From 129e0ebd2ca859b3463ad2c31ae335c72bace22d Mon Sep 17 00:00:00 2001
From: Cai <cai@nbcai.cc>
Date: Sat, 05 Sep 2026 23:02:28 +0800
Subject: [PATCH] 刷新2026H1股票估值覆盖与半导体三子链
---
ana-data/result/股票估值/当前估值/03888.HK/calculation/valuation_results.json | 221 +++++++++++++++++++++++++++++++++++++++++++++++++++++++
1 files changed, 221 insertions(+), 0 deletions(-)
diff --git "a/ana-data/result/\350\202\241\347\245\250\344\274\260\345\200\274/\345\275\223\345\211\215\344\274\260\345\200\274/03888.HK/calculation/valuation_results.json" "b/ana-data/result/\350\202\241\347\245\250\344\274\260\345\200\274/\345\275\223\345\211\215\344\274\260\345\200\274/03888.HK/calculation/valuation_results.json"
new file mode 100644
index 0000000..4d0270d
--- /dev/null
+++ "b/ana-data/result/\350\202\241\347\245\250\344\274\260\345\200\274/\345\275\223\345\211\215\344\274\260\345\200\274/03888.HK/calculation/valuation_results.json"
@@ -0,0 +1,221 @@
+{
+ "conclusion": {
+ "base_midpoint": "25.24586110723862573559123859",
+ "price_label": "当前价格处于基准合理区间",
+ "price_position": "WITHIN_BASE_RANGE",
+ "safety_margin_to_base_midpoint": "-0.01402760203967983105459226479"
+ },
+ "engine_version": "1.0.0",
+ "holding_period": {
+ "cumulative_dividend_per_share": "0.13",
+ "required_exit_price": "41.0990560",
+ "required_profit_by_exit_pe": [
+ {
+ "exit_pe": "12",
+ "required_profit": "4707349939.1122800"
+ },
+ {
+ "exit_pe": "15",
+ "required_profit": "3765879951.2898240"
+ },
+ {
+ "exit_pe": "18",
+ "required_profit": "3138233292.7415200"
+ },
+ {
+ "exit_pe": "20",
+ "required_profit": "2824409963.4673680"
+ },
+ {
+ "exit_pe": "22",
+ "required_profit": "2567645421.333970909090909091"
+ },
+ {
+ "exit_pe": "24",
+ "required_profit": "2353674969.5561400"
+ },
+ {
+ "exit_pe": "25",
+ "required_profit": "2259527970.7738944"
+ },
+ {
+ "exit_pe": "30",
+ "required_profit": "1882939975.6449120"
+ }
+ ],
+ "required_return": "0.1",
+ "years": 5
+ },
+ "institutions": {
+ "coverage_status": "no_usable_forecasts",
+ "detail": [],
+ "summary": {}
+ },
+ "meta": {
+ "as_of_date": "2026-09-05",
+ "code": "03888.HK",
+ "company": "金山软件",
+ "currency": "HKD",
+ "latest_operating_info_date": "2026-08-19",
+ "market": "香港联合交易所主板",
+ "report_period_end": "2026-06-30"
+ },
+ "metrics": {
+ "annual_cash_conversion": "1.143301596301435524152733899",
+ "annual_fcf": null,
+ "book_value_per_share": "22.79119327307127655474540033",
+ "current_fcf": null,
+ "deduct_pe": "15.85618913622542670254619977",
+ "diluted_shares": "1374440310",
+ "enterprise_value": "12443818078.41",
+ "market_cap": "35185671936.00",
+ "normalized_eps": "1.488368891174328261661650479",
+ "normalized_pe": "17.20003700144626810062896220",
+ "normalized_profit": "2045674200.18",
+ "pb": "1.123240880513590441697264852",
+ "price": "25.60",
+ "ps": "3.052888216795988828141758970",
+ "reported_pe": "10.75948440855012784956223773",
+ "ttm_attributable_profit": "3270200559.80",
+ "ttm_deduct_profit": "2219049711.99",
+ "ttm_eps": "2.379296165869873243167613441",
+ "ttm_revenue": "11525371856.86"
+ },
+ "normalization_adjustments": [
+ {
+ "amount": "-1224526359.62",
+ "basis": "2026H1 IFRS归母16.393亿元人民币，非IFRS经调整归母5.806亿元人民币",
