{
|
"conclusion": {
|
"base_midpoint": "4.72",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-8.724576271186440677966101695"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "73.922409",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "1503877488.6960000"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "1203101990.9568000"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "1002584992.4640000"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "859358564.9691428571428571429"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "751938744.3480000"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "601550995.4784000"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "501292496.2320000"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "401033996.9856000"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "300775497.7392000"
|
}
|
],
|
"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": "0.16",
|
"profit": "65100800.0"
|
},
|
"2027": {
|
"eps": "0.2",
|
"profit": "81376000.0"
|
},
|
"2028": {
|
"eps": "0.25",
|
"profit": "101720000.0"
|
}
|
},
|
"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": "0.16",
|
"eps_profit_reconciliation_gap": "0.00",
|
"institution_count": 1,
|
"pe_on_mean": "286.875",
|
"profit_max": "65100800.0",
|
"profit_mean": "65100800.0",
|
"profit_median": "65100800.0",
|
"profit_min": "65100800.0"
|
},
|
"2027": {
|
"eps_mean": "0.2",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "229.5",
|
"profit_max": "81376000.0",
|
"profit_mean": "81376000.0",
|
"profit_median": "81376000.0",
|
"profit_min": "81376000.0"
|
},
|
"2028": {
|
"eps_mean": "0.25",
|
"eps_profit_reconciliation_gap": "0.00",
|
"institution_count": 1,
|
"pe_on_mean": "183.6",
|
"profit_max": "101720000.0",
|
"profit_mean": "101720000.0",
|
"profit_median": "101720000.0",
|
"profit_min": "101720000.0"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-06",
|
"code": "688523.SH",
|
"company": "航天环宇",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-25",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "3.778189606347250336773264411",
|
"annual_fcf": "-159244965.15",
|
"book_value_per_share": "4.131228403091820684231222965",
|
"current_fcf": "-155329481.33",
|
"deduct_pe": "477.9836234572977439672368378",
|
"diluted_shares": "406880000.0",
|
"enterprise_value": "18806972946.26000003",
|
"market_cap": "18675792000.00",
|
"normalized_eps": "0.09602839458808492953696421549",
|
"normalized_pe": "477.9836234572977913104762793",
|
"normalized_profit": "39072033.18999999613",
|
"pb": "11.11049681146855403739393208",
|
"price": "45.9",
|
"ps": "40.41550759822581492969277920",
|
"reported_pe": "476.6696609610481536385806938",
|
"ttm_attributable_profit": "39179737.10",
|
"ttm_deduct_profit": "39072033.19",
|
"ttm_eps": "0.09629310140581989775855289029",
|
"ttm_revenue": "462094703.49"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-107703.91000000387",
|
"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": "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": 1
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "2.295",
|
"implied_margin": "2.020775379911290746484638960",
|
"implied_profit": "933789600.00",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "1.836",
|
"implied_margin": "1.616620303929032597187711168",
|
"implied_profit": "747031680.00",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.53",
|
"implied_margin": "1.347183586607527164323092640",
|
"implied_profit": "622526400.00",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.311428571428571428571428571",
|
"implied_margin": "1.154728788520737569419793691",
|
"implied_profit": "533594057.1428571428571428571",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "1.1475",
|
"implied_margin": "1.010387689955645373242319480",
|
"implied_profit": "466894800.00",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.918",
|
"implied_margin": "0.8083101519645162985938555839",
|
"implied_profit": "373515840.00",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.765",
|
"implied_margin": "0.6735917933037635821615463200",
|
"implied_profit": "311263200.00",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.612",
|
"implied_margin": "0.5388734346430108657292370560",
|
"implied_profit": "249010560.00",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.459",
|
"implied_margin": "0.4041550759822581492969277920",
|
"implied_profit": "186757920.00",
|
"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": "-0.43902242727690033",
|
"cagr_low": "-0.5100424399773951",
|
"equity_value_high": "1037544000.0",
|
"equity_value_low": "527316480.0",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "2.55",
|
"price_low": "1.296",
|
"role": "pessimistic",
|
"upside_to_high": "-0.9444444444444444444444444444",
|
"upside_to_low": "-0.9717647058823529411764705882"
|
},
|
{
|
"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": "-0.3248276689195212",
|
"cagr_low": "-0.42048896011696535",
|
"equity_value_high": "2620307200.0",
|
"equity_value_low": "1220640000.0",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "6.44",
|
"price_low": "3",
|
"role": "base",
|
"upside_to_high": "-0.8596949891067538126361655773",
|
"upside_to_low": "-0.9346405228758169934640522876"
|
},
|
{
|
"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": "-0.23073693294860154",
|
"cagr_low": "-0.3118340607974285",
|
"equity_value_high": "5030989824.0",
|
"equity_value_low": "2882337920.0",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "12.3648",
|
"price_low": "7.084",
|
"role": "optimistic",
|
"upside_to_high": "-0.7306143790849673202614379085",
|
"upside_to_low": "-0.8456644880174291938997821351"
|
}
|
]
|
}
|
