{
|
"conclusion": {
|
"base_midpoint": "10.43094847800768746768011844",
|
"price_label": "当前价格高于基准合理区间",
|
"price_position": "ABOVE_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.9863965432947400318636223156"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "33.3697672",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "346727554.98765384"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "277382043.990123072"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "231151703.32510256"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "198130031.42151648"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "173363777.49382692"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "138691021.995061536"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "115575851.66255128"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "92460681.330041024"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "69345510.997530768"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-06",
|
"code": "002829.SZ",
|
"company": "星网宇达",
|
"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": null,
|
"annual_fcf": "-98170855.62",
|
"book_value_per_share": "7.450677484291205334057227461",
|
"current_fcf": "-62904443.05",
|
"deduct_pe": null,
|
"diluted_shares": "207809394.0",
|
"enterprise_value": "4282474394.510",
|
"market_cap": "4305810643.680",
|
"normalized_eps": "-0.9130435809364804749875744308",
|
"normalized_pe": null,
|
"normalized_profit": "-189739033.24999996",
|
"pb": "2.780955160612636044609071240",
|
"price": "20.72",
|
"ps": "12.54020509783140591706389574",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-124032059.33",
|
"ttm_deduct_profit": "-189739033.25",
|
"ttm_eps": "-0.5968549204758279599236981558",
|
"ttm_revenue": "343360464.21"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-65706973.91999996",
|
"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": "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"
|
},
|
{
|
"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": 4
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "1.036",
|
"implied_margin": "0.6270102548915702958531947868",
|
"implied_profit": "215290532.184",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.8288",
|
"implied_margin": "0.5016082039132562366825558294",
|
"implied_profit": "172232425.7472",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.6906666666666666666666666667",
|
"implied_margin": "0.4180068365943801972354631912",
|
"implied_profit": "143527021.456",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.592",
|
"implied_margin": "0.3582915742237544547732541639",
|
"implied_profit": "123023161.248",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.518",
|
"implied_margin": "0.3135051274457851479265973934",
|
"implied_profit": "107645266.092",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.4144",
|
"implied_margin": "0.2508041019566281183412779147",
|
"implied_profit": "86116212.8736",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.3453333333333333333333333333",
|
"implied_margin": "0.2090034182971900986177315956",
|
"implied_profit": "71763510.728",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.2762666666666666666666666667",
|
"implied_margin": "0.1672027346377520788941852765",
|
"implied_profit": "57410808.5824",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.2072",
|
"implied_margin": "0.1254020509783140591706389574",
|
"implied_profit": "43058106.4368",
|
"pe": "100"
|
}
|
],
|
"scenarios": [
|
{
|
"assumption": "亏损继续且现金消耗偏高，按归母净资产折价。",
|
"cagr_high": "-0.1849932555111915",
|
"cagr_low": "-0.2641463426032409",
|
"equity_value_high": "1548320772.89999990",
|
"equity_value_low": "928992463.73999994",
|
"method": "pb",
|
"name": "悲观",
|
"price_high": "7.450677484291205334057227461",
|
"price_low": "4.470406490574723200434336477",
|
"role": "pessimistic",
|
"upside_to_high": "-0.6404113183257140282790913388",
|
"upside_to_low": "-0.7842467909954284169674548032"
|
},
|
{
|
"assumption": "业务逐步接近盈亏平衡，按成长型资产的中性净资产倍数定价。",
|
"cagr_high": "-0.08332433195162026",
|
"cagr_low": "-0.1849932555111915",
|
"equity_value_high": "2786977391.21999982",
|
"equity_value_low": "1548320772.89999990",
|
"method": "pb",
|
"name": "基准",
|
"price_high": "13.41121947172416960130300943",
|
"price_low": "7.450677484291205334057227461",
|
"role": "base",
|
"upside_to_high": "-0.3527403729862852509023644097",
|
"upside_to_low": "-0.6404113183257140282790913388"
|
},
|
{
|
"assumption": "核心产品或订单放量并形成可持续盈利，给予成长溢价。",
|
"cagr_high": "0.015279117605027315",
|
"cagr_low": "-0.08332433195162026",
|
"equity_value_high": "4644962318.69999970",
|
"equity_value_low": "2786977391.21999982",
|
"method": "pb",
|
"name": "乐观",
|
"price_high": "22.35203245287361600217168238",
|
"price_low": "13.41121947172416960130300943",
|
"role": "optimistic",
|
"upside_to_high": "0.078766045022857915162725984",
|
"upside_to_low": "-0.3527403729862852509023644097"
|
}
|
]
|
}
|
