{
|
"conclusion": {
|
"base_midpoint": "4.1225",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-2.480897513644633110976349303"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "23.1108185",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "462227925.40925000"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "369782340.32740000"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "308151950.2728333333333333333"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "264130243.09100000"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "231113962.70462500"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "184891170.16370000"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "154075975.1364166666666666667"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "123260780.1091333333333333333"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "92445585.08185000"
|
}
|
],
|
"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": "0.17",
|
"profit": "68001700.0"
|
},
|
"2027": {
|
"eps": "0.61",
|
"profit": "244006100.0"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池1家）",
|
"report_date": "2026-08-06",
|
"source_id": "SRC-EM-CONSENSUS-20260806",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.17",
|
"eps_profit_reconciliation_gap": "0.00",
|
"institution_count": 1,
|
"pe_on_mean": "84.41176470588235294117647059",
|
"profit_max": "68001700.0",
|
"profit_mean": "68001700.0",
|
"profit_median": "68001700.0",
|
"profit_min": "68001700.0"
|
},
|
"2027": {
|
"eps_mean": "0.61",
|
"eps_profit_reconciliation_gap": "0.00",
|
"institution_count": 1,
|
"pe_on_mean": "23.52459016393442622950819672",
|
"profit_max": "244006100.0",
|
"profit_mean": "244006100.0",
|
"profit_median": "244006100.0",
|
"profit_min": "244006100.0"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-06",
|
"code": "688225.SH",
|
"company": "亚信安全",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-28",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": null,
|
"annual_fcf": "155248577.76",
|
"book_value_per_share": "3.880524211994701132471688208",
|
"current_fcf": "-807742078.74",
|
"deduct_pe": null,
|
"diluted_shares": "400010000.0",
|
"enterprise_value": "9024813603.0600001",
|
"market_cap": "5740143500.000",
|
"normalized_eps": "-0.7451443371165720856978575536",
|
"normalized_pe": null,
|
"normalized_profit": "-298065186.29",
|
"pb": "3.697953991794239310966656962",
|
"price": "14.35",
|
"ps": "0.7492646735245932574837021465",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-404608401.91",
|
"ttm_deduct_profit": "-298065186.29",
|
"ttm_eps": "-1.011495717382065448363790905",
|
"ttm_revenue": "7661035816.62"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "106543215.62",
|
"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"
|
}
|
],
|
"status": "PASS_WITH_WARNINGS",
|
"warning_count": 2
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "0.7175",
|
"implied_margin": "0.03746323367622966287418510732",
|
"implied_profit": "287007175.000",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.574",
|
"implied_margin": "0.02997058694098373029934808586",
|
"implied_profit": "229605740.000",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.4783333333333333333333333333",
|
"implied_margin": "0.02497548911748644191612340489",
|
"implied_profit": "191338116.6666666666666666667",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.41",
|
"implied_margin": "0.02140756210070266449953434704",
|
"implied_profit": "164004100.000",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.35875",
|
"implied_margin": "0.01873161683811483143709255366",
|
"implied_profit": "143503587.500",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.287",
|
"implied_margin": "0.01498529347049186514967404293",
|
"implied_profit": "114802870.000",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.2391666666666666666666666667",
|
"implied_margin": "0.01248774455874322095806170244",
|
"implied_profit": "95669058.33333333333333333333",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.1913333333333333333333333333",
|
"implied_margin": "0.009990195646994576766449361953",
|
"implied_profit": "76535246.66666666666666666667",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.1435",
|
"implied_margin": "0.007492646735245932574837021465",
|
"implied_profit": "57401435.000",
|
"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": "-0.3290812287771784",
|
"cagr_low": "-0.42297031468635005",
|
"equity_value_high": "780319507.50",
|
"equity_value_low": "367209180.0",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "1.95075",
|
"price_low": "0.918",
|
"role": "pessimistic",
|
"upside_to_high": "-0.8640592334494773519163763066",
|
"upside_to_low": "-0.9360278745644599303135888502"
|
},
|
{
|
"assumption": "以TTM归一化利润与1家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "-0.1614421807574219",
|
"cagr_low": "-0.30691554583715874",
|
"equity_value_high": "2380059500.0",
|
"equity_value_low": "918022950.0",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "5.95",
|
"price_low": "2.295",
|
"role": "base",
|
"upside_to_high": "-0.5853658536585365853658536585",
|
"upside_to_low": "-0.8400696864111498257839721254"
|
},
|
{
|
"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": "-0.04658115212892555",
|
"cagr_low": "-0.14530423909515322",
|
"equity_value_high": "4522113050.0",
|
"equity_value_low": "2618065450.0",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "11.305",
|
"price_low": "6.545",
|
"role": "optimistic",
|
"upside_to_high": "-0.2121951219512195121951219512",
|
"upside_to_low": "-0.5439024390243902439024390244"
|
}
|
]
|
}
|
