{
|
"conclusion": {
|
"base_midpoint": "12.66494978353392934358372217",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-1.412169058871354244025260574"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "49.2010805",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "1801283867.45456435"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "1441027093.96365148"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "1200855911.636376233333333333"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "1029305067.116893914285714286"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "900641933.727282175"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "720513546.98182574"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "600427955.8181881166666666667"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "480342364.6545504933333333333"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "360256773.49091287"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "300456.SZ",
|
"company": "赛微电子",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-23",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "-0.009438203990635510936920578085",
|
"annual_fcf": "-149215536.53",
|
"book_value_per_share": "9.046392702524235245416944406",
|
"current_fcf": "-181118849.92",
|
"deduct_pe": null,
|
"diluted_shares": "732213134.0",
|
"enterprise_value": "22077474752.580",
|
"market_cap": "22369111243.700",
|
"normalized_eps": "-0.5243988868683692581783161513",
|
"normalized_pe": null,
|
"normalized_profit": "-383971752.4200001",
|
"pb": "3.377036682419895941635364804",
|
"price": "30.55",
|
"ps": "33.96277668213026129065507576",
|
"reported_pe": "15.73391559771590041868727538",
|
"ttm_attributable_profit": "1421712929.93",
|
"ttm_deduct_profit": "-383971752.42",
|
"ttm_eps": "1.941665430341761665258520206",
|
"ttm_revenue": "658636113.68"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-1805684682.3500001",
|
"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": 1,
|
"issues": [
|
{
|
"action": "补充法定披露、行情接口或机构预测汇总页来源。",
|
"field": "institutions",
|
"issue_id": "QA-CORE-SOURCE-MISSING",
|
"message": "核心字段没有由注册表中允许承载核心数字的来源支持。",
|
"recalc_scope": "institutions",
|
"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"
|
},
|
{
|
"action": "不得以公司业绩预告或自有情景冒充机构预期。",
|
"field": "institutions",
|
"issue_id": "QA-INSTITUTION-NONE",
|
"message": "估值日没有可用机构盈利预测，已明确记录为空。",
|
"recalc_scope": "机构预期模块",
|
"severity": "INFO"
|
}
|
],
|
"status": "PASS_WITH_WARNINGS",
|
"warning_count": 3
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "1.5275",
|
"implied_margin": "1.698138834106513064532753788",
|
"implied_profit": "1118455562.185",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "1.222",
|
"implied_margin": "1.358511067285210451626203030",
|
"implied_profit": "894764449.748",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.018333333333333333333333333",
|
"implied_margin": "1.132092556071008709688502525",
|
"implied_profit": "745637041.4566666666666666667",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.8728571428571428571428571429",
|
"implied_margin": "0.9703650480608646083044307360",
|
"implied_profit": "639117464.1057142857142857143",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.76375",
|
"implied_margin": "0.8490694170532565322663768940",
|
"implied_profit": "559227781.0925",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.611",
|
"implied_margin": "0.6792555336426052258131015152",
|
"implied_profit": "447382224.874",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.5091666666666666666666666667",
|
"implied_margin": "0.5660462780355043548442512626",
|
"implied_profit": "372818520.7283333333333333333",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.4073333333333333333333333333",
|
"implied_margin": "0.4528370224284034838754010102",
|
"implied_profit": "298254816.5826666666666666667",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.3055",
|
"implied_margin": "0.3396277668213026129065507576",
|
"implied_profit": "223691112.437",
|
"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": "-0.21604191318387334",
|
"cagr_low": "-0.2921795686595886",
|
"equity_value_high": "6623887552.110",
|
"equity_value_low": "3974332531.266",
|
"method": "pb",
|
"name": "悲观",
|
"price_high": "9.046392702524235245416944406",
|
"price_low": "5.427835621514541147250166643",
|
"role": "pessimistic",
|
"upside_to_high": "-0.7038823992627091572694944548",
|
"upside_to_low": "-0.8223294395576254943616966729"
|
},
|
{
|
"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": "-0.11824618898724859",
|
"cagr_low": "-0.21604191318387334",
|
"equity_value_high": "11922997593.798",
|
"equity_value_low": "6623887552.110",
|
"method": "pb",
|
"name": "基准",
|
"price_high": "16.28350686454362344175049993",
|
"price_low": "9.046392702524235245416944406",
|
"role": "base",
|
"upside_to_high": "-0.4669883186728764830850900187",
|
"upside_to_low": "-0.7038823992627091572694944548"
|
},
|
{
|
"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": "-0.02339915589136321",
|
"cagr_low": "-0.11824618898724859",
|
"equity_value_high": "19871662656.330",
|
"equity_value_low": "11922997593.798",
|
"method": "pb",
|
"name": "乐观",
|
"price_high": "27.13917810757270573625083322",
|
"price_low": "16.28350686454362344175049993",
|
"role": "optimistic",
|
"upside_to_high": "-0.1116471977881274718084833643",
|
"upside_to_low": "-0.4669883186728764830850900187"
|
}
|
]
|
}
|