+ "description": "2026H1以公司披露的经调整归母净利润替代受未实现投资收益显著影响的IFRS归母利润"
+ }
+ ],
+ "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": "2.133333333333333333333333333",
+ "implied_margin": "0.2544073513996657356784799141",
+ "implied_profit": "2932139328.00",
+ "pe": "12"
+ },
+ {
+ "implied_eps": "1.706666666666666666666666667",
+ "implied_margin": "0.2035258811197325885427839313",
+ "implied_profit": "2345711462.40",
+ "pe": "15"
+ },
+ {
+ "implied_eps": "1.422222222222222222222222222",
+ "implied_margin": "0.1696049009331104904523199428",
+ "implied_profit": "1954759552.00",
+ "pe": "18"
+ },
+ {
+ "implied_eps": "1.28",
+ "implied_margin": "0.1526444108397994414070879485",
+ "implied_profit": "1759283596.80",
+ "pe": "20"
+ },
+ {
+ "implied_eps": "1.163636363636363636363636364",
+ "implied_margin": "0.1387676462179994921882617713",
+ "implied_profit": "1599348724.363636363636363636",
+ "pe": "22"
+ },
+ {
+ "implied_eps": "1.066666666666666666666666667",
+ "implied_margin": "0.1272036756998328678392399571",
+ "implied_profit": "1466069664.00",
+ "pe": "24"
+ },
+ {
+ "implied_eps": "1.024",
+ "implied_margin": "0.1221155286718395531256703588",
+ "implied_profit": "1407426877.44",
+ "pe": "25"
+ },
+ {
+ "implied_eps": "0.8533333333333333333333333333",
+ "implied_margin": "0.1017629405598662942713919657",
+ "implied_profit": "1172855731.20",
+ "pe": "30"
+ },
+ {
+ "implied_eps": "0.7314285714285714285714285714",
+ "implied_margin": "0.08722537762274253794690739915",
+ "implied_profit": "1005304912.457142857142857143",
+ "pe": "35"
+ },
+ {
+ "implied_eps": "0.64",
+ "implied_margin": "0.07632220541989972070354397424",
+ "implied_profit": "879641798.40",
+ "pe": "40"
+ }
+ ],
+ "scenarios": [
+ {
+ "assumption": "游戏继续收缩、AI投入压制费用率，经调整利润低于H1年化水平。",
+ "cagr_high": "-0.08087581699774493",
+ "cagr_low": "-0.20338331455155811",
+ "equity_value_high": "22901376399.12",
+ "equity_value_low": "11109214675.32",
+ "method": "pe",
+ "name": "悲观",
+ "price_high": "16.66232882759382981135062897",
+ "price_low": "8.082718903464058035375868742",
+ "role": "pessimistic",
+ "upside_to_high": "-0.3491277801721160229941160559",
+ "upside_to_low": "-0.6842687928334352329931301273"
+ },
+ {
+ "assumption": "WPS维持较快增长，游戏降幅逐步收窄，估值以经调整利润并保留控股折价。",
+ "cagr_high": "0.048529770445425724",
+ "cagr_low": "-0.06486236084531838",
+ "equity_value_high": "44414629473.60",
+ "equity_value_low": "24983228859.30",
+ "method": "pe",
+ "name": "基准",
+ "price_high": "32.31470231952088192174747843",
+ "price_low": "18.17701989495636954943499875",
+ "role": "base",
+ "upside_to_high": "0.262293059356284450068260876",
+ "upside_to_low": "-0.2899601603532668144751953613"
+ },
+ {
+ "assumption": "WPS AI商业化超预期、游戏新品改善，经常利润恢复且投资收益占比下降。",
+ "cagr_high": "0.1685191811059854",
+ "cagr_low": "0.061272451372999415",
+ "equity_value_high": "76477132836.90",
+ "equity_value_low": "47190986698.80",
+ "method": "pe",
+ "name": "乐观",
+ "price_high": "55.64238205215328703506956952",
+ "price_low": "34.33469344245295017577009219",
+ "role": "optimistic",
+ "upside_to_high": "1.173530548912237774807405059",
+ "upside_to_low": "0.341198962595818366241019226"
+ }
+ ]
+}
--
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