{
|
"conclusion": {
|
"base_midpoint": "11.08800000001263757042520817",
|
"price_label": "当前价格高于基准合理区间",
|
"price_position": "ABOVE_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.4006132756116792614620288513"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "25.0112203",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "4156144010.49993024"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "3324915208.399944192"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "2770762673.66662016"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "2374939434.571388708571428571"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "2078072005.24996512"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "1662457604.199972096"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "1385381336.83331008"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "1108305069.466648064"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "831228802.099986048"
|
}
|
],
|
"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": "0.32",
|
"profit": "1063495557.12"
|
},
|
"2027": {
|
"eps": "0.385",
|
"profit": "1279518092.16"
|
},
|
"2028": {
|
"eps": "0.48",
|
"profit": "1595243335.6799998"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池2家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.32",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "48.53125",
|
"profit_max": "1063495557.12",
|
"profit_mean": "1063495557.12",
|
"profit_median": "1063495557.12",
|
"profit_min": "1063495557.12"
|
},
|
"2027": {
|
"eps_mean": "0.385",
|
"eps_profit_reconciliation_gap": "0.00",
|
"institution_count": 1,
|
"pe_on_mean": "40.33766233766233766233766234",
|
"profit_max": "1279518092.16",
|
"profit_mean": "1279518092.16",
|
"profit_median": "1279518092.16",
|
"profit_min": "1279518092.16"
|
},
|
"2028": {
|
"eps_mean": "0.48",
|
"eps_profit_reconciliation_gap": "0.0000000000000001253727224723033077542231168",
|
"institution_count": 1,
|
"pe_on_mean": "32.35416666666667072299662499",
|
"profit_max": "1595243335.6799998",
|
"profit_mean": "1595243335.6799998",
|
"profit_median": "1595243335.6799998",
|
"profit_min": "1595243335.6799998"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "002185.SZ",
|
"company": "华天科技",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-29",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "4.886752628371788111675278515",
|
"annual_fcf": "-2674321787.79",
|
"book_value_per_share": "5.391219744115822037896958845",
|
"current_fcf": "-1443737582.09",
|
"deduct_pe": "175.1292037393928033247303232",
|
"diluted_shares": "3323423616.0",
|
"enterprise_value": "64348131567.280",
|
"market_cap": "51612768756.480",
|
"normalized_eps": "0.08867738600073784575285391485",
|
"normalized_pe": "175.1292037393928330366007976",
|
"normalized_profit": "294712518.83999995",
|
"pb": "2.880609720453339011920510088",
|
"price": "15.53",
|
"ps": "2.798247205172248198894832409",
|
"reported_pe": "63.26461589742380797023260932",
|
"ttm_attributable_profit": "815823632.60",
|
"ttm_deduct_profit": "294712518.84",
|
"ttm_eps": "0.2454768717031346990344068133",
|
"ttm_revenue": "18444678033.12"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-521111113.76000005",
|
"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": "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": "0.7765",
|
"implied_margin": "0.1399123602586124099447416205",
|
"implied_profit": "2580638437.824",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.6212",
|
"implied_margin": "0.1119298882068899279557932964",
|
"implied_profit": "2064510750.2592",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.5176666666666666666666666667",
|
"implied_margin": "0.09327490683907493996316108031",
|
"implied_profit": "1720425625.216",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.4437142857142857142857142857",
|
"implied_margin": "0.07994992014777851996842378314",
|
"implied_profit": "1474650535.899428571428571429",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.38825",
|
"implied_margin": "0.06995618012930620497237081023",
|
"implied_profit": "1290319218.912",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.3106",
|
"implied_margin": "0.05596494410344496397789664819",
|
"implied_profit": "1032255375.1296",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.2588333333333333333333333333",
|
"implied_margin": "0.04663745341953746998158054015",
|
"implied_profit": "860212812.608",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.2070666666666666666666666667",
|
"implied_margin": "0.03730996273562997598526443212",
|
"implied_profit": "688170250.0864",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.1553",
|
"implied_margin": "0.02798247205172248198894832409",
|
"implied_profit": "516127687.5648",
|
"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": "-0.18130271793712305",
|
"cagr_low": "-0.30097499980917",
|
"equity_value_high": "18983395694.48",
|
"equity_value_low": "8614314012.6",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "5.711999999966299812199444875",
|
"price_low": "2.591999999978335593556785991",
|
"role": "pessimistic",
|
"upside_to_high": "-0.6321957501631487564585032276",
|
"upside_to_low": "-0.8330972311668811594618940122"
|
},
|
{
|
"assumption": "以TTM归一化利润与2家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "-0.000954815810775389",
|
"cagr_low": "-0.154254757502723",
|
"equity_value_high": "51366835408.98",
|
"equity_value_low": "22333406699.52",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "15.45600000002527514085041634",
|
"price_low": "6.72",
|
"role": "base",
|
"upside_to_high": "-0.0047649710221973508789171706",
|
"upside_to_low": "-0.5672891178364455891822279459"
|
},
|
{
|
"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": "0.14760155964506771",
|
"cagr_low": "0.018271685368482116",
|
"equity_value_high": "102733670817.60",
|
"equity_value_low": "56503518949.92",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "30.91199999994222824948476264",
|
"price_low": "17.00160000004044022536066615",
|
"role": "optimistic",
|
"upside_to_high": "0.990470057948630280069849494",
|
"upside_to_low": "0.094758531876396666153294665"
|
}
|
]
|
}
|
