{
|
"conclusion": {
|
"base_midpoint": "309.3603743665881875530444353",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "0.1366056478730212896942132644"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "430.167221",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "9966374878.97228705"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "7973099903.17782964"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "6644249919.314858033333333333"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "5695071359.412735457142857143"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "4983187439.486143525"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "3986549951.58891482"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "3322124959.657429016666666667"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "2657699967.725943213333333333"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "1993274975.79445741"
|
}
|
],
|
"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": "5.471724137931",
|
"profit": "2535444419.319984"
|
},
|
"2027": {
|
"eps": "5.665517241379",
|
"profit": "2625242740.6998563"
|
},
|
"2028": {
|
"eps": "6.758571428571",
|
"profit": "3131733577.7869444"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池29家）",
|
"report_date": "2026-08-06",
|
"source_id": "SRC-EM-CONSENSUS-20260806",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "5.471724137931",
|
"eps_profit_reconciliation_gap": "0.000000000000000008539331343657251987006060999",
|
"institution_count": 1,
|
"pe_on_mean": "48.81459541215054752168022943",
|
"profit_max": "2535444419.319984",
|
"profit_mean": "2535444419.319984",
|
"profit_median": "2535444419.319984",
|
"profit_min": "2535444419.319984"
|
},
|
"2027": {
|
"eps_mean": "5.665517241379",
|
"eps_profit_reconciliation_gap": "0.00000000000000004005001075518477489739336547",
|
"institution_count": 1,
|
"pe_on_mean": "47.14485696896180154284444521",
|
"profit_max": "2625242740.6998563",
|
"profit_mean": "2625242740.6998563",
|
"profit_median": "2625242740.6998563",
|
"profit_min": "2625242740.6998563"
|
},
|
"2028": {
|
"eps_mean": "6.758571428571",
|
"eps_profit_reconciliation_gap": "0.00000000000000004180080991835439478039818960",
|
"institution_count": 1,
|
"pe_on_mean": "39.52018600718914568596591129",
|
"profit_max": "3131733577.7869444",
|
"profit_mean": "3131733577.7869444",
|
"profit_median": "3131733577.7869444",
|
"profit_min": "3131733577.7869444"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-06",
|
"code": "688111.SH",
|
"company": "金山办公",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-24",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "1.362126703857929277918532878",
|
"annual_fcf": "2403616120.18",
|
"book_value_per_share": "32.65133930042804625270064532",
|
"current_fcf": "30759710.67",
|
"deduct_pe": "34.53577408507914841223146942",
|
"diluted_shares": "463372121.0",
|
"enterprise_value": "121210583345.27",
|
"market_cap": "123766693519.10",
|
"normalized_eps": "7.734009359164704408274057558",
|
"normalized_pe": "34.53577408507914966502053170",
|
"normalized_profit": "3583724320.58999987",
|
"pb": "8.180368882954164877210488755",
|
"price": "267.1",
|
"ps": "19.83282016308589079204610679",
|
"reported_pe": "34.10654666394784473701764947",
|
"ttm_attributable_profit": "3628825126.70",
|
"ttm_deduct_profit": "3583724320.59",
|
"ttm_eps": "7.831341080401339035241613079",
|
"ttm_revenue": "6240498955.84"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-45100806.11000013",
|
"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": [],
|
"status": "PASS",
|
"warning_count": 0
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "13.355",
|
"implied_margin": "0.9916410081542945396023053395",
|
"implied_profit": "6188334675.955",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "10.684",
|
"implied_margin": "0.7933128065234356316818442716",
|
"implied_profit": "4950667740.764",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "8.903333333333333333333333333",
|
"implied_margin": "0.6610940054361963597348702264",
|
"implied_profit": "4125556450.636666666666666667",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "7.631428571428571428571428571",
|
"implied_margin": "0.5666520046595968797727459083",
|
"implied_profit": "3536191243.402857142857142857",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "6.6775",
|
"implied_margin": "0.4958205040771472698011526697",
|
"implied_profit": "3094167337.9775",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "5.342",
|
"implied_margin": "0.3966564032617178158409221358",
|
"implied_profit": "2475333870.382",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "4.451666666666666666666666667",
|
"implied_margin": "0.3305470027180981798674351131",
|
"implied_profit": "2062778225.318333333333333333",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "3.561333333333333333333333333",
|
"implied_margin": "0.2644376021744785438939480906",
|
"implied_profit": "1650222580.254666666666666667",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "2.671",
|
"implied_margin": "0.1983282016308589079204610679",
|
"implied_profit": "1237666935.191",
|
"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": "-0.07712320315682275",
|
"cagr_low": "-0.20137163241598277",
|
"equity_value_high": "82855706292.16",
|
"equity_value_low": "40209386877.0",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "178.8102963841452170576313114",
|
"price_low": "86.77558500978525637281488499",
|
"role": "pessimistic",
|
"upside_to_high": "-0.3305492460346491311956895867",
|
"upside_to_low": "-0.6751194870468541506072074692"
|
},
|
{
|
"assumption": "以TTM归一化利润与29家机构覆盖池预期为锚，按行业成长和周期属性定价。",
|
"cagr_high": "0.08861156944615445",
|
"cagr_low": "-0.04663338032179287",
|
"equity_value_high": "189220644127.20",
|
"equity_value_low": "97477301520.0",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "408.3556941639999960204770282",
|
"price_low": "210.3650545691763790856118424",
|
"role": "base",
|
"upside_to_high": "0.528849472721827016175503662",
|
"upside_to_low": "-0.2124108776893433954114120464"
|
},
|
{
|
"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": "0.23718024464178056",
|
"cagr_low": "0.10956176464706058",
|
"equity_value_high": "358730804491.15",
|
"equity_value_low": "208142708539.68",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "774.1743368525833257888210327",
|
"price_low": "449.1912635798820533702328630",
|
"role": "optimistic",
|
"upside_to_high": "1.898443792035130384832725693",
|
"upside_to_low": "0.681734419992070585437038049"
|
}
|
]
|
}
|
