{
|
"conclusion": {
|
"base_midpoint": "8.03986963059461214846250295",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-3.562263032278450387823745989"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "59.0735068",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "3032508553.80048114"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "2426006843.040384912"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "2021672369.20032076"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "1732862030.74313208"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "1516254276.90024057"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "1213003421.520192456"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "1010836184.60016038"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "808668947.680128304"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "606501710.760096228"
|
}
|
],
|
"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": "-0.387111111111",
|
"profit": "-397443056.72921926"
|
},
|
"2027": {
|
"eps": "0.103888888889",
|
"profit": "106661669.93178074"
|
},
|
"2028": {
|
"eps": "0.557666666667",
|
"profit": "572550718.0613422"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池9家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "-0.387111111111",
|
"eps_profit_reconciliation_gap": "0.000000000000000008350881827736288675353523089",
|
"institution_count": 1,
|
"pe_on_mean": null,
|
"profit_max": "-397443056.72921926",
|
"profit_mean": "-397443056.72921926",
|
"profit_median": "-397443056.72921926",
|
"profit_min": "-397443056.72921926"
|
},
|
"2027": {
|
"eps_mean": "0.103888888889",
|
"eps_profit_reconciliation_gap": "0.00000000000000003111708266074199243715806976",
|
"institution_count": 1,
|
"pe_on_mean": "353.0695187161999366349252706",
|
"profit_max": "106661669.93178074",
|
"profit_mean": "106661669.93178074",
|
"profit_median": "106661669.93178074",
|
"profit_min": "106661669.93178074"
|
},
|
"2028": {
|
"eps_mean": "0.557666666667",
|
"eps_profit_reconciliation_gap": "0.00000000000000005232200232222999896604671266",
|
"institution_count": 1,
|
"pe_on_mean": "65.77405857736654614401420741",
|
"profit_max": "572550718.0613422",
|
"profit_mean": "572550718.0613422",
|
"profit_median": "572550718.0613422",
|
"profit_min": "572550718.0613422"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "688180.SH",
|
"company": "君实生物",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-28",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": null,
|
"annual_fcf": "-1287866325.02",
|
"book_value_per_share": "5.742764021853294391758930677",
|
"current_fcf": "-194058341.75",
|
"deduct_pe": null,
|
"diluted_shares": "1026689871.0",
|
"enterprise_value": "39267334043.000",
|
"market_cap": "37658984468.280",
|
"normalized_eps": "-0.8705538550793787172757643773",
|
"normalized_pe": null,
|
"normalized_profit": "-893788825.17000003",
|
"pb": "6.387168245189830542953244386",
|
"price": "36.68",
|
"ps": "13.82429184471241711361695875",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-660862134.20",
|
"ttm_deduct_profit": "-893788825.17",
|
"ttm_eps": "-0.6436823356953133903081040526",
|
"ttm_revenue": "2724116713.63"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-232926690.97000003",
|
"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": "使用正常化情景、PB 或反向估值。",
|
"field": "metrics.ttm_attributable_profit",
|
"issue_id": "QA-NEGATIVE-TTM-PROFIT",
|
"message": "TTM 归母利润不为正，报告 PE 不适用。",
|
"recalc_scope": "PE 模块",
|
"severity": "WARNING"
|
},
|
{
|
"action": "检查主营盈利恢复条件。",
|
"field": "metrics.ttm_deduct_profit",
|
"issue_id": "QA-NEGATIVE-TTM-DEDUCT",
|
"message": "TTM 扣非利润不为正，扣非 PE 不适用。",
|
"recalc_scope": "扣非 PE 模块",
|
"severity": "WARNING"
|
},
|
{
|
"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": 3
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "1.834",
|
"implied_margin": "0.6912145922356208556808479376",
|
"implied_profit": "1882949223.414",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "1.4672",
|
"implied_margin": "0.5529716737884966845446783501",
|
"implied_profit": "1506359378.7312",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.222666666666666666666666667",
|
"implied_margin": "0.4608097281570805704538986251",
|
"implied_profit": "1255299482.276",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.048",
|
"implied_margin": "0.3949797669917833461033416786",
|
"implied_profit": "1075970984.808",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.917",
|
"implied_margin": "0.3456072961178104278404239688",
|
"implied_profit": "941474611.707",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.7336",
|
"implied_margin": "0.2764858368942483422723391751",
|
"implied_profit": "753179689.3656",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.6113333333333333333333333333",
|
"implied_margin": "0.2304048640785402852269493125",
|
"implied_profit": "627649741.138",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.4890666666666666666666666667",
|
"implied_margin": "0.1843238912628322281815594500",
|
"implied_profit": "502119792.9104",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.3668",
|
"implied_margin": "0.1382429184471241711361695875",
|
"implied_profit": "376589844.6828",
|
"pe": "100"
|
}
|
],
|
"scenarios": [
|
{
|
"assumption": "亏损继续且现金消耗偏高，按归母净资产折价。",
|
"cagr_high": "-0.30985820548791887",
|
"cagr_low": "-0.37688446500818973",
|
"equity_value_high": "5896037652.780",
|
"equity_value_low": "3537622591.668",
|
"method": "pb",
|
"name": "悲观",
|
"price_high": "5.742764021853294391758930677",
|
"price_low": "3.445658413111976635055358406",
|
"role": "pessimistic",
|
"upside_to_high": "-0.8434360953693213088397238092",
|
"upside_to_low": "-0.9060616572215927853038342856"
|
},
|
{
|
"assumption": "业务逐步接近盈亏平衡，按成长型资产的中性净资产倍数定价。",
|
"cagr_high": "-0.2237656991056265",
|
"cagr_low": "-0.30985820548791887",
|
"equity_value_high": "10612867775.004",
|
"equity_value_low": "5896037652.780",
|
"method": "pb",
|
"name": "基准",
|
"price_high": "10.33697523933592990516607522",
|
"price_low": "5.742764021853294391758930677",
|
"role": "base",
|
"upside_to_high": "-0.7181849716647783559115028566",
|
"upside_to_low": "-0.8434360953693213088397238092"
|
},
|
{
|
"assumption": "核心产品或订单放量并形成可持续盈利，给予成长溢价。",
|
"cagr_high": "-0.14026901385452595",
|
"cagr_low": "-0.2237656991056265",
|
"equity_value_high": "17688112958.340",
|
"equity_value_low": "10612867775.004",
|
"method": "pb",
|
"name": "乐观",
|
"price_high": "17.22829206555988317527679203",
|
"price_low": "10.33697523933592990516607522",
|
"role": "optimistic",
|
"upside_to_high": "-0.5303082861079639265191714278",
|
"upside_to_low": "-0.7181849716647783559115028566"
|
}
|
]
|
}
|
