{
|
"conclusion": {
|
"base_midpoint": "23.8659",
|
"price_label": "当前价格高于基准合理区间",
|
"price_position": "ABOVE_BASE_RANGE",
|
"safety_margin_to_base_midpoint": "-0.5842687684101584268768410158"
|
},
|
"engine_version": "1.0.0",
|
"holding_period": {
|
"cumulative_dividend_per_share": "0",
|
"required_exit_price": "60.8933831",
|
"required_profit_by_exit_pe": [
|
{
|
"exit_pe": "10",
|
"required_profit": "619800127.33809049"
|
},
|
{
|
"exit_pe": "12",
|
"required_profit": "516500106.1150754083333333333"
|
},
|
{
|
"exit_pe": "15",
|
"required_profit": "413200084.8920603266666666667"
|
},
|
{
|
"exit_pe": "18",
|
"required_profit": "344333404.0767169388888888889"
|
},
|
{
|
"exit_pe": "20",
|
"required_profit": "309900063.669045245"
|
},
|
{
|
"exit_pe": "25",
|
"required_profit": "247920050.935236196"
|
},
|
{
|
"exit_pe": "30",
|
"required_profit": "206600042.4460301633333333333"
|
},
|
{
|
"exit_pe": "35",
|
"required_profit": "177085750.6680258542857142857"
|
},
|
{
|
"exit_pe": "40",
|
"required_profit": "154950031.8345226225"
|
},
|
{
|
"exit_pe": "50",
|
"required_profit": "123960025.467618098"
|
},
|
{
|
"exit_pe": "60",
|
"required_profit": "103300021.2230150816666666667"
|
},
|
{
|
"exit_pe": "75",
|
"required_profit": "82640016.97841206533333333333"
|
},
|
{
|
"exit_pe": "100",
|
"required_profit": "61980012.733809049"
|
}
|
],
|
"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": "0.79",
|
"mark": "E",
|
"profit": "80409738.41"
|
},
|
"2027": {
|
"eps": "1.315",
|
"mark": "E",
|
"profit": "133846589.88499999"
|
},
|
"2028": {
|
"eps": "1.595",
|
"mark": "E",
|
"profit": "162346244.005"
|
}
|
},
|
"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": "0.79",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "47.86075949367088607594936709",
|
"profit_max": "80409738.41",
|
"profit_mean": "80409738.41",
|
"profit_median": "80409738.41",
|
"profit_min": "80409738.41"
|
},
|
"2027": {
|
"eps_mean": "1.315",
|
"eps_profit_reconciliation_gap": "0.00000000000000007471240028298014002199621920",
|
"institution_count": 1,
|
"pe_on_mean": "28.75285171102661811777631536",
|
"profit_max": "133846589.88499999",
|
"profit_mean": "133846589.88499999",
|
"profit_median": "133846589.88499999",
|
"profit_min": "133846589.88499999"
|
},
|
"2028": {
|
"eps_mean": "1.595",
|
"eps_profit_reconciliation_gap": "0.0",
|
"institution_count": 1,
|
"pe_on_mean": "23.70532915360501567398119122",
|
"profit_max": "162346244.005",
|
"profit_mean": "162346244.005",
|
"profit_median": "162346244.005",
|
"profit_min": "162346244.005"
|
}
|
}
|
},
|
"meta": {
|
"as_of_date": "2026-08-25",
|
"code": "688023.SH",
|
"company": "安恒信息",
|
"currency": "CNY",
|
"latest_operating_info_date": "2026-04-28",
|
"market": "上海证券交易所",
|
"report_period_end": "2026-03-31"
|
},
|
"metrics": {
|
"annual_cash_conversion": null,
|
"annual_fcf": "227135700.50",
|
"book_value_per_share": "21.90246066740686465566130176",
|
"current_fcf": "-367668085.04",
|
"deduct_pe": null,
|
"diluted_shares": "101784479.0",
|
"enterprise_value": "3387529903.990",
|
"market_cap": "3848471150.990",
|
"normalized_eps": "-0.9822073724030164265025122347",
|
"normalized_pe": null,
|
"normalized_profit": "-99973465.670000005",
|
"pb": "1.726290053622386153227985966",
|
"price": "37.81",
|
"ps": "1.777371957663436339557733529",
|
"reported_pe": null,
|
"ttm_attributable_profit": "-60177052.16",
|
"ttm_deduct_profit": "-99973465.67",
|
"ttm_eps": "-0.5912203191608418018232426184",
|
"ttm_revenue": "2165259294.43"
|
},
|
"normalization_adjustments": [
|
{
|
"amount": "-39796413.510000005",
