{
|
"conclusion": {
|
"base_midpoint": "117.4173000000827525972789291",
|
"price_label": "当前价格高于基准合理区间",
|
"price_position": "ABOVE_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.6119430441669720520436892991"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "304.8212277",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "6446168048.07921825"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "5156934438.46337460"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "4297445365.38614550"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "3683524598.902410428571428571"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "3223084024.039609125"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "2578467219.23168730"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "2148722682.69307275"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "1718978146.15445820"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "1289233609.61584365"
|
}
|
],
|
"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": "3.388666666667",
|
"profit": "1433227925.5668077"
|
},
|
"2027": {
|
"eps": "4.396666666667",
|
"profit": "1859558955.1668074"
|
},
|
"2028": {
|
"eps": "5.605384615385",
|
"profit": "2370783129.3463163"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池16家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "3.388666666667",
|
"eps_profit_reconciliation_gap": "0.00000000000000003547935334841457916129971703",
|
"institution_count": 1,
|
"pe_on_mean": "55.85382648041944973716190791",
|
"profit_max": "1433227925.5668077",
|
"profit_mean": "1433227925.5668077",
|
"profit_median": "1433227925.5668077",
|
"profit_min": "1433227925.5668077"
|
},
|
"2027": {
|
"eps_mean": "4.396666666667",
|
"eps_profit_reconciliation_gap": "0.0000000000000001339833831606863898605258907",
|
"institution_count": 1,
|
"pe_on_mean": "43.04852160727498313536751459",
|
"profit_max": "1859558955.1668074",
|
"profit_mean": "1859558955.1668074",
|
"profit_median": "1859558955.1668074",
|
"profit_min": "1859558955.1668074"
|
},
|
"2028": {
|
"eps_mean": "5.605384615385",
|
"eps_profit_reconciliation_gap": "0.00000000000000009205818840974161023955700740",
|
"institution_count": 1,
|
"pe_on_mean": "33.76574722107631944248645235",
|
"profit_max": "2370783129.3463163",
|
"profit_mean": "2370783129.3463163",
|
"profit_median": "2370783129.3463163",
|
"profit_min": "2370783129.3463163"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "603893.SH",
|
"company": "瑞芯微",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-22",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "1.027714407026188825759647349",
|
"annual_fcf": "835820386.37",
|
"book_value_per_share": "11.15950135828930993673091066",
|
"current_fcf": "289656620.59",
|
"deduct_pe": "71.41876896766935752704296629",
|
"diluted_shares": "422947450.0",
|
"enterprise_value": "76936429935.620",
|
"market_cap": "80051263861.500",
|
"normalized_eps": "2.650143691018825104631792909",
|
"normalized_pe": "71.41876896766935880138650936",
|
"normalized_profit": "1120871516.24999998",
|
"pb": "16.96043523122202012248067771",
|
"price": "189.27",
|
"ps": "16.95074125939352669054598136",
|
"reported_pe": "69.02950643111485974721363310",
|
"ttm_attributable_profit": "1159667336.48",
|
"ttm_deduct_profit": "1120871516.25",
|
"ttm_eps": "2.741870973521651448661057065",
|
"ttm_revenue": "4722581899.90"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-38795820.23000002",
|
"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": "9.4635",
|
"implied_margin": "0.8475370629696763345272990678",
|
"implied_profit": "4002563193.075",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "7.5708",
|
"implied_margin": "0.6780296503757410676218392542",
|
"implied_profit": "3202050554.460",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "6.309",
|
"implied_margin": "0.5650247086464508896848660452",
|
"implied_profit": "2668375462.050",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "5.407714285714285714285714286",
|
"implied_margin": "0.4843068931255293340155994674",
|
"implied_profit": "2287178967.471428571428571429",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "4.73175",
|
"implied_margin": "0.4237685314848381672636495339",
|
"implied_profit": "2001281596.5375",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "3.7854",
|
"implied_margin": "0.3390148251878705338109196271",
|
"implied_profit": "1601025277.230",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "3.1545",
|
"implied_margin": "0.2825123543232254448424330226",
|
"implied_profit": "1334187731.025",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "2.5236",
|
"implied_margin": "0.2260098834585803558739464181",
|
"implied_profit": "1067350184.820",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "1.8927",
|
"implied_margin": "0.1695074125939352669054598136",
|
"implied_profit": "800512638.615",
|
"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": "-0.2039926867607328",
|
"cagr_low": "-0.3203482844258051",
|
"equity_value_high": "25583118471.40",
|
"equity_value_low": "11609146197.18",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "60.48770000008275259727892910",
|
"price_low": "27.44820000021279239300296053",
|
"role": "pessimistic",
|
"upside_to_high": "-0.6804158081043865768622659212",
|
"upside_to_low": "-0.8549786019960226533893223409"
|
},
|
{
|
"assumption": "以TTM归一化利润与16家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "-0.028643076882181928",
|
"cagr_low": "-0.17769435307213644",
|
"equity_value_high": "69224908804.8",
|
"equity_value_low": "30097786437.04",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "163.6725999998344948054421418",
|
"price_low": "71.16200000033101038911571639",
|
"role": "base",
|
"upside_to_high": "-0.1352427748727505954169063148",
|
"upside_to_low": "-0.6240185977686320579642007905"
|
},
|
{
|
"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": "0.11579609970041904",
|
"cagr_low": "-0.009949432867658259",
|
"equity_value_high": "138449817609.60",
|
"equity_value_low": "76147399685.28",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "327.3451999996689896108842836",
|
"price_low": "180.0398599998179442859863560",
|
"role": "optimistic",
|
"upside_to_high": "0.729514450254498809166187370",
|
"upside_to_low": "-0.0487670523600256549585969462"
|
}
|
]
|
}
|
