{
|
"conclusion": {
|
"base_midpoint": "2.008125",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-15.25396825396825396825396825"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "52.5670464",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "10",
|
"required_profit": "1301034398.40000000"
|
},
|
{
|
"exit_pe": "12",
|
"required_profit": "1084195332.00000000"
|
},
|
{
|
"exit_pe": "15",
|
"required_profit": "867356265.60000000"
|
},
|
{
|
"exit_pe": "18",
|
"required_profit": "722796888.00000000"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "650517199.20000000"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "520413759.36000000"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "433678132.80000000"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "371724113.8285714285714285714"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "325258599.60000000"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "260206879.68000000"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "216839066.40000000"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "173471253.12000000"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "130103439.84000000"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "available",
|
"detail": [
|
{
|
"core_assumption": "C1汇总快照缺逐家报告日期；仅作市场预期锚，不替代法定利润。",
|
"estimates": {
|
"2026": {
|
"eps": "0.0525",
|
"mark": "E",
|
"profit": "12993750.0"
|
},
|
"2027": {
|
"eps": "0.27",
|
"mark": "E",
|
"profit": "66825000.00000001"
|
},
|
"2028": {
|
"eps": "0.536666666667",
|
"mark": "E",
|
"profit": "132825000.00008251"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池4家）",
|
"report_date": "2026-08-13",
|
"source_id": "SRC-EM-CONSENSUS-20260813",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.0525",
|
"eps_profit_reconciliation_gap": "0.0000",
|
"institution_count": 1,
|
"pe_on_mean": "621.7142857142857142857142857",
|
"profit_max": "12993750.0",
|
"profit_mean": "12993750.0",
|
"profit_median": "12993750.0",
|
"profit_min": "12993750.0"
|
},
|
"2027": {
|
"eps_mean": "0.27",
|
"eps_profit_reconciliation_gap": "0.0000000000000001496445940890385110894733873",
|
"institution_count": 1,
|
"pe_on_mean": "120.8888888888888707985201812",
|
"profit_max": "66825000.00000001",
|
"profit_mean": "66825000.00000001",
|
"profit_median": "66825000.00000001",
|
"profit_min": "66825000.00000001"
|
},
|
"2028": {
|
"eps_mean": "0.536666666667",
|
"eps_profit_reconciliation_gap": "0.00000000000000007528703180872417140602644208",
|
"institution_count": 1,
|
"pe_on_mean": "60.81987577635973462864440097",
|
"profit_max": "132825000.00008251",
|
"profit_mean": "132825000.00008251",
|
"profit_median": "132825000.00008251",
|
"profit_min": "132825000.00008251"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-13",
|
"code": "688381.SH",
|
"company": "帝奥微",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-23",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": null,
|
"annual_fcf": "-280497327.60",
|
"book_value_per_share": "10.14727626266666666666666667",
|
"current_fcf": "-52697296.02",
|
"deduct_pe": null,
|
"diluted_shares": "247500000.0",
|
"enterprise_value": "6638279819.170",
|
"market_cap": "8078400000.000",
|
"normalized_eps": "-0.6627806374141414141414141414",
|
"normalized_pe": null,
|
"normalized_profit": "-164038207.76",
|
"pb": "3.216626723772900289264973577",
|
"price": "32.64",
|
"ps": "15.71487592269351534418722238",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-103025018.26",
|
"ttm_deduct_profit": "-164038207.76",
|
"ttm_eps": "-0.4162627000404040404040404040",
|
"ttm_revenue": "514060692.54"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-61013189.5",
|
"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": 0,
|
"issues": [
|
{
|
"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"
|
}
|
],
|
"status": "PASS_WITH_WARNINGS",
|
"warning_count": 3
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "3.264",
|
"implied_margin": "1.571487592269351534418722238",
|
"implied_profit": "807840000.000",
|
"pe": "10"
|
},
|
{
|
"implied_eps": "2.72",
|
"implied_margin": "1.309572993557792945348935198",
|
"implied_profit": "673200000.000",
|
"pe": "12"
|
},
|
{
|
"implied_eps": "2.176",
|
"implied_margin": "1.047658394846234356279148159",
|
"implied_profit": "538560000.000",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "1.813333333333333333333333333",
|
"implied_margin": "0.8730486623718619635659567989",
|
"implied_profit": "448800000.000",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "1.632",
|
"implied_margin": "0.7857437961346757672093611190",
|
"implied_profit": "403920000.000",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "1.3056",
|
"implied_margin": "0.6285950369077406137674888952",
|
"implied_profit": "323136000.000",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.088",
|
"implied_margin": "0.5238291974231171781395740793",
|
"implied_profit": "269280000.000",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.9325714285714285714285714286",
|
"implied_margin": "0.4489964549341004384053492109",
|
"implied_profit": "230811428.5714285714285714286",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.816",
|
"implied_margin": "0.3928718980673378836046805595",
|
"implied_profit": "201960000.000",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.6528",
|
"implied_margin": "0.3142975184538703068837444476",
|
"implied_profit": "161568000.000",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.544",
|
"implied_margin": "0.2619145987115585890697870397",
|
"implied_profit": "134640000.000",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.4352",
|
"implied_margin": "0.2095316789692468712558296317",
|
"implied_profit": "107712000.000",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.3264",
|
"implied_margin": "0.1571487592269351534418722238",
|
"implied_profit": "80784000.000",
|
"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": "-0.49415025363064835",
|
"cagr_low": "-0.5651043254308514",
|
"equity_value_high": "267567300.0",
|
"equity_value_low": "125675550.0",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "1.08108",
|
"price_low": "0.50778",
|
"role": "pessimistic",
|
"upside_to_high": "-0.9668786764705882352941176471",
|
"upside_to_low": "-0.9844430147058823529411764706"
|
},
|
{
|
"assumption": "以TTM扣非利润与4家机构覆盖池预期为锚，按业务质量和周期属性定价。",
|
"cagr_high": "-0.38863477099291777",
|
"cagr_low": "-0.48105061435990315",
|
"equity_value_high": "689968125.0",
|
"equity_value_low": "304053750.0",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "2.78775",
|
"price_low": "1.2285",
|
"role": "base",
|
"upside_to_high": "-0.9145909926470588235294117647",
|
"upside_to_low": "-0.9623621323529411764705882353"
|
},
|
{
|
"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": "-0.2981945754542581",
|
"cagr_low": "-0.37686912266950534",
|
"equity_value_high": "1375336462.5",
|
"equity_value_low": "758964937.5",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "5.556915",
|
"price_low": "3.066525",
|
"role": "optimistic",
|
"upside_to_high": "-0.8297513786764705882352941176",
|
"upside_to_low": "-0.9060500919117647058823529412"
|
}
|
]
|
}
|
