{
|
"conclusion": {
|
"base_midpoint": "0.3224726329312140288214722338",
|
"price_label": "当前价格高于乐观情景上限",
|
"price_position": "ABOVE_OPTIMISTIC_RANGE",
|
"safety_margin_to_base_midpoint": "-112.3429515173661418777289463"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "58.8641405",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "10",
|
"required_profit": "893483007.17343195"
|
},
|
{
|
"exit_pe": "12",
|
"required_profit": "744569172.644526625"
|
},
|
{
|
"exit_pe": "15",
|
"required_profit": "595655338.11562130"
|
},
|
{
|
"exit_pe": "18",
|
"required_profit": "496379448.4296844166666666667"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "446741503.586715975"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "357393202.86937278"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "297827669.05781065"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "255280859.1924091285714285714"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "223370751.7933579875"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "178696601.43468639"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "148913834.528905325"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "119131067.62312426"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "89348300.717343195"
|
}
|
],
|
"required_return": "0.1",
|
"years": 5
|
},
|
"institutions": {
|
"coverage_status": "no_usable_forecasts",
|
"detail": [],
|
"summary": {}
|
},
|
"meta": {
|
"as_of_date": "2026-08-25",
|
"code": "603068.SH",
|
"company": "博通集成",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-08-21",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-06-30"
|
},
|
"metrics": {
|
"annual_cash_conversion": "5.139642160199722526778484627",
|
"annual_fcf": "90500016.23",
|
"book_value_per_share": "11.78360115471833322255332806",
|
"current_fcf": "-52298713.08",
|
"deduct_pe": "3587.304415524644902174000969",
|
"diluted_shares": "151787319.0",
|
"enterprise_value": "4594790437.730",
|
"market_cap": "5547826509.450",
|
"normalized_eps": "0.01018870878139694924053569982",
|
"normalized_pe": "3587.304415524644902174000969",
|
"normalized_profit": "1546516.79",
|
"pb": "3.101768255739445474211700287",
|
"price": "36.55",
|
"ps": "4.696471987613886114783419540",
|
"reported_pe": "103.6823692554339969466643158",
|
"ttm_attributable_profit": "53507906.40",
|
"ttm_deduct_profit": "1546516.79",
|
"ttm_eps": "0.3525189505455327266173006192",
|
"ttm_revenue": "1181275332.65"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-51961389.61",
|
"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": "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": 1
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "3.655",
|
"implied_margin": "0.4696471987613886114783419540",
|
"implied_profit": "554782650.945",
|
"pe": "10"
|
},
|
{
|
"implied_eps": "3.045833333333333333333333333",
|
"implied_margin": "0.3913726656344905095652849617",
|
"implied_profit": "462318875.7875",
|
"pe": "12"
|
},
|
{
|
"implied_eps": "2.436666666666666666666666667",
|
"implied_margin": "0.3130981325075924076522279693",
|
"implied_profit": "369855100.630",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "2.030555555555555555555555556",
|
"implied_margin": "0.2609151104229936730435233078",
|
"implied_profit": "308212583.8583333333333333333",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "1.8275",
|
"implied_margin": "0.2348235993806943057391709770",
|
"implied_profit": "277391325.4725",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "1.462",
|
"implied_margin": "0.1878588795045554445913367816",
|
"implied_profit": "221913060.378",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.218333333333333333333333333",
|
"implied_margin": "0.1565490662537962038261139847",
|
"implied_profit": "184927550.315",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.044285714285714285714285714",
|
"implied_margin": "0.1341849139318253175652405583",
|
"implied_profit": "158509328.8414285714285714286",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.91375",
|
"implied_margin": "0.1174117996903471528695854885",
|
"implied_profit": "138695662.73625",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.731",
|
"implied_margin": "0.09392943975227772229566839080",
|
"implied_profit": "110956530.189",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.6091666666666666666666666667",
|
"implied_margin": "0.07827453312689810191305699234",
|
"implied_profit": "92463775.1575",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.4873333333333333333333333333",
|
"implied_margin": "0.06261962650151848153044559387",
|
"implied_profit": "73971020.126",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.3655",
|
"implied_margin": "0.04696471987613886114783419540",
|
"implied_profit": "55478265.0945",
|
"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": "-0.65630577065447",
|
"cagr_low": "-0.705810797855368",
|
"equity_value_high": "26606274.855160046",
|
"equity_value_low": "12225215.2249500225",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "0.1752865458751534177897957339",
|
"price_low": "0.08054174291694303198016166291",
|
"role": "pessimistic",
|
"upside_to_high": "-0.9952041984712680323450124286",
|
"upside_to_low": "-0.9977963955426280976202418150"
|
},
|
{
|
"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": "-0.5857696030126972",
|
"cagr_low": "-0.6474053600954502",
|
"equity_value_high": "67660109.5625001225",
|
"equity_value_low": "30234403.2445000552",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "0.4457560091861173363237280711",
|
"price_low": "0.1991892566763107213192163965",
|
"role": "base",
|
"upside_to_high": "-0.9878042131549625899774629803",
|
"upside_to_low": "-0.9945502255355318544098709604"
|
},
|
{
|
"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": "-0.5255415624520895",
|
"cagr_low": "-0.5777977901836695",
|
"equity_value_high": "133387073.1375002300",
|
"equity_value_low": "74426120.518750140",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "0.8787761323954883872743018803",
|
"price_low": "0.4903316101047291045439705013",
|
"role": "optimistic",
|
"upside_to_high": "-0.9759568773626405365998823015",
|
"upside_to_low": "-0.9865846344704588480288927359"
|
}
|
]
|
}
|
