{
|
"conclusion": {
|
"base_midpoint": "59.4847035714208577028132738",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.07758795373398379793721943249"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "103.233691",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "13975797445.2638652"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "11180637956.21109216"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "9317198296.8425768"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "7986169968.722208685714285714"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "6987898722.6319326"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "5590318978.10554608"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "4658599148.4212884"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "3726879318.73703072"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "2795159489.05277304"
|
}
|
],
|
"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": "2.232071428571",
|
"profit": "6043565403.288554"
|
},
|
"2027": {
|
"eps": "2.688857142857",
|
"profit": "7280360204.852185"
|
},
|
"2028": {
|
"eps": "3.181307692308",
|
"profit": "8613721254.77068"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池14家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "2.232071428571",
|
"eps_profit_reconciliation_gap": "0.00000000000000001918999667595103044161887204",
|
"institution_count": 1,
|
"pe_on_mean": "28.71771896701245764961115740",
|
"profit_max": "6043565403.288554",
|
"profit_mean": "6043565403.288554",
|
"profit_median": "6043565403.288554",
|
"profit_min": "6043565403.288554"
|
},
|
"2027": {
|
"eps_mean": "2.688857142857",
|
"eps_profit_reconciliation_gap": "0.00000000000000005109527407065330058579891620",
|
"institution_count": 1,
|
"pe_on_mean": "23.83912442886111020072146348",
|
"profit_max": "7280360204.852185",
|
"profit_mean": "7280360204.852185",
|
"profit_median": "7280360204.852185",
|
"profit_min": "7280360204.852185"
|
},
|
"2028": {
|
"eps_mean": "3.181307692308",
|
"eps_profit_reconciliation_gap": "0.00000000000000008558995330754146723226945301",
|
"institution_count": 1,
|
"pe_on_mean": "20.14894697390814935536901314",
|
"profit_max": "8613721254.77068",
|
"profit_mean": "8613721254.77068",
|
"profit_median": "8613721254.77068",
|
"profit_min": "8613721254.77068"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "300124.SZ",
|
"company": "汇川技术",
|
"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": "1.322974782631332975565054989",
|
"annual_fcf": "3657093341.10",
|
"book_value_per_share": "13.43703997824432183645836793",
|
"current_fcf": "-726389004.38",
|
"deduct_pe": "36.44324703236331940496600429",
|
"diluted_shares": "2707603944.0",
|
"enterprise_value": "168718535440.48",
|
"market_cap": "173557412810.40",
|
"normalized_eps": "1.758899253490672098828941579",
|
"normalized_pe": "36.44324703236332290971112927",
|
"normalized_profit": "4762402555.849999542",
|
"pb": "4.770395868716860054929702264",
|
"price": "64.1",
|
"ps": "3.750958033951637916225977231",
|
"reported_pe": "36.61063589683098693116330644",
|
"ttm_attributable_profit": "4740628196.12",
|
"ttm_deduct_profit": "4762402555.85",
|
"ttm_eps": "1.750857324102051167643002961",
|
"ttm_revenue": "46270155848.04"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "21774359.729999542",
|
"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": [],
|
"status": "PASS",
|
"warning_count": 0
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "3.205",
|
"implied_margin": "0.1875479016975818958112988616",
|
"implied_profit": "8677870640.52",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "2.564",
|
"implied_margin": "0.1500383213580655166490390893",
|
"implied_profit": "6942296512.416",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "2.136666666666666666666666667",
|
"implied_margin": "0.1250319344650545972075325744",
|
"implied_profit": "5785247093.68",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.831428571428571428571428571",
|
"implied_margin": "0.1071702295414753690350279209",
|
"implied_profit": "4958783223.154285714285714286",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "1.6025",
|
"implied_margin": "0.09377395084879094790564943079",
|
"implied_profit": "4338935320.26",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "1.282",
|
"implied_margin": "0.07501916067903275832451954463",
|
"implied_profit": "3471148256.208",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "1.068333333333333333333333333",
|
"implied_margin": "0.06251596723252729860376628719",
|
"implied_profit": "2892623546.84",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.8546666666666666666666666667",
|
"implied_margin": "0.05001277378602183888301302975",
|
"implied_profit": "2314098837.472",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.641",
|
"implied_margin": "0.03750958033951637916225977231",
|
"implied_profit": "1735574128.104",
|
"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": "-0.1335358753605348",
|
"cagr_low": "-0.251432847162844",
|
"equity_value_high": "84761004781.2",
|
"equity_value_low": "40794066472.20",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "31.30480178573709449434898592",
|
"price_low": "15.06648214285508516012118795",
|
"role": "pessimistic",
|
"upside_to_high": "-0.5116255571647879174048520137",
|
"upside_to_low": "-0.7649534767105290926658161006"
|
},
|
{
|
"assumption": "以TTM归一化利润与14家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "0.05084720996469794",
|
"cagr_low": "-0.1049098033389696",
|
"equity_value_high": "222403206840.96",
|
"equity_value_low": "99718829154.34",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "82.14022857139108968589979274",
|
"price_low": "36.82917857145062571972675484",
|
"role": "base",
|
"upside_to_high": "0.281438823266631664366611431",
|
"upside_to_low": "-0.4254418319586485847156512505"
|
},
|
{
|
"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": "0.20331045397519176",
|
"cagr_low": "0.07107063473191633",
|
"equity_value_high": "437856313468.05",
|
"equity_value_low": "244643527525.12",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "161.7135749998929680979959453",
|
"price_low": "90.35425142855383578950792073",
|
"role": "optimistic",
|
"upside_to_high": "1.522832683305662528829889942",
|
"upside_to_low": "0.409582705593663584859717952"
|
}
|
]
|
}
|
