{
|
"conclusion": {
|
"base_midpoint": "7.3464805288500",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-1.742809964699413891920343247"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "32.4517765",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "10",
|
"required_profit": "778842636.00000000"
|
},
|
{
|
"exit_pe": "12",
|
"required_profit": "649035530.00000000"
|
},
|
{
|
"exit_pe": "15",
|
"required_profit": "519228424.00000000"
|
},
|
{
|
"exit_pe": "18",
|
"required_profit": "432690353.3333333333333333333"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "389421318.00000000"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "311537054.40000000"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "259614212.00000000"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "222526467.4285714285714285714"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "194710659.00000000"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "155768527.20000000"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "129807106.00000000"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "103845684.80000000"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "77884263.60000000"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-13",
|
"code": "301348.SZ",
|
"company": "蓝箭电子",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-28",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": null,
|
"annual_fcf": "6027195.31",
|
"book_value_per_share": "6.122067107375",
|
"current_fcf": "-17136887.79",
|
"deduct_pe": null,
|
"diluted_shares": "240000000.0",
|
"enterprise_value": "4554186463.940",
|
"market_cap": "4836000000.000",
|
"normalized_eps": "-0.1603481530416666393333333333",
|
"normalized_pe": null,
|
"normalized_profit": "-38483556.72999999344",
|
"pb": "3.291371957639296670304411897",
|
"price": "20.15",
|
"ps": "6.456841678132048234877591088",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-38116430.77",
|
"ttm_deduct_profit": "-38483556.73",
|
"ttm_eps": "-0.1588184615416666666666666667",
|
"ttm_revenue": "748972987.27"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-367125.95999999344",
|
"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": "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": "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": 3
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "2.015",
|
"implied_margin": "0.6456841678132048234877591088",
|
"implied_profit": "483600000.000",
|
"pe": "10"
|
},
|
{
|
"implied_eps": "1.679166666666666666666666667",
|
"implied_margin": "0.5380701398443373529064659240",
|
"implied_profit": "403000000.000",
|
"pe": "12"
|
},
|
{
|
"implied_eps": "1.343333333333333333333333333",
|
"implied_margin": "0.4304561118754698823251727392",
|
"implied_profit": "322400000.000",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "1.119444444444444444444444444",
|
"implied_margin": "0.3587134265628915686043106160",
|
"implied_profit": "268666666.6666666666666666667",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "1.0075",
|
"implied_margin": "0.3228420839066024117438795544",
|
"implied_profit": "241800000.000",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.806",
|
"implied_margin": "0.2582736671252819293951036435",
|
"implied_profit": "193440000.000",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.6716666666666666666666666667",
|
"implied_margin": "0.2152280559377349411625863696",
|
"implied_profit": "161200000.000",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.5757142857142857142857142857",
|
"implied_margin": "0.1844811908037728067107883168",
|
"implied_profit": "138171428.5714285714285714286",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.50375",
|
"implied_margin": "0.1614210419533012058719397772",
|
"implied_profit": "120900000.000",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.403",
|
"implied_margin": "0.1291368335626409646975518218",
|
"implied_profit": "96720000.000",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.3358333333333333333333333333",
|
"implied_margin": "0.1076140279688674705812931848",
|
"implied_profit": "80600000.000",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.2686666666666666666666666667",
|
"implied_margin": "0.08609122237509397646503454784",
|
"implied_profit": "64480000.000",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.2015",
|
"implied_margin": "0.06456841678132048234877591088",
|
"implied_profit": "48360000.000",
|
"pe": "100"
|
}
|
],
|
"scenarios": [
|
{
|
"assumption": "亏损延续并消耗净资产。",
|
"cagr_high": "-0.22843395152946666",
|
"cagr_low": "-0.3140086998699789",
|
"equity_value_high": "1322366495.193",
|
"equity_value_low": "734648052.885",
|
"method": "pb",
|
"name": "悲观",
|
"price_high": "5.5098603966375",
|
"price_low": "3.0610335536875",
|
"role": "pessimistic",
|
"upside_to_high": "-0.7265577966929280397022332506",
|
"upside_to_low": "-0.8480876648294044665012406948"
|
},
|
{
|
"assumption": "盈利接近盈亏平衡，按中性净资产倍数定价。",
|
"cagr_high": "-0.14543941312095854",
|
"cagr_low": "-0.22843395152946666",
|
"equity_value_high": "2203944158.655",
|
"equity_value_low": "1322366495.193",
|
"method": "pb",
|
"name": "基准",
|
"price_high": "9.1831006610625",
|
"price_low": "5.5098603966375",
|
"role": "base",
|
"upside_to_high": "-0.5442629944882133995037220844",
|
"upside_to_low": "-0.7265577966929280397022332506"
|
},
|
{
|
"assumption": "核心产品放量并实现可持续扭亏。",
|
"cagr_high": "-0.06121345739016537",
|
"cagr_low": "-0.14543941312095854",
|
"equity_value_high": "3526310653.848",
|
"equity_value_low": "2203944158.655",
|
"method": "pb",
|
"name": "乐观",
|
"price_high": "14.6929610577",
|
"price_low": "9.1831006610625",
|
"role": "optimistic",
|
"upside_to_high": "-0.2708207911811414392059553350",
|
"upside_to_low": "-0.5442629944882133995037220844"
|
}
|
]
|
}
|
