{
|
"conclusion": {
|
"base_midpoint": "15.03349210912724264767976776",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-2.656502401502989138475579349"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "88.5297347",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "10",
|
"required_profit": "1855018428.45758747"
|
},
|
{
|
"exit_pe": "12",
|
"required_profit": "1545848690.381322891666666667"
|
},
|
{
|
"exit_pe": "15",
|
"required_profit": "1236678952.305058313333333333"
|
},
|
{
|
"exit_pe": "18",
|
"required_profit": "1030565793.587548594444444444"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "927509214.228793735"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "742007371.383034988"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "618339476.1525291566666666667"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "530005265.27359642"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "463754607.1143968675"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "371003685.691517494"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "309169738.0762645783333333333"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "247335790.4610116626666666667"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "185501842.845758747"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-25",
|
"code": "301366.SZ",
|
"company": "一博科技",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-08-03",
|
"market": "深圳证券交易所",
|
"report_period_end": "2026-06-30"
|
},
|
"metrics": {
|
"annual_cash_conversion": "1.406247221341852787553210752",
|
"annual_fcf": "-167218754.31",
|
"book_value_per_share": "10.52382348747460587967804189",
|
"current_fcf": "-39449465.5",
|
"deduct_pe": "149.4595356614346739182059842",
|
"diluted_shares": "209536201.0",
|
"enterprise_value": "11024452368.510",
|
"market_cap": "11518204968.970",
|
"normalized_eps": "0.3677918558807887664241846210",
|
"normalized_pe": "149.4595356614346991301194016",
|
"normalized_profit": "77065708.239999987",
|
"pb": "5.223386734434017968055770027",
|
"price": "54.97",
|
"ps": "8.624805526049987715365138011",
|
"reported_pe": "129.1619930297536593046005959",
|
"ttm_attributable_profit": "89176426.43",
|
"ttm_deduct_profit": "77065708.24",
|
"ttm_eps": "0.4255895926546840466960647053",
|
"ttm_revenue": "1335474166.25"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-12110718.190000013",
|
"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": "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": 2
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "5.497",
|
"implied_margin": "0.8624805526049987715365138011",
|
"implied_profit": "1151820496.897",
|
"pe": "10"
|
},
|
{
|
"implied_eps": "4.580833333333333333333333333",
|
"implied_margin": "0.7187337938374989762804281676",
|
"implied_profit": "959850414.0808333333333333333",
|
"pe": "12"
|
},
|
{
|
"implied_eps": "3.664666666666666666666666667",
|
"implied_margin": "0.5749870350699991810243425341",
|
"implied_profit": "767880331.2646666666666666667",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "3.053888888888888888888888889",
|
"implied_margin": "0.4791558625583326508536187784",
|
"implied_profit": "639900276.0538888888888888889",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "2.7485",
|
"implied_margin": "0.4312402763024993857682569006",
|
"implied_profit": "575910248.4485",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "2.1988",
|
"implied_margin": "0.3449922210419995086146055205",
|
"implied_profit": "460728198.7588",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.832333333333333333333333333",
|
"implied_margin": "0.2874935175349995905121712670",
|
"implied_profit": "383940165.6323333333333333333",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.570571428571428571428571429",
|
"implied_margin": "0.2464230150299996490104325146",
|
"implied_profit": "329091570.542",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "1.37425",
|
"implied_margin": "0.2156201381512496928841284503",
|
"implied_profit": "287955124.22425",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "1.0994",
|
"implied_margin": "0.1724961105209997543073027602",
|
"implied_profit": "230364099.3794",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.9161666666666666666666666667",
|
"implied_margin": "0.1437467587674997952560856335",
|
"implied_profit": "191970082.8161666666666666667",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.7329333333333333333333333333",
|
"implied_margin": "0.1149974070139998362048685068",
|
"implied_profit": "153576066.2529333333333333333",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.5497",
|
"implied_margin": "0.08624805526049987715365138011",
|
"implied_profit": "115182049.6897",
|
"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": "-0.31561600467762096",
|
"cagr_low": "-0.4116125560084135",
|
"equity_value_high": "1729354492.905599850",
|
"equity_value_low": "812272564.849599900",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "8.253249245964900594909611824",
|
"price_low": "3.876526160983513774786820727",
|
"role": "pessimistic",
|
"upside_to_high": "-0.8498590277248517264888191409",
|
"upside_to_low": "-0.9294792402950061165219788844"
|
},
|
{
|
"assumption": "以TTM扣非利润与无家机构覆盖池预期为锚，按业务质量和周期属性定价。",
|
"cagr_high": "-0.1775305419710752",
|
"cagr_low": "-0.2978929880590685",
|
"equity_value_high": "4334946088.5",
|
"equity_value_low": "1965175560.11999970",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "20.68829189329437160121080939",
|
"price_low": "9.378692324960113694148726119",
|
"role": "base",
|
"upside_to_high": "-0.6236439531872954047442093980",
|
"upside_to_low": "-0.8293852587782406095297666706"
|
},
|
{
|
"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": "-0.05586137421431747",
|
"cagr_low": "-0.16170221883331326",
|
"equity_value_high": "8640992536.40999935",
|
"equity_value_low": "4768440697.35",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "41.23866184063344428965761387",
|
"price_low": "22.75712108262380876133189033",
|
"role": "optimistic",
|
"upside_to_high": "-0.2497969466866755632225283997",
|
"upside_to_low": "-0.5860083485060249452186303378"
|
}
|
]
|
}
|
