{
|
"conclusion": {
|
"base_midpoint": "83.5275000000776998205118606",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.05653826583960859796330968786"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "142.1275075",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "7316748304.62727800"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "5853398643.70182240"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "4877832203.08485200"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "4180999031.215587428571428571"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "3658374152.31363900"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "2926699321.85091120"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "2438916101.54242600"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "1951132881.23394080"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "1463349660.92545560"
|
}
|
],
|
"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": "2.58",
|
"profit": "2656376792.64"
|
},
|
"2027": {
|
"eps": "3.96",
|
"profit": "4077229495.68"
|
},
|
"2028": {
|
"eps": "5.31",
|
"profit": "5467194096.48"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池14家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "2.58",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "34.20542635658914728682170543",
|
"profit_max": "2656376792.64",
|
"profit_mean": "2656376792.64",
|
"profit_median": "2656376792.64",
|
"profit_min": "2656376792.64"
|
},
|
"2027": {
|
"eps_mean": "3.96",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "22.28535353535353535353535354",
|
"profit_max": "4077229495.68",
|
"profit_mean": "4077229495.68",
|
"profit_median": "4077229495.68",
|
"profit_min": "4077229495.68"
|
},
|
"2028": {
|
"eps_mean": "5.31",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "16.61958568738229755178907721",
|
"profit_max": "5467194096.48",
|
"profit_mean": "5467194096.48",
|
"profit_median": "5467194096.48",
|
"profit_min": "5467194096.48"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "002008.SZ",
|
"company": "大族激光",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-21",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "1.234966234914290127040873162",
|
"annual_fcf": "829740002.86",
|
"book_value_per_share": "20.07404155903881778915013071",
|
"current_fcf": "-954007357.02",
|
"deduct_pe": "79.22837508569192526949903604",
|
"diluted_shares": "1029603408.0",
|
"enterprise_value": "88188736778.140",
|
"market_cap": "90862500756.000",
|
"normalized_eps": "1.113868609630709439143581390",
|
"normalized_pe": "79.22837508569192112446536440",
|
"normalized_profit": "1146842916.54000006",
|
"pb": "4.396224832974071669917929350",
|
"price": "88.25",
|
"ps": "4.337075555184249650777259166",
|
"reported_pe": "65.82896568401186333301874134",
|
"ttm_attributable_profit": "1380281458.35",
|
"ttm_deduct_profit": "1146842916.54",
|
"ttm_eps": "1.340595269620552771130687633",
|
"ttm_revenue": "20950177049.00"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-233438541.80999994",
|
"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": "4.4125",
|
"implied_margin": "0.2168537777592124825388629583",
|
"implied_profit": "4543125037.800",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "3.53",
|
"implied_margin": "0.1734830222073699860310903667",
|
"implied_profit": "3634500030.240",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "2.941666666666666666666666667",
|
"implied_margin": "0.1445691851728083216925753055",
|
"implied_profit": "3028750025.200",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "2.521428571428571428571428571",
|
"implied_margin": "0.1239164444338357043079216905",
|
"implied_profit": "2596071450.171428571428571429",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "2.20625",
|
"implied_margin": "0.1084268888796062412694314792",
|
"implied_profit": "2271562518.900",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "1.765",
|
"implied_margin": "0.08674151110368499301554518333",
|
"implied_profit": "1817250015.120",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "1.470833333333333333333333333",
|
"implied_margin": "0.07228459258640416084628765277",
|
"implied_profit": "1514375012.600",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "1.176666666666666666666666667",
|
"implied_margin": "0.05782767406912332867703012222",
|
"implied_profit": "1211500010.080",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.8825",
|
"implied_margin": "0.04337075555184249650777259166",
|
"implied_profit": "908625007.560",
|
"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": "-0.12197144028830464",
|
"cagr_low": "-0.2503164141770703",
|
"equity_value_high": "47416325748.68",
|
"equity_value_low": "21516652020.42",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "46.05300000005438987435830243",
|
"price_low": "20.89800000003496491923033728",
|
"role": "pessimistic",
|
"upside_to_high": "-0.4781529745036329759279512473",
|
"upside_to_low": "-0.7631954674217001142296845634"
|
},
|
{
|
"assumption": "以TTM归一化利润与14家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "0.061041974298216894",
|
"cagr_low": "-0.11329072178557886",
|
"equity_value_high": "122193332461.60",
|
"equity_value_low": "49807064862.00",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "118.6800000001553996410237212",
|
"price_low": "48.375",
|
"role": "base",
|
"upside_to_high": "0.344815864024423791966274461",
|
"upside_to_low": "-0.4518413597733711048158640227"
|
},
|
{
|
"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": "0.20953575625352983",
|
"cagr_low": "0.08146159604557979",
|
"equity_value_high": "235222164988.25",
|
"equity_value_low": "134412665707.60",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "228.4589999999786325493592383",
|
"price_low": "130.5480000000155399641023721",
|
"role": "optimistic",
|
"upside_to_high": "1.588770538243383938236365307",
|
"upside_to_low": "0.479297450425105268715041044"
|
}
|
]
|
}
|
