{
|
"conclusion": {
|
"base_midpoint": "7.398502694746886619072484815",
|
"price_label": "当前价格处于基准合理区间",
|
"price_position": "WITHIN_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "0.01466549371184606316736110700"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "11.7406179",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "10",
|
"required_profit": "3885813101.34542448"
|
},
|
{
|
"exit_pe": "12",
|
"required_profit": "3238177584.45452040"
|
},
|
{
|
"exit_pe": "15",
|
"required_profit": "2590542067.56361632"
|
},
|
{
|
"exit_pe": "18",
|
"required_profit": "2158785056.30301360"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "1942906550.67271224"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "1554325240.538169792"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "1295271033.78180816"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "1110232314.67012128"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "971453275.33635612"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "777162620.269084896"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "647635516.89090408"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "518108413.512723264"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "388581310.134542448"
|
}
|
],
|
"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": "0.088666666667",
|
"mark": "E",
|
"profit": "293461637.1317699"
|
},
|
"2027": {
|
"eps": "0.548833333333",
|
"mark": "E",
|
"profit": "1816483404.26823"
|
},
|
"2028": {
|
"eps": "0.982833333333",
|
"mark": "E",
|
"profit": "3252900891.2762303"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池7家）",
|
"report_date": "2026-08-19",
|
"source_id": "SRC-EM-CONSENSUS-20260819",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "0.088666666667",
|
"eps_profit_reconciliation_gap": "0.00000000000000002011847292104143355215340261",
|
"institution_count": 1,
|
"pe_on_mean": "82.21804511247286614615988691",
|
"profit_max": "293461637.1317699",
|
"profit_mean": "293461637.1317699",
|
"profit_median": "293461637.1317699",
|
"profit_min": "293461637.1317699"
|
},
|
"2027": {
|
"eps_mean": "0.548833333333",
|
"eps_profit_reconciliation_gap": "0.00000000000000005180118892300398198143000590",
|
"institution_count": 1,
|
"pe_on_mean": "13.28272092317842930690262993",
|
"profit_max": "1816483404.26823",
|
"profit_mean": "1816483404.26823",
|
"profit_median": "1816483404.26823",
|
"profit_min": "1816483404.26823"
|
},
|
"2028": {
|
"eps_mean": "0.982833333333",
|
"eps_profit_reconciliation_gap": "0.00000000000000006329857775630429278787477768",
|
"institution_count": 1,
|
"pe_on_mean": "7.417330846195494640158148199",
|
"profit_max": "3252900891.2762303",
|
"profit_mean": "3252900891.2762303",
|
"profit_median": "3252900891.2762303",
|
"profit_min": "3252900891.2762303"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-19",
|
"code": "002459.SZ",
|
"company": "晶澳科技",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-29",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": null,
|
"annual_fcf": "-764124427.96",
|
"book_value_per_share": "6.433480604127727494845638968",
|
"current_fcf": "-706581461.98",
|
"deduct_pe": null,
|
"diluted_shares": "3309717712.0",
|
"enterprise_value": "46775680456.070",
|
"market_cap": "24127842120.480",
|
"normalized_eps": "-1.524574567089243047807093465",
|
"normalized_pe": null,
|
"normalized_profit": "-5045911447.96",
|
"pb": "1.133134682231377027357534727",
|
"price": "7.29",
|
"ps": "0.5061193800430593873634491152",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-4036608413.40",
|
"ttm_deduct_profit": "-5045911447.96",
|
"ttm_eps": "-1.219623171717793919217482799",
|
"ttm_revenue": "47672235191.68"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-1009303034.56",
|
"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": "0.729",
|
"implied_margin": "0.05061193800430593873634491152",
|
"implied_profit": "2412784212.048",
|
"pe": "10"
|
},
|
{
|
"implied_eps": "0.6075",
|
"implied_margin": "0.04217661500358828228028742627",
|
"implied_profit": "2010653510.040",
|
"pe": "12"
|
},
|
{
|
"implied_eps": "0.486",
|
"implied_margin": "0.03374129200287062582422994101",
|
"implied_profit": "1608522808.032",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "0.405",
|
"implied_margin": "0.02811774333572552152019161751",
|
"implied_profit": "1340435673.360",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "0.3645",
|
"implied_margin": "0.02530596900215296936817245576",
|
"implied_profit": "1206392106.024",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "0.2916",
|
"implied_margin": "0.02024477520172237549453796461",
|
"implied_profit": "965113684.8192",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "0.243",
|
"implied_margin": "0.01687064600143531291211497051",
|
"implied_profit": "804261404.016",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "0.2082857142857142857142857143",
|
"implied_margin": "0.01446055371551598249609854615",
|
"implied_profit": "689366917.728",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.18225",
|
"implied_margin": "0.01265298450107648468408622788",
|
"implied_profit": "603196053.012",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.1458",
|
"implied_margin": "0.01012238760086118774726898230",
|
"implied_profit": "482556842.4096",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.1215",
|
"implied_margin": "0.008435323000717656456057485253",
|
"implied_profit": "402130702.008",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.0972",
|
"implied_margin": "0.006748258400574125164845988203",
|
"implied_profit": "321704561.6064",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.0729",
|
"implied_margin": "0.005061193800430593873634491152",
|
"implied_profit": "241278421.2048",
|
"pe": "100"
|
}
|
],
|
"scenarios": [
|
{
|
"assumption": "行业供需继续承压或盈利修复延后，账面资产按折价情景定价。",
|
"cagr_high": "-0.04502457572202956",
|
"cagr_low": "-0.15094134301104833",
|
"equity_value_high": "19163704234.761",
|
"equity_value_low": "10646502352.645",
|
"method": "pb",
|
"name": "悲观",
|
"price_high": "5.790132543714954745361075072",
|
"price_low": "3.216740302063863747422819484",
|
"role": "pessimistic",
|
"upside_to_high": "-0.2057431352928731487844890162",
|
"upside_to_low": "-0.5587461862738184159913827868"
|
},
|
{
|
"assumption": "供需逐步改善、产能利用率企稳，按中性归母净资产倍数定价。",
|
"cagr_high": "0.043204137018813205",
|
"cagr_low": "-0.04502457572202956",
|
"equity_value_high": "29810206587.406",
|
"equity_value_low": "19163704234.761",
|
"method": "pb",
|
"name": "基准",
|
"price_high": "9.006872845778818492783894556",
|
"price_low": "5.790132543714954745361075072",
|
"role": "base",
|
"upside_to_high": "0.235510678433308435224128197",
|
"upside_to_low": "-0.2057431352928731487844890162"
|
},
|
{
|
"assumption": "景气、良率或产品结构显著改善，盈利修复与资产回报同步上升。",
|
"cagr_high": "0.14190041211873128",
|
"cagr_low": "0.043204137018813205",
|
"equity_value_high": "46844610351.638",
|
"equity_value_low": "29810206587.406",
|
"method": "pb",
|
"name": "乐观",
|
"price_high": "14.15365732908100048866040573",
|
"price_low": "9.006872845778818492783894556",
|
"role": "optimistic",
|
"upside_to_high": "0.941516780395198969637915738",
|
"upside_to_low": "0.235510678433308435224128197"
|
}
|
]
|
}
|
