{
|
"conclusion": {
|
"base_midpoint": "58.37842431666492097819742905",
|
"price_label": "当前价格高于基准合理区间",
|
"price_position": "ABOVE_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.9109799777201877934272300471"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "179.6684956",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "30",
|
"required_profit": "546283294.5954697866666666667"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "409712470.94660234"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "327769976.757281872"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "273141647.2977348933333333333"
|
},
|
{
|
"exit_pe": "70",
|
"required_profit": "234121411.9694870514285714286"
|
},
|
{
|
"exit_pe": "80",
|
"required_profit": "204856235.47330117"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "163884988.378640936"
|
}
|
],
|
"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": "1.096666666667",
|
"profit": "100032675.91336374"
|
},
|
"2027": {
|
"eps": "1.513333333333",
|
"profit": "138039011.74663627"
|
},
|
"2028": {
|
"eps": "1.895",
|
"profit": "172852815.37"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池3家）",
|
"report_date": "2026-08-03",
|
"source_id": "SRC-EM-CONSENSUS-20260803",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "1.096666666667",
|
"eps_profit_reconciliation_gap": "0.00000000000000001597478009469620908398896968",
|
"institution_count": 1,
|
"pe_on_mean": "101.7264437689660389695415294",
|
"profit_max": "100032675.91336374",
|
"profit_mean": "100032675.91336374",
|
"profit_median": "100032675.91336374",
|
"profit_min": "100032675.91336374"
|
},
|
"2027": {
|
"eps_mean": "1.513333333333",
|
"eps_profit_reconciliation_gap": "0.00000000000000006086685128854336103058063193",
|
"institution_count": 1,
|
"pe_on_mean": "73.71806167402504354421943520",
|
"profit_max": "138039011.74663627",
|
"profit_mean": "138039011.74663627",
|
"profit_median": "138039011.74663627",
|
"profit_min": "138039011.74663627"
|
},
|
"2028": {
|
"eps_mean": "1.895",
|
"eps_profit_reconciliation_gap": "0.00",
|
"institution_count": 1,
|
"pe_on_mean": "58.87071240105540897097625330",
|
"profit_max": "172852815.37",
|
"profit_mean": "172852815.37",
|
"profit_median": "172852815.37",
|
"profit_min": "172852815.37"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-03",
|
"code": "688160.SH",
|
"company": "步科股份",
|
"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": "0.8536939108995619840955266231",
|
"annual_fcf": "468621.34",
|
"book_value_per_share": "14.40057630588478855159303154",
|
"current_fcf": "-51238669.96",
|
"deduct_pe": "165.7957398519325262317764336",
|
"diluted_shares": "91215206.0",
|
"enterprise_value": "9565058436.000",
|
"market_cap": "10175968381.360",
|
"normalized_eps": "0.6728761553199803111775025756",
|
"normalized_pe": "165.7957398519325262317764336",
|
"normalized_profit": "61376537.12",
|
"pb": "7.746912181175072825802418092",
|
"price": "111.56",
|
"ps": "13.03458776447274472294439175",
|
"reported_pe": "136.2758181010735104011277845",
|
"ttm_attributable_profit": "74671856.85",
|
"ttm_deduct_profit": "61376537.12",
|
"ttm_eps": "0.8186338673619834833240413885",
|
"ttm_revenue": "780689697.69"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-13295319.73",
|
"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": [],
|
"status": "PASS",
|
"warning_count": 0
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "3.718666666666666666666666667",
|
"implied_margin": "0.4344862588157581574314797249",
|
"implied_profit": "339198946.0453333333333333333",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "2.789",
|
"implied_margin": "0.3258646941118186180736097937",
|
"implied_profit": "254399209.534",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "2.2312",
|
"implied_margin": "0.2606917552894548944588878349",
|
"implied_profit": "203519367.6272",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "1.859333333333333333333333333",
|
"implied_margin": "0.2172431294078790787157398625",
|
"implied_profit": "169599473.0226666666666666667",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "1.593714285714285714285714286",
|
"implied_margin": "0.1862083966353249246134913106",
|
"implied_profit": "145370976.8765714285714285714",
|
"pe": "70"
|
},
|
{
|
"implied_eps": "1.3945",
|
"implied_margin": "0.1629323470559093090368048968",
|
"implied_profit": "127199604.767",
|
"pe": "80"
|
},
|
{
|
"implied_eps": "1.1156",
|
"implied_margin": "0.1303458776447274472294439175",
|
"implied_profit": "101759683.8136",
|
"pe": "100"
|
}
|
],
|
"scenarios": [
|
{
|
"assumption": "工业自动化恢复有限、机器人业务尚未形成利润增量，利润维持当前水平。",
|
"cagr_high": "-0.22746803810657468",
|
"cagr_low": "-0.29280472354552967",
|
"equity_value_high": "2800000000",
|
"equity_value_low": "1800000000",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "30.69663626040596783830099556",
|
"price_low": "19.73355188168955075319349715",
|
"role": "pessimistic",
|
"upside_to_high": "-0.7248419123305309444397544321",
|
"upside_to_low": "-0.8231126579267698928541278491"
|
},
|
{
|
"assumption": "运动控制和人机交互增长，利润接近3家机构2026年一致预期约1亿元。",
|
"cagr_high": "-0.08294868631712238",
|
"cagr_low": "-0.1682824705333602",
|
"equity_value_high": "6600000000",
|
"equity_value_low": "4050000000",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "72.35635689952835276170948953",
|
"price_low": "44.40049173380148919468536858",
|
"role": "base",
|
"upside_to_high": "-0.3514130790648229404651354470",
|
"upside_to_low": "-0.6020034803352322589217876606"
|
},
|
{
|
"assumption": "机器人动力解决方案放量，利润提前接近2027至2028年预测。",
|
"cagr_high": "0.059723662800044375",
|
"cagr_low": "-0.02210296646941301",
|
"equity_value_high": "13600000000",
|
"equity_value_low": "9100000000",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "149.0979475505432723574619784",
|
"price_low": "99.76406784631939547447823557",
|
"role": "optimistic",
|
"upside_to_high": "0.336482140108849698435478473",
|
"upside_to_low": "-0.1057362150742255694292019042"
|
}
|
]
|
}
|
