{
  "conclusion": {
    "base_midpoint": "17.31206719832004199895002625",
    "price_label": "当前价格处于基准合理区间",
    "price_position": "WITHIN_BASE_RANGE",
    "safety_margin_to_base_midpoint": "-0.3666767653429602888086642599"
  },
  "engine_version": "1.0.0",
  "holding_period": {
    "cumulative_dividend_per_share": "0",
    "required_exit_price": "38.1046666",
    "required_profit_by_exit_pe": [
      {
        "exit_pe": "18",
        "required_profit": "846791538.1481111111111111111"
      },
      {
        "exit_pe": "20",
        "required_profit": "762112384.3333000"
      },
      {
        "exit_pe": "25",
        "required_profit": "609689907.4666400"
      },
      {
        "exit_pe": "30",
        "required_profit": "508074922.8888666666666666667"
      },
      {
        "exit_pe": "35",
        "required_profit": "435492791.0476000"
      },
      {
        "exit_pe": "40",
        "required_profit": "381056192.1666500"
      }
    ],
    "required_return": "0.1",
    "years": 5
  },
  "institutions": {
    "coverage_status": "no_usable_forecasts",
    "detail": [],
    "summary": {}
  },
  "meta": {
    "as_of_date": "2026-09-05",
    "code": "301566.SZ",
    "company": "达利凯普",
    "currency": "CNY",
    "latest_operating_info_date": "2026-08-28",
    "market": "深交所创业板",
    "report_period_end": "2026-06-30"
  },
  "metrics": {
    "annual_cash_conversion": "0.9783150360466893132168301610",
    "annual_fcf": "146489009.20",
    "book_value_per_share": "3.986882445188870278243043924",
    "current_fcf": "35675598.13",
    "deduct_pe": "57.78580041592293983229943563",
    "diluted_shares": "400010000",
    "enterprise_value": "8563156546.39",
    "market_cap": "9464236600.00",
    "normalized_eps": "0.4094431474463138421539461513",
    "normalized_pe": "57.78580041592293983229943563",
    "normalized_profit": "163781353.41",
    "pb": "5.934461405690921148562871699",
    "price": "23.66",
    "ps": "22.96544388063101675163778764",
    "reported_pe": "50.05859483912424252880455837",
    "ttm_attributable_profit": "189063169.48",
    "ttm_deduct_profit": "163781353.41",
    "ttm_eps": "0.4726461075473113172170695733",
    "ttm_revenue": "412107714.93"
  },
  "normalization_adjustments": [
    {
      "amount": "-25281816.07",
      "basis": "2025-12-31+2026-06-30-2025-06-30",
      "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"
    }
  ],
  "qa": {
    "error_count": 0,
    "info_count": 1,
    "issues": [
      {
        "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",
    "warning_count": 0
  },
  "reverse_pe": [
    {
      "implied_eps": "1.577333333333333333333333333",
      "implied_margin": "1.531029592042067783442519176",
      "implied_profit": "630949106.6666666666666666667",
      "pe": "15"
    },
    {
      "implied_eps": "1.314444444444444444444444444",
      "implied_margin": "1.275857993368389819535432647",
      "implied_profit": "525790922.2222222222222222222",
      "pe": "18"
    },
    {
      "implied_eps": "1.183",
      "implied_margin": "1.148272194031550837581889382",
      "implied_profit": "473211830.00",
      "pe": "20"
    },
    {
      "implied_eps": "0.9464",
      "implied_margin": "0.9186177552252406700655115057",
      "implied_profit": "378569464.00",
      "pe": "25"
    },
    {
      "implied_eps": "0.7886666666666666666666666667",
      "implied_margin": "0.7655147960210338917212595880",
      "implied_profit": "315474553.3333333333333333333",
      "pe": "30"
    },
    {
      "implied_eps": "0.676",
      "implied_margin": "0.6561555394466004786182225040",
      "implied_profit": "270406760.00",
      "pe": "35"
    },
    {
      "implied_eps": "0.5915",
      "implied_margin": "0.5741360970157754187909446910",
      "implied_profit": "236605915.00",
      "pe": "40"
    },
    {
      "implied_eps": "0.4732",
      "implied_margin": "0.4593088776126203350327557528",
      "implied_profit": "189284732.00",
      "pe": "50"
    },
    {
      "implied_eps": "0.3943333333333333333333333333",
      "implied_margin": "0.3827573980105169458606297941",
      "implied_profit": "157737276.6666666666666666667",
      "pe": "60"
    },
    {
      "implied_eps": "0.29575",
      "implied_margin": "0.2870680485078877093954723455",
      "implied_profit": "118302957.50",
      "pe": "80"
    },
    {
      "implied_eps": "0.2366",
      "implied_margin": "0.2296544388063101675163778764",
      "implied_profit": "94642366.00",
      "pe": "100"
    }
  ],
  "scenarios": [
    {
      "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。",
      "cagr_high": "-0.16902274677596196",
      "cagr_low": "-0.26866573751903977",
      "equity_value_high": "3750000000",
      "equity_value_low": "1980000000",
      "method": "pe",
      "name": "悲观",
      "price_high": "9.374765630859228519287017825",
      "price_low": "4.949876253093672658183545411",
      "role": "pessimistic",
      "upside_to_high": "-0.6037715287041746187959840311",
      "upside_to_low": "-0.7907913671558041987242795684"
    },
    {
      "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。",
      "cagr_high": "0.0028526555223575834",
      "cagr_low": "-0.14795865700275757",
      "equity_value_high": "9600000000",
      "equity_value_low": "4250000000",
      "method": "pe",
      "name": "基准",
      "price_high": "23.99940001499962500937476563",
      "price_low": "10.62473438164045898852528687",
      "role": "base",
      "upside_to_high": "0.014344886517312975882280880",
      "upside_to_low": "-0.5509410658647312346354485685"
    },
    {
      "assumption": "高Q、高可靠MLCC放量，收入、利润和现金流同步兑现。",
      "cagr_high": "0.09648105930144868",
      "cagr_low": "0.0028526555223575834",
      "equity_value_high": "15000000000",
      "equity_value_low": "9600000000",
      "method": "pe",
      "name": "乐观",
      "price_high": "37.49906252343691407714807130",
      "price_low": "23.99940001499962500937476563",
      "role": "optimistic",
      "upside_to_high": "0.584913885183301524816063876",
      "upside_to_low": "0.014344886517312975882280880"
    }
  ]
}