{
|
"conclusion": {
|
"base_midpoint": "34.69675000000000000000000000",
|
"price_label": "当前价格高于基准合理区间",
|
"price_position": "ABOVE_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.6355998760690842802279752426"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "91.3964425",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "1444237901.72296250"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "1155390321.37837000"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "962825267.8153083333333333333"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "825278800.98455000"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "722118950.86148125"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "577695160.68918500"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "481412633.9076541666666666667"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "385130107.1261233333333333333"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "288847580.34459250"
|
}
|
],
|
"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": "1.071714285714",
|
"profit": "338702546.5999097"
|
},
|
"2027": {
|
"eps": "1.396857142857",
|
"profit": "441460077.39995486"
|
},
|
"2028": {
|
"eps": "1.775",
|
"profit": "560967627.5"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池7家）",
|
"report_date": "2026-08-04",
|
"source_id": "SRC-EM-CONSENSUS-20260804",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "1.071714285714",
|
"eps_profit_reconciliation_gap": "0.00000000000000001003830657351457439287995116",
|
"institution_count": 1,
|
"pe_on_mean": "52.95254598775072101835414393",
|
"profit_max": "338702546.5999097",
|
"profit_mean": "338702546.5999097",
|
"profit_median": "338702546.5999097",
|
"profit_min": "338702546.5999097"
|
},
|
"2027": {
|
"eps_mean": "1.396857142857",
|
"eps_profit_reconciliation_gap": "0.00000000000000001880124710004150578779855003",
|
"institution_count": 1,
|
"pe_on_mean": "40.62691757005938018498411218",
|
"profit_max": "441460077.39995486",
|
"profit_mean": "441460077.39995486",
|
"profit_median": "441460077.39995486",
|
"profit_min": "441460077.39995486"
|
},
|
"2028": {
|
"eps_mean": "1.775",
|
"eps_profit_reconciliation_gap": "0.000",
|
"institution_count": 1,
|
"pe_on_mean": "31.97183098591549295774647887",
|
"profit_max": "560967627.5",
|
"profit_mean": "560967627.5",
|
"profit_median": "560967627.5",
|
"profit_min": "560967627.5"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "002979.SZ",
|
"company": "雷赛智能",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-23",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "1.263846995494657858591067250",
|
"annual_fcf": "225627573.19",
|
"book_value_per_share": "5.927596744696288200694789647",
|
"current_fcf": "-60304772.36",
|
"deduct_pe": "76.86489165260987581763823081",
|
"diluted_shares": "316038100.0",
|
"enterprise_value": "17701636674.320",
|
"market_cap": "17935162175.000",
|
"normalized_eps": "0.7383084628087561752839293743",
|
"normalized_pe": "76.86489165260988734735861411",
|
"normalized_profit": "233333603.799999965",
|
"pb": "9.573863142896319813913197887",
|
"price": "56.75",
|
"ps": "8.928541000813369527989233552",
|
"reported_pe": "74.21248262133264932555567872",
|
"ttm_attributable_profit": "241673119.42",
|
"ttm_deduct_profit": "233333603.80",
|
"ttm_eps": "0.7646961534701037628058136029",
|
"ttm_revenue": "2008745009.22"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-8339515.620000035",
|
"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": "2.8375",
|
"implied_margin": "0.4464270500406684763994616776",
|
"implied_profit": "896758108.750",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "2.27",
|
"implied_margin": "0.3571416400325347811195693421",
|
"implied_profit": "717406487.000",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.891666666666666666666666667",
|
"implied_margin": "0.2976180333604456509329744518",
|
"implied_profit": "597838739.1666666666666666667",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.621428571428571428571428571",
|
"implied_margin": "0.2551011714518105579425495301",
|
"implied_profit": "512433205.000",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "1.41875",
|
"implied_margin": "0.2232135250203342381997308388",
|
"implied_profit": "448379054.375",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "1.135",
|
"implied_margin": "0.1785708200162673905597846710",
|
"implied_profit": "358703243.500",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.9458333333333333333333333333",
|
"implied_margin": "0.1488090166802228254664872259",
|
"implied_profit": "298919369.5833333333333333333",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.7566666666666666666666666667",
|
"implied_margin": "0.1190472133441782603731897807",
|
"implied_profit": "239135495.6666666666666666667",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.5675",
|
"implied_margin": "0.08928541000813369527989233552",
|
"implied_profit": "179351621.750",
|
"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": "-0.19545512096617756",
|
"cagr_low": "-0.3130586890406576",
|
"equity_value_high": "6045840456.88",
|
"equity_value_low": "2743490627.46",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "19.13010000022149228210143018",
|
"price_low": "8.680885714285714285714285714",
|
"role": "pessimistic",
|
"upside_to_high": "-0.6629057268683437483330144462",
|
"upside_to_low": "-0.8470328508495909376966645689"
|
},
|
{
|
"assumption": "以TTM归一化利润与7家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "-0.027758405558163002",
|
"cagr_low": "-0.18750090633503624",
|
"equity_value_high": "15580317143.60",
|
"equity_value_low": "6350672748.75",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "49.29885714285714285714285714",
|
"price_low": "20.09464285714285714285714286",
|
"role": "base",
|
"upside_to_high": "-0.1312976714915040906230333544",
|
"upside_to_low": "-0.6459093769666456891126494650"
|
},
|
{
|
"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": "0.10830768309066352",
|
"cagr_low": "-0.009047736152810515",
|
"equity_value_high": "29992110501.65",
|
"equity_value_low": "17138348858.00",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "94.90030000069611860089020912",
|
"price_low": "54.22874285726942416120081724",
|
"role": "optimistic",
|
"upside_to_high": "0.672251982391121032614805447",
|
"upside_to_low": "-0.0444274386384242438554922072"
|
}
|
]
|
}
|
