{
|
"conclusion": {
|
"base_midpoint": "18.23295971810551656416725025",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "0.1213713929235539745735187459"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "25.8003702",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "228223613.08648341"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "182578890.469186728"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "152149075.39098894"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "130413493.1922762342857142857"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "114111806.543241705"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "91289445.234593364"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "76074537.69549447"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "60859630.156395576"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "45644722.617296682"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "002869.SZ",
|
"company": "金溢科技",
|
"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": null,
|
"annual_fcf": "-28298306.80",
|
"book_value_per_share": "11.39559982381594785260453140",
|
"current_fcf": "-47575087.62",
|
"deduct_pe": null,
|
"diluted_shares": "176914991.0",
|
"enterprise_value": "1694884245.270",
|
"market_cap": "2834178155.820",
|
"normalized_eps": "-1.056276884981442867099939541",
|
"normalized_pe": null,
|
"normalized_profit": "-186871215.60",
|
"pb": "1.405805771322313640682370007",
|
"price": "16.02",
|
"ps": "5.869262615390341020701538870",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-147816062.79",
|
"ttm_deduct_profit": "-186871215.60",
|
"ttm_eps": "-0.8355202798501117409547277992",
|
"ttm_revenue": "482884876.95"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-39055152.81",
|
"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": 1,
|
"issues": [
|
{
|
"action": "补充法定披露、行情接口或机构预测汇总页来源。",
|
"field": "institutions",
|
"issue_id": "QA-CORE-SOURCE-MISSING",
|
"message": "核心字段没有由注册表中允许承载核心数字的来源支持。",
|
"recalc_scope": "institutions",
|
"severity": "WARNING"
|
},
|
{
|
"action": "使用正常化情景、PB 或反向估值。",
|
"field": "metrics.ttm_attributable_profit",
|
"issue_id": "QA-NEGATIVE-TTM-PROFIT",
|
"message": "TTM 归母利润不为正，报告 PE 不适用。",
|
"recalc_scope": "PE 模块",
|
"severity": "WARNING"
|
},
|
{
|
"action": "检查主营盈利恢复条件。",
|
"field": "metrics.ttm_deduct_profit",
|
"issue_id": "QA-NEGATIVE-TTM-DEDUCT",
|
"message": "TTM 扣非利润不为正，扣非 PE 不适用。",
|
"recalc_scope": "扣非 PE 模块",
|
"severity": "WARNING"
|
},
|
{
|
"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"
|
},
|
{
|
"action": "不得以公司业绩预告或自有情景冒充机构预期。",
|
"field": "institutions",
|
"issue_id": "QA-INSTITUTION-NONE",
|
"message": "估值日没有可用机构盈利预测，已明确记录为空。",
|
"recalc_scope": "机构预期模块",
|
"severity": "INFO"
|
}
|
],
|
"status": "PASS_WITH_WARNINGS",
|
"warning_count": 4
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "0.801",
|
"implied_margin": "0.2934631307695170510350769435",
|
"implied_profit": "141708907.791",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.6408",
|
"implied_margin": "0.2347705046156136408280615548",
|
"implied_profit": "113367126.2328",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.534",
|
"implied_margin": "0.1956420871796780340233846290",
|
"implied_profit": "94472605.194",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.4577142857142857142857142857",
|
"implied_margin": "0.1676932175825811720200439677",
|
"implied_profit": "80976518.73771428571428571429",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.4005",
|
"implied_margin": "0.1467315653847585255175384718",
|
"implied_profit": "70854453.8955",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.3204",
|
"implied_margin": "0.1173852523078068204140307774",
|
"implied_profit": "56683563.1164",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.267",
|
"implied_margin": "0.09782104358983901701169231450",
|
"implied_profit": "47236302.597",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.2136",
|
"implied_margin": "0.07825683487187121360935385160",
|
"implied_profit": "37789042.0776",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.1602",
|
"implied_margin": "0.05869262615390341020701538870",
|
"implied_profit": "28341781.5582",
|
"pe": "100"
|
}
|
],
|
"scenarios": [
|
{
|
"assumption": "盈利尚未稳定，按归母净资产折价并要求现金消耗受控。",
|
"cagr_high": "-0.031161954594433938",
|
"cagr_low": "-0.10662677338703419",
|
"equity_value_high": "2419262928.324",
|
"equity_value_low": "1612841952.216",
|
"method": "pb",
|
"name": "悲观",
|
"price_high": "13.67471978857913742312543769",
|
"price_low": "9.116479859052758282083625124",
|
"role": "pessimistic",
|
"upside_to_high": "-0.1463970169426256290183871604",
|
"upside_to_low": "-0.4309313446284170860122581071"
|
},
|
{
|
"assumption": "业务逐步接近盈亏平衡，按归母净资产的中性倍数定价。",
|
"cagr_high": "0.07305241114966354",
|
"cagr_low": "-0.031161954594433938",
|
"equity_value_high": "4032104880.540",
|
"equity_value_low": "2419262928.324",
|
"method": "pb",
|
"name": "基准",
|
"price_high": "22.79119964763189570520906281",
|
"price_low": "13.67471978857913742312543769",
|
"role": "base",
|
"upside_to_high": "0.422671638428957284969354732",
|
"upside_to_low": "-0.1463970169426256290183871604"
|
},
|
{
|
"assumption": "新业务放量并形成可持续盈利，给予成长型资产溢价。",
|
"cagr_high": "0.1636950489074367",
|
"cagr_low": "0.07305241114966354",
|
"equity_value_high": "6048157320.810",
|
"equity_value_low": "4032104880.540",
|
"method": "pb",
|
"name": "乐观",
|
"price_high": "34.18679947144784355781359421",
|
"price_low": "22.79119964763189570520906281",
|
"role": "optimistic",
|
"upside_to_high": "1.134007457643435927454032098",
|
"upside_to_low": "0.422671638428957284969354732"
|
}
|
]
|
}
|
