{
|
"conclusion": {
|
"base_midpoint": "13.03210930813978824651141020",
|
"price_label": "当前价格高于基准合理区间",
|
"price_position": "ABOVE_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.5906864736817507306849094467"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "33.3858723",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "355781743.00667988"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "284625394.405343904"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "237187828.67111992"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "203303853.1466742171428571429"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "177890871.50333994"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "142312697.202671952"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "118593914.33555996"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "94875131.468447968"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "71156348.601335976"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-04",
|
"code": "300552.SZ",
|
"company": "万集科技",
|
"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": null,
|
"annual_fcf": "16724123.38",
|
"book_value_per_share": "8.145068317587367654069631377",
|
"current_fcf": "-66865209.01",
|
"deduct_pe": null,
|
"diluted_shares": "213133112.0",
|
"enterprise_value": "4221157084.230",
|
"market_cap": "4418249411.760",
|
"normalized_eps": "-0.7722421155282526912101766712",
|
"normalized_pe": null,
|
"normalized_profit": "-164590365.30000002",
|
"pb": "2.545098357890801169095855114",
|
"price": "20.73",
|
"ps": "3.868643438220420809332893801",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-155887767.79",
|
"ttm_deduct_profit": "-164590365.30",
|
"ttm_eps": "-0.7314103675734814963899180527",
|
"ttm_revenue": "1142066846.51"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-8702597.51000002",
|
"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": "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": 3
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "1.0365",
|
"implied_margin": "0.1934321719110210404666446900",
|
"implied_profit": "220912470.588",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.8292",
|
"implied_margin": "0.1547457375288168323733157520",
|
"implied_profit": "176729976.4704",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.691",
|
"implied_margin": "0.1289547812740140269777631267",
|
"implied_profit": "147274980.392",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.5922857142857142857142857143",
|
"implied_margin": "0.1105326696634405945523683943",
|
"implied_profit": "126235697.4788571428571428571",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.51825",
|
"implied_margin": "0.09671608595551052023332234502",
|
"implied_profit": "110456235.294",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.4146",
|
"implied_margin": "0.07737286876440841618665787602",
|
"implied_profit": "88364988.2352",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.3455",
|
"implied_margin": "0.06447739063700701348888156335",
|
"implied_profit": "73637490.196",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.2764",
|
"implied_margin": "0.05158191250960561079110525068",
|
"implied_profit": "58909992.1568",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.2073",
|
"implied_margin": "0.03868643438220420809332893801",
|
"implied_profit": "44182494.1176",
|
"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": "-0.13961003771548786",
|
"cagr_low": "-0.20662760881798592",
|
"equity_value_high": "2083180509.576",
|
"equity_value_low": "1388787006.384",
|
"method": "pb",
|
"name": "悲观",
|
"price_high": "9.774081981104841184883557652",
|
"price_low": "6.516054654069894123255705101",
|
"role": "pessimistic",
|
"upside_to_high": "-0.5285054519486328420220184442",
|
"upside_to_low": "-0.6856703012990885613480122961"
|
},
|
{
|
"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": "-0.04706103570500875",
|
"cagr_low": "-0.13961003771548786",
|
"equity_value_high": "3471967515.960",
|
"equity_value_low": "2083180509.576",
|
"method": "pb",
|
"name": "基准",
|
"price_high": "16.29013663517473530813926275",
|
"price_low": "9.774081981104841184883557652",
|
"role": "base",
|
"upside_to_high": "-0.2141757532477214033700307405",
|
"upside_to_low": "-0.5285054519486328420220184442"
|
},
|
{
|
"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": "0.03343540645228971",
|
"cagr_low": "-0.04706103570500875",
|
"equity_value_high": "5207951273.940",
|
"equity_value_low": "3471967515.960",
|
"method": "pb",
|
"name": "乐观",
|
"price_high": "24.43520495276210296220889413",
|
"price_low": "16.29013663517473530813926275",
|
"role": "optimistic",
|
"upside_to_high": "0.178736370128417894944953890",
|
"upside_to_low": "-0.2141757532477214033700307405"
|
}
|
]
|
}
|
