
},
|
"2027": {
|
"eps": "5.766",
|
"profit": "844748498.856"
|
},
|
"2028": {
|
"eps": "7.79",
|
"profit": "1141274853.64"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池15家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "3.958",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "85.90197069226882263769580596",
|
"profit_max": "579867249.128",
|
"profit_mean": "579867249.128",
|
"profit_median": "579867249.128",
|
"profit_min": "579867249.128"
|
},
|
"2027": {
|
"eps_mean": "5.766",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "58.96635449184876864377384669",
|
"profit_max": "844748498.856",
|
"profit_mean": "844748498.856",
|
"profit_median": "844748498.856",
|
"profit_min": "844748498.856"
|
},
|
"2028": {
|
"eps_mean": "7.79",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "43.64569961489088575096277279",
|
"profit_max": "1141274853.64",
|
"profit_mean": "1141274853.64",
|
"profit_median": "1141274853.64",
|
"profit_min": "1141274853.64"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "688630.SH",
|
"company": "芯碁微装",
|
"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": "0.3168487955895570380436383709",
|
"annual_fcf": "4970091.42",
|
"book_value_per_share": "16.51054785274529252616679953",
|
"current_fcf": "135384883.15",
|
"deduct_pe": "150.8735293076166629013450160",
|
"diluted_shares": "146505116.0",
|
"enterprise_value": "48936325662.10",
|
"market_cap": "49811739440.00",
|
"normalized_eps": "2.253543093744248139430161606",
|
"normalized_pe": "150.8735293076166866641517215",
|
"normalized_profit": "330155592.359999948",
|
"pb": "20.59289631285411741562493024",
|
"price": "340.0",
|
"ps": "29.63925961368162354107736039",
|
"reported_pe": "143.7739042740163377913943939",
|
"ttm_attributable_profit": "346458835.43",
|
"ttm_deduct_profit": "330155592.36",
|
"ttm_eps": "2.364824143274286749139873040",
|
"ttm_revenue": "1680599991.00"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-16303243.070000052",
|
"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": "17.0",
|
"implied_margin": "1.481962980684081177053868019",
|
"implied_profit": "2490586972.00",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "13.6",
|
"implied_margin": "1.185570384547264941643094416",
|
"implied_profit": "1992469577.60",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "11.33333333333333333333333333",
|
"implied_margin": "0.9879753204560541180359120132",
|
"implied_profit": "1660391314.666666666666666667",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "9.714285714285714285714285714",
|
"implied_margin": "0.8468359889623321011736388680",
|
"implied_profit": "1423192555.428571428571428571",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "8.5",
|
"implied_margin": "0.7409814903420405885269340097",
|
"implied_profit": "1245293486.00",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "6.8",
|
"implied_margin": "0.5927851922736324708215472078",
|
"implied_profit": "996234788.80",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "5.666666666666666666666666667",
|
"implied_margin": "0.4939876602280270590179560065",
|
"implied_profit": "830195657.3333333333333333333",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "4.533333333333333333333333333",
|
"implied_margin": "0.3951901281824216472143648052",
|
"implied_profit": "664156525.8666666666666666667",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "3.4",
|
"implied_margin": "0.2963925961368162354107736039",
|
"implied_profit": "498117394.40",
|
"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": "-0.23632421279317473",
|
"cagr_low": "-0.3508778729159706",
|
"equity_value_high": "12938287996.20",
|
"equity_value_low": "5740685766.42",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "88.31287500021500955638982600",
|
"price_low": "39.18420000036039697071056549",
|
"role": "pessimistic",
|
"upside_to_high": "-0.7402562499993676189517946294",
|
"upside_to_low": "-0.8847523529401164794979101015"
|
},
|
{
|
"assumption": "以TTM归一化利润与15家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "-0.059385908852773395",
|
"cagr_low": "-0.21109404172781565",
|
"equity_value_high": "36676603507.5",
|
"equity_value_low": "15221515289.75",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "250.3435000010511578312391494",
|
"price_low": "103.8975000009555980283992267",
|
"role": "base",
|
"upside_to_high": "-0.2636955882322024769669436782",
|
"upside_to_low": "-0.6944191176442482410929434509"
|
},
|
{
|
"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": "0.07047567356406836",
|
"cagr_low": "-0.04128390684252137",
|
"equity_value_high": "70018970332.5",
|
"equity_value_low": "40344263858.25",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "477.9285000020067558596383760",
|
"price_low": "275.3778500011562736143630643",
|
"role": "optimistic",
|
"upside_to_high": "0.405672058829431634881289341",
|
"upside_to_low": "-0.1900651470554227246636380462"
|
}
|
]
|
}
|
