{
|
"conclusion": {
|
"base_midpoint": "158.8601133995437373320685008",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "0.1102234728707805907172995785"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "227.645588500000",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "15",
|
"required_profit": "45282610232.73738116666666667"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "33961957674.553035875000"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "27169566139.642428700000"
|
},
|
{
|
"exit_pe": "28",
|
"required_profit": "24258541196.10931133928571429"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "22641305116.36869058333333333"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "19406832956.88744907142857143"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "16980978837.276517937500"
|
}
|
],
|
"required_return": "0.10",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "available",
|
"detail": [
|
{
|
"core_assumption": "汇总接口未提供逐家报告日期；且2026年半年报当日发布，一致预期可能尚未完全吸收新信息，仅作为C1市场基准。",
|
"estimates": {
|
"2026": {
|
"eps": "5.951758620690",
|
"profit": "17758602369.32"
|
},
|
"2027": {
|
"eps": "7.023103448276",
|
"profit": "20955235164.10"
|
},
|
"2028": {
|
"eps": "8.276964285714",
|
"profit": "24696451409.18"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池30家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "5.951758620690",
|
"eps_profit_reconciliation_gap": "0.0000000000001847816050923635547037031393",
|
"institution_count": 1,
|
"pe_on_mean": "23.74928302848190369495658089",
|
"profit_max": "17758602369.32",
|
"profit_mean": "17758602369.32",
|
"profit_median": "17758602369.32",
|
"profit_min": "17758602369.32"
|
},
|
"2027": {
|
"eps_mean": "7.023103448276",
|
"eps_profit_reconciliation_gap": "0.00000000000006263758004723750958881275617",
|
"institution_count": 1,
|
"pe_on_mean": "20.12643000932716027615118603",
|
"profit_max": "20955235164.10",
|
"profit_mean": "20955235164.10",
|
"profit_median": "20955235164.10",
|
"profit_min": "20955235164.10"
|
},
|
"2028": {
|
"eps_mean": "8.276964285714",
|
"eps_profit_reconciliation_gap": "0.00000000000005621116600921788690805108131",
|
"institution_count": 1,
|
"pe_on_mean": "17.07751720566941014254196920",
|
"profit_max": "24696451409.18",
|
"profit_mean": "24696451409.18",
|
"profit_median": "24696451409.18",
|
"profit_min": "24696451409.18"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "603259.SH",
|
"company": "药明康德",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-08-04",
|
"market": "上海证券交易所主板",
|
"report_period_end": "2026-06-30"
|
},
|
"metrics": {
|
"annual_cash_conversion": "0.8983101015967099794259139667",
|
"annual_fcf": "11665010792.06",
|
"book_value_per_share": "27.92912185735504335975358558",
|
"current_fcf": "6737563271.67",
|
"deduct_pe": "23.13439471682319174441966594",
|
"diluted_shares": "2983757155",
|
"enterprise_value": "383921901394.91",
|
"market_cap": "421754073859.25",
|
"normalized_eps": "6.109950215764124409782940261",
|
"normalized_pe": "23.13439471819369714623356724",
|
"normalized_profit": "18230607672.98",
|
"pb": "5.061025574736283283929774741",
|
"price": "141.35",
|
"ps": "7.875251488472901085301931258",
|
"reported_pe": "19.46269207031057177153465720",
|
"ttm_attributable_profit": "21669873434.55",
|
"ttm_deduct_profit": "18230607674.06",
|
"ttm_eps": "7.262612977144247518360789653",
|
"ttm_revenue": "53554362610.08"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-3439265761.57",
|
"basis": "2025年报加2026年半年报减2025年同期比较数",
|
"description": "以TTM扣非归母利润替代TTM归母利润，剔除处置及公允价值等非经常性收益"
|
}
|
],
|
"qa": {
|
"error_count": 0,
|
"info_count": 0,
|
"issues": [],
|
"status": "PASS",
|
"warning_count": 0
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "9.423333333333333333333333333",
|
"implied_margin": "0.5250167658981934056867954171",
|
"implied_profit": "28116938257.28333333333333333",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "7.0675",
|
"implied_margin": "0.3937625744236450542650965629",
|
"implied_profit": "21087703692.9625",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "5.654",
|
"implied_margin": "0.3150100595389160434120772503",
|
"implied_profit": "16870162954.37",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "5.048214285714285714285714286",
|
"implied_margin": "0.2812589817311750387607832591",
|
"implied_profit": "15062645494.97321428571428571",
|
"pe": "28"
|
},
|
{
|
"implied_eps": "4.711666666666666666666666667",
|
"implied_margin": "0.2625083829490967028433977087",
|
"implied_profit": "14058469128.64166666666666667",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "4.038571428571428571428571429",
|
"implied_margin": "0.2250071853849400310086266073",
|
"implied_profit": "12050116395.97857142857142857",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "3.53375",
|
"implied_margin": "0.1968812872118225271325482814",
|
"implied_profit": "10543851846.48125",
|
"pe": "40"
|
}
|
],
|
"scenarios": [
|
{
|
"assumption": "地缘政治和客户调整压低订单转化，利润回落到150至170亿元，估值中枢降至15至20倍。",
|
"cagr_high": "-0.04217994495573041",
|
"cagr_low": "-0.11808922984553916",
|
"equity_value_high": "340000000000",
|
"equity_value_low": "225000000000",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "113.9502923119090099006398528",
|
"price_low": "75.40828167699860949307049085",
|
"role": "pessimistic",
|
"upside_to_high": "-0.1938429974396249741730466728",
|
"upside_to_low": "-0.4665137483056341740851044156"
|
},
|
{
|
"assumption": "持续经营业务和TIDES保持增长，利润处于180至210亿元，给予成熟全球CRDMO平台20至28倍估值。",
|
"cagr_high": "0.06871919068104959",
|
"cagr_low": "-0.031167625191598658",
|
"equity_value_high": "588000000000",
|
"equity_value_low": "360000000000",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "197.0669761158896994752242161",
|
"price_low": "120.6532506831977751889127854",
|
"role": "base",
|
"upside_to_high": "0.394177404427942691724260461",
|
"upside_to_low": "-0.1464219972890146785361670647"
|
},
|
{
|
"assumption": "后期及商业化项目、TIDES和产能效率持续超预期，利润达到220至250亿元，估值维持28至35倍。",
|
"cagr_high": "0.157150249560996",
|
"cagr_low": "0.07870895772176012",
|
"equity_value_high": "875000000000",
|
"equity_value_low": "616000000000",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "293.2544287438834813619407978",
|
"price_low": "206.4511178356939708788063216",
|
"role": "optimistic",
|
"upside_to_high": "1.074668756589200434113482828",
|
"upside_to_low": "0.460566804638797105615891911"
|
}
|
]
|
}
|
