{
|
"conclusion": {
|
"base_midpoint": "4.440179188044045872545327900",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-6.803739113345053024386324303"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "55.8041715",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "913641573.979982925"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "730913259.18398634"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "609094382.65332195"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "522080899.41713310"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "456820786.9899914625"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "365456629.59199317"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "304547191.326660975"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "243637753.06132878"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "182728314.795996585"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-06",
|
"code": "300007.SZ",
|
"company": "汉威科技",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-29",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "0.9487015353241503812206156682",
|
"annual_fcf": "-53166291.73",
|
"book_value_per_share": "9.023177804434146361261898575",
|
"current_fcf": "-147157359.99",
|
"deduct_pe": "196.2640386952959852791595991",
|
"diluted_shares": "327445619.0",
|
"enterprise_value": "12003626688.500",
|
"market_cap": "11345990698.350",
|
"normalized_eps": "0.1765478802451164875716355210",
|
"normalized_pe": "196.2640386952958494793906443",
|
"normalized_profit": "57809829.93000004",
|
"pb": "3.840110518821028653134397320",
|
"price": "34.65",
|
"ps": "4.891317572959070423055204499",
|
"reported_pe": "68.09503808508368336267179786",
|
"ttm_attributable_profit": "166619933.22",
|
"ttm_deduct_profit": "57809829.93",
|
"ttm_eps": "0.5088476484396024244868580758",
|
"ttm_revenue": "2319618493.20"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-108810103.28999996",
|
"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": "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": 2
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "1.7325",
|
"implied_margin": "0.2445658786479535211527602249",
|
"implied_profit": "567299534.9175",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "1.386",
|
"implied_margin": "0.1956527029183628169222081800",
|
"implied_profit": "453839627.934",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.155",
|
"implied_margin": "0.1630439190986356807685068166",
|
"implied_profit": "378199689.945",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.99",
|
"implied_margin": "0.1397519306559734406587201285",
|
"implied_profit": "324171162.810",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.86625",
|
"implied_margin": "0.1222829393239767605763801125",
|
"implied_profit": "283649767.45875",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.693",
|
"implied_margin": "0.09782635145918140846110408998",
|
"implied_profit": "226919813.967",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.5775",
|
"implied_margin": "0.08152195954931784038425340831",
|
"implied_profit": "189099844.9725",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.462",
|
"implied_margin": "0.06521756763945427230740272665",
|
"implied_profit": "151279875.978",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.3465",
|
"implied_margin": "0.04891317572959070423055204499",
|
"implied_profit": "113459906.9835",
|
"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": "-0.41889591956621686",
|
"cagr_low": "-0.5002162421937286",
|
"equity_value_high": "751816838.16",
|
"equity_value_low": "353796159.12",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "2.296005182344491834535737062",
|
"price_low": "1.080473026942528737878762091",
|
"role": "pessimistic",
|
"upside_to_high": "-0.9337372241747621404174390458",
|
"upside_to_low": "-0.9688175172599558805806995068"
|
},
|
{
|
"assumption": "以TTM归一化利润与无家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "-0.29165397264494264",
|
"cagr_low": "-0.3996975167755409",
|
"equity_value_high": "2023344047.48",
|
"equity_value_low": "884490397.92",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "6.179175808365296834220280101",
|
"price_low": "2.701182567722794910870375700",
|
"role": "base",
|
"upside_to_high": "-0.8216688078393853727497754661",
|
"upside_to_low": "-0.9220437931393132781855591429"
|
},
|
{
|
"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": "-0.19462863763773852",
|
"cagr_low": "-0.2780219408370972",
|
"equity_value_high": "3844353690.44",
|
"equity_value_low": "2225678452.20",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "11.74043403659036281074812609",
|
"price_low": "6.797093389116316135535165001",
|
"role": "optimistic",
|
"upside_to_high": "-0.6611707348747370040188130999",
|
"upside_to_low": "-0.8038356886257917421201972583"
|
}
|
]
|
}
|
