{
|
"conclusion": {
|
"base_midpoint": "9.667305185310629491017964075",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-3.313508180476470304935011701"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "67.158267",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "10",
|
"required_profit": "1345851670.6800000"
|
},
|
{
|
"exit_pe": "12",
|
"required_profit": "1121543058.9000000"
|
},
|
{
|
"exit_pe": "15",
|
"required_profit": "897234447.1200000"
|
},
|
{
|
"exit_pe": "18",
|
"required_profit": "747695372.6000000"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "672925835.3400000"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "538340668.2720000"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "448617223.5600000"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "384529048.7657142857142857143"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "336462917.6700000"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "269170334.1360000"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "224308611.7800000"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "179446889.4240000"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "134585167.0680000"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-13",
|
"code": "300042.SZ",
|
"company": "朗科科技",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-08-08",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-06-30"
|
},
|
"metrics": {
|
"annual_cash_conversion": "-10.74128366628851939746225510",
|
"annual_fcf": "-300701042.02",
|
"book_value_per_share": "5.646713083582833333333333333",
|
"current_fcf": "6427658.03",
|
"deduct_pe": "58.77154895899191245519899707",
|
"diluted_shares": "200400000.0",
|
"enterprise_value": "8134265609.85",
|
"market_cap": "8356680000.00",
|
"normalized_eps": "0.7095269860778444241516966068",
|
"normalized_pe": "58.77154895899190311386413022",
|
"normalized_profit": "142189208.0100000226",
|
"pb": "7.384827134432939026158060958",
|
"price": "41.7",
|
"ps": "4.838481220329813130779828437",
|
"reported_pe": "59.65433815482156181354750041",
|
"ttm_attributable_profit": "140085034.19",
|
"ttm_deduct_profit": "142189208.01",
|
"ttm_eps": "0.6990271167165668662674650699",
|
"ttm_revenue": "1727128745.46"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "2104173.8200000226",
|
"basis": "2025年报+2026最新累计期-2025同期",
|
"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": "4.17",
|
"implied_margin": "0.4838481220329813130779828437",
|
"implied_profit": "835668000.00",
|
"pe": "10"
|
},
|
{
|
"implied_eps": "3.475",
|
"implied_margin": "0.4032067683608177608983190364",
|
"implied_profit": "696390000.00",
|
"pe": "12"
|
},
|
{
|
"implied_eps": "2.78",
|
"implied_margin": "0.3225654146886542087186552291",
|
"implied_profit": "557112000.00",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "2.316666666666666666666666667",
|
"implied_margin": "0.2688045122405451739322126909",
|
"implied_profit": "464260000.00",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "2.085",
|
"implied_margin": "0.2419240610164906565389914219",
|
"implied_profit": "417834000.00",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "1.668",
|
"implied_margin": "0.1935392488131925252311931375",
|
"implied_profit": "334267200.00",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.39",
|
"implied_margin": "0.1612827073443271043593276146",
|
"implied_profit": "278556000.00",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.191428571428571428571428571",
|
"implied_margin": "0.1382423205808518037365665268",
|
"implied_profit": "238762285.7142857142857142857",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "1.0425",
|
"implied_margin": "0.1209620305082453282694957109",
|
"implied_profit": "208917000.00",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.834",
|
"implied_margin": "0.09676962440659626261559656874",
|
"implied_profit": "167133600.00",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.695",
|
"implied_margin": "0.08064135367216355217966380728",
|
"implied_profit": "139278000.00",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.556",
|
"implied_margin": "0.06451308293773084174373104583",
|
"implied_profit": "111422400.00",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.417",
|
"implied_margin": "0.04838481220329813130779828437",
|
"implied_profit": "83566800.00",
|
"pe": "100"
|
}
|
],
|
"scenarios": [
|
{
|
"assumption": "需求、价格、订单或验收低于预期，利润下修且估值回归行业低位。",
|
"cagr_high": "-0.33786447067087455",
|
"cagr_low": "-0.4251582489276956",
|
"equity_value_high": "1063575275.91480",
|
"equity_value_low": "524535988.34889",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "5.307261855862275449101796407",
|
"price_low": "2.617445051641167664670658683",
|
"role": "pessimistic",
|
"upside_to_high": "-0.8727275334325593417481583595",
|
"upside_to_low": "-0.9372315335337849480894326455"
|
},
|
{
|
"assumption": "以TTM扣非利润与无家机构覆盖池预期为锚，按业务质量和周期属性定价。",
|
"cagr_high": "-0.2042679933032423",
|
"cagr_low": "-0.32071760711146824",
|
"equity_value_high": "2666047650.18750030",
|
"equity_value_low": "1208608268.0850",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "13.30363098895958233532934132",
|
"price_low": "6.030979381661676646706586826",
|
"role": "base",
|
"upside_to_high": "-0.6809680817995303996323898964",
|
"upside_to_low": "-0.8553721970824537974410890449"
|
},
|
{
|
"assumption": "订单、产品结构、良率或规模效应超预期，利润与估值中枢同步上移。",
|
"cagr_high": "-0.08376067311717328",
|
"cagr_low": "-0.18895422911406423",
|
"equity_value_high": "5396080443.97950",
|
"equity_value_low": "2932652415.20625075",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "26.92654912165419161676646707",
|
"price_low": "14.63399408785554266467065868",
|
"role": "optimistic",
|
"upside_to_high": "-0.3542793975622496015163916770",
|
"upside_to_low": "-0.6490648899794833893364350436"
|
}
|
]
|
}
|
