{
|
"conclusion": {
|
"base_midpoint": "35.19404572036150983519404572",
|
"price_label": "当前价格高于基准合理区间",
|
"price_position": "ABOVE_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.3928492447129909365558912387"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "78.9472002",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "25",
|
"required_profit": "1484996835.76200000"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "1237497363.13500000"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "1060712025.544285714285714286"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "928123022.35125000"
|
},
|
{
|
"exit_pe": "45",
|
"required_profit": "824998242.09000000"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "742498417.88100000"
|
},
|
{
|
"exit_pe": "55",
|
"required_profit": "674998561.71000000"
|
}
|
],
|
"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": "0.933333333333",
|
"profit": "438899999.99984324"
|
},
|
"2027": {
|
"eps": "1.286666666667",
|
"profit": "605055000.0001568"
|
},
|
"2028": {
|
"eps": "1.703333333333",
|
"profit": "800992499.9998432"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池3家）",
|
"report_date": "2026-08-03",
|
"source_id": "SRC-EM-CONSENSUS-20260803",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.933333333333",
|
"eps_profit_reconciliation_gap": "0.00000000000000002278423331055723776808786273",
|
"institution_count": 1,
|
"pe_on_mean": "52.52142857144733027829314214",
|
"profit_max": "438899999.99984324",
|
"profit_mean": "438899999.99984324",
|
"profit_median": "438899999.99984324",
|
"profit_min": "438899999.99984324"
|
},
|
"2027": {
|
"eps_mean": "1.286666666667",
|
"eps_profit_reconciliation_gap": "0.00000000000000008263711563409449141031571342",
|
"institution_count": 1,
|
"pe_on_mean": "38.09844559584504906782122534",
|
"profit_max": "605055000.0001568",
|
"profit_mean": "605055000.0001568",
|
"profit_median": "605055000.0001568",
|
"profit_min": "605055000.0001568"
|
},
|
"2028": {
|
"eps_mean": "1.703333333333",
|
"eps_profit_reconciliation_gap": "0.00000000000000006242255701521523342221055222",
|
"institution_count": 1,
|
"pe_on_mean": "28.77886497065142623186533974",
|
"profit_max": "800992499.9998432",
|
"profit_mean": "800992499.9998432",
|
"profit_median": "800992499.9998432",
|
"profit_min": "800992499.9998432"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-03",
|
"code": "002222.SZ",
|
"company": "福晶科技",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-29",
|
"market": "深圳证券交易所主板",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "1.260000654492149214595930833",
|
"annual_fcf": "7899188.21",
|
"book_value_per_share": "3.887623486762360446570972887",
|
"current_fcf": "-201890206.23",
|
"deduct_pe": "83.81098581749036081468543942",
|
"diluted_shares": "470250000.0",
|
"enterprise_value": "23336293485.440",
|
"market_cap": "23051655000.000",
|
"normalized_eps": "0.5848875242530568846358320043",
|
"normalized_pe": "83.81098581749036081468543942",
|
"normalized_profit": "275043358.28",
|
"pb": "12.60924576850527077122384983",
|
"price": "49.02",
|
"ps": "18.54521863240233902459876463",
|
"reported_pe": "78.43359164232565030054149066",
|
"ttm_attributable_profit": "293900285.80",
|
"ttm_deduct_profit": "275043358.28",
|
"ttm_eps": "0.6249873169590643274853801170",
|
"ttm_revenue": "1242997208.98"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-18856927.52",
|
"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": "1.9608",
|
"implied_margin": "0.7418087452960935609839505852",
|
"implied_profit": "922066200.000",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.634",
|
"implied_margin": "0.6181739544134113008199588210",
|
"implied_profit": "768388500.000",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.400571428571428571428571429",
|
"implied_margin": "0.5298633894972096864171075609",
|
"implied_profit": "658618714.2857142857142857143",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "1.2255",
|
"implied_margin": "0.4636304658100584756149691158",
|
"implied_profit": "576291375.000",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "1.089333333333333333333333333",
|
"implied_margin": "0.4121159696089408672133058807",
|
"implied_profit": "512259000.000",
|
"pe": "45"
|
},
|
{
|
"implied_eps": "0.9804",
|
"implied_margin": "0.3709043726480467804919752926",
|
"implied_profit": "461033100.000",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.8912727272727272727272727273",
|
"implied_margin": "0.3371857933164061640836139024",
|
"implied_profit": "419121000.000",
|
"pe": "55"
|
}
|
],
|
"scenarios": [
|
{
|
"assumption": "产品降价与扩产折旧压制利润，全年可持续利润仅2.6亿至3.0亿元，估值回落到25至30倍。",
|
"cagr_high": "-0.17147030261188456",
|
"cagr_low": "-0.22367736470972333",
|
"equity_value_high": "9000000000",
|
"equity_value_low": "6500000000",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "19.13875598086124401913875598",
|
"price_low": "13.82243487506645401382243488",
|
"role": "pessimistic",
|
"upside_to_high": "-0.6095725014104193386548601391",
|
"upside_to_low": "-0.7180245843519695223618434337"
|
},
|
{
|
"assumption": "激光与光通信需求延续，一季度增长可持续但低于线性外推，利润接近3家机构2026年一致预期。",
|
"cagr_high": "-0.02995335976067892",
|
"cagr_low": "-0.1041611225161092",
|
"equity_value_high": "19800000000",
|
"equity_value_low": "13300000000",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "42.10526315789473684210526316",
|
"price_low": "28.28282828282828282828282828",
|
"role": "base",
|
"upside_to_high": "-0.1410595031029225450406923060",
|
"upside_to_low": "-0.4230349187509530226788488723"
|
},
|
{
|
"assumption": "晶体、精密光学和激光器件放量，扩产顺利且毛利率企稳，利润明显高于一致预期。",
|
"cagr_high": "0.06713094619717008",
|
"cagr_low": "-0.004832736187893372",
|
"equity_value_high": "31900000000",
|
"equity_value_low": "22500000000",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "67.83625730994152046783625731",
|
"price_low": "47.84688995215311004784688995",
|
"role": "optimistic",
|
"upside_to_high": "0.383848578334180344101106840",
|
"upside_to_low": "-0.0239312535260483466371503478"
|
}
|
]
|
}
|
