{
|
"conclusion": {
|
"base_midpoint": "2.728124999803833403571365414",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-17.42290950877029441636589122"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "80.9442326",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "1882624605.62114246"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "1506099684.496913968"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "1255083070.414094973333333333"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "1075785488.92636712"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "941312302.81057123"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "753049842.248456984"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "627541535.2070474866666666667"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "502033228.1656379893333333333"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "376524921.124228492"
|
}
|
],
|
"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": "0.075",
|
"profit": "34887438.15"
|
},
|
"2027": {
|
"eps": "0.18625",
|
"profit": "86637138.0725"
|
},
|
"2028": {
|
"eps": "0.93",
|
"profit": "432604233.06"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池8家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.075",
|
"eps_profit_reconciliation_gap": "0.00",
|
"institution_count": 1,
|
"pe_on_mean": "670.1333333333333333333333333",
|
"profit_max": "34887438.15",
|
"profit_mean": "34887438.15",
|
"profit_median": "34887438.15",
|
"profit_min": "34887438.15"
|
},
|
"2027": {
|
"eps_mean": "0.18625",
|
"eps_profit_reconciliation_gap": "0.00",
|
"institution_count": 1,
|
"pe_on_mean": "269.8523489932885906040268456",
|
"profit_max": "86637138.0725",
|
"profit_mean": "86637138.0725",
|
"profit_median": "86637138.0725",
|
"profit_min": "86637138.0725"
|
},
|
"2028": {
|
"eps_mean": "0.93",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "54.04301075268817204301075269",
|
"profit_max": "432604233.06",
|
"profit_mean": "432604233.06",
|
"profit_median": "432604233.06",
|
"profit_min": "432604233.06"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "688192.SH",
|
"company": "迪哲医药",
|
"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": "-758793814.63",
|
"book_value_per_share": "2.653876118702628212326905981",
|
"current_fcf": "-235391152.29",
|
"deduct_pe": null,
|
"diluted_shares": "465165842.0",
|
"enterprise_value": "22891815261.3100002",
|
"market_cap": "23379235218.920",
|
"normalized_eps": "-1.571268294545152844649328314",
|
"normalized_pe": null,
|
"normalized_profit": "-730900339.24000003",
|
"pb": "18.93833688988092782054202395",
|
"price": "50.26",
|
"ps": "26.15080098422428308675869188",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-667093499.27",
|
"ttm_deduct_profit": "-730900339.24",
|
"ttm_eps": "-1.434098205495492938623812365",
|
"ttm_revenue": "894016027.77"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-63806839.97000003",
|
"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": [
|
{
|
"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"
|
}
|
],
|
"status": "PASS_WITH_WARNINGS",
|
"warning_count": 3
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "2.513",
|
"implied_margin": "1.307540049211214154337934594",
|
"implied_profit": "1168961760.946",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "2.0104",
|
"implied_margin": "1.046032039368971323470347675",
|
"implied_profit": "935169408.7568",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.675333333333333333333333333",
|
"implied_margin": "0.8716933661408094362252897294",
|
"implied_profit": "779307840.6306666666666666667",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.436",
|
"implied_margin": "0.7471657424064080881931054823",
|
"implied_profit": "667978149.112",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "1.2565",
|
"implied_margin": "0.6537700246056070771689672970",
|
"implied_profit": "584480880.473",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "1.0052",
|
"implied_margin": "0.5230160196844856617351738376",
|
"implied_profit": "467584704.3784",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.8376666666666666666666666667",
|
"implied_margin": "0.4358466830704047181126448646",
|
"implied_profit": "389653920.3153333333333333333",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.6701333333333333333333333333",
|
"implied_margin": "0.3486773464563237744901158918",
|
"implied_profit": "311723136.2522666666666666667",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.5026",
|
"implied_margin": "0.2615080098422428308675869188",
|
"implied_profit": "233792352.1892",
|
"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": "-0.5157212643227456",
|
"cagr_low": "-0.5865102392192146",
|
"equity_value_high": "622740770.96",
|
"equity_value_low": "282588249.06",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "1.338749999962379008904097477",
|
"price_low": "0.6075000000967396913894636313",
|
"role": "pessimistic",
|
"upside_to_high": "-0.9733635097500521486489435440",
|
"upside_to_low": "-0.9879128531616247574335562350"
|
},
|
{
|
"assumption": "以TTM归一化利润与8家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "-0.4008303225375808",
|
"cagr_low": "-0.49972175832364585",
|
"equity_value_high": "1805424924.15",
|
"equity_value_low": "732636201.08",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "3.881249999758150771526340922",
|
"price_low": "1.574999999849516035616389907",
|
"role": "base",
|
"upside_to_high": "-0.9227765618830451497905622578",
|
"upside_to_low": "-0.9686629526492336642336571845"
|
},
|
{
|
"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": "-0.31021205156972986",
|
"cagr_low": "-0.38929937608908793",
|
"equity_value_high": "3650970402.30",
|
"equity_value_low": "1985967416.70",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "7.848749999790397335322828799",
|
"price_low": "4.269375000024184922847365908",
|
"role": "optimistic",
|
"upside_to_high": "-0.8438370473579308130656022921",
|
"upside_to_low": "-0.9150542180655753099314093532"
|
}
|
]
|
}
|
