{
|
"conclusion": {
|
"base_midpoint": "184.7205833333220035287059578",
|
"price_label": "当前价格高于基准合理区间",
|
"price_position": "ABOVE_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.9164079801611445351181396179"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "570.120540",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "10",
|
"required_profit": "54608559667.6627920"
|
},
|
{
|
"exit_pe": "12",
|
"required_profit": "45507133056.3856600"
|
},
|
{
|
"exit_pe": "15",
|
"required_profit": "36405706445.1085280"
|
},
|
{
|
"exit_pe": "18",
|
"required_profit": "30338088704.25710666666666667"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "27304279833.8313960"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "21843423867.0651168"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "18202853222.5542640"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "15602445619.33222628571428571"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "13652139916.9156980"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "10921711933.5325584"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "9101426611.2771320"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "7281141289.0217056"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "5460855966.7662792"
|
}
|
],
|
"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": "4.829296296296",
|
"mark": "E",
|
"profit": "4625704503.631865"
|
},
|
"2027": {
|
"eps": "6.144",
|
"mark": "E",
|
"profit": "5884983386.112"
|
},
|
"2028": {
|
"eps": "7.83624",
|
"mark": "E",
|
"profit": "7505882521.09152"
|
}
|
},
|
"included": true,
|
"institution": "东方财富公开一致预期汇总（覆盖池27家）",
|
"report_date": "2026-08-25",
|
"source_id": "SRC-EM-CONSENSUS-20260825",
|
"statuses": [
|
"CURRENT"
|
]
|
}
|
],
|
"summary": {
|
"2026": {
|
"eps_mean": "4.829296296296",
|
"eps_profit_reconciliation_gap": "0.0000000000000001420306894839831878446306718",
|
"institution_count": 1,
|
"pe_on_mean": "73.30260524116376945734444266",
|
"profit_max": "4625704503.631865",
|
"profit_mean": "4625704503.631865",
|
"profit_median": "4625704503.631865",
|
"profit_min": "4625704503.631865"
|
},
|
"2027": {
|
"eps_mean": "6.144",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "57.6171875",
|
"profit_max": "5884983386.112",
|
"profit_mean": "5884983386.112",
|
"profit_median": "5884983386.112",
|
"profit_min": "5884983386.112"
|
},
|
"2028": {
|
"eps_mean": "7.83624",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "45.17472665462007289210131390",
|
"profit_max": "7505882521.09152",
|
"profit_mean": "7505882521.09152",
|
"profit_median": "7505882521.09152",
|
"profit_min": "7505882521.09152"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-25",
|
"code": "688012.SH",
|
"company": "中微公司",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-08-20",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-06-30"
|
},
|
"metrics": {
|
"annual_cash_conversion": "1.087086090839624228837026981",
|
"annual_fcf": "1440425909.48",
|
"book_value_per_share": "31.35981029192290420636110777",
|
"current_fcf": "-92382567.73",
|
"deduct_pe": "158.9206932928013462371779017",
|
"diluted_shares": "957842348.0",
|
"enterprise_value": "329793700097.60",
|
"market_cap": "339076191192.00",
|
"normalized_eps": "2.227526149459827391135560860",
|
"normalized_pe": "158.9206932928013462371779017",
|
"normalized_profit": "2133618877.23",
|
"pb": "11.28833359336924789319262411",
|
"price": "354.0",
|
"ps": "24.02184911711009032400242303",
|
"reported_pe": "80.14562541272119120104820518",
|
"ttm_attributable_profit": "4230751079.00",
|
"ttm_deduct_profit": "2133618877.23",
|
"ttm_eps": "4.416959730203952101729375615",
|
"ttm_revenue": "14115324325.74"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-2097132201.77",
|
"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": "35.4",
|
"implied_margin": "2.402184911711009032400242303",
|
"implied_profit": "33907619119.20",
|
"pe": "10"
|
},
|
{
|
"implied_eps": "29.5",
|
"implied_margin": "2.001820759759174193666868586",
|
"implied_profit": "28256349266.00",
|
"pe": "12"
|
},
|
{
|
"implied_eps": "23.6",
|
"implied_margin": "1.601456607807339354933494869",
|
"implied_profit": "22605079412.80",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "19.66666666666666666666666667",
|
"implied_margin": "1.334547173172782795777912390",
|
"implied_profit": "18837566177.33333333333333333",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "17.7",
|
"implied_margin": "1.201092455855504516200121152",
|
"implied_profit": "16953809559.60",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "14.16",
|
"implied_margin": "0.9608739646844036129600969212",
|
"implied_profit": "13563047647.68",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "11.8",
|
"implied_margin": "0.8007283039036696774667474343",
|
"implied_profit": "11302539706.40",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "10.11428571428571428571428571",
|
"implied_margin": "0.6863385462031454378286406580",
|
"implied_profit": "9687891176.914285714285714286",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "8.85",
|
"implied_margin": "0.6005462279277522581000605758",
|
"implied_profit": "8476904779.80",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "7.08",
|
"implied_margin": "0.4804369823422018064800484606",
|
"implied_profit": "6781523823.84",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "5.9",
|
"implied_margin": "0.4003641519518348387333737172",
|
"implied_profit": "5651269853.20",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "4.72",
|
"implied_margin": "0.3202913215614678709866989737",
|
"implied_profit": "4521015882.56",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "3.54",
|
"implied_margin": "0.2402184911711009032400242303",
|
"implied_profit": "3390761911.92",
|
"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": "-0.22426064652324929",
|
"cagr_low": "-0.3330713480801558",
|
"equity_value_high": "95252507138.787360",
|
"equity_value_low": "44739813959.1273880",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "99.44486933332724186464973461",
|
"price_low": "46.70895377777490790164980260",
|
"role": "pessimistic",
|
"upside_to_high": "-0.7190822900188495992524018796",
|
"upside_to_low": "-0.8680538028876415031026841734"
|
},
|
{
|
"assumption": "以TTM扣非利润与27家机构覆盖池预期为锚，按业务质量和周期属性定价。",
|
"cagr_high": "-0.06244873919174887",
|
"cagr_low": "-0.2041718636947475",
|
"equity_value_high": "245624909142.8520",
|
"equity_value_low": "108241485384.9856290",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "256.4356333333176035353158138",
|
"price_low": "113.0055333333264035220961018",
|
"role": "base",
|
"upside_to_high": "-0.2756055555555999900132321644",
|
"upside_to_low": "-0.6807753295668745663217624243"
|
},
|
{
|
"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": "0.07624465606843978",
|
"cagr_low": "-0.044405680973084616",
|
"equity_value_high": "489612318891.418255",
|
"equity_value_low": "270187400057.13720",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "511.1616957777463551862085764",
|
"price_low": "282.0791966666493638888473952",
|
"role": "optimistic",
|
"upside_to_high": "0.443959592592503828209628747",
|
"upside_to_low": "-0.2031661111111599890145553808"
|
}
|
]
|
}
|
