{
|
"conclusion": {
|
"base_midpoint": "2.006856211437057034619407035",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-29.25129536137876225550868569"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "97.7740621",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "438428437.20486096"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "350742749.763888768"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "292285624.80324064"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "250530535.5456348342857142857"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "219214218.60243048"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "175371374.881944384"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "146142812.40162032"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "116914249.921296256"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "87685687.440972192"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-06",
|
"code": "688237.SH",
|
"company": "超卓航科",
|
"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": "-3.299067642203658876976091829",
|
"annual_fcf": "-78477485.51",
|
"book_value_per_share": "13.53222918564484412649715742",
|
"current_fcf": "-12262209.77",
|
"deduct_pe": "983.1670992448097733040322850",
|
"diluted_shares": "89681952.0",
|
"enterprise_value": "5128128426.040",
|
"market_cap": "5444591305.920",
|
"normalized_eps": "0.06174942189037098568059713954",
|
"normalized_pe": "983.1670992448097733040322850",
|
"normalized_profit": "5537808.69",
|
"pb": "4.486326618263450481951393219",
|
"price": "60.71",
|
"ps": "13.17994549099369948625514654",
|
"reported_pe": "381.8695768675213979022594006",
|
"ttm_attributable_profit": "14257724.72",
|
"ttm_deduct_profit": "5537808.69",
|
"ttm_eps": "0.1589809811454594565470653449",
|
"ttm_revenue": "413096648.21"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-8719916.03",
|
"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": "3.0355",
|
"implied_margin": "0.6589972745496849743127573269",
|
"implied_profit": "272229565.296",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "2.4284",
|
"implied_margin": "0.5271978196397479794502058615",
|
"implied_profit": "217783652.2368",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "2.023666666666666666666666667",
|
"implied_margin": "0.4393315163664566495418382180",
|
"implied_profit": "181486376.864",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.734571428571428571428571429",
|
"implied_margin": "0.3765698711712485567501470440",
|
"implied_profit": "155559751.5977142857142857143",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "1.51775",
|
"implied_margin": "0.3294986372748424871563786635",
|
"implied_profit": "136114782.648",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "1.2142",
|
"implied_margin": "0.2635989098198739897251029308",
|
"implied_profit": "108891826.1184",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "1.011833333333333333333333333",
|
"implied_margin": "0.2196657581832283247709191090",
|
"implied_profit": "90743188.432",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.8094666666666666666666666667",
|
"implied_margin": "0.1757326065465826598167352872",
|
"implied_profit": "72594550.7456",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.6071",
|
"implied_margin": "0.1317994549099369948625514654",
|
"implied_profit": "54445913.0592",
|
"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": "-0.5503960638700901",
|
"cagr_low": "-0.6073161242301157",
|
"equity_value_high": "100026669.50",
|
"equity_value_low": "50837083.74",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "1.115348933306001189626202605",
|
"price_low": "0.5668596925722580168638613040",
|
"role": "pessimistic",
|
"upside_to_high": "-0.9816282501514412586126469675",
|
"upside_to_low": "-0.9906628283219855375248911002"
|
},
|
{
|
"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": "-0.4633759358871299",
|
"cagr_low": "-0.5355421370645522",
|
"equity_value_high": "242279130.10",
|
"equity_value_low": "117678434.75",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "2.701537206728060513223440988",
|
"price_low": "1.312175216146053556015373082",
|
"role": "base",
|
"upside_to_high": "-0.9555009519563818067332656731",
|
"upside_to_low": "-0.9783861766406513991761592311"
|
},
|
{
|
"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": "-0.388593023645451",
|
"cagr_low": "-0.4530486719934699",
|
"equity_value_high": "465175930.08",
|
"equity_value_low": "266507043.25",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "5.186951440129224662728126167",
|
"price_low": "2.971690928961938741030079274",
|
"role": "optimistic",
|
"upside_to_high": "-0.9145618277033565366047088426",
|
"upside_to_low": "-0.9510510471263063953050555218"
|
}
|
]
|
}
|
