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/301566.SZ/达利凯普估值快照_当前.json | 164 ++++++++++++++++++++++++++++++++++++++++++++++++++++++
1 files changed, 164 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\274/301566.SZ/\350\276\276\345\210\251\345\207\257\346\231\256\344\274\260\345\200\274\345\277\253\347\205\247_\345\275\223\345\211\215.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\274/301566.SZ/\350\276\276\345\210\251\345\207\257\346\231\256\344\274\260\345\200\274\345\277\253\347\205\247_\345\275\223\345\211\215.json"
new file mode 100644
index 0000000..01ad944
--- /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\274/301566.SZ/\350\276\276\345\210\251\345\207\257\346\231\256\344\274\260\345\200\274\345\277\253\347\205\247_\345\275\223\345\211\215.json"
@@ -0,0 +1,164 @@
+{
+ "snapshot_id": "301566-SZ-20260905-current",
+ "meta": {
+ "company": "达利凯普",
+ "code": "301566.SZ",
+ "market": "深交所创业板",
+ "as_of_date": "2026-09-05",
+ "currency": "CNY",
+ "report_period_end": "2026-06-30",
+ "latest_operating_info_date": "2026-08-28"
+ },
+ "market": {
+ "price": 23.66,
+ "price_type": "前复权完整交易日收盘价（与未复权报价同值核验）",
+ "price_timestamp": "2026-09-04T15:00:00+08:00",
+ "diluted_shares": 400010000,
+ "shares_date": "2026-09-05",
+ "platform_market_cap": 9464236600
+ },
+ "financials": {
+ "annual": {
+ "period_end": "2025-12-31",
+ "basis": "audited",
+ "revenue": 362358396.78,
+ "attributable_profit": 159140506.64,
+ "deduct_profit": 144236410.1,
+ "cfo": 155689550.49,
+ "capex": 9200541.29
+ },
+ "current_cumulative": {
+ "period_end": "2026-06-30",
+ "basis": "interim_report_unaudited",
+ "revenue": 244798437.8,
+ "attributable_profit": 119041894.35,
+ "deduct_profit": 102158651.2,
+ "cfo": 47120803.31,
+ "capex": 11445205.18
+ },
+ "prior_year_same_period": {
+ "period_end": "2025-06-30",
+ "basis": "reported_comparative",
+ "revenue": 195049119.65,
+ "attributable_profit": 89119231.51,
+ "deduct_profit": 82613707.89,
+ "cfo": 72571472.87,
+ "capex": 6131141.68
+ }
+ },
+ "balance_sheet": {
+ "period_end": "2026-06-30",
+ "equity": 1594792846.9,
+ "cash_available": 487742707.56,
+ "non_operating_financial_assets": 417310665.87,
+ "interest_bearing_debt": 138672.3,
+ "minority_interest": 3834647.52
+ },
+ "normalization": {
+ "adjustments": [
+ {
+ "description": "以最新TTM扣非归母利润替代TTM归母利润作为核心盈利代理",
+ "amount": -25281816.07,
+ "basis": "2025-12-31+2026-06-30-2025-06-30"
+ }
+ ]
+ },
+ "valuation": {
+ "scenarios": [
+ {
+ "name": "悲观",
+ "role": "pessimistic",
+ "method": "pe",
+ "profit_low": 110000000,
+ "profit_high": 150000000,
+ "multiple_low": 18,
+ "multiple_high": 25,
+ "assumption": "射频微波MLCC需求与认证放量低于预期，盈利回到较低增速。"
+ },
+ {
+ "name": "基准",
+ "role": "base",
+ "method": "pe",
+ "profit_low": 170000000,
