{
|
"conclusion": {
|
"base_midpoint": "54.1027499999633597279248536",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-2.373580825376225957447805923"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "293.9502852",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "4111583037.81231006"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "3289266430.249848048"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "2741055358.54154004"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "2349476021.60703432"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "2055791518.90615503"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "1644633215.124924024"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "1370527679.27077002"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "1096422143.416616016"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "822316607.562462012"
|
}
|
],
|
"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": "1.209",
|
"profit": "338213918.679"
|
},
|
"2027": {
|
"eps": "2.044",
|
"profit": "571802522.564"
|
},
|
"2028": {
|
"eps": "3.18375",
|
"profit": "890643973.19625"
|
}
|
},
|
"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": "1.209",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "150.9677419354838709677419355",
|
"profit_max": "338213918.679",
|
"profit_mean": "338213918.679",
|
"profit_median": "338213918.679",
|
"profit_min": "338213918.679"
|
},
|
"2027": {
|
"eps_mean": "2.044",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "89.29549902152641878669275930",
|
"profit_max": "571802522.564",
|
"profit_mean": "571802522.564",
|
"profit_median": "571802522.564",
|
"profit_min": "571802522.564"
|
},
|
"2028": {
|
"eps_mean": "3.18375",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "57.32862190812720848056537102",
|
"profit_max": "890643973.19625",
|
"profit_mean": "890643973.19625",
|
"profit_median": "890643973.19625",
|
"profit_min": "890643973.19625"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "300567.SZ",
|
"company": "精测电子",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-28",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "3.121585863530365513711535384",
|
"annual_fcf": "-261616326.08",
|
"book_value_per_share": "15.82033124764869990609473607",
|
"current_fcf": "-453840303.23",
|
"deduct_pe": "2083.494366833717218140179033",
|
"diluted_shares": "279746831.0",
|
"enterprise_value": "54556763292.420",
|
"market_cap": "51059391594.120",
|
"normalized_eps": "0.08760282864473274408602684046",
|
"normalized_pe": "2083.494366833716367963817525",
|
"normalized_profit": "24506613.70000001",
|
"pb": "11.53705299483707547464598265",
|
"price": "182.52",
|
"ps": "15.02761004220051878206001738",
|
"reported_pe": "585.9728472070497499442455284",
|
"ttm_attributable_profit": "87136105.09",
|
"ttm_deduct_profit": "24506613.70",
|
"ttm_eps": "0.3114820095674292017270429777",
|
"ttm_revenue": "3397705387.00"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-62629491.38999999",
|
"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": "9.126",
|
"implied_margin": "0.7513805021100259391030008689",
|
"implied_profit": "2552969579.706",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "7.3008",
|
"implied_margin": "0.6011044016880207512824006951",
|
"implied_profit": "2042375663.7648",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "6.084",
|
"implied_margin": "0.5009203347400172927353339126",
|
"implied_profit": "1701979719.804",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "5.214857142857142857142857143",
|
"implied_margin": "0.4293602869200148223445719251",
|
"implied_profit": "1458839759.832",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "4.563",
|
"implied_margin": "0.3756902510550129695515004344",
|
"implied_profit": "1276484789.853",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "3.6504",
|
"implied_margin": "0.3005522008440103756412003475",
|
"implied_profit": "1021187831.8824",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "3.042",
|
"implied_margin": "0.2504601673700086463676669563",
|
"implied_profit": "850989859.902",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "2.4336",
|
"implied_margin": "0.2003681338960069170941335650",
|
"implied_profit": "680791887.9216",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "1.8252",
|
"implied_margin": "0.1502761004220051878206001738",
|
"implied_profit": "510593915.9412",
|
"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": "-0.3177668551748821",
|
"cagr_low": "-0.42010387450285547",
|
"equity_value_high": "7546398060.60",
|
"equity_value_low": "3348317795.02",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "26.97581250026742930288994051",
|
"price_low": "11.96910000034995928157627637",
|
"role": "pessimistic",
|
"upside_to_high": "-0.8522035256395604355528712442",
|
"upside_to_low": "-0.9344230769211595480956811507"
|
},
|
{
|
"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": "-0.15969823815480277",
|
"cagr_low": "-0.29522737017709855",
|
"equity_value_high": "21392030356.40",
|
"equity_value_low": "8878115365.35",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "76.46924999983288461273042982",
|
"price_low": "31.73625000009383484311927737",
|
"role": "base",
|
"upside_to_high": "-0.5810363247872403867371771323",
|
"upside_to_low": "-0.8261217948712807646114438014"
|
},
|
{
|
"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": "-0.04368581868623622",
|
"cagr_low": "-0.1435267345317378",
|
"equity_value_high": "40839330680.25",
|
"equity_value_low": "23531233392.15",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "145.9867499991447624298557291",
|
"price_low": "84.11617500020938574993187322",
|
"role": "optimistic",
|
"upside_to_high": "-0.2001602564149421300139396828",
|
"upside_to_low": "-0.5391399572638100714993870632"
|
}
|
]
|
}
|
