{
|
"conclusion": {
|
"base_midpoint": "5.834319739115",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-1.480152039489514600197112341"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "23.3040797",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "466081594.00000000"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "372865275.20000000"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "310721062.6666666666666666667"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "266332339.4285714285714285714"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "233040797.00000000"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "186432637.60000000"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "155360531.3333333333333333333"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "124288425.0666666666666666667"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "93216318.80000000"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-06",
|
"code": "688562.SH",
|
"company": "航天软件",
|
"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": "-130680293.41",
|
"book_value_per_share": "4.167371242225",
|
"current_fcf": "-207378036.91",
|
"deduct_pe": null,
|
"diluted_shares": "400000000.0",
|
"enterprise_value": "4400020233.140",
|
"market_cap": "5788000000.000",
|
"normalized_eps": "-0.217518557",
|
"normalized_pe": null,
|
"normalized_profit": "-87007422.80",
|
"pb": "3.472212855285320440275957277",
|
"price": "14.47",
|
"ps": "4.831845681676268646241821593",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-25490627.10",
|
"ttm_deduct_profit": "-87007422.80",
|
"ttm_eps": "-0.06372656775",
|
"ttm_revenue": "1197885938.69"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-61516795.7",
|
"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": "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"
|
},
|
{
|
"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": 4
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "0.7235",
|
"implied_margin": "0.2415922840838134323120910797",
|
"implied_profit": "289400000.000",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.5788",
|
"implied_margin": "0.1932738272670507458496728637",
|
"implied_profit": "231520000.000",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.4823333333333333333333333333",
|
"implied_margin": "0.1610615227225422882080607197",
|
"implied_profit": "192933333.3333333333333333333",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.4134285714285714285714285714",
|
"implied_margin": "0.1380527337621791041783377598",
|
"implied_profit": "165371428.5714285714285714286",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.36175",
|
"implied_margin": "0.1207961420419067161560455398",
|
"implied_profit": "144700000.000",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.2894",
|
"implied_margin": "0.09663691363352537292483643187",
|
"implied_profit": "115760000.000",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.2411666666666666666666666667",
|
"implied_margin": "0.08053076136127114410403035989",
|
"implied_profit": "96466666.66666666666666666667",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.1929333333333333333333333333",
|
"implied_margin": "0.06442460908901691528322428791",
|
"implied_profit": "77173333.33333333333333333333",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.1447",
|
"implied_margin": "0.04831845681676268646241821593",
|
"implied_profit": "57880000.000",
|
"pe": "100"
|
}
|
],
|
"scenarios": [
|
{
|
"assumption": "亏损继续且现金消耗偏高，按归母净资产折价。",
|
"cagr_high": "-0.22038761118769723",
|
"cagr_low": "-0.29610321443513543",
|
"equity_value_high": "1666948496.890",
|
"equity_value_low": "1000169098.134",
|
"method": "pb",
|
"name": "悲观",
|
"price_high": "4.167371242225",
|
"price_low": "2.500422745335",
|
"role": "pessimistic",
|
"upside_to_high": "-0.7119992230666897028334485142",
|
"upside_to_low": "-0.8271995338400138217000691085"
|
},
|
{
|
"assumption": "业务逐步接近盈亏平衡，按成长型资产的中性净资产倍数定价。",
|
"cagr_high": "-0.12313399592593888",
|
"cagr_low": "-0.22038761118769723",
|
"equity_value_high": "3000507294.402",
|
"equity_value_low": "1666948496.890",
|
"method": "pb",
|
"name": "基准",
|
"price_high": "7.501268236005",
|
"price_low": "4.167371242225",
|
"role": "base",
|
"upside_to_high": "-0.4815986015200414651002073255",
|
"upside_to_low": "-0.7119992230666897028334485142"
|
},
|
{
|
"assumption": "核心产品或订单放量并形成可持续盈利，给予成长溢价。",
|
"cagr_high": "-0.028812726348951934",
|
"cagr_low": "-0.12313399592593888",
|
"equity_value_high": "5000845490.670",
|
"equity_value_low": "3000507294.402",
|
"method": "pb",
|
"name": "乐观",
|
"price_high": "12.502113726675",
|
"price_low": "7.501268236005",
|
"role": "optimistic",
|
"upside_to_high": "-0.1359976692000691085003455425",
|
"upside_to_low": "-0.4815986015200414651002073255"
|
}
|
]
|
}
|
