{
|
"conclusion": {
|
"base_midpoint": "105.2745695776948823877145123",
|
"price_label": "当前价格高于基准合理区间",
|
"price_position": "ABOVE_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-1.963203756152849740932642486"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "502.3985945",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "60",
|
"required_profit": "1535079952.158488541666666667"
|
},
|
{
|
"exit_pe": "80",
|
"required_profit": "1151309964.11886640625"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "921047971.295093125"
|
},
|
{
|
"exit_pe": "120",
|
"required_profit": "767539976.0792442708333333333"
|
},
|
{
|
"exit_pe": "140",
|
"required_profit": "657891408.0679236607142857143"
|
},
|
{
|
"exit_pe": "160",
|
"required_profit": "575654982.059433203125"
|
},
|
{
|
"exit_pe": "180",
|
"required_profit": "511693317.3861628472222222222"
|
}
|
],
|
"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": "1.056384615385",
|
"profit": "193667123.58660898"
|
},
|
"2027": {
|
"eps": "1.541615384615",
|
"profit": "282624541.16339105"
|
},
|
"2028": {
|
"eps": "2.139692307692",
|
"profit": "392270058.23071283"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池12家）",
|
"report_date": "2026-08-03",
|
"source_id": "SRC-EM-CONSENSUS-20260803",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "1.056384615385",
|
"eps_profit_reconciliation_gap": "0.00000000000000003549905566148124773586511107",
|
"institution_count": 1,
|
"pe_on_mean": "295.2996431951156599303086758",
|
"profit_max": "193667123.58660898",
|
"profit_mean": "193667123.58660898",
|
"profit_median": "193667123.58660898",
|
"profit_min": "193667123.58660898"
|
},
|
"2027": {
|
"eps_mean": "1.541615384615",
|
"eps_profit_reconciliation_gap": "0.00000000000000008182233540232786333003360089",
|
"institution_count": 1,
|
"pe_on_mean": "202.3526770121756115746146901",
|
"profit_max": "282624541.16339105",
|
"profit_mean": "282624541.16339105",
|
"profit_median": "282624541.16339105",
|
"profit_min": "282624541.16339105"
|
},
|
"2028": {
|
"eps_mean": "2.139692307692",
|
"eps_profit_reconciliation_gap": "0.00000000000000002166874534941115092166431560",
|
"institution_count": 1,
|
"pe_on_mean": "145.7919902214762395774568397",
|
"profit_max": "392270058.23071283",
|
"profit_mean": "392270058.23071283",
|
"profit_median": "392270058.23071283",
|
"profit_min": "392270058.23071283"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-03",
|
"code": "688017.SH",
|
"company": "绿的谐波",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-07-10",
|
"market": "上海证券交易所科创板",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "1.222219374162121051662599365",
|
"annual_fcf": "52258760.84",
|
"book_value_per_share": "19.46665610220906138584697959",
|
"current_fcf": "-50938911.55",
|
"deduct_pe": "537.9655145039104612842837924",
|
"diluted_shares": "183330125.0",
|
"enterprise_value": "55732667447.24000000003",
|
"market_cap": "57189832493.750",
|
"normalized_eps": "0.5798698830865903789679955763",
|
"normalized_pe": "537.9655145039104612842837924",
|
"normalized_profit": "106307618.15",
|
"pb": "16.02483746371828854286000768",
|
"price": "311.95",
|
"ps": "93.32210347214922010579695009",
|
"reported_pe": "418.1991452047176389468934411",
|
"ttm_attributable_profit": "136752628.86",
|
"ttm_deduct_profit": "106307618.15",
|
"ttm_eps": "0.7459364840339251391444804830",
|
"ttm_revenue": "612821939.99"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-30445010.71",
|
"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": "5.199166666666666666666666667",
|
"implied_margin": "1.555368391202487001763282501",
|
"implied_profit": "953163874.8958333333333333333",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "3.899375",
|
"implied_margin": "1.166526293401865251322461876",
|
"implied_profit": "714872906.171875",
|
"pe": "80"
|
},
|
{
|
"implied_eps": "3.1195",
|
"implied_margin": "0.9332210347214922010579695009",
|
"implied_profit": "571898324.9375",
|
"pe": "100"
|
},
|
{
|
"implied_eps": "2.599583333333333333333333333",
|
"implied_margin": "0.7776841956012435008816412508",
|
"implied_profit": "476581937.4479166666666666667",
|
"pe": "120"
|
},
|
{
|
"implied_eps": "2.228214285714285714285714286",
|
"implied_margin": "0.6665864533724944293271210721",
|
"implied_profit": "408498803.5267857142857142857",
|
"pe": "140"
|
},
|
{
|
"implied_eps": "1.9496875",
|
"implied_margin": "0.5832631467009326256612309381",
|
"implied_profit": "357436453.0859375",
|
"pe": "160"
|
},
|
{
|
"implied_eps": "1.733055555555555555555555556",
|
"implied_margin": "0.5184561304008290005877608338",
|
"implied_profit": "317721291.6319444444444444444",
|
"pe": "180"
|
}
|
],
|
"scenarios": [
|
{
|
"assumption": "人形机器人商业化慢、传统机器人需求平缓，利润维持当前量级。",
|
"cagr_high": "-0.29728139779273643",
|
"cagr_low": "-0.37395035589750547",
|
"equity_value_high": "9800000000",
|
"equity_value_low": "5500000000",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "53.45548092546165012433172126",
|
"price_low": "30.00052500918766078406372112",
|
"role": "pessimistic",
|
"upside_to_high": "-0.8286408689679062345749904752",
|
"upside_to_low": "-0.9038290591146412540982089402"
|
},
|
{
|
"assumption": "谐波减速器稳步增长，利润接近12家机构2026年一致预期，但主题溢价逐步回归。",
|
"cagr_high": "-0.15802478341996806",
|
"cagr_low": "-0.24105774471913455",
|
"equity_value_high": "24200000000",
|
"equity_value_low": "14400000000",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "132.0023100404257074498803729",
|
"price_low": "78.54682911496405732554865165",
|
"role": "base",
|
"upside_to_high": "-0.5768478601044215180321193368",
|
"upside_to_low": "-0.7482069911365152834571288615"
|
},
|
{
|
"assumption": "人形机器人放量、丝杠和机电一体化产品兑现，利润提前达到2028年一致预期。",
|
"cagr_high": "0.02275645669081161",
|
"cagr_low": "-0.08841591320117947",
|
"equity_value_high": "64000000000",
|
"equity_value_low": "36000000000",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "349.0970182887291436691051184",
|
"price_low": "196.3670727874101433138716291",
|
"role": "optimistic",
|
"upside_to_high": "0.119080039393265406857205060",
|
"upside_to_low": "-0.3705174778412882086428221539"
|
}
|
]
|
}
|
