{
|
"conclusion": {
|
"base_midpoint": "8.97600000009740919604543747",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.3257575757431883935378462395"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "19.165069",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "472195310.78507865"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "377756248.62806292"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "314796873.8567191"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "269825891.8771878"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "236097655.392539325"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "188878124.31403146"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "157398436.92835955"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "125918749.54268764"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "94439062.15701573"
|
}
|
],
|
"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": "0.226666666667",
|
"profit": "111693766.52016425"
|
},
|
"2027": {
|
"eps": "0.366666666667",
|
"profit": "180681092.90016425"
|
},
|
"2028": {
|
"eps": "0.58",
|
"profit": "285804637.85999995"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池3家）",
|
"report_date": "2026-08-06",
|
"source_id": "SRC-EM-CONSENSUS-20260806",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.226666666667",
|
"eps_profit_reconciliation_gap": "0.00000000000000004959095008225043323974558331",
|
"institution_count": 1,
|
"pe_on_mean": "52.49999999992279672117205168",
|
"profit_max": "111693766.52016425",
|
"profit_mean": "111693766.52016425",
|
"profit_median": "111693766.52016425",
|
"profit_min": "111693766.52016425"
|
},
|
"2027": {
|
"eps_mean": "0.366666666667",
|
"eps_profit_reconciliation_gap": "0.00000000000000003065622368722657153718917446",
|
"institution_count": 1,
|
"pe_on_mean": "32.45454545451595140815697244",
|
"profit_max": "180681092.90016425",
|
"profit_mean": "180681092.90016425",
|
"profit_median": "180681092.90016425",
|
"profit_min": "180681092.90016425"
|
},
|
"2028": {
|
"eps_mean": "0.58",
|
"eps_profit_reconciliation_gap": "0.0000000000000001749446768057426118467601843",
|
"institution_count": 1,
|
"pe_on_mean": "20.51724137931034841696836895",
|
"profit_max": "285804637.85999995",
|
"profit_mean": "285804637.85999995",
|
"profit_median": "285804637.85999995",
|
"profit_min": "285804637.85999995"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-06",
|
"code": "300036.SZ",
|
"company": "超图软件",
|
"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": "-0.1509177136678110586225671946",
|
"annual_fcf": "-10949500.91",
|
"book_value_per_share": "5.353960902144472380116610050",
|
"current_fcf": "-152338220.21",
|
"deduct_pe": "161.5260623235505431107880388",
|
"diluted_shares": "492766617.0",
|
"enterprise_value": "4697735023.77",
|
"market_cap": "5863922742.30",
|
"normalized_eps": "0.07367232153634303518576218811",
|
"normalized_pe": "161.5260623235505431107880388",
|
"normalized_profit": "36303260.65",
|
"pb": "2.222653511577490402265148755",
|
"price": "11.9",
|
"ps": "4.015779243696884741482698974",
|
"reported_pe": "121.1878699016808168464670641",
|
"ttm_attributable_profit": "48387043.58",
|
"ttm_deduct_profit": "36303260.65",
|
"ttm_eps": "0.09819464612798638508419899719",
|
"ttm_revenue": "1460220392.22"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-12083782.93",
|
"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": "0.595",
|
"implied_margin": "0.2007889621848442370741349487",
|
"implied_profit": "293196137.115",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.476",
|
"implied_margin": "0.1606311697478753896593079590",
|
"implied_profit": "234556909.692",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.3966666666666666666666666667",
|
"implied_margin": "0.1338593081232294913827566325",
|
"implied_profit": "195464091.41",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.34",
|
"implied_margin": "0.1147365498199109926137913993",
|
"implied_profit": "167540649.78",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.2975",
|
"implied_margin": "0.1003944810924221185370674743",
|
"implied_profit": "146598068.5575",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.238",
|
"implied_margin": "0.08031558487393769482965397948",
|
"implied_profit": "117278454.846",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.1983333333333333333333333333",
|
"implied_margin": "0.06692965406161474569137831623",
|
"implied_profit": "97732045.705",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.1586666666666666666666666667",
|
"implied_margin": "0.05354372324929179655310265299",
|
"implied_profit": "78185636.564",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.119",
|
"implied_margin": "0.04015779243696884741482698974",
|
"implied_profit": "58639227.423",
|
"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": "-0.17225956143805243",
|
"cagr_low": "-0.2836996254792895",
|
"equity_value_high": "2278552837.12",
|
"equity_value_low": "1105768288.46",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "4.624000000227288124106020762",
|
"price_low": "2.243999999821416473916697973",
|
"role": "pessimistic",
|
"upside_to_high": "-0.6114285714094715862095780872",
|
"upside_to_low": "-0.8114285714435784475700253804"
|
},
|
{
|
"assumption": "以TTM归一化利润与3家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "0.010080425347838151",
|
"cagr_low": "-0.14491283498006868",
|
"equity_value_high": "6165495912.0",
|
"equity_value_low": "2680650396.48",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "12.51200000019481839209087494",
|
"price_low": "5.44",
|
"role": "base",
|
"upside_to_high": "0.051428571444942722024443272",
|
"upside_to_low": "-0.5428571428571428571428571429"
|
},
|
{
|
"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": "0.14793153298516648",
|
"cagr_low": "0.02951929838009515",
|
"equity_value_high": "11688752666.5",
|
"equity_value_low": "6782045503.20",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "23.72066666703600986833895040",
|
"price_low": "13.76320000021430023129996243",
|
"role": "optimistic",
|
"upside_to_high": "0.993333333364370577171340370",
|
"upside_to_low": "0.156571428589436994226887599"
|
}
|
]
|
}
|
