{
|
"conclusion": {
|
"base_midpoint": "583.072875000093656669122291",
|
"price_label": "当前价格低于基准合理区间",
|
"price_position": "BELOW_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "0.6002729504438659354613597974"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "375.3615657",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "8767164502.68591735"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "7013731602.14873388"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "5844776335.12394490"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "5009808287.249095628571428571"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "4383582251.342958675"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "3506865801.07436694"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "2922388167.56197245"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "2337910534.04957796"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "1753432900.53718347"
|
}
|
],
|
"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": "16.8275",
|
"profit": "7860658850.025001"
|
},
|
"2027": {
|
"eps": "18.63125",
|
"profit": "8703247671.9375"
|
},
|
"2028": {
|
"eps": "20.045",
|
"profit": "9363655126.95"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池8家）",
|
"report_date": "2026-08-05",
|
"source_id": "SRC-EM-CONSENSUS-20260805",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "16.8275",
|
"eps_profit_reconciliation_gap": "0.0000000000000001272157994742157621809710177",
|
"institution_count": 1,
|
"pe_on_mean": "13.85054226712226833158898330",
|
"profit_max": "7860658850.025001",
|
"profit_mean": "7860658850.025001",
|
"profit_median": "7860658850.025001",
|
"profit_min": "7860658850.025001"
|
},
|
"2027": {
|
"eps_mean": "18.63125",
|
"eps_profit_reconciliation_gap": "0.00",
|
"institution_count": 1,
|
"pe_on_mean": "12.50962764173096276417309628",
|
"profit_max": "8703247671.9375",
|
"profit_mean": "8703247671.9375",
|
"profit_median": "8703247671.9375",
|
"profit_min": "8703247671.9375"
|
},
|
"2028": {
|
"eps_mean": "20.045",
|
"eps_profit_reconciliation_gap": "0.00",
|
"institution_count": 1,
|
"pe_on_mean": "11.62733848840109753055624844",
|
"profit_max": "9363655126.95",
|
"profit_mean": "9363655126.95",
|
"profit_median": "9363655126.95",
|
"profit_min": "9363655126.95"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-05",
|
"code": "688525.SH",
|
"company": "佰维存储",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-16",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "-2.304083902352090355081653653",
|
"annual_fcf": "-3485968512.44",
|
"book_value_per_share": "18.22203740782230347839156541",
|
"current_fcf": "-2883442956.25",
|
"deduct_pe": "28.52101047587031551354985090",
|
"diluted_shares": "467131710.0",
|
"enterprise_value": "117017050128.320001",
|
"market_cap": "108874387649.700",
|
"normalized_eps": "8.171870354915532323849305799",
|
"normalized_pe": "28.52101047587031909983921555",
|
"normalized_profit": "3817339772.78999952",
|
"pb": "12.79055655433724359354260484",
|
"price": "233.07",
|
"ps": "6.569225498672179890893189838",
|
"reported_pe": "27.56657527064755335448846152",
|
"ttm_attributable_profit": "3949507205.04",
|
"ttm_deduct_profit": "3817339772.79",
|
"ttm_eps": "8.454804331395100538133024624",
|
"ttm_revenue": "16573397833.84"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-132167432.25000048",
|
"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": "11.6535",
|
"implied_margin": "0.3284612749336089945446594919",
|
"implied_profit": "5443719382.485",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "9.3228",
|
"implied_margin": "0.2627690199468871956357275935",
|
"implied_profit": "4354975505.988",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "7.769",
|
"implied_margin": "0.2189741832890726630297729946",
|
"implied_profit": "3629146254.990",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "6.659142857142857142857142857",
|
"implied_margin": "0.1876921571049194254540911382",
|
"implied_profit": "3110696789.991428571428571429",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "5.82675",
|
"implied_margin": "0.1642306374668044972723297459",
|
"implied_profit": "2721859691.2425",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "4.6614",
|
"implied_margin": "0.1313845099734435978178637968",
|
"implied_profit": "2177487752.994",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "3.8845",
|
"implied_margin": "0.1094870916445363315148864973",
|
"implied_profit": "1814573127.495",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "3.1076",
|
"implied_margin": "0.08758967331562906521190919784",
|
"implied_profit": "1451658501.996",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "2.3307",
|
"implied_margin": "0.06569225498672179890893189838",
|
"implied_profit": "1088743876.497",
|
"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": "0.0520449322835328",
|
"cagr_low": "-0.10173671624072234",
|
"equity_value_high": "140312760472.92",
|
"equity_value_low": "63671336685.18",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "300.3708749999438059985266254",
|
"price_low": "136.3027499999518337130228218",
|
"role": "pessimistic",
|
"upside_to_high": "0.288758205689036795806095274",
|
"upside_to_low": "-0.4151853520403662688762053383"
|
},
|
{
|
"assumption": "以TTM归一化利润与8家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "0.28379615539789427",
|
"cagr_low": "0.08680218667545803",
|
"equity_value_high": "379669822456.26",
|
"equity_value_low": "165073835850.56",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "812.7682500001123880029467492",
|
"price_low": "353.3775000000749253352978328",
|
"role": "base",
|
"upside_to_high": "2.487228085983234170004491137",
|
"upside_to_low": "0.516186124340648411787436533"
|
},
|
{
|
"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": "0.47469453185703236",
|
"cagr_low": "0.3085026538486546",
|
"equity_value_high": "759339644912.40",
|
"equity_value_low": "417636804701.76",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "1625.536499999967889142015215",
|
"price_low": "894.0450749998538955961692260",
|
"role": "optimistic",
|
"upside_to_high": "5.974456171965366152409212747",
|
"upside_to_low": "2.835950894580400290025182246"
|
}
|
]
|
}
|
