{ "conclusion": { "base_midpoint": "2.841132413808278598320518118", "price_label": "当前价格高于乐观情景上限", "price_position": "ABOVE_OPTIMISTIC_RANGE", "safety_margin_to_base_midpoint": "-3.575640310468559588192488905" }, "engine_version": "1.0.0", "holding_period": { "cumulative_dividend_per_share": "0", "required_exit_price": "20.936630", "required_profit_by_exit_pe": [ { "exit_pe": "20", "required_profit": "729509992.8575745" }, { "exit_pe": "25", "required_profit": "583607994.2860596" }, { "exit_pe": "30", "required_profit": "486339995.2383830" }, { "exit_pe": "35", "required_profit": "416862853.0614711428571428571" }, { "exit_pe": "40", "required_profit": "364754996.42878725" }, { "exit_pe": "50", "required_profit": "291803997.1430298" }, { "exit_pe": "60", "required_profit": "243169997.6191915" }, { "exit_pe": "75", "required_profit": "194535998.0953532" }, { "exit_pe": "100", "required_profit": "145901998.5715149" } ], "required_return": "0.1", "years": 5 }, "institutions": { "coverage_status": "no_usable_forecasts", "detail": [], "summary": {} }, "meta": { "as_of_date": "2026-08-06", "code": "300053.SZ", "company": "航宇微", "currency": "CNY", "latest_operating_info_date": "2026-04-28", "market": "深圳证券交易所", "report_period_end": "2026-03-31" }, "metrics": { "annual_cash_conversion": null, "annual_fcf": "2214099.30", "book_value_per_share": "2.029380295577341855943227227", "current_fcf": "-49587281.98", "deduct_pe": null, "diluted_shares": "696874323.0", "enterprise_value": "9109618168.21000003", "market_cap": "9059366199.00", "normalized_eps": "-0.5270414256603339982724546446", "normalized_pe": null, "normalized_profit": "-367281636.700000083", "pb": "6.405896434655983423469484469", "price": "13.0", "ps": "36.45625114843414357947981240", "reported_pe": null, "ttm_attributable_profit": "-361159572.35", "ttm_deduct_profit": "-367281636.70", "ttm_eps": "-0.5182563920496178189650417067", "ttm_revenue": "248499665.04" }, "normalization_adjustments": [ { "amount": "-6122064.350000083", "basis": "2025年报加2026年最新累计期减上年同期比较数", "description": "以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": "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": "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": 3 }, "reverse_pe": [ { "implied_eps": "0.65", "implied_margin": "1.822812557421707178973990620", "implied_profit": "452968309.95", "pe": "20" }, { "implied_eps": "0.52", "implied_margin": "1.458250045937365743179192496", "implied_profit": "362374647.96", "pe": "25" }, { "implied_eps": "0.4333333333333333333333333333", "implied_margin": "1.215208371614471452649327080", "implied_profit": "301978873.30", "pe": "30" }, { "implied_eps": "0.3714285714285714285714285714", "implied_margin": "1.041607175669546959413708926", "implied_profit": "258839034.2571428571428571429", "pe": "35" }, { "implied_eps": "0.325", "implied_margin": "0.9114062787108535894869953101", "implied_profit": "226484154.975", "pe": "40" }, { "implied_eps": "0.26", "implied_margin": "0.7291250229686828715895962481", "implied_profit": "181187323.98", "pe": "50" }, { "implied_eps": "0.2166666666666666666666666667", "implied_margin": "0.6076041858072357263246635401", "implied_profit": "150989436.65", "pe": "60" }, { "implied_eps": "0.1733333333333333333333333333", "implied_margin": "0.4860833486457885810597308321", "implied_profit": "120791549.32", "pe": "75" }, { "implied_eps": "0.13", "implied_margin": "0.3645625114843414357947981240", "implied_profit": "90593661.99", "pe": "100" } ], "scenarios": [ { "assumption": "亏损继续且现金消耗偏高，按归母净资产折价。", "cagr_high": "-0.3102622160132469", "cagr_low": "-0.3772492382136875", "equity_value_high": "1414223019.590", "equity_value_low": "848533811.754", "method": "pb", "name": "悲观", "price_high": "2.029380295577341855943227227", "price_low": "1.217628177346405113565936336", "role": "pessimistic", "upside_to_high": "-0.8438938234171275495428286748", "upside_to_low": "-0.9063362940502765297256972049" }, { "assumption": "业务逐步接近盈亏平衡，按成长型资产的中性净资产倍数定价。", "cagr_high": "-0.2242201083736577", "cagr_low": "-0.3102622160132469", "equity_value_high": "2545601435.262", "equity_value_low": "1414223019.590", "method": "pb", "name": "基准", "price_high": "3.652884532039215340697809008", "price_low": "2.029380295577341855943227227", "role": "base", "upside_to_high": "-0.7190088821508295891770916148", "upside_to_low": "-0.8438938234171275495428286748" }, { "assumption": "核心产品或订单放量并形成可持续盈利，给予成长溢价。", "cagr_high": "-0.14077230226585735", "cagr_low": "-0.2242201083736577", "equity_value_high": "4242669058.770", "equity_value_low": "2545601435.262", "method": "pb", "name": "乐观", "price_high": "6.088140886732025567829681680", "price_low": "3.652884532039215340697809008", "role": "optimistic", "upside_to_high": "-0.5316814702513826486284860246", "upside_to_low": "-0.7190088821508295891770916148" } ] }