{
|
"conclusion": {
|
"base_midpoint": "89.9909999999917610677346432",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "0.2610372148325267164012666353"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "107.098915",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "4549693946.09735775"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "3639755156.8778862"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "3033129297.3982385"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "2599825112.0556330"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "2274846973.048678875"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "1819877578.4389431"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "1516564648.69911925"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "1213251718.9592954"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "909938789.21947155"
|
}
|
],
|
"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": "2.2725",
|
"profit": "1930772033.0325"
|
},
|
"2027": {
|
"eps": "2.87",
|
"profit": "2438422765.59"
|
},
|
"2028": {
|
"eps": "3.438333333333",
|
"profit": "2921292778.984717"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池8家）",
|
"report_date": "2026-08-06",
|
"source_id": "SRC-EM-CONSENSUS-20260806",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "2.2725",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "29.26292629262926292629262926",
|
"profit_max": "1930772033.0325",
|
"profit_mean": "1930772033.0325",
|
"profit_median": "1930772033.0325",
|
"profit_min": "1930772033.0325"
|
},
|
"2027": {
|
"eps_mean": "2.87",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "23.17073170731707317073170732",
|
"profit_max": "2438422765.59",
|
"profit_mean": "2438422765.59",
|
"profit_median": "2438422765.59",
|
"profit_min": "2438422765.59"
|
},
|
"2028": {
|
"eps_mean": "3.438333333333",
|
"eps_profit_reconciliation_gap": "0.00000000000000007127632036675407672452440021",
|
"institution_count": 1,
|
"pe_on_mean": "19.34076587494128226333000757",
|
"profit_max": "2921292778.984717",
|
"profit_mean": "2921292778.984717",
|
"profit_median": "2921292778.984717",
|
"profit_min": "2921292778.984717"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-06",
|
"code": "002049.SZ",
|
"company": "紫光国微",
|
"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": "0.5333697856435246816184517498",
|
"annual_fcf": "388145988.98",
|
"book_value_per_share": "16.59560235135690041537954094",
|
"current_fcf": "-416423226.30",
|
"deduct_pe": "40.65046429139257215073475506",
|
"diluted_shares": "849624657.0",
|
"enterprise_value": "55667258983.36",
|
"market_cap": "56500039690.50",
|
"normalized_eps": "1.635897674459794285372299406",
|
"normalized_pe": "40.65046429139256103685063497",
|
"normalized_profit": "1389899000.55000038",
|
"pb": "4.007085647877239226567391039",
|
"price": "66.5",
|
"ps": "8.536179360952780539380087742",
|
"reported_pe": "34.19793474825965095189286493",
|
"ttm_attributable_profit": "1652147713.20",
|
"ttm_deduct_profit": "1389899000.55",
|
"ttm_eps": "1.944561871631274938387293061",
|
"ttm_revenue": "6618890876.28"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-262248712.64999962",
|
"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": "3.325",
|
"implied_margin": "0.4268089680476390269690043871",
|
"implied_profit": "2825001984.525",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "2.66",
|
"implied_margin": "0.3414471744381112215752035097",
|
"implied_profit": "2260001587.62",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "2.216666666666666666666666667",
|
"implied_margin": "0.2845393120317593513126695914",
|
"implied_profit": "1883334656.35",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.9",
|
"implied_margin": "0.2438908388843651582680025069",
|
"implied_profit": "1614286848.30",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "1.6625",
|
"implied_margin": "0.2134044840238195134845021935",
|
"implied_profit": "1412500992.2625",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "1.33",
|
"implied_margin": "0.1707235872190556107876017548",
|
"implied_profit": "1130000793.81",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "1.108333333333333333333333333",
|
"implied_margin": "0.1422696560158796756563347957",
|
"implied_profit": "941667328.175",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.8866666666666666666666666667",
|
"implied_margin": "0.1138157248127037405250678366",
|
"implied_profit": "753333862.54",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.665",
|
"implied_margin": "0.08536179360952780539380087742",
|
"implied_profit": "565000396.905",
|
"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": "-0.06961546513886019",
|
"cagr_low": "-0.1948746735832062",
|
"equity_value_high": "39387749473.92",
|
"equity_value_low": "19114643126.92",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "46.35900000006708844844647676",
|
"price_low": "22.49774999988024123457142087",
|
"role": "pessimistic",
|
"upside_to_high": "-0.3028721804501189707000529811",
|
"upside_to_low": "-0.6616879699266129137658432952"
|
},
|
{
|
"assumption": "以TTM归一化利润与8家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "0.13533562326437143",
|
"cagr_low": "-0.038877603126344806",
|
"equity_value_high": "106578616223.52",
|
"equity_value_low": "46338528792.64",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "125.4420000001483007807764223",
|
"price_low": "54.53999999983522135469286410",
|
"role": "base",
|
"upside_to_high": "0.886345864663884222267314621",
|
"upside_to_low": "-0.1798496240626282503053704647"
|
},
|
{
|
"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": "0.29028098135574454",
|
"cagr_low": "0.15718501711054",
|
"equity_value_high": "202055293256.70",
|
"equity_value_low": "117236477845.92",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "237.8171249998221273373425649",
|
"price_low": "137.9862000002196263943879397",
|
"role": "optimistic",
|
"upside_to_high": "2.576197368418377854696880675",
|
"upside_to_low": "1.074980451131122201419367514"
|
}
|
]
|
}
|
