{
|
"conclusion": {
|
"base_midpoint": "68.6166666666119148490127382",
|
"price_label": "当前价格低于基准合理区间",
|
"price_position": "BELOW_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "0.4996842360938441603477079072"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "55.2888083",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "4628285395.80885511"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "3702628316.647084088"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "3085523597.205903406666666667"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "2644734511.890774348571428571"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "2314142697.904427555"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "1851314158.323542044"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "1542761798.602951703333333333"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "1234209438.882361362666666667"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "925657079.161771022"
|
}
|
],
|
"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": "1.533333333333",
|
"profit": "2567139532.1327753"
|
},
|
"2027": {
|
"eps": "2.006666666667",
|
"profit": "3359604344.2272243"
|
},
|
"2028": {
|
"eps": "2.5",
|
"profit": "4185553585.0"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池15家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "1.533333333333",
|
"eps_profit_reconciliation_gap": "0.00000000000000001576774440708758210421482620",
|
"institution_count": 1,
|
"pe_on_mean": "22.38913043478747554489451978",
|
"profit_max": "2567139532.1327753",
|
"profit_mean": "2567139532.1327753",
|
"profit_median": "2567139532.1327753",
|
"profit_min": "2567139532.1327753"
|
},
|
"2027": {
|
"eps_mean": "2.006666666667",
|
"eps_profit_reconciliation_gap": "0.0000000000000001311100816847284691647144605",
|
"institution_count": 1,
|
"pe_on_mean": "17.10797342192407068598096157",
|
"profit_max": "3359604344.2272243",
|
"profit_mean": "3359604344.2272243",
|
"profit_median": "3359604344.2272243",
|
"profit_min": "3359604344.2272243"
|
},
|
"2028": {
|
"eps_mean": "2.5",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "13.732",
|
"profit_max": "4185553585.0",
|
"profit_mean": "4185553585.0",
|
"profit_median": "4185553585.0",
|
"profit_min": "4185553585.0"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "300450.SZ",
|
"company": "先导智能",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-29",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "3.170123223775099040926715285",
|
"annual_fcf": "4402588741.14",
|
"book_value_per_share": "10.67329071331194055182547615",
|
"current_fcf": "1192360640.81",
|
"deduct_pe": "36.14504091567610625793765748",
|
"diluted_shares": "1674221434.0",
|
"enterprise_value": "47862607679.050",
|
"market_cap": "57476021829.220",
|
"normalized_eps": "0.9497845106909553572230756663",
|
"normalized_pe": "36.14504091567611514559899895",
|
"normalized_profit": "1590149585.479999609",
|
"pb": "3.216440076646927728780695543",
|
"price": "34.33",
|
"ps": "3.822742232362997799603577858",
|
"reported_pe": "35.83474068855521439796609668",
|
"ttm_attributable_profit": "1603919010.57",
|
"ttm_deduct_profit": "1590149585.48",
|
"ttm_eps": "0.9580088858007058581236632286",
|
"ttm_revenue": "15035285754.46"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-13769425.090000391",
|
"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": "1.7165",
|
"implied_margin": "0.1911371116181498899801788929",
|
"implied_profit": "2873801091.461",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "1.3732",
|
"implied_margin": "0.1529096892945199119841431143",
|
"implied_profit": "2299040873.1688",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.144333333333333333333333333",
|
"implied_margin": "0.1274247410787665933201192619",
|
"implied_profit": "1915867394.307333333333333333",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.9808571428571428571428571429",
|
"implied_margin": "0.1092212066389427942743879388",
|
"implied_profit": "1642172052.263428571428571429",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.85825",
|
"implied_margin": "0.09556855580907494499008944644",
|
"implied_profit": "1436900545.7305",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.6866",
|
"implied_margin": "0.07645484464725995599207155716",
|
"implied_profit": "1149520436.5844",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.5721666666666666666666666667",
|
"implied_margin": "0.06371237053938329666005963096",
|
"implied_profit": "957933697.1536666666666666667",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.4577333333333333333333333333",
|
"implied_margin": "0.05096989643150663732804770477",
|
"implied_profit": "766346957.7229333333333333333",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.3433",
|
"implied_margin": "0.03822742232362997799603577858",
|
"implied_profit": "574760218.2922",
|
"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": "-0.0006854715781131615",
|
"cagr_low": "-0.15058565011302694",
|
"equity_value_high": "57279300810.55",
|
"equity_value_low": "25414681368.12",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "34.21249999989547380266068198",
|
"price_low": "15.18",
|
"role": "pessimistic",
|
"upside_to_high": "-0.0034226623974519719586168954",
|
"upside_to_low": "-0.5578211476842411884648995048"
|
},
|
{
|
"assumption": "以TTM归一化利润与15家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "0.23084866990451314",
|
"cagr_low": "0.032329686060726504",
|
"equity_value_high": "162371575407.25",
|
"equity_value_low": "67387412718.5",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "96.98333333322382969802547636",
|
"price_low": "40.25",
|
"role": "base",
|
"upside_to_high": "1.825031556458602671075603739",
|
"upside_to_low": "0.172443926594815030585493737"
|
},
|
{
|
"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": "0.40078016199444666",
|
"cagr_low": "0.2545362005368854",
|
"equity_value_high": "309982098504.75",
|
"equity_value_low": "178608732948.25",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "185.1499999997909476053213640",
|
"price_low": "106.6816666667104681207898095",
|
"role": "optimistic",
|
"upside_to_high": "4.393242062330059644780698048",
|
"upside_to_low": "2.107534712109247542114471585"
|
}
|
]
|
}
|
