{
|
"conclusion": {
|
"base_midpoint": "7.311999999669771303890551645",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-4.105306345963610319730149793"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "60.1203383",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "254879344.56218146"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "203903475.649745168"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "169919563.0414543066666666667"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "145645339.7498179771428571429"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "127439672.28109073"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "101951737.824872584"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "84959781.52072715333333333333"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "67967825.21658172266666666667"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "50975868.912436292"
|
}
|
],
|
"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": "0.32",
|
"profit": "27132711.68"
|
},
|
"2027": {
|
"eps": "0.815",
|
"profit": "69103625.06"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池2家）",
|
"report_date": "2026-08-06",
|
"source_id": "SRC-EM-CONSENSUS-20260806",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.32",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "116.65625",
|
"profit_max": "27132711.68",
|
"profit_mean": "27132711.68",
|
"profit_median": "27132711.68",
|
"profit_min": "27132711.68"
|
},
|
"2027": {
|
"eps_mean": "0.815",
|
"eps_profit_reconciliation_gap": "0.00",
|
"institution_count": 1,
|
"pe_on_mean": "45.80368098159509202453987730",
|
"profit_max": "69103625.06",
|
"profit_mean": "69103625.06",
|
"profit_median": "69103625.06",
|
"profit_min": "69103625.06"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-06",
|
"code": "688071.SH",
|
"company": "华依科技",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-30",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": null,
|
"annual_fcf": "-36773847.18",
|
"book_value_per_share": "11.93137020943717189125418075",
|
"current_fcf": "-10685015.94",
|
"deduct_pe": null,
|
"diluted_shares": "84789724.0",
|
"enterprise_value": "4200494132.550",
|
"market_cap": "3165200396.920",
|
"normalized_eps": "-0.7169874568762602647462326921",
|
"normalized_pe": null,
|
"normalized_profit": "-60793168.58000001",
|
"pb": "3.128726989836730201876101780",
|
"price": "37.33",
|
"ps": "6.028551569314136937052508955",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-63259299.52",
|
"ttm_deduct_profit": "-60793168.58",
|
"ttm_eps": "-0.7460727141888090118090253484",
|
"ttm_revenue": "525034970.76"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "2466130.93999999",
|
"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": "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"
|
}
|
],
|
"status": "PASS_WITH_WARNINGS",
|
"warning_count": 3
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "1.8665",
|
"implied_margin": "0.3014275784657068468526254478",
|
"implied_profit": "158260019.846",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "1.4932",
|
"implied_margin": "0.2411420627725654774821003582",
|
"implied_profit": "126608015.8768",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.244333333333333333333333333",
|
"implied_margin": "0.2009517189771378979017502985",
|
"implied_profit": "105506679.8973333333333333333",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.066571428571428571428571429",
|
"implied_margin": "0.1722443305518324839157859701",
|
"implied_profit": "90434297.05485714285714285714",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.93325",
|
"implied_margin": "0.1507137892328534234263127239",
|
"implied_profit": "79130009.923",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.7466",
|
"implied_margin": "0.1205710313862827387410501791",
|
"implied_profit": "63304007.9384",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.6221666666666666666666666667",
|
"implied_margin": "0.1004758594885689489508751493",
|
"implied_profit": "52753339.94866666666666666667",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.4977333333333333333333333333",
|
"implied_margin": "0.08038068759085515916070011940",
|
"implied_profit": "42202671.95893333333333333333",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.3733",
|
"implied_margin": "0.06028551569314136937052508955",
|
"implied_profit": "31652003.9692",
|
"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": "-0.3711183300011338",
|
"cagr_low": "-0.4591246992768325",
|
"equity_value_high": "311347866.6",
|
"equity_value_low": "146516643.12",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "3.672000000849159504281438633",
|
"price_low": "1.728000000566106336187625755",
|
"role": "pessimistic",
|
"upside_to_high": "-0.9016340744481875300219277087",
|
"upside_to_low": "-0.9537101526770397445435942739"
|
},
|
{
|
"assumption": "以TTM归一化利润与2家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "-0.22698206180973246",
|
"cagr_low": "-0.35034146060691573",
|
"equity_value_high": "873673316.04",
|
"equity_value_low": "366291607.68",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "10.30399999933954260778110329",
|
"price_low": "4.32",
|
"role": "base",
|
"upside_to_high": "-0.7239753549600979746107392636",
|
"upside_to_low": "-0.8842753817305116528261451915"
|
},
|
{
|
"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": "-0.12109832489310157",
|
"cagr_low": "-0.21210542703144286",
|
"equity_value_high": "1659979300.4",
|
"equity_value_low": "961040647.84",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "19.57759999784879592248702213",
|
"price_low": "11.33440000158509774132535211",
|
"role": "optimistic",
|
"upside_to_high": "-0.4755531744481972696896056220",
|
"upside_to_low": "-0.6963728903941843626754526625"
|
}
|
]
|
}
|
