{
|
"conclusion": {
|
"base_midpoint": "99.0379245652250060707311324",
|
"price_label": "当前价格高于基准合理区间",
|
"price_position": "ABOVE_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.2839525924864690026954177898"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "204.7924516",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "40",
|
"required_profit": "2397377061.52536614"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "1917901649.220292912"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "1598251374.350244093333333333"
|
},
|
{
|
"exit_pe": "70",
|
"required_profit": "1369929749.443066365714285714"
|
},
|
{
|
"exit_pe": "80",
|
"required_profit": "1198688530.76268307"
|
},
|
{
|
"exit_pe": "90",
|
"required_profit": "1065500916.233496062222222222"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "958950824.610146456"
|
}
|
],
|
"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": "1.703",
|
"profit": "797438207.098"
|
},
|
"2027": {
|
"eps": "2.758",
|
"profit": "1291447196.228"
|
},
|
"2028": {
|
"eps": "4.542857142857",
|
"profit": "2127215416.9713616"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池9家）",
|
"report_date": "2026-08-03",
|
"source_id": "SRC-EM-CONSENSUS-20260803",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "1.703",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "74.66823253082795067527891955",
|
"profit_max": "797438207.098",
|
"profit_mean": "797438207.098",
|
"profit_median": "797438207.098",
|
"profit_min": "797438207.098"
|
},
|
"2027": {
|
"eps_mean": "2.758",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "46.10587382160986221899927484",
|
"profit_max": "1291447196.228",
|
"profit_mean": "1291447196.228",
|
"profit_median": "1291447196.228",
|
"profit_min": "1291447196.228"
|
},
|
"2028": {
|
"eps_mean": "4.542857142857",
|
"eps_profit_reconciliation_gap": "0.00000000000000003660278097779894243910258254",
|
"institution_count": 1,
|
"pe_on_mean": "27.99119496855434037030930686",
|
"profit_max": "2127215416.9713616",
|
"profit_mean": "2127215416.9713616",
|
"profit_median": "2127215416.9713616",
|
"profit_min": "2127215416.9713616"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-03",
|
"code": "688629.SH",
|
"company": "华丰科技",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-28",
|
"market": "上海证券交易所科创板",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "-0.006941966390873548419258546990",
|
"annual_fcf": "-398193858.16",
|
"book_value_per_share": "4.115684316373059031262895352",
|
"current_fcf": "296888993.11",
|
"deduct_pe": "147.0335622871982456082994254",
|
"diluted_shares": "468254966.0",
|
"enterprise_value": "59328429174.340",
|
"market_cap": "59543301476.560",
|
"normalized_eps": "0.8648365585513085620964882623",
|
"normalized_pe": "147.0335622871982456082994254",
|
"normalized_profit": "404964013.32",
|
"pb": "30.89644156966333358560504982",
|
"price": "127.16",
|
"ps": "21.60946464216473260164404008",
|
"reported_pe": "137.8721975666401522350575795",
|
"ttm_attributable_profit": "431873158.82",
|
"ttm_deduct_profit": "404964013.32",
|
"ttm_eps": "0.9223034247969940376457214124",
|
"ttm_revenue": "2755426960.48"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-26909145.5",
|
"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": [
|
{
|
"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": 1
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "3.179",
|
"implied_margin": "0.5402366160541183150411010019",
|
"implied_profit": "1488582536.914",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "2.5432",
|
"implied_margin": "0.4321892928432946520328808015",
|
"implied_profit": "1190866029.5312",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "2.119333333333333333333333333",
|
"implied_margin": "0.3601577440360788766940673346",
|
"implied_profit": "992388357.9426666666666666667",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "1.816571428571428571428571429",
|
"implied_margin": "0.3087066377452104657377720011",
|
"implied_profit": "850618592.5222857142857142857",
|
"pe": "70"
|
},
|
{
|
"implied_eps": "1.5895",
|
"implied_margin": "0.2701183080270591575205505010",
|
"implied_profit": "744291268.457",
|
"pe": "80"
|
},
|
{
|
"implied_eps": "1.412888888888888888888888889",
|
"implied_margin": "0.2401051626907192511293782231",
|
"implied_profit": "661592238.6284444444444444444",
|
"pe": "90"
|
},
|
{
|
"implied_eps": "1.2716",
|
"implied_margin": "0.2160946464216473260164404008",
|
"implied_profit": "595433014.7656",
|
"pe": "100"
|
}
|
],
|
"scenarios": [
|
{
|
"assumption": "高速通讯需求降温或客户节奏波动，利润仅增至5亿至6亿元，成长估值回落。",
|
"cagr_high": "-0.14629825212267566",
|
"cagr_low": "-0.21721764498105012",
|
"equity_value_high": "27000000000",
|
"equity_value_low": "17500000000",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "57.66089408649218682285154879",
|
"price_low": "37.37280172272641738518155940",
|
"role": "pessimistic",
|
"upside_to_high": "-0.5465484894110397387319003713",
|
"upside_to_low": "-0.7060962431367850158447502406"
|
},
|
{
|
"assumption": "通讯、防务和工业连接产品保持增长，利润接近9家机构2026年一致预期约8亿元。",
|
"cagr_high": "-0.014855642465058994",
|
"cagr_low": "-0.08832578594688989",
|
"equity_value_high": "55250000000",
|
"equity_value_low": "37500000000",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "117.9912740103219748875017804",
|
"price_low": "80.08457512012803725396048443",
|
"role": "base",
|
"upside_to_high": "-0.0721038533318498357384257597",
|
"upside_to_low": "-0.3702062352931107482387505156"
|
},
|
{
|
"assumption": "高速线模组和高速连接器持续放量，利润提前接近2027年一致预期。",
|
"cagr_high": "0.11799557758144852",
|
"cagr_low": "0.03727670844670894",
|
"equity_value_high": "104000000000",
|
"equity_value_low": "71500000000",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "222.1012216664884233176504101",
|
"price_low": "152.6945898957107910308846570",
|
"role": "optimistic",
|
"upside_to_high": "0.746628040787106191551198570",
|
"upside_to_low": "0.200806778041135506691449017"
|
}
|
]
|
}
|
