{
|
"conclusion": {
|
"base_midpoint": "12.285",
|
"price_label": "当前价格高于基准合理区间",
|
"price_position": "ABOVE_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.6532356532356532356532356532"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "32.7094581",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "20",
|
"required_profit": "462472564.68697944"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "369978051.749583552"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "308315043.12465296"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "264270036.9639882514285714286"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "231236282.34348972"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "184989025.874791776"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "154157521.56232648"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "123326017.249861184"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "92494512.937395888"
|
}
|
],
|
"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": "0.39",
|
"profit": "110282658.72"
|
},
|
"2027": {
|
"eps": "0.46",
|
"profit": "130076982.08"
|
},
|
"2028": {
|
"eps": "0.53",
|
"profit": "149871305.44"
|
}
|
},
|
"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": "0.39",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "52.07692307692307692307692308",
|
"profit_max": "110282658.72",
|
"profit_mean": "110282658.72",
|
"profit_median": "110282658.72",
|
"profit_min": "110282658.72"
|
},
|
"2027": {
|
"eps_mean": "0.46",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "44.15217391304347826086956522",
|
"profit_max": "130076982.08",
|
"profit_mean": "130076982.08",
|
"profit_median": "130076982.08",
|
"profit_min": "130076982.08"
|
},
|
"2028": {
|
"eps_mean": "0.53",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "38.32075471698113207547169811",
|
"profit_max": "149871305.44",
|
"profit_mean": "149871305.44",
|
"profit_median": "149871305.44",
|
"profit_min": "149871305.44"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-06",
|
"code": "300996.SZ",
|
"company": "普联软件",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-16",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "1.277992061356002319941422054",
|
"annual_fcf": "42773346.68",
|
"book_value_per_share": "4.680202983493142248030851609",
|
"current_fcf": "-120352139.82",
|
"deduct_pe": "69.08717715274538050365306643",
|
"diluted_shares": "282776048.0",
|
"enterprise_value": "5308737296.720",
|
"market_cap": "5743181534.880",
|
"normalized_eps": "0.2939764054203062842154155857",
|
"normalized_pe": "69.08717715274538881444390239",
|
"normalized_profit": "83129486.12999999",
|
"pb": "4.339555372199116840804630664",
|
"price": "20.31",
|
"ps": "6.921422823822007522760297013",
|
"reported_pe": "61.21880528069654572982986981",
|
"ttm_attributable_profit": "93814008.76",
|
"ttm_deduct_profit": "83129486.13",
|
"ttm_eps": "0.3317608030224681547285787090",
|
"ttm_revenue": "829768919.06"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-10684522.63000001",
|
"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": "1.0155",
|
"implied_margin": "0.3460711411911003761380148507",
|
"implied_profit": "287159076.744",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.8124",
|
"implied_margin": "0.2768569129528803009104118805",
|
"implied_profit": "229727261.3952",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.677",
|
"implied_margin": "0.2307140941274002507586765671",
|
"implied_profit": "191439384.496",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.5802857142857142857142857143",
|
"implied_margin": "0.1977549378234859292217227718",
|
"implied_profit": "164090900.9965714285714285714",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.50775",
|
"implied_margin": "0.1730355705955501880690074253",
|
"implied_profit": "143579538.372",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.4062",
|
"implied_margin": "0.1384284564764401504552059403",
|
"implied_profit": "114863630.6976",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.3385",
|
"implied_margin": "0.1153570470637001253793382836",
|
"implied_profit": "95719692.248",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.2708",
|
"implied_margin": "0.09228563765096010030347062684",
|
"implied_profit": "76575753.7984",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.2031",
|
"implied_margin": "0.06921422823822007522760297013",
|
"implied_profit": "57431815.3488",
|
"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": "-0.2172749682671049",
|
"cagr_low": "-0.3268103411049046",
|
"equity_value_high": "1687324678.32",
|
"equity_value_low": "794035142.72",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "5.966999999660508728801528480",
|
"price_low": "2.807999999773672485867685653",
|
"role": "pessimistic",
|
"upside_to_high": "-0.7062038404893890335400527582",
|
"upside_to_low": "-0.8617429837629900302379278359"
|
},
|
{
|
"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": "-0.028789342438680587",
|
"cagr_low": "-0.1914154519844412",
|
"equity_value_high": "4962719642.4",
|
"equity_value_low": "1985087856.96",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "17.55",
|
"price_low": "7.02",
|
"role": "base",
|
"upside_to_high": "-0.1358936484490398818316100443",
|
"upside_to_low": "-0.6543574593796159527326440177"
|
},
|
{
|
"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": "0.10936011439620441",
|
"cagr_low": "-0.010098513286726618",
|
"equity_value_high": "9649732638.00",
|
"equity_value_low": "5458991606.64",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "34.125",
|
"price_low": "19.305",
|
"role": "optimistic",
|
"upside_to_high": "0.680206794682422451994091581",
|
"upside_to_low": "-0.0494830132939438700147710487"
|
}
|
]
|
}
|
