{
|
"conclusion": {
|
"base_midpoint": "161.4700000002820979977897138",
|
"price_label": "当前价格高于基准合理区间",
|
"price_position": "ABOVE_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.4127082430148106634866197899"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "367.3734361",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "9116030857.53545559"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "7292824686.028364472"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "6077353905.02363706"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "5209160490.020260337142857143"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "4558015428.767727795"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "3646412343.014182236"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "3038676952.51181853"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "2430941562.009454824"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "1823206171.507091118"
|
}
|
],
|
"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": "3.856",
|
"profit": "1913661224.928"
|
},
|
"2027": {
|
"eps": "5.067",
|
"profit": "2514658046.346"
|
},
|
"2028": {
|
"eps": "6.628",
|
"profit": "3289353371.064"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池10家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "3.856",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "59.15715767634854771784232365",
|
"profit_max": "1913661224.928",
|
"profit_mean": "1913661224.928",
|
"profit_median": "1913661224.928",
|
"profit_min": "1913661224.928"
|
},
|
"2027": {
|
"eps_mean": "5.067",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "45.01874876652851786066706138",
|
"profit_max": "2514658046.346",
|
"profit_mean": "2514658046.346",
|
"profit_median": "2514658046.346",
|
"profit_min": "2514658046.346"
|
},
|
"2028": {
|
"eps_mean": "6.628",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "34.41611345805672902836451418",
|
"profit_max": "3289353371.064",
|
"profit_mean": "3289353371.064",
|
"profit_median": "3289353371.064",
|
"profit_min": "3289353371.064"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "688120.SH",
|
"company": "华海清科",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-23",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "0.7380298924079985277933494861",
|
"annual_fcf": "577639026.27",
|
"book_value_per_share": "15.55739754437481097167289178",
|
"current_fcf": "-20270161.97",
|
"deduct_pe": "115.8138869699267460727435471",
|
"diluted_shares": "496281438.0",
|
"enterprise_value": "109374707247.380",
|
"market_cap": "113206758822.180",
|
"normalized_eps": "1.969625629258372605102349204",
|
"normalized_pe": "115.8138869699267425183118450",
|
"normalized_profit": "977488639.61000003",
|
"pb": "14.66247804938810030290091809",
|
"price": "228.11",
|
"ps": "22.92959423740576064947417021",
|
"reported_pe": "103.1391170987531981246782222",
|
"ttm_attributable_profit": "1097612254.27",
|
"ttm_deduct_profit": "977488639.61",
|
"ttm_eps": "2.211672994850151941407085227",
|
"ttm_revenue": "4937146189.77"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-120123614.65999997",
|
"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": "11.4055",
|
"implied_margin": "1.146479711870288032473708510",
|
"implied_profit": "5660337941.109",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "9.1244",
|
"implied_margin": "0.9171837694962304259789668083",
|
"implied_profit": "4528270352.8872",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "7.603666666666666666666666667",
|
"implied_margin": "0.7643198079135253549824723403",
|
"implied_profit": "3773558627.406",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "6.517428571428571428571428571",
|
"implied_margin": "0.6551312639258788756992620059",
|
"implied_profit": "3234478823.490857142857142857",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "5.70275",
|
"implied_margin": "0.5732398559351440162368542552",
|
"implied_profit": "2830168970.5545",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "4.5622",
|
"implied_margin": "0.4585918847481152129894834042",
|
"implied_profit": "2264135176.4436",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "3.801833333333333333333333333",
|
"implied_margin": "0.3821599039567626774912361701",
|
"implied_profit": "1886779313.703",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "3.041466666666666666666666667",
|
"implied_margin": "0.3057279231654101419929889361",
|
"implied_profit": "1509423450.9624",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "2.2811",
|
"implied_margin": "0.2292959423740576064947417021",
|
"implied_profit": "1132067588.2218",
|
"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": "-0.17717365787440786",
|
"cagr_low": "-0.2824882051511485",
|
"equity_value_high": "42698566081.15",
|
"equity_value_low": "21528688780.50",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "86.03699999988716080088411447",
|
"price_low": "43.38000000012089914190987735",
|
"role": "pessimistic",
|
"upside_to_high": "-0.6228267064140670693924680441",
|
"upside_to_low": "-0.8098285914684980967870331097"
|
},
|
{
|
"assumption": "以TTM归一化利润与10家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "-0.0056664138116212515",
|
"cagr_low": "-0.14998928236278242",
|
"equity_value_high": "110035520433.50",
|
"equity_value_low": "50233607154.5",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "221.7200000002820979977897138",
|
"price_low": "101.2200000002820979977897138",
|
"role": "base",
|
"upside_to_high": "-0.0280128008404625049415206970",
|
"upside_to_low": "-0.5562667134264955591697439227"
|
},
|
{
|
"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": "0.13758360245788315",
|
"cagr_low": "0.013469413245295048",
|
"equity_value_high": "215669620049.10",
|
"equity_value_low": "121039072476.50",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "434.5711999994245200845089838",
|
"price_low": "243.8919999996050628030944006",
|
"role": "optimistic",
|
"upside_to_high": "0.905094910347746789200425162",
|
"upside_to_low": "0.069185919072399556367955813"
|
}
|
]
|
}
|
