{
|
"conclusion": {
|
"base_midpoint": "7.036287434534005209552625715",
|
"price_label": "当前价格高于基准合理区间",
|
"price_position": "ABOVE_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-1.254029578461978513684407646"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "25.5426886",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "184474744.04754395"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "147579795.23803516"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "122983162.6983626333333333333"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "105414139.45573940"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "92237372.023771975"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "73789897.61901758"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "61491581.34918131666666666667"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "49193265.07934505333333333333"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "36894948.80950879"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-06",
|
"code": "300960.SZ",
|
"company": "通业科技",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-25",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "0.4838407958972690857079633979",
|
"annual_fcf": "-8395474.08",
|
"book_value_per_share": "4.395821591393746231461664470",
|
"current_fcf": "-13547000.35",
|
"deduct_pe": "56.68884390032672502075145028",
|
"diluted_shares": "144444265.0",
|
"enterprise_value": "2186244983.98999998",
|
"market_cap": "2290886042.900",
|
"normalized_eps": "0.2797728602101302048925237703",
|
"normalized_pe": "56.68884390032672081239062930",
|
"normalized_profit": "40411585.160000003",
|
"pb": "3.607971722749421913685478736",
|
"price": "15.86",
|
"ps": "4.643698704108419579347554495",
|
"reported_pe": "52.65975039970767479364472754",
|
"ttm_attributable_profit": "43503549.21",
|
"ttm_deduct_profit": "40411585.16",
|
"ttm_eps": "0.3011787917644220765705028164",
|
"ttm_revenue": "493332188.17"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-3091964.049999997",
|
"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": "0.793",
|
"implied_margin": "0.2321849352054209789673777248",
|
"implied_profit": "114544302.145",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.6344",
|
"implied_margin": "0.1857479481643367831739021798",
|
"implied_profit": "91635441.716",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.5286666666666666666666666667",
|
"implied_margin": "0.1547899568036139859782518165",
|
"implied_profit": "76362868.09666666666666666667",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.4531428571428571428571428571",
|
"implied_margin": "0.1326771058316691308385015570",
|
"implied_profit": "65453886.940",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.3965",
|
"implied_margin": "0.1160924676027104894836888624",
|
"implied_profit": "57272151.0725",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.3172",
|
"implied_margin": "0.09287397408216839158695108990",
|
"implied_profit": "45817720.858",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.2643333333333333333333333333",
|
"implied_margin": "0.07739497840180699298912590824",
|
"implied_profit": "38181434.04833333333333333333",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.2114666666666666666666666667",
|
"implied_margin": "0.06191598272144559439130072661",
|
"implied_profit": "30545147.23866666666666666667",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.1586",
|
"implied_margin": "0.04643698704108419579347554495",
|
"implied_profit": "22908860.429",
|
"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": "-0.2550578444396743",
|
"cagr_low": "-0.35930584144467503",
|
"equity_value_high": "525552665.04",
|
"equity_value_low": "247318901.16",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "3.638446047269512569432922796",
|
"price_low": "1.712209904353073484779752246",
|
"role": "pessimistic",
|
"upside_to_high": "-0.7705897826437886147898535438",
|
"upside_to_low": "-0.8920422506713068420693724939"
|
},
|
{
|
"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": "-0.09194095472161912",
|
"cagr_low": "-0.23044659142015478",
|
"equity_value_high": "1414405480.60",
|
"equity_value_low": "618297253.02",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "9.792050107354556444314351975",
|
"price_low": "4.280524761713453974790899452",
|
"role": "base",
|
"upside_to_high": "-0.3825945707847064032588680974",
|
"upside_to_low": "-0.7301056266258856258013304255"
|
},
|
{
|
"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": "0.03243996881480915",
|
"cagr_low": "-0.0744654705316301",
|
"equity_value_high": "2687370413.14",
|
"equity_value_low": "1555846028.8",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "18.60489520397365724419726875",
|
"price_low": "10.77125511905924406206089248",
|
"role": "optimistic",
|
"upside_to_high": "0.173070315509057833808150615",
|
"upside_to_low": "-0.3208540278020653176506372963"
|
}
|
]
|
}
|
