{
  "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"
  }
}