{
|
"conclusion": {
|
"base_midpoint": "46.56119999999999093027106109",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-5.242966246574402219487720058"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "468.1430468",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "10",
|
"required_profit": "11665213953.95845060"
|
},
|
{
|
"exit_pe": "12",
|
"required_profit": "9721011628.298708833333333333"
|
},
|
{
|
"exit_pe": "15",
|
"required_profit": "7776809302.638967066666666667"
|
},
|
{
|
"exit_pe": "18",
|
"required_profit": "6480674418.865805888888888889"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "5832606976.97922530"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "4666085581.58338024"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "3888404651.319483533333333333"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "3332918272.559557314285714286"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "2916303488.48961265"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "2333042790.79169012"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "1944202325.659741766666666667"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "1555361860.527793413333333333"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "1166521395.39584506"
|
}
|
],
|
"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": "1.38",
|
"mark": "E",
|
"profit": "343869152.09999996"
|
},
|
"2027": {
|
"eps": "2.88",
|
"mark": "E",
|
"profit": "717639969.6"
|
},
|
"2028": {
|
"eps": "4.59",
|
"mark": "E",
|
"profit": "1143738701.55"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池2家）",
|
"report_date": "2026-08-25",
|
"source_id": "SRC-EM-CONSENSUS-20260825",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "1.38",
|
"eps_profit_reconciliation_gap": "0.0000000000000001163233158767544029807512212",
|
"institution_count": 1,
|
"pe_on_mean": "210.6376811594203143571459848",
|
"profit_max": "343869152.09999996",
|
"profit_mean": "343869152.09999996",
|
"profit_median": "343869152.09999996",
|
"profit_min": "343869152.09999996"
|
},
|
"2027": {
|
"eps_mean": "2.88",
|
"eps_profit_reconciliation_gap": "0.00",
|
"institution_count": 1,
|
"pe_on_mean": "100.9305555555555555555555556",
|
"profit_max": "717639969.6",
|
"profit_mean": "717639969.6",
|
"profit_median": "717639969.6",
|
"profit_min": "717639969.6"
|
},
|
"2028": {
|
"eps_mean": "4.59",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "63.32897603485838779956427015",
|
"profit_max": "1143738701.55",
|
"profit_mean": "1143738701.55",
|
"profit_median": "1143738701.55",
|
"profit_min": "1143738701.55"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-25",
|
"code": "300620.SZ",
|
"company": "光库科技",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-08-18",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-06-30"
|
},
|
"metrics": {
|
"annual_cash_conversion": "1.308894120040719833937357899",
|
"annual_fcf": "118496927.14",
|
"book_value_per_share": "9.059397596269003665595161131",
|
"current_fcf": "-251722616.71",
|
"deduct_pe": "315.1466002835990787241610292",
|
"diluted_shares": "249180545.0",
|
"enterprise_value": "72477327401.370",
|
"market_cap": "72431800820.600",
|
"normalized_eps": "0.9223643845068241342838382507",
|
"normalized_pe": "315.1466002835990869512694439",
|
"normalized_profit": "229835260.019999994",
|
"pb": "32.08601862442959980842349023",
|
"price": "290.68",
|
"ps": "37.94265554196967359321374705",
|
"reported_pe": "265.1245043866823649838629482",
|
"ttm_attributable_profit": "273199193.67",
|
"ttm_deduct_profit": "229835260.02",
|
"ttm_eps": "1.096390545537975286152456244",
|
"ttm_revenue": "1908980797.10"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-43363933.650000006",
|
"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": "29.068",
|
"implied_margin": "3.794265554196967359321374705",
|
"implied_profit": "7243180082.060",
|
"pe": "10"
|
},
|
{
|
"implied_eps": "24.22333333333333333333333333",
|
"implied_margin": "3.161887961830806132767812255",
|
"implied_profit": "6035983401.716666666666666667",
|
"pe": "12"
|
},
|
{
|
"implied_eps": "19.37866666666666666666666667",
|
"implied_margin": "2.529510369464644906214249803",
|
"implied_profit": "4828786721.373333333333333333",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "16.14888888888888888888888889",
|
"implied_margin": "2.107925307887204088511874836",
|
"implied_profit": "4023988934.477777777777777778",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "14.534",
|
"implied_margin": "1.897132777098483679660687353",
|
"implied_profit": "3621590041.030",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "11.6272",
|
"implied_margin": "1.517706221678786943728549882",
|
"implied_profit": "2897272032.824",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "9.689333333333333333333333333",
|
"implied_margin": "1.264755184732322453107124902",
|
"implied_profit": "2414393360.686666666666666667",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "8.305142857142857142857142857",
|
"implied_margin": "1.084075872627704959806107059",
|
"implied_profit": "2069480023.445714285714285714",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "7.267",
|
"implied_margin": "0.9485663885492418398303436763",
|
"implied_profit": "1810795020.515",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "5.8136",
|
"implied_margin": "0.7588531108393934718642749411",
|
"implied_profit": "1448636016.412",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "4.844666666666666666666666667",
|
"implied_margin": "0.6323775923661612265535624507",
|
"implied_profit": "1207196680.343333333333333333",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "3.875733333333333333333333333",
|
"implied_margin": "0.5059020738929289812428499607",
|
"implied_profit": "965757344.2746666666666666667",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "2.9068",
|
"implied_margin": "0.3794265554196967359321374705",
|
"implied_profit": "724318008.206",
|
"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": "-0.3896163224035326",
|
"cagr_low": "-0.4712571027373791",
|
"equity_value_high": "6136826436.03744",
|
"equity_value_low": "2993312195.20008",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "24.628032",
|
"price_low": "12.012624",
|
"role": "pessimistic",
|
"upside_to_high": "-0.9152744186046511627906976744",
|
"upside_to_low": "-0.9586740608228980322003577818"
|
},
|
{
|
"assumption": "以TTM扣非利润与2家机构覆盖池预期为锚，按业务质量和周期属性定价。",
|
"cagr_high": "-0.2585511657338391",
|
"cagr_low": "-0.37380964057626453",
|
"equity_value_high": "16230623979.1199960",
|
"equity_value_low": "6973666404.58799948",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "65.13599999999998394738240901",
|
"price_low": "27.98639999999999791315971317",
|
"role": "base",
|
"upside_to_high": "-0.7759185358469795515777404396",
|
"upside_to_low": "-0.9037209302325581467140508010"
|
},
|
{
|
"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": "-0.15417092233044638",
|
"cagr_low": "-0.24428207449365225",
|
"equity_value_high": "31357565527.6598288",
|
"equity_value_low": "17853686377.03199880",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "125.8427519999999550526707452",
|
"price_low": "71.64959999999999518421472270",
|
"role": "optimistic",
|
"upside_to_high": "-0.5670746112563645415829408793",
|
"upside_to_low": "-0.7535103894316774625560247602"
|
}
|
]
|
}
|
