{
|
"conclusion": {
|
"base_midpoint": "31.87499999998724824709432416",
|
"price_label": "当前价格高于基准合理区间",
|
"price_position": "ABOVE_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.8795294117654577974788324197"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "96.4856541",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "10",
|
"required_profit": "11820705296.9660765154"
|
},
|
{
|
"exit_pe": "12",
|
"required_profit": "9850587747.4717304295"
|
},
|
{
|
"exit_pe": "15",
|
"required_profit": "7880470197.9773843436"
|
},
|
{
|
"exit_pe": "18",
|
"required_profit": "6567058498.314486953"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "5910352648.4830382577"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "4728282118.78643060616"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "3940235098.9886921718"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "3377344370.561736147257142857"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "2955176324.24151912885"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "2364141059.39321530308"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "1970117549.4943460859"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "1576094039.59547686872"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "1182070529.69660765154"
|
}
|
],
|
"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": "0.833333333333",
|
"mark": "E",
|
"profit": "1020938069.9495916"
|
},
|
"2027": {
|
"eps": "1.118333333333",
|
"mark": "E",
|
"profit": "1370098889.8724916"
|
},
|
"2028": {
|
"eps": "1.391666666667",
|
"mark": "E",
|
"profit": "1704966576.8169084"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池6家）",
|
"report_date": "2026-08-13",
|
"source_id": "SRC-EM-CONSENSUS-20260813",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.833333333333",
|
"eps_profit_reconciliation_gap": "0.00000000000000002426397910817754926552661238",
|
"institution_count": 1,
|
"pe_on_mean": "71.89200000002875854438599755",
|
"profit_max": "1020938069.9495916",
|
"profit_mean": "1020938069.9495916",
|
"profit_median": "1020938069.9495916",
|
"profit_min": "1020938069.9495916"
|
},
|
"2027": {
|
"eps_mean": "1.118333333333",
|
"eps_profit_reconciliation_gap": "0.00000000000000001808046133247025015527539742",
|
"institution_count": 1,
|
"pe_on_mean": "53.57078986588780150207666262",
|
"profit_max": "1370098889.8724916",
|
"profit_mean": "1370098889.8724916",
|
"profit_median": "1370098889.8724916",
|
"profit_min": "1370098889.8724916"
|
},
|
"2028": {
|
"eps_mean": "1.391666666667",
|
"eps_profit_reconciliation_gap": "0.00000000000000001452932880728265329406012904",
|
"institution_count": 1,
|
"pe_on_mean": "43.04910179639687384116103870",
|
"profit_max": "1704966576.8169084",
|
"profit_mean": "1704966576.8169084",
|
"profit_median": "1704966576.8169084",
|
"profit_min": "1704966576.8169084"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-13",
|
"code": "688396.SH",
|
"company": "华润微",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-25",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "3.156092649183531361812055165",
|
"annual_fcf": "576691146.44",
|
"book_value_per_share": "18.89424726069464382859324548",
|
"current_fcf": "353037039.52",
|
"deduct_pe": "134.1396810302453271815785791",
|
"diluted_shares": "1225125683.94",
|
"enterprise_value": "65741464135.6454",
|
"market_cap": "73397279724.8454",
|
"normalized_eps": "0.4466239932872041882661503742",
|
"normalized_pe": "134.1396810302453271815785791",
|
"normalized_profit": "547170525.24",
|
"pb": "3.170806392728313374873621002",
|
"price": "59.91",
|
"ps": "6.351283882375099255915463545",
|
"reported_pe": "80.89376232790295191028583795",
|
"ttm_attributable_profit": "907329287.36",
|
"ttm_deduct_profit": "547170525.24",
|
"ttm_eps": "0.7406009842533315619029989202",
|
"ttm_revenue": "11556290205.91"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-360158762.12",
|
"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": [],
|
"status": "PASS",
|
"warning_count": 0
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "5.991",
|
"implied_margin": "0.6351283882375099255915463545",
|
"implied_profit": "7339727972.48454",
|
"pe": "10"
|
},
|
{
|
"implied_eps": "4.9925",
|
"implied_margin": "0.5292736568645916046596219621",
|
"implied_profit": "6116439977.07045",
|
"pe": "12"
|
},
|
{
|
"implied_eps": "3.994",
|
"implied_margin": "0.4234189254916732837276975697",
|
"implied_profit": "4893151981.65636",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "3.328333333333333333333333333",
|
"implied_margin": "0.3528491045763944031064146414",
|
"implied_profit": "4077626651.3803",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "2.9955",
|
"implied_margin": "0.3175641941187549627957731773",
|
"implied_profit": "3669863986.24227",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "2.3964",
|
"implied_margin": "0.2540513552950039702366185418",
|
"implied_profit": "2935891188.993816",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.997",
|
"implied_margin": "0.2117094627458366418638487848",
|
"implied_profit": "2446575990.82818",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.711714285714285714285714286",
|
"implied_margin": "0.1814652537821456930261561013",
|
"implied_profit": "2097065134.995582857142857143",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "1.49775",
|
"implied_margin": "0.1587820970593774813978865886",
|
"implied_profit": "1834931993.121135",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "1.1982",
|
"implied_margin": "0.1270256776475019851183092709",
|
"implied_profit": "1467945594.496908",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.9985",
|
"implied_margin": "0.1058547313729183209319243924",
|
"implied_profit": "1223287995.41409",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.7988",
|
"implied_margin": "0.08468378509833465674553951394",
|
"implied_profit": "978630396.331272",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.5991",
|
"implied_margin": "0.06351283882375099255915463545",
|
"implied_profit": "733972797.248454",
|
"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": "-0.22124007829329928",
|
"cagr_low": "-0.3304744661653687",
|
"equity_value_high": "21023156736.4019880",
|
"equity_value_low": "9874513012.5524500",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "17.15999999999313376569418818",
|
"price_low": "8.059999999996775841000005148",
|
"role": "pessimistic",
|
"upside_to_high": "-0.7135703555334145590770457656",
|
"upside_to_low": "-0.8654648639626643992488732240"
|
},
|
{
|
"assumption": "以TTM扣非利润与6家机构覆盖池预期为锚，按业务质量和周期属性定价。",
|
"cagr_high": "-0.058798108938617255",
|
"cagr_low": "-0.2010730739089126",
|
"equity_value_high": "54211811514.323310",
|
"equity_value_low": "23889950836.8204450",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "44.24999999998229569399749662",
|
"price_low": "19.49999999999220080019115169",
|
"role": "base",
|
"upside_to_high": "-0.2613920881324938124854365445",
|
"upside_to_low": "-0.6745117676516073977601209866"
|
},
|
{
|
"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": "0.0804353296512661",
|
"cagr_low": "-0.040684794791615575",
|
"equity_value_high": "108062210951.8844620",
|
"equity_value_low": "59632992665.75565",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "88.20499999996470729447043609",
|
"price_low": "48.67499999998053260958230956",
|
"role": "optimistic",
|
"upside_to_high": "0.472291770989228965022040329",
|
"upside_to_low": "-0.1875312969457430711136319553"
|
}
|
]
|
}
|
