{
|
"conclusion": {
|
"base_midpoint": "73.15687500004100837449512475",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.1694047893646638762311996157"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "137.7791305",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "10079341027.01729060"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "8063472821.61383248"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "6719560684.678193733333333333"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "5759623444.009880342857142857"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "5039670513.50864530"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "4031736410.80691624"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "3359780342.339096866666666667"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "2687824273.871277493333333333"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "2015868205.40345812"
|
}
|
],
|
"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": "1.970555555556",
|
"profit": "2883150936.5828724"
|
},
|
"2027": {
|
"eps": "2.494444444444",
|
"profit": "3649661038.9771276"
|
},
|
"2028": {
|
"eps": "3.185",
|
"profit": "4660023772.04"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池18家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "1.970555555556",
|
"eps_profit_reconciliation_gap": "0.00000000000000003326360711231649562511388916",
|
"institution_count": 1,
|
"pe_on_mean": "43.41415280517769207781751257",
|
"profit_max": "2883150936.5828724",
|
"profit_mean": "2883150936.5828724",
|
"profit_median": "2883150936.5828724",
|
"profit_min": "2883150936.5828724"
|
},
|
"2027": {
|
"eps_mean": "2.494444444444",
|
"eps_profit_reconciliation_gap": "0.00000000000000002627750878116575408685407390",
|
"institution_count": 1,
|
"pe_on_mean": "34.29621380846936145313434260",
|
"profit_max": "3649661038.9771276",
|
"profit_mean": "3649661038.9771276",
|
"profit_median": "3649661038.9771276",
|
"profit_min": "3649661038.9771276"
|
},
|
"2028": {
|
"eps_mean": "3.185",
|
"eps_profit_reconciliation_gap": "0.00",
|
"institution_count": 1,
|
"pe_on_mean": "26.86028257456828885400313972",
|
"profit_max": "4660023772.04",
|
"profit_mean": "4660023772.04",
|
"profit_median": "4660023772.04",
|
"profit_min": "4660023772.04"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "603019.SH",
|
"company": "中科曙光",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-25",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "0.6034829482102489284903471702",
|
"annual_fcf": "396116694.26",
|
"book_value_per_share": "15.41623038038389721862230966",
|
"current_fcf": "-1995990967.52",
|
"deduct_pe": "66.06087096364539119929931735",
|
"diluted_shares": "1463115784.0",
|
"enterprise_value": "123248013898.470",
|
"market_cap": "125169555321.200",
|
"normalized_eps": "1.295017742758491285608330229",
|
"normalized_pe": "66.06087096364538073979422138",
|
"normalized_profit": "1894760899.9900003",
|
"pb": "5.549346233749629617022584201",
|
"price": "85.55",
|
"ps": "8.035618450468764976987087497",
|
"reported_pe": "56.44207524981889974325589005",
|
"ttm_attributable_profit": "2217663946.04",
|
"ttm_deduct_profit": "1894760899.99",
|
"ttm_eps": "1.515713226725739430612280238",
|
"ttm_revenue": "15576841545.27"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-322903046.0499997",
|
"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": "4.2775",
|
"implied_margin": "0.4017809225234382488493543749",
|
"implied_profit": "6258477766.060",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "3.422",
|
"implied_margin": "0.3214247380187505990794834999",
|
"implied_profit": "5006782212.848",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "2.851666666666666666666666667",
|
"implied_margin": "0.2678539483489588325662362499",
|
"implied_profit": "4172318510.706666666666666667",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "2.444285714285714285714285714",
|
"implied_margin": "0.2295890985848218564853453571",
|
"implied_profit": "3576273009.177142857142857143",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "2.13875",
|
"implied_margin": "0.2008904612617191244246771874",
|
"implied_profit": "3129238883.030",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "1.711",
|
"implied_margin": "0.1607123690093752995397417499",
|
"implied_profit": "2503391106.424",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "1.425833333333333333333333333",
|
"implied_margin": "0.1339269741744794162831181249",
|
"implied_profit": "2086159255.353333333333333333",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "1.140666666666666666666666667",
|
"implied_margin": "0.1071415793395835330264945000",
|
"implied_profit": "1668927404.282666666666666667",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.8555",
|
"implied_margin": "0.08035618450468764976987087497",
|
"implied_profit": "1251695553.212",
|
"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": "-0.15122217907916724",
|
"cagr_low": "-0.27000104943493175",
|
"equity_value_high": "55140261662.10",
|
"equity_value_low": "25948358429.20",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "37.68687499997607844821117725",
|
"price_low": "17.73499999997266108366991686",
|
"role": "pessimistic",
|
"upside_to_high": "-0.5594754529517699772272217738",
|
"upside_to_low": "-0.7926943308010209107694924973"
|
},
|
{
|
"assumption": "以TTM归一化利润与18家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "0.035752057585687114",
|
"cagr_low": "-0.12318042369495286",
|
"equity_value_high": "149203060968.15",
|
"equity_value_low": "64870896073.20",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "101.9762500000136694581650416",
|
"price_low": "44.33750000006834729082520786",
|
"role": "base",
|
"upside_to_high": "0.192007597896127053865167056",
|
"upside_to_low": "-0.4817358270009544442919321115"
|
},
|
{
|
"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": "0.19239893765192595",
|
"cagr_low": "0.05568497800986938",
|
"equity_value_high": "301721745513.5",
|
"equity_value_low": "164123367065.10",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "206.2186388890053830490287432",
|
"price_low": "112.1738750001073052465955763",
|
"role": "optimistic",
|
"upside_to_high": "1.410504253524317744582451703",
|
"upside_to_low": "0.311208357686818296278148174"
|
}
|
]
|
}
|
