{ "conclusion": { "base_midpoint": "64.02186293004012128508835035", "price_label": "当前价格高于基准合理区间", "price_position": "ABOVE_BASE_RANGE", "safety_margin_to_base_midpoint": "-0.3378242381605487088618627848" }, "engine_version": "1.0.0", "holding_period": { "cumulative_dividend_per_share": "0", "required_exit_price": "137.9401815", "required_profit_by_exit_pe": [ { "exit_pe": "20", "required_profit": "3471963837.948459975" }, { "exit_pe": "25", "required_profit": "2777571070.35876798" }, { "exit_pe": "30", "required_profit": "2314642558.63230665" }, { "exit_pe": "40", "required_profit": "1735981918.9742299875" }, { "exit_pe": "50", "required_profit": "1388785535.17938399" }, { "exit_pe": "60", "required_profit": "1157321279.316153325" } ], "required_return": "0.1", "years": 5 }, "institutions": { "coverage_status": "no_usable_forecasts", "detail": [], "summary": {} }, "meta": { "as_of_date": "2026-09-05", "code": "09880.HK", "company": "优必选", "currency": "HKD", "latest_operating_info_date": "2026-08-28", "market": "香港联合交易所主板", "report_period_end": "2026-06-30" }, "metrics": { "annual_cash_conversion": null, "annual_fcf": "-1380016886.81", "book_value_per_share": "16.00546573251003032127208759", "current_fcf": null, "deduct_pe": null, "diluted_shares": "503401373", "enterprise_value": "42141129323.84", "market_cap": "43116327597.45", "normalized_eps": "-1.380924917381979409102644621", "normalized_pe": null, "normalized_profit": "-695159499.42", "pb": "5.351296952642194835447451138", "price": "85.65", "ps": "14.07405550269043095955549234", "reported_pe": null, "ttm_attributable_profit": "-695159499.42", "ttm_deduct_profit": "-695159499.42", "ttm_eps": "-1.380924917381979409102644621", "ttm_revenue": "3063532582.29" }, "normalization_adjustments": [ { "amount": "0", "basis": "2026H1归母亏损3.115亿元人民币；集团非GAAP净亏损3.388亿元人民币，未制造扣非指标", "description": "港股法定披露无A股式扣非归母，以归母亏损作保守代理" } ], "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": "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" }, { "action": "拆解营运资本、资本开支与回款持续性。", "field": "metrics.annual_fcf", "issue_id": "QA-NEGATIVE-FCF", "message": "最近完整年度简化自由现金流为负。", "recalc_scope": "DCF 与现金流交叉验证", "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": 4 }, "reverse_pe": [ { "implied_eps": "4.2825", "implied_margin": "0.7037027751345215479777746170", "implied_profit": "2155816379.8725", "pe": "20" }, { "implied_eps": "3.426", "implied_margin": "0.5629622201076172383822196936", "implied_profit": "1724653103.898", "pe": "25" }, { "implied_eps": "2.855", "implied_margin": "0.4691351834230143653185164113", "implied_profit": "1437210919.915", "pe": "30" }, { "implied_eps": "2.14125", "implied_margin": "0.3518513875672607739888873085", "implied_profit": "1077908189.93625", "pe": "40" }, { "implied_eps": "1.713", "implied_margin": "0.2814811100538086191911098468", "implied_profit": "862326551.949", "pe": "50" }, { "implied_eps": "1.4275", "implied_margin": "0.2345675917115071826592582057", "implied_profit": "718605459.9575", "pe": "60" }, { "implied_eps": "1.142", "implied_margin": "0.1876540733692057461274065645", "implied_profit": "574884367.966", "pe": "75" }, { "implied_eps": "0.8565", "implied_margin": "0.1407405550269043095955549234", "implied_profit": "431163275.9745", "pe": "100" } ], "scenarios": [ { "assumption": "规模交付放缓、应收和存货继续上升，现金消耗与并购整合压低估值倍数。", "cagr_high": "-0.10929797297712485", "cagr_low": "-0.22459884864623647", "equity_value_high": "24171520275.750", "equity_value_low": "12085760137.875", "method": "pb", "name": "悲观", "price_high": "48.01639719753009096381626277", "price_low": "24.00819859876504548190813139", "role": "pessimistic", "upside_to_high": "-0.4393882405425558556472123436", "upside_to_low": "-0.7196941202712779278236061717" }, { "assumption": "全尺寸人形机器人收入继续增长、亏损收窄，但仍以未盈利平台公司估值并计入现金与并购风险。", "cagr_high": "-0.013488413006434552", "cagr_low": "-0.10929797297712485", "equity_value_high": "40285867126.250", "equity_value_low": "24171520275.750", "method": "pb", "name": "基准", "price_high": "80.02732866255015160636043796", "price_low": "48.01639719753009096381626277", "role": "base", "upside_to_high": "-0.0656470675709264260786872392", "upside_to_low": "-0.4393882405425558556472123436" }, { "assumption": "规模订单持续转化为收入和回款，毛利率维持改善，费用率下降并接近盈亏平衡。", "cagr_high": "0.055183029221321345", "cagr_low": "-0.013488413006434552", "equity_value_high": "56400213976.750", "equity_value_low": "40285867126.250", "method": "pb", "name": "乐观", "price_high": "112.0382601275702122489046131", "price_low": "80.02732866255015160636043796", "role": "optimistic", "upside_to_high": "0.308094105400703003489837865", "upside_to_low": "-0.0656470675709264260786872392" } ] }