|
"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"
|
}
|
],
|
"status": "PASS_WITH_WARNINGS",
|
"warning_count": 2
|
},
|
"reverse_pe": [
|
{
|
"implied_eps": "3.781",
|
"implied_margin": "0.1777371957663436339557733529",
|
"implied_profit": "384847115.099",
|
"pe": "10"
|
},
|
{
|
"implied_eps": "3.150833333333333333333333333",
|
"implied_margin": "0.1481143298052863616298111275",
|
"implied_profit": "320705929.2491666666666666667",
|
"pe": "12"
|
},
|
{
|
"implied_eps": "2.520666666666666666666666667",
|
"implied_margin": "0.1184914638442290893038489019",
|
"implied_profit": "256564743.3993333333333333333",
|
"pe": "15"
|
},
|
{
|
"implied_eps": "2.100555555555555555555555556",
|
"implied_margin": "0.09874288653685757441987408497",
|
"implied_profit": "213803952.8327777777777777778",
|
"pe": "18"
|
},
|
{
|
"implied_eps": "1.8905",
|
"implied_margin": "0.08886859788317181697788667647",
|
"implied_profit": "192423557.5495",
|
"pe": "20"
|
},
|
{
|
"implied_eps": "1.5124",
|
"implied_margin": "0.07109487830653745358230934117",
|
"implied_profit": "153938846.0396",
|
"pe": "25"
|
},
|
{
|
"implied_eps": "1.260333333333333333333333333",
|
"implied_margin": "0.05924573192211454465192445099",
|
"implied_profit": "128282371.6996666666666666667",
|
"pe": "30"
|
},
|
{
|
"implied_eps": "1.080285714285714285714285714",
|
"implied_margin": "0.05078205593324103827307810085",
|
"implied_profit": "109956318.5997142857142857143",
|
"pe": "35"
|
},
|
{
|
"implied_eps": "0.94525",
|
"implied_margin": "0.04443429894158590848894333823",
|
"implied_profit": "96211778.77475",
|
"pe": "40"
|
},
|
{
|
"implied_eps": "0.7562",
|
"implied_margin": "0.03554743915326872679115467059",
|
"implied_profit": "76969423.0198",
|
"pe": "50"
|
},
|
{
|
"implied_eps": "0.6301666666666666666666666667",
|
"implied_margin": "0.02962286596105727232596222549",
|
"implied_profit": "64141185.84983333333333333333",
|
"pe": "60"
|
},
|
{
|
"implied_eps": "0.5041333333333333333333333333",
|
"implied_margin": "0.02369829276884581786076978039",
|
"implied_profit": "51312948.67986666666666666667",
|
"pe": "75"
|
},
|
{
|
"implied_eps": "0.3781",
|
"implied_margin": "0.01777371957663436339557733529",
|
"implied_profit": "38484711.5099",
|
"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": "-0.19893989178363636",
|
"cagr_low": "-0.3143229825102982",
|
"equity_value_high": "1269444622.226352",
|
"equity_value_low": "583292242.426140",
|
"method": "pe",
|
"name": "悲观",
|
"price_high": "12.471888",
|
"price_low": "5.73066",
|
"role": "pessimistic",
|
"upside_to_high": "-0.6701431367363131446707220312",
|
"upside_to_low": "-0.8484353345675747156836815657"
|
},
|
{
|
"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": "-0.023570292026115713",
|
"cagr_low": "-0.17819539496984038",
|
"equity_value_high": "3415805687.6568",
|
"equity_value_low": "1442550707.0754",
|
"method": "pe",
|
"name": "基准",
|
"price_high": "33.5592",
|
"price_low": "14.1726",
|
"role": "base",
|
"upside_to_high": "-0.1124252843163184342766463898",
|
"upside_to_low": "-0.6251626553821740280349113991"
|
},
|
{
|
"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": "0.11211654648906966",
|
"cagr_low": "-0.00477902289356924",
|
"equity_value_high": "6546960901.34219900",
|
"equity_value_low": "3757386256.42248",
|
"method": "pe",
|
"name": "乐观",
|
"price_high": "64.32179999999999017531936279",
|
"price_low": "36.91512",
|
"role": "optimistic",
|
"upside_to_high": "0.701184871727056074459649902",
|
"upside_to_low": "-0.0236678127479502777043110288"
|
}
|
]
|
}
|
