{
|
"conclusion": {
|
"base_midpoint": "10.46730702734933611020265236",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-3.036377254398649222944773197"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "68.0440475",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "229486919.61159250"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "183589535.68927400"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "152991279.7410616666666666667"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "131135382.6351957142857142857"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "114743459.80579625"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "91794767.84463700"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "76495639.87053083333333333333"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "61196511.89642466666666666667"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "45897383.92231850"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-06",
|
"code": "688056.SH",
|
"company": "莱伯泰科",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-29",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "0.9414319541361711885878045425",
|
"annual_fcf": "33306191.75",
|
"book_value_per_share": "12.05950232519318050075564331",
|
"current_fcf": "-19890633.59",
|
"deduct_pe": "101.5148879429499657854571921",
|
"diluted_shares": "67452460.0",
|
"enterprise_value": "2353635108.480",
|
"market_cap": "2849866435.000",
|
"normalized_eps": "0.4161951104526062355620536301",
|
"normalized_pe": "101.5148879429499513212390133",
|
"normalized_profit": "28073384.040000004",
|
"pb": "3.503461325409479498299227447",
|
"price": "42.25",
|
"ps": "7.330219792986648064221026232",
|
"reported_pe": "83.22690381609062125595535023",
|
"ttm_attributable_profit": "34242129.70",
|
"ttm_deduct_profit": "28073384.04",
|
"ttm_eps": "0.5076483452197295695368263811",
|
"ttm_revenue": "388783217.35"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-6168745.659999996",
|
"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": "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": 1
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "2.1125",
|
"implied_margin": "0.3665109896493324032110513116",
|
"implied_profit": "142493321.750",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "1.69",
|
"implied_margin": "0.2932087917194659225688410493",
|
"implied_profit": "113994657.400",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.408333333333333333333333333",
|
"implied_margin": "0.2443406597662216021407008744",
|
"implied_profit": "94995547.83333333333333333333",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.207142857142857142857142857",
|
"implied_margin": "0.2094348512281899446920293209",
|
"implied_profit": "81424755.28571428571428571429",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "1.05625",
|
"implied_margin": "0.1832554948246662016055256558",
|
"implied_profit": "71246660.875",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.845",
|
"implied_margin": "0.1466043958597329612844205246",
|
"implied_profit": "56997328.700",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.7041666666666666666666666667",
|
"implied_margin": "0.1221703298831108010703504372",
|
"implied_profit": "47497773.91666666666666666667",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.5633333333333333333333333333",
|
"implied_margin": "0.09773626390648864085628034975",
|
"implied_profit": "37998219.13333333333333333333",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.4225",
|
"implied_margin": "0.07330219792986648064221026232",
|
"implied_profit": "28498664.350",
|
"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": "-0.3369960384345637",
|
"cagr_low": "-0.42977751747765325",
|
"equity_value_high": "365094359.46",
|
"equity_value_low": "171809110.32",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "5.412617411729683394793903736",
|
"price_low": "2.547114075898788569015866879",
|
"role": "pessimistic",
|
"upside_to_high": "-0.8718907121484098604782507991",
|
"upside_to_low": "-0.9397132763100878445203345117"
|
},
|
{
|
"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": "-0.1918208147270759",
|
"cagr_low": "-0.3150918434559946",
|
"equity_value_high": "982568441.40",
|
"equity_value_low": "429522775.74",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "14.56682886584121616913601075",
|
"price_low": "6.367785188857456051269293959",
|
"role": "base",
|
"upside_to_high": "-0.6552229854238765403754790355",
|
"upside_to_low": "-0.849283190796273229555756356"
|
},
|
{
|
"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": "-0.08112088395732331",
|
"cagr_low": "-0.17626750610219277",
|
"equity_value_high": "1866880038.66",
|
"equity_value_low": "1080825285.68",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "27.67697484509831072135842043",
|
"price_low": "16.02351175450087365234714938",
|
"role": "optimistic",
|
"upside_to_high": "-0.3449236723053654267134101673",
|
"upside_to_low": "-0.6207452839171390851515467602"
|
}
|
]
|
}
|
