{
|
"conclusion": {
|
"base_midpoint": "28.70423999999999692839980788",
|
"price_label": "当前价格高于基准合理区间",
|
"price_position": "ABOVE_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.6081247927135505047169485153"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "74.3411416",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "10",
|
"required_profit": "3013241161.06373624"
|
},
|
{
|
"exit_pe": "12",
|
"required_profit": "2511034300.886446866666666667"
|
},
|
{
|
"exit_pe": "15",
|
"required_profit": "2008827440.709157493333333333"
|
},
|
{
|
"exit_pe": "18",
|
"required_profit": "1674022867.257631244444444444"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "1506620580.53186812"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "1205296464.425494496"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "1004413720.354578746666666667"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "860926046.0182103542857142857"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "753310290.26593406"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "602648232.212747248"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "502206860.1772893733333333333"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "401765488.1418314986666666667"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "301324116.106373624"
|
}
|
],
|
"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": "1.644",
|
"mark": "E",
|
"profit": "666356254.716"
|
},
|
"2027": {
|
"eps": "1.9148",
|
"mark": "E",
|
"profit": "776118586.6972001"
|
},
|
"2028": {
|
"eps": "2.1566",
|
"mark": "E",
|
"profit": "874126459.1974"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池5家）",
|
"report_date": "2026-08-19",
|
"source_id": "SRC-EM-CONSENSUS-20260819",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "1.644",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "28.07785888077858880778588808",
|
"profit_max": "666356254.716",
|
"profit_mean": "666356254.716",
|
"profit_median": "666356254.716",
|
"profit_min": "666356254.716"
|
},
|
"2027": {
|
"eps_mean": "1.9148",
|
"eps_profit_reconciliation_gap": "0.0000000000000001288462893609512840257066446",
|
"institution_count": 1,
|
"pe_on_mean": "24.10695634008773451663635006",
|
"profit_max": "776118586.6972001",
|
"profit_mean": "776118586.6972001",
|
"profit_median": "776118586.6972001",
|
"profit_min": "776118586.6972001"
|
},
|
"2028": {
|
"eps_mean": "2.1566",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "21.40406194936474079569693035",
|
"profit_max": "874126459.1974",
|
"profit_mean": "874126459.1974",
|
"profit_median": "874126459.1974",
|
"profit_min": "874126459.1974"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-19",
|
"code": "688726.SH",
|
"company": "拉普拉斯",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-29",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": "0.2551956918512448749577447707",
|
"annual_fcf": "9328266.34",
|
"book_value_per_share": "10.38603005092276433191441276",
|
"current_fcf": "-157090309.51",
|
"deduct_pe": "50.95217050190780582017764694",
|
"diluted_shares": "405326189.0",
|
"enterprise_value": "17252948124.330",
|
"market_cap": "18709856884.240",
|
"normalized_eps": "0.9059476671022609397686859065",
|
"normalized_pe": "50.95217050190779194447728793",
|
"normalized_profit": "367204315.3400001",
|
"pb": "4.444431584895986032490262318",
|
"price": "46.16",
|
"ps": "3.757886236387591840938991396",
|
"reported_pe": "38.09209352325395912947944723",
|
"ttm_attributable_profit": "491174287.20",
|
"ttm_deduct_profit": "367204315.34",
|
"ttm_eps": "1.211800028050987842781607186",
|
"ttm_revenue": "4978824718.82"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-123969971.8599999",
|
"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": "4.616",
|
"implied_margin": "0.3757886236387591840938991396",
|
"implied_profit": "1870985688.424",
|
"pe": "10"
|
},
|
{
|
"implied_eps": "3.846666666666666666666666667",
|
"implied_margin": "0.3131571863656326534115826162",
|
"implied_profit": "1559154740.353333333333333333",
|
"pe": "12"
|
},
|
{
|
"implied_eps": "3.077333333333333333333333333",
|
"implied_margin": "0.2505257490925061227292660931",
|
"implied_profit": "1247323792.282666666666666667",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "2.564444444444444444444444444",
|
"implied_margin": "0.2087714575770884356077217442",
|
"implied_profit": "1039436493.568888888888888889",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "2.308",
|
"implied_margin": "0.1878943118193795920469495698",
|
"implied_profit": "935492844.212",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "1.8464",
|
"implied_margin": "0.1503154494555036736375596558",
|
"implied_profit": "748394275.3696",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.538666666666666666666666667",
|
"implied_margin": "0.1252628745462530613646330465",
|
"implied_profit": "623661896.1413333333333333333",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.318857142857142857142857143",
|
"implied_margin": "0.1073681781825026240268283256",
|
"implied_profit": "534567339.5497142857142857143",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "1.154",
|
"implied_margin": "0.09394715590968979602347478489",
|
"implied_profit": "467746422.106",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.9232",
|
"implied_margin": "0.07515772472775183681877982791",
|
"implied_profit": "374197137.6848",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.7693333333333333333333333333",
|
"implied_margin": "0.06263143727312653068231652327",
|
"implied_profit": "311830948.0706666666666666667",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.6154666666666666666666666667",
|
"implied_margin": "0.05010514981850122454585321860",
|
"implied_profit": "249464758.4565333333333333333",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.4616",
|
"implied_margin": "0.03757886236387591840938991396",
|
"implied_profit": "187098568.8424",
|
"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": "-0.20488247079987854",
|
"cagr_low": "-0.32726742362961236",
|
"equity_value_high": "5946030132.0818112",
|
"equity_value_low": "2577999078.2452608",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "14.6697408",
|
"price_low": "6.3603072",
|
"role": "pessimistic",
|
"upside_to_high": "-0.6821979896013864818024263432",
|
"upside_to_low": "-0.8622117157712305025996533795"
|
},
|
{
|
"assumption": "以TTM扣非利润与5家机构覆盖池预期为锚，按业务质量和周期属性定价。",
|
"cagr_high": "-0.024679252094459092",
|
"cagr_low": "-0.18429186482424031",
|
"equity_value_high": "16512307991.8624779",
|
"equity_value_low": "6756852422.82023961",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "40.73831999999999481898762776",
|
"price_low": "16.67015999999999903781198801",
|
"role": "base",
|
"upside_to_high": "-0.1174540727902947396233182894",
|
"upside_to_low": "-0.6388613518197573865292030327"
|
},
|
{
|
"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": "0.11712989081655167",
|
"cagr_low": "-0.005909324761461887",
|
"equity_value_high": "32552835755.3860260",
|
"equity_value_low": "18163538791.0487259",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "80.31268799999998519710750790",
|
"price_low": "44.81215199999999481898762776",
|
"role": "optimistic",
|
"upside_to_high": "0.739876256499133128186904417",
|
"upside_to_low": "-0.0291994800693242023616198492"
|
}
|
]
|
}
|
