{
|
"conclusion": {
|
"base_midpoint": "36.10530000002398528865746664",
|
"price_label": "当前价格高于基准合理区间",
|
"price_position": "ABOVE_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.5399401195936071460898076912"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "89.544356",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "6794611907.6314336"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "5435689526.10514688"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "4529741271.754289066666666667"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "3882635375.789390628571428571"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "3397305953.8157168"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "2717844763.05257344"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "2264870635.877144533333333333"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "1811896508.701715626666666667"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "1358922381.52628672"
|
}
|
],
|
"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": "1.042",
|
"profit": "1581335982.3040001"
|
},
|
"2027": {
|
"eps": "1.311",
|
"profit": "1989569551.632"
|
},
|
"2028": {
|
"eps": "1.485",
|
"profit": "2253631414.32"
|
}
|
},
|
"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": "1.042",
|
"eps_profit_reconciliation_gap": "0.00000000000000006323766809776908154519650299",
|
"institution_count": 1,
|
"pe_on_mean": "53.35892514395393136658891916",
|
"profit_max": "1581335982.3040001",
|
"profit_mean": "1581335982.3040001",
|
"profit_median": "1581335982.3040001",
|
"profit_min": "1581335982.3040001"
|
},
|
"2027": {
|
"eps_mean": "1.311",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "42.41037376048817696414950420",
|
"profit_max": "1989569551.632",
|
"profit_mean": "1989569551.632",
|
"profit_median": "1989569551.632",
|
"profit_min": "1989569551.632"
|
},
|
"2028": {
|
"eps_mean": "1.485",
|
"eps_profit_reconciliation_gap": "0.00",
|
"institution_count": 1,
|
"pe_on_mean": "37.44107744107744107744107744",
|
"profit_max": "2253631414.32",
|
"profit_mean": "2253631414.32",
|
"profit_median": "2253631414.32",
|
"profit_min": "2253631414.32"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "002156.SZ",
|
"company": "通富微电",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-30",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "5.715644025887217912978905232",
|
"annual_fcf": "754578583.39",
|
"book_value_per_share": "10.31792996143761328370441492",
|
"current_fcf": "-1525207874.46",
|
"deduct_pe": "92.92307276949362848377270893",
|
"diluted_shares": "1517596912.0",
|
"enterprise_value": "101096270061.60",
|
"market_cap": "84378388307.20",
|
"normalized_eps": "0.5983443976064178364643377714",
|
"normalized_pe": "92.92307276949363871707726257",
|
"normalized_profit": "908045610.1199999",
|
"pb": "5.388677787870268236493706639",
|
"price": "55.6",
|
"ps": "2.878760646779164313874119037",
|
"reported_pe": "58.33778357954056437225444713",
|
"ttm_attributable_profit": "1446376312.74",
|
"ttm_deduct_profit": "908045610.12",
|
"ttm_eps": "0.9530701474832732131969440908",
|
"ttm_revenue": "29310664782.64"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-538330702.6200001",
|
"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": "2.78",
|
"implied_margin": "0.1439380323389582156937059519",
|
"implied_profit": "4218919415.36",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "2.224",
|
"implied_margin": "0.1151504258711665725549647615",
|
"implied_profit": "3375135532.288",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.853333333333333333333333333",
|
"implied_margin": "0.09595868822597214379580396789",
|
"implied_profit": "2812612943.573333333333333333",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.588571428571428571428571429",
|
"implied_margin": "0.08225030419369040896783197250",
|
"implied_profit": "2410811094.491428571428571429",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "1.39",
|
"implied_margin": "0.07196901616947910784685297593",
|
"implied_profit": "2109459707.68",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "1.112",
|
"implied_margin": "0.05757521293558328627748238074",
|
"implied_profit": "1687567766.144",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.9266666666666666666666666667",
|
"implied_margin": "0.04797934411298607189790198396",
|
"implied_profit": "1406306471.786666666666666667",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.7413333333333333333333333333",
|
"implied_margin": "0.03838347529038885751832158715",
|
"implied_profit": "1125045177.429333333333333333",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.556",
|
"implied_margin": "0.02878760646779164313874119037",
|
"implied_profit": "843783883.072",
|
"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": "-0.1966843468540137",
|
"cagr_low": "-0.3141082340234391",
|
"equity_value_high": "28226847284.16",
|
"equity_value_low": "12808821456.72",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "18.59970000002214026645304613",
|
"price_low": "8.440200000037954742490936223",
|
"role": "pessimistic",
|
"upside_to_high": "-0.6654730215823356067184703933",
|
"upside_to_low": "-0.8481978417259360657825371183"
|
},
|
{
|
"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": "-0.01972480886248118",
|
"cagr_low": "-0.17014456166363878",
|
"equity_value_high": "76378527945.30",
|
"equity_value_low": "33208055628.44",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "50.32860000001107013322652307",
|
"price_low": "21.88200000003690044408841022",
|
"role": "base",
|
"upside_to_high": "-0.0948093525177865083952064196",
|
"upside_to_low": "-0.6064388489201996323005681615"
|
},
|
{
|
"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": "0.1260404995040718",
|
"cagr_low": "-0.0008595338819000764",
|
"equity_value_high": "152757055890.60",
|
"equity_value_low": "84016380739.62",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "100.6572000000221402664530461",
|
"price_low": "55.36145999987380048121763706",
|
"role": "optimistic",
|
"upside_to_high": "0.810381294964426983209587160",
|
"upside_to_low": "-0.0042902877720539481795389018"
|
}
|
]
|
}
|
