{
|
"conclusion": {
|
"base_midpoint": "3.204936209404390448657115656",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-3.177930269160775331986000875"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "21.5647289",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "714520590.65417602"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "571616472.523340816"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "476347060.4361173466666666667"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "408297480.3738148685714285714"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "357260295.32708801"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "285808236.261670408"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "238173530.2180586733333333333"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "190538824.1744469386666666667"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "142904118.130835204"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-06",
|
"code": "300045.SZ",
|
"company": "华力创通",
|
"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": "-8424399.9",
|
"book_value_per_share": "2.289240149574564606183654040",
|
"current_fcf": "-76451345.70",
|
"deduct_pe": null,
|
"diluted_shares": "662675236.0",
|
"enterprise_value": "8766556326.390",
|
"market_cap": "8873221410.040",
|
"normalized_eps": "-0.09267042861097649392167719392",
|
"normalized_pe": null,
|
"normalized_profit": "-61410398.1500000003",
|
"pb": "5.849102376825085464780401228",
|
"price": "13.39",
|
"ps": "11.21599384887784102582005708",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-63808592.58",
|
"ttm_deduct_profit": "-61410398.15",
|
"ttm_eps": "-0.09628938749116014952458552412",
|
"ttm_revenue": "791122171.57"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "2398194.4299999997",
|
"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": "0.6695",
|
"implied_margin": "0.5607996924438920512910028542",
|
"implied_profit": "443661070.502",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.5356",
|
"implied_margin": "0.4486397539551136410328022833",
|
"implied_profit": "354928856.4016",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.4463333333333333333333333333",
|
"implied_margin": "0.3738664616292613675273352361",
|
"implied_profit": "295774047.0013333333333333333",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.3825714285714285714285714286",
|
"implied_margin": "0.3204569671107954578805730596",
|
"implied_profit": "253520611.7154285714285714286",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.33475",
|
"implied_margin": "0.2803998462219460256455014271",
|
"implied_profit": "221830535.251",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.2678",
|
"implied_margin": "0.2243198769775568205164011417",
|
"implied_profit": "177464428.2008",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.2231666666666666666666666667",
|
"implied_margin": "0.1869332308146306837636676181",
|
"implied_profit": "147887023.5006666666666666667",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.1785333333333333333333333333",
|
"implied_margin": "0.1495465846517045470109340944",
|
"implied_profit": "118309618.8005333333333333333",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.1339",
|
"implied_margin": "0.1121599384887784102582005708",
|
"implied_profit": "88732214.1004",
|
"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": "-0.29760379664514347",
|
"cagr_low": "-0.3658201988200033",
|
"equity_value_high": "1517022756.37999990",
|
"equity_value_low": "910213653.82799994",
|
"method": "pb",
|
"name": "悲观",
|
"price_high": "2.289240149574564606183654040",
|
"price_low": "1.373544089744738763710192424",
|
"role": "pessimistic",
|
"upside_to_high": "-0.8290335959989122773574567558",
|
"upside_to_low": "-0.8974201575993473664144740535"
|
},
|
{
|
"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": "-0.2099826003908607",
|
"cagr_low": "-0.29760379664514347",
|
"equity_value_high": "2730640961.48399982",
|
"equity_value_low": "1517022756.37999990",
|
"method": "pb",
|
"name": "基准",
|
"price_high": "4.120632269234216291130577271",
|
"price_low": "2.289240149574564606183654040",
|
"role": "base",
|
"upside_to_high": "-0.6922604727980420992434221605",
|
"upside_to_low": "-0.8290335959989122773574567558"
|
},
|
{
|
"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": "-0.1250033176123826",
|
"cagr_low": "-0.2099826003908607",
|
"equity_value_high": "4551068269.13999970",
|
"equity_value_low": "2730640961.48399982",
|
"method": "pb",
|
"name": "乐观",
|
"price_high": "6.867720448723693818550962119",
|
"price_low": "4.120632269234216291130577271",
|
"role": "optimistic",
|
"upside_to_high": "-0.4871007879967368320723702674",
|
"upside_to_low": "-0.6922604727980420992434221605"
|
}
|
]
|
}
|
