{
|
"conclusion": {
|
"base_midpoint": "4.286641247587495664740958925",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-1.951028385479976607196352666"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "20.3729515",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "10",
|
"required_profit": "1594599254.59134410"
|
},
|
{
|
"exit_pe": "12",
|
"required_profit": "1328832712.159453416666666667"
|
},
|
{
|
"exit_pe": "15",
|
"required_profit": "1063066169.727562733333333333"
|
},
|
{
|
"exit_pe": "18",
|
"required_profit": "885888474.7729689444444444444"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "797299627.29567205"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "637839701.83653764"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "531533084.8637813666666666667"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "455599787.0260983142857142857"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "398649813.647836025"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "318919850.91826882"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "265766542.4318906833333333333"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "212613233.9455125466666666667"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "159459925.45913441"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-19",
|
"code": "002169.SZ",
|
"company": "智光电气",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-22",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "3.253835953358269033168091775",
|
"annual_fcf": "-299602995.48",
|
"book_value_per_share": "3.572201039656246387284132437",
|
"current_fcf": "-423748197.07",
|
"deduct_pe": null,
|
"diluted_shares": "782704094.0",
|
"enterprise_value": "13558454790.5799997",
|
"market_cap": "9901206789.100",
|
"normalized_eps": "-0.1221094788473151898449121949",
|
"normalized_pe": null,
|
"normalized_profit": "-95575589.01",
|
"pb": "3.541234062575971928635623199",
|
"price": "12.65",
|
"ps": "2.354348068961324209041826219",
|
"reported_pe": "50.68463457977833709362262729",
|
"ttm_attributable_profit": "195349278.36",
|
"ttm_deduct_profit": "-95575589.01",
|
"ttm_eps": "0.2495825432082127323074919294",
|
"ttm_revenue": "4205498294.68"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-290924867.37",
|
"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": "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"
|
},
|
{
|
"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": "1.265",
|
"implied_margin": "0.2354348068961324209041826219",
|
"implied_profit": "990120678.910",
|
"pe": "10"
|
},
|
{
|
"implied_eps": "1.054166666666666666666666667",
|
"implied_margin": "0.1961956724134436840868188516",
|
"implied_profit": "825100565.7583333333333333333",
|
"pe": "12"
|
},
|
{
|
"implied_eps": "0.8433333333333333333333333333",
|
"implied_margin": "0.1569565379307549472694550813",
|
"implied_profit": "660080452.6066666666666666667",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "0.7027777777777777777777777778",
|
"implied_margin": "0.1307971149422957893912125677",
|
"implied_profit": "550067043.8388888888888888889",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "0.6325",
|
"implied_margin": "0.1177174034480662104520913109",
|
"implied_profit": "495060339.455",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.506",
|
"implied_margin": "0.09417392275845296836167304875",
|
"implied_profit": "396048271.564",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.4216666666666666666666666667",
|
"implied_margin": "0.07847826896537747363472754062",
|
"implied_profit": "330040226.3033333333333333333",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.3614285714285714285714285714",
|
"implied_margin": "0.06726708768460926311548074911",
|
"implied_profit": "282891622.5457142857142857143",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.31625",
|
"implied_margin": "0.05885870172403310522604565547",
|
"implied_profit": "247530169.7275",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.253",
|
"implied_margin": "0.04708696137922648418083652438",
|
"implied_profit": "198024135.782",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.2108333333333333333333333333",
|
"implied_margin": "0.03923913448268873681736377032",
|
"implied_profit": "165020113.1516666666666666667",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.1686666666666666666666666667",
|
"implied_margin": "0.03139130758615098945389101624",
|
"implied_profit": "132016090.5213333333333333333",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.1265",
|
"implied_margin": "0.02354348068961324209041826219",
|
"implied_profit": "99012067.891",
|
"pe": "100"
|
}
|
],
|
"scenarios": [
|
{
|
"assumption": "亏损延续并消耗净资产。",
|
"cagr_high": "-0.2396429530928038",
|
"cagr_low": "-0.32397450587043153",
|
"equity_value_high": "2516378740.49700036",
|
"equity_value_low": "1397988189.16500020",
|
"method": "pb",
|
"name": "悲观",
|
"price_high": "3.214980935690621748555719194",
|
"price_low": "1.786100519828123193642066219",
|
"role": "pessimistic",
|
"upside_to_high": "-0.7458513094315714032762277317",
|
"upside_to_low": "-0.8588062830175396684867931843"
|
},
|
{
|
"assumption": "盈利接近盈亏平衡，按中性净资产倍数定价。",
|
"cagr_high": "-0.15785412599392823",
|
"cagr_low": "-0.2396429530928038",
|
"equity_value_high": "4193964567.49500060",
|
"equity_value_low": "2516378740.49700036",
|
"method": "pb",
|
"name": "基准",
|
"price_high": "5.358301559484369580926198656",
|
"price_low": "3.214980935690621748555719194",
|
"role": "base",
|
"upside_to_high": "-0.5764188490526190054603795529",
|
"upside_to_low": "-0.7458513094315714032762277317"
|
},
|
{
|
"assumption": "核心产品放量并实现可持续扭亏。",
|
"cagr_high": "-0.07485177110888441",
|
"cagr_low": "-0.15785412599392823",
|
"equity_value_high": "6710343307.99200096",
|
"equity_value_low": "4193964567.49500060",
|
"method": "pb",
|
"name": "乐观",
|
"price_high": "8.573282495174991329481917850",
|
"price_low": "5.358301559484369580926198656",
|
"role": "optimistic",
|
"upside_to_high": "-0.3222701584841904087366072846",
|
"upside_to_low": "-0.5764188490526190054603795529"
|
}
|
]
|
}
|
