{
|
"conclusion": {
|
"base_midpoint": "46.56701740380611635324302035",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-2.747931684921159153370726915"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "281.0823103",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "1252345143.73718376"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "1001876114.989747008"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "834896762.49145584"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "715625796.4212478628571428571"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "626172571.86859188"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "500938057.494873504"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "417448381.24572792"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "333958704.996582336"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "250469028.747436752"
|
}
|
],
|
"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": "0.858",
|
"profit": "76455336.672"
|
},
|
"2027": {
|
"eps": "1.146",
|
"profit": "102118666.46399999"
|
},
|
"2028": {
|
"eps": "1.25",
|
"profit": "111385980.0"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池5家）",
|
"report_date": "2026-08-05",
|
"source_id": "SRC-EM-CONSENSUS-20260805",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.858",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "203.4149184149184149184149184",
|
"profit_max": "76455336.672",
|
"profit_mean": "76455336.672",
|
"profit_median": "76455336.672",
|
"profit_min": "76455336.672"
|
},
|
"2027": {
|
"eps_mean": "1.146",
|
"eps_profit_reconciliation_gap": "0.00000000000000009792528972678380410908630711",
|
"institution_count": 1,
|
"pe_on_mean": "152.2949389179755821037528936",
|
"profit_max": "102118666.46399999",
|
"profit_mean": "102118666.46399999",
|
"profit_median": "102118666.46399999",
|
"profit_min": "102118666.46399999"
|
},
|
"2028": {
|
"eps_mean": "1.25",
|
"eps_profit_reconciliation_gap": "0.00",
|
"institution_count": 1,
|
"pe_on_mean": "139.624",
|
"profit_max": "111385980.0",
|
"profit_mean": "111385980.0",
|
"profit_median": "111385980.0",
|
"profit_min": "111385980.0"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-05",
|
"code": "688507.SH",
|
"company": "索辰科技",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-28",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "1.911307578883921587367496499",
|
"annual_fcf": "-73998698.37",
|
"book_value_per_share": "31.04467826920407756882868023",
|
"current_fcf": "-57011165.19",
|
"deduct_pe": "1336.503952454211535033978588",
|
"diluted_shares": "89108784.0",
|
"enterprise_value": "14326187538.510",
|
"market_cap": "15552156071.520",
|
"normalized_eps": "0.1305869688447325204213313022",
|
"normalized_pe": "1336.503952454211569490477224",
|
"normalized_profit": "11636445.9999999997",
|
"pb": "5.621897527381738730056090374",
|
"price": "174.53",
|
"ps": "33.34145965627240971815844403",
|
"reported_pe": "1178.873407874461963334968688",
|
"ttm_attributable_profit": "13192388.57",
|
"ttm_deduct_profit": "11636446.00",
|
"ttm_eps": "0.1480481269949772852920987004",
|
"ttm_revenue": "466450966.21"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-1555942.5700000003",
|
"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": "8.7265",
|
"implied_margin": "1.667072982813620485907922202",
|
"implied_profit": "777607803.576",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "6.9812",
|
"implied_margin": "1.333658386250896388726337761",
|
"implied_profit": "622086242.8608",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "5.817666666666666666666666667",
|
"implied_margin": "1.111381988542413657271948134",
|
"implied_profit": "518405202.384",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "4.986571428571428571428571429",
|
"implied_margin": "0.9526131330363545633759555438",
|
"implied_profit": "444347316.3291428571428571429",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "4.36325",
|
"implied_margin": "0.8335364914068102429539611008",
|
"implied_profit": "388803901.788",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "3.4906",
|
"implied_margin": "0.6668291931254481943631688806",
|
"implied_profit": "311043121.4304",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "2.908833333333333333333333333",
|
"implied_margin": "0.5556909942712068286359740672",
|
"implied_profit": "259202601.192",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "2.327066666666666666666666667",
|
"implied_margin": "0.4445527954169654629087792537",
|
"implied_profit": "207362080.9536",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "1.7453",
|
"implied_margin": "0.3334145965627240971815844403",
|
"implied_profit": "155521560.7152",
|
"pe": "100"
|
}
|
],
|
"scenarios": [
|
{
|
"assumption": "行业供需和价格继续承压，账面资产需要更大折价。",
|
"cagr_high": "-0.26572344080604393",
|
"cagr_low": "-0.3229177755516719",
|
"equity_value_high": "3319624236.288",
|
"equity_value_low": "2213082824.192",
|
"method": "pb",
|
"name": "悲观",
|
"price_high": "37.25361392304489308259441628",
|
"price_low": "24.83574261536326205506294419",
|
"role": "pessimistic",
|
"upside_to_high": "-0.7865489375864040962436577306",
|
"upside_to_low": "-0.8576992917242693974957718204"
|
},
|
{
|
"assumption": "亏损逐步收窄并保持正常产能利用率，以归母净资产倍数作为主锚。",
|
"cagr_high": "-0.20369779930197862",
|
"cagr_low": "-0.26572344080604393",
|
"equity_value_high": "4979436354.432",
|
"equity_value_low": "3319624236.288",
|
"method": "pb",
|
"name": "基准",
|
"price_high": "55.88042088456733962389162442",
|
"price_low": "37.25361392304489308259441628",
|
"role": "base",
|
"upside_to_high": "-0.6798234063796061443654865959",
|
"upside_to_low": "-0.7865489375864040962436577306"
|
},
|
{
|
"assumption": "行业供需修复、产能利用率和盈利显著改善。",
|
"cagr_high": "-0.14962317369596023",
|
"cagr_low": "-0.20369779930197862",
|
"equity_value_high": "6915883825.600",
|
"equity_value_low": "4979436354.432",
|
"method": "pb",
|
"name": "乐观",
|
"price_high": "77.61169567301019392207170059",
|
"price_low": "55.88042088456733962389162442",
|
"role": "optimistic",
|
"upside_to_high": "-0.5553102866383418671742869387",
|
"upside_to_low": "-0.6798234063796061443654865959"
|
}
|
]
|
}
|