+ "profit_high": 240000000,
+ "multiple_low": 25,
+ "multiple_high": 40,
+ "assumption": "H1增长延续但保持小体量与客户认证折价，不把细分稀缺性无限外推。"
+ },
+ {
+ "name": "乐观",
+ "role": "optimistic",
+ "method": "pe",
+ "profit_low": 240000000,
+ "profit_high": 300000000,
+ "multiple_low": 40,
+ "multiple_high": 50,
+ "assumption": "高Q、高可靠MLCC放量，收入、利润和现金流同步兑现。"
+ }
+ ],
+ "reverse_pe_multiples": [15, 18, 20, 25, 30, 35, 40, 50, 60, 80, 100],
+ "exit_pe_multiples": [18, 20, 25, 30, 35, 40],
+ "holding_period": {
+ "years": 5,
+ "required_return": 0.1,
+ "cumulative_dividend_per_share": 0
+ }
+ },
+ "institutions": {
+ "coverage_status": "no_usable_forecasts",
+ "forecasts": []
+ },
+ "sources": [
+ {
+ "id": "SRC-CNINFO-301566-H1-20260828",
+ "source_type": "cninfo",
+ "title": "达利凯普2026年半年度报告",
+ "publish_date": "2026-08-28",
+ "period_end": "2026-06-30",
+ "url": "https://static.cninfo.com.cn/finalpage/2026-08-28/1225517641.PDF",
+ "supports": ["financials.current_cumulative", "financials.prior_year_same_period", "balance_sheet.equity"],
+ "revision_status": "current"
+ },
+ {
+ "id": "SRC-EM-FINANCE-301566-20260905",
+ "source_type": "financial_mirror",
+ "title": "东方财富结构化财务与法定报告勾稽",
+ "publish_date": "2026-08-28",
+ "period_end": "2026-06-30",
+ "url": "https://datacenter-web.eastmoney.com/api/data/v1/get",
+ "supports": ["financials.annual", "financials.current_cumulative", "financials.prior_year_same_period", "balance_sheet.equity"],
+ "revision_status": "current"
+ },
+ {
+ "id": "SRC-MARKET-301566-20260905",
+ "source_type": "quote_provider",
+ "title": "trading_xuntou前复权收盘与东方财富当前总股本勾稽",
+ "publish_date": "2026-09-05",
+ "period_end": "2026-09-04",
+ "url": "https://push2.eastmoney.com/api/qt/stock/get",
+ "supports": ["market.price", "market.diluted_shares", "market.platform_market_cap"],
+ "revision_status": "current"
+ },
+ {
+ "id": "SRC-NO-CONSENSUS-301566-20260905",
+ "source_type": "institution_aggregator",
+ "title": "固定机构预测明细未形成可用样本",
+ "publish_date": "2026-09-05",
+ "period_end": "2026-09-05",
+ "url": "https://datacenter-web.eastmoney.com/api/data/v1/get",
+ "supports": ["institutions"],
+ "revision_status": "current"
+ }
+ ],
+ "analysis": {
+ "company_type": "射频微波MLCC细分公司",
+ "primary_model": "TTM扣非PE三情景，结合被动元件细分稀缺性与现金流交叉验证",
+ "cross_checks": ["TTM扣非PE", "PB", "PS", "经营现金流", "同行高可靠被动元件估值"],
+ "profit_sources": ["主要利润来自射频微波MLCC及相关陶瓷电容器，属于MLCC细分直接公司。"],
+ "profit_source_quality": ["2026H1扣非利润增长，但经营现金流同比回落，规模仍小且客户认证节奏影响较大。"],
+ "risks": ["细分市场容量、客户集中与认证周期可能限制收入放量。", "高毛利和稀缺性若未转化为持续增长，当前较高TTM PE会压缩安全边际。"],
+ "upgrade_triggers": ["高Q、高可靠产品收入和客户数量增长，现金流同步改善。"],
+ "downgrade_triggers": ["收入增速放缓、经营现金流继续下降或新增产能利用率不及预期。"],
+ "information_cutoff": "2026-09-05T22:14:10+08:00"
+ }
+}
--
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