{
|
"conclusion": {
|
"base_midpoint": "91.4413888889227409043438739",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.4159889911261537818931917886"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "208.5288348",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "4962232207.12047972"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "3969785765.696383776"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "3308154804.74698648"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "2835561261.211702697142857143"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "2481116103.56023986"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "1984892882.848191888"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "1654077402.37349324"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "1323261921.898794592"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "992446441.424095944"
|
}
|
],
|
"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": "2.824444444444",
|
"profit": "1344231286.0842328"
|
},
|
"2027": {
|
"eps": "3.468888888889",
|
"profit": "1650940234.1289418"
|
},
|
"2028": {
|
"eps": "4.231428571429",
|
"profit": "2013853974.6230612"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池9家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "2.824444444444",
|
"eps_profit_reconciliation_gap": "0.00000000000000009003807696856107890820403681",
|
"institution_count": 1,
|
"pe_on_mean": "45.84264358773341760415117178",
|
"profit_max": "1344231286.0842328",
|
"profit_mean": "1344231286.0842328",
|
"profit_median": "1344231286.0842328",
|
"profit_min": "1344231286.0842328"
|
},
|
"2027": {
|
"eps_mean": "3.468888888889",
|
"eps_profit_reconciliation_gap": "0.00000000000000001832773796076544614480003883",
|
"institution_count": 1,
|
"pe_on_mean": "37.32607303010770828216817078",
|
"profit_max": "1650940234.1289418",
|
"profit_mean": "1650940234.1289418",
|
"profit_median": "1650940234.1289418",
|
"profit_min": "1650940234.1289418"
|
},
|
"2028": {
|
"eps_mean": "4.231428571429",
|
"eps_profit_reconciliation_gap": "0.00000000000000004376583461891622066701868864",
|
"institution_count": 1,
|
"pe_on_mean": "30.59959486832910741214696649",
|
"profit_max": "2013853974.6230612",
|
"profit_mean": "2013853974.6230612",
|
"profit_median": "2013853974.6230612",
|
"profit_min": "2013853974.6230612"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "002409.SZ",
|
"company": "雅克科技",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-28",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "1.031095824972765681176658307",
|
"annual_fcf": "-249998290.72",
|
"book_value_per_share": "17.02191742664313169027332762",
|
"current_fcf": "-195974897.1",
|
"deduct_pe": "65.26226552555013781045206203",
|
"diluted_shares": "475927678.0",
|
"enterprise_value": "66159245260.900",
|
"market_cap": "61623115747.440",
|
"normalized_eps": "1.983994869888613593093024525",
|
"normalized_pe": "65.26226552555013877808061340",
|
"normalized_profit": "944238071.589999986",
|
"pb": "7.606663618126513732151250615",
|
"price": "129.48",
|
"ps": "7.278559854615000994544522651",
|
"reported_pe": "61.21087019574696110582274630",
|
"ttm_attributable_profit": "1006734842.20",
|
"ttm_deduct_profit": "944238071.59",
|
"ttm_eps": "2.115310558172664208867465783",
|
"ttm_revenue": "8466388540.91"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-62496770.610000014",
|
"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": [
|
{
|
"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"
|
}
|
],
|
"status": "PASS_WITH_WARNINGS",
|
"warning_count": 1
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "6.474",
|
"implied_margin": "0.3639279927307500497272261326",
|
"implied_profit": "3081155787.372",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "5.1792",
|
"implied_margin": "0.2911423941846000397817809061",
|
"implied_profit": "2464924629.8976",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "4.316",
|
"implied_margin": "0.2426186618205000331514840884",
|
"implied_profit": "2054103858.248",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "3.699428571428571428571428571",
|
"implied_margin": "0.2079588529890000284155577900",
|
"implied_profit": "1760660449.926857142857142857",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "3.237",
|
"implied_margin": "0.1819639963653750248636130663",
|
"implied_profit": "1540577893.686",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "2.5896",
|
"implied_margin": "0.1455711970923000198908904530",
|
"implied_profit": "1232462314.9488",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "2.158",
|
"implied_margin": "0.1213093309102500165757420442",
|
"implied_profit": "1027051929.124",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "1.7264",
|
"implied_margin": "0.09704746472820001326059363535",
|
"implied_profit": "821641543.2992",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "1.2948",
|
"implied_margin": "0.07278559854615000994544522651",
|
"implied_profit": "616231157.4744",
|
"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": "-0.17191729679015855",
|
"cagr_low": "-0.2929614835030858",
|
"equity_value_high": "23994528456.64",
|
"equity_value_low": "10888273417.32",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "50.41633333340197121294550976",
|
"price_low": "22.87800000007564174487872504",
|
"role": "pessimistic",
|
"upside_to_high": "-0.6106245494794410626124072462",
|
"upside_to_low": "-0.8233086190911674255106678635"
|
},
|
{
|
"assumption": "以TTM归一化利润与9家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "0.0006855660646658546",
|
"cagr_low": "-0.1637303730693752",
|
"equity_value_high": "61834639160.0",
|
"equity_value_low": "25204336614.00",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "129.9244444446872451070181298",
|
"price_low": "52.95833333315823670166961796",
|
"role": "base",
|
"upside_to_high": "0.003432533554890678923525871",
|
"upside_to_low": "-0.5909921738248514310961567967"
|
},
|
{
|
"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": "0.14073241421283433",
|
"cagr_low": "0.019943636190363767",
|
"equity_value_high": "119031680383.0",
|
"equity_value_low": "68018103076.0",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "250.1045555560229468310098998",
|
"price_low": "142.9168888891559696177199427",
|
"role": "optimistic",
|
"upside_to_high": "0.931607627093164556927787302",
|
"upside_to_low": "0.103775786910379746815878458"
|
}
|
]
|
}
|
