{
|
"conclusion": {
|
"base_midpoint": "41.8166",
|
"price_label": "当前价格高于基准合理区间",
|
"price_position": "ABOVE_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.8423305577210964066901661063"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "124.0736904",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "10",
|
"required_profit": "2911265071.54560000"
|
},
|
{
|
"exit_pe": "12",
|
"required_profit": "2426054226.28800000"
|
},
|
{
|
"exit_pe": "15",
|
"required_profit": "1940843381.03040000"
|
},
|
{
|
"exit_pe": "18",
|
"required_profit": "1617369484.19200000"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "1455632535.77280000"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "1164506028.61824000"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "970421690.51520000"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "831790020.44160000"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "727816267.88640000"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "582253014.30912000"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "485210845.25760000"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "388168676.20608000"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "291126507.15456000"
|
}
|
],
|
"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": "1.19",
|
"mark": "E",
|
"profit": "279221600.0"
|
},
|
"2027": {
|
"eps": "1.89",
|
"mark": "E",
|
"profit": "443469600.0"
|
},
|
"2028": {
|
"eps": "2.5",
|
"mark": "E",
|
"profit": "586600000.0"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池1家）",
|
"report_date": "2026-08-25",
|
"source_id": "SRC-EM-CONSENSUS-20260825",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "1.19",
|
"eps_profit_reconciliation_gap": "0.00",
|
"institution_count": 1,
|
"pe_on_mean": "64.73949579831932773109243697",
|
"profit_max": "279221600.0",
|
"profit_mean": "279221600.0",
|
"profit_median": "279221600.0",
|
"profit_min": "279221600.0"
|
},
|
"2027": {
|
"eps_mean": "1.89",
|
"eps_profit_reconciliation_gap": "0.00",
|
"institution_count": 1,
|
"pe_on_mean": "40.76190476190476190476190476",
|
"profit_max": "443469600.0",
|
"profit_mean": "443469600.0",
|
"profit_median": "443469600.0",
|
"profit_min": "443469600.0"
|
},
|
"2028": {
|
"eps_mean": "2.5",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "30.816",
|
"profit_max": "586600000.0",
|
"profit_mean": "586600000.0",
|
"profit_median": "586600000.0",
|
"profit_min": "586600000.0"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-25",
|
"code": "301123.SZ",
|
"company": "奕东电子",
|
"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": "-159558412.64",
|
"book_value_per_share": "11.94714942213603946471189908",
|
"current_fcf": "-111135985.82",
|
"deduct_pe": null,
|
"diluted_shares": "234640000.0",
|
"enterprise_value": "17592331914.780",
|
"market_cap": "18076665600.000",
|
"normalized_eps": "-0.2855301077395158540743266280",
|
"normalized_pe": null,
|
"normalized_profit": "-66996784.48",
|
"pb": "6.448400139472430137048806992",
|
"price": "77.04",
|
"ps": "7.422644043944907095847452453",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-51224290.80",
|
"ttm_deduct_profit": "-66996784.48",
|
"ttm_eps": "-0.2183101380838731674053869758",
|
"ttm_revenue": "2435340492.28"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-15772493.68",
|
"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": "7.704",
|
"implied_margin": "0.7422644043944907095847452453",
|
"implied_profit": "1807666560.000",
|
"pe": "10"
|
},
|
{
|
"implied_eps": "6.42",
|
"implied_margin": "0.6185536703287422579872877044",
|
"implied_profit": "1506388800.000",
|
"pe": "12"
|
},
|
{
|
"implied_eps": "5.136",
|
"implied_margin": "0.4948429362629938063898301635",
|
"implied_profit": "1205111040.000",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "4.28",
|
"implied_margin": "0.4123691135524948386581918029",
|
"implied_profit": "1004259200.000",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "3.852",
|
"implied_margin": "0.3711322021972453547923726226",
|
"implied_profit": "903833280.000",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "3.0816",
|
"implied_margin": "0.2969057617577962838338980981",
|
"implied_profit": "723066624.000",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "2.568",
|
"implied_margin": "0.2474214681314969031949150818",
|
"implied_profit": "602555520.000",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "2.201142857142857142857142857",
|
"implied_margin": "0.2120755441127116313099272129",
|
"implied_profit": "516476160.000",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "1.926",
|
"implied_margin": "0.1855661010986226773961863113",
|
"implied_profit": "451916640.000",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "1.5408",
|
"implied_margin": "0.1484528808788981419169490491",
|
"implied_profit": "361533312.000",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "1.284",
|
"implied_margin": "0.1237107340657484515974575409",
|
"implied_profit": "301277760.000",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "1.0272",
|
"implied_margin": "0.09896858725259876127796603270",
|
"implied_profit": "241022208.000",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.7704",
|
"implied_margin": "0.07422644043944907095847452453",
|
"implied_profit": "180766656.000",
|
"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": "-0.22718372044632906",
|
"cagr_low": "-0.3305503837979883",
|
"equity_value_high": "4983100362.24",
|
"equity_value_low": "2430568183.68",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "21.237216",
|
"price_low": "10.358712",
|
"role": "pessimistic",
|
"upside_to_high": "-0.7243352024922118380062305296",
|
"upside_to_low": "-0.8655411214953271028037383178"
|
},
|
{
|
"assumption": "以TTM扣非利润与1家机构覆盖池预期为锚，按业务质量和周期属性定价。",
|
"cagr_high": "-0.0503575094832035",
|
"cagr_low": "-0.20717063443141448",
|
"equity_value_high": "13961080000.0",
|
"equity_value_low": "5662614048.0",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "59.5",
|
"price_low": "24.1332",
|
"role": "base",
|
"upside_to_high": "-0.2276739356178608515057113188",
|
"upside_to_low": "-0.6867445482866043613707165109"
|
},
|
{
|
"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": "0.08333197753912591",
|
"cagr_low": "-0.032081757042168535",
|
"equity_value_high": "26972806559.99999664",
|
"equity_value_low": "15357188000.00000240",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "114.9539999999999856801909308",
|
"price_low": "65.45000000000001022843504944",
|
"role": "optimistic",
|
"upside_to_high": "0.492133956386292649015977814",
|
"upside_to_low": "-0.1504413291796468038884339377"
|
}
|
]
|
}
|
