{
|
"conclusion": {
|
"base_midpoint": "32.76899999927710224114267216",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-2.239952394102418576230616503"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "170.9878467",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "1762157154.738683835"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "1409725723.790947068"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "1174771436.49245589"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "1006946945.564962191428571429"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "881078577.3693419175"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "704862861.895473534"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "587385718.246227945"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "469908574.596982356"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "352431430.947736767"
|
}
|
],
|
"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": "0.8275",
|
"profit": "170560080.57750002"
|
},
|
"2027": {
|
"eps": "1.1725",
|
"profit": "241669721.4225"
|
},
|
"2028": {
|
"eps": "1.6",
|
"profit": "329783841.6"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池4家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.8275",
|
"eps_profit_reconciliation_gap": "0.0000000000000001172607325951179465974965182",
|
"institution_count": 1,
|
"pe_on_mean": "128.3021148036253625987045563",
|
"profit_max": "170560080.57750002",
|
"profit_mean": "170560080.57750002",
|
"profit_median": "170560080.57750002",
|
"profit_min": "170560080.57750002"
|
},
|
"2027": {
|
"eps_mean": "1.1725",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "90.55010660980810234541577825",
|
"profit_max": "241669721.4225",
|
"profit_mean": "241669721.4225",
|
"profit_median": "241669721.4225",
|
"profit_min": "241669721.4225"
|
},
|
"2028": {
|
"eps_mean": "1.6",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "66.35625",
|
"profit_max": "329783841.6",
|
"profit_mean": "329783841.6",
|
"profit_median": "329783841.6",
|
"profit_min": "329783841.6"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "001270.SZ",
|
"company": "铖昌科技",
|
"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": "-0.4044376904436616451995244149",
|
"annual_fcf": "-60898003.46",
|
"book_value_per_share": "7.570384953730249711543174649",
|
"current_fcf": "-26047996.36",
|
"deduct_pe": "185.1765107737158432971082178",
|
"diluted_shares": "206114901.0",
|
"enterprise_value": "21609166480.480",
|
"market_cap": "21883219039.170",
|
"normalized_eps": "0.5733448565176760703972586630",
|
"normalized_pe": "185.1765107737158307613509946",
|
"normalized_profit": "118174918.340000008",
|
"pb": "14.02438589964775021688544568",
|
"price": "106.17",
|
"ps": "52.53925667132843795654679450",
|
"reported_pe": "165.7592160216333622594826140",
|
"ttm_attributable_profit": "132018113.77",
|
"ttm_deduct_profit": "118174918.34",
|
"ttm_eps": "0.6405073729725149760036029612",
|
"ttm_revenue": "416511774.73"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-13843195.429999992",
|
"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": "5.3085",
|
"implied_margin": "2.626962833566421897827339725",
|
"implied_profit": "1094160951.9585",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "4.2468",
|
"implied_margin": "2.101570266853137518261871780",
|
"implied_profit": "875328761.5668",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "3.539",
|
"implied_margin": "1.751308555710947931884893150",
|
"implied_profit": "729440634.639",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "3.033428571428571428571428571",
|
"implied_margin": "1.501121619180812513044194129",
|
"implied_profit": "625234829.6905714285714285714",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "2.65425",
|
"implied_margin": "1.313481416783210948913669863",
|
"implied_profit": "547080475.97925",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "2.1234",
|
"implied_margin": "1.050785133426568759130935890",
|
"implied_profit": "437664380.7834",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "1.7695",
|
"implied_margin": "0.8756542778554739659424465750",
|
"implied_profit": "364720317.3195",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "1.4156",
|
"implied_margin": "0.7005234222843791727539572600",
|
"implied_profit": "291776253.8556",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "1.0617",
|
"implied_margin": "0.5253925667132843795654679450",
|
"implied_profit": "218832190.3917",
|
"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": "-0.30772400818749635",
|
"cagr_low": "-0.40092626973772183",
|
"equity_value_high": "3479425643.84",
|
"equity_value_low": "1688544797.72",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "16.88100000028624810585625733",
|
"price_low": "8.192250000013342072730588265",
|
"role": "pessimistic",
|
"upside_to_high": "-0.8410002825630003945949302314",
|
"upside_to_low": "-0.9228383724214623521453274158"
|
},
|
{
|
"assumption": "以TTM归一化利润与4家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "-0.1552250008682854",
|
"cagr_low": "-0.2848527295831361",
|
"equity_value_high": "9414916447.68",
|
"equity_value_low": "4093441933.76",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "45.67799999903937076339764489",
|
"price_low": "19.85999999951483371888769944",
|
"role": "base",
|
"upside_to_high": "-0.5697654704809327421738942744",
|
"upside_to_low": "-0.8129415089053891521250098951"
|
},
|
{
|
"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": "-0.03993401371865801",
|
"cagr_low": "-0.1389674103437326",
|
"equity_value_high": "17849112432.45",
|
"equity_value_low": "10356408092.64",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "86.59787500007095556861267396",
|
"price_low": "50.24579999987482709947302646",
|
"role": "optimistic",
|
"upside_to_high": "-0.1843470377689464484448274092",
|
"upside_to_low": "-0.5267420175202521701095127959"
|
}
|
]
|
}
|
