{ "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" } ] }