{
  "conclusion": {
    "base_midpoint": "37.18799544725783799590501222",
    "price_label": "当前价格高于乐观情景上限",
    "price_position": "ABOVE_OPTIMISTIC_RANGE",
    "safety_margin_to_base_midpoint": "-1.488975242864970645792563601"
  },
  "engine_version": "1.0.0",
  "holding_period": {
    "cumulative_dividend_per_share": "0",
    "required_exit_price": "152.48767265546425000",
    "required_profit_by_exit_pe": [
      {
        "exit_pe": "30",
        "required_profit": "1047666051.77004736659297500"
      },
      {
        "exit_pe": "40",
        "required_profit": "785749538.82753552494473125"
      },
      {
        "exit_pe": "50",
        "required_profit": "628599631.06202841995578500"
      },
      {
        "exit_pe": "60",
        "required_profit": "523833025.88502368329648750"
      },
      {
        "exit_pe": "80",
        "required_profit": "392874769.413767762472365625"
      }
    ],
    "required_return": "0.105",
    "years": 5
  },
  "institutions": {
    "coverage_status": "available",
    "detail": [
      {
        "core_assumption": "星载优势板块持续批量交付，机载、地面和低轨卫星通信带来增量。",
        "estimates": {
          "2026": {
            "eps": "0.84",
            "profit": "173000000"
          },
          "2027": {
            "eps": "1.18",
            "profit": "243000000"
          },
          "2028": {
            "eps": "1.59",
            "profit": "327000000"
          }
        },
        "included": true,
        "institution": "光大证券",
        "report_date": "2026-06-02",
        "source_id": "SRC-INSTITUTION-DETAIL",
        "statuses": [
          "CURRENT"
        ]
      },
      {
        "core_assumption": "下游需求恢复和低轨卫星批量化组网推动产品规模化交付。",
        "estimates": {
          "2026": {
            "eps": "0.84",
            "profit": "172000000"
          },
          "2027": {
            "eps": "1.17",
            "profit": "241000000"
          },
          "2028": {
            "eps": "1.61",
            "profit": "332000000"
          }
        },
        "included": false,
        "institution": "方正证券",
        "report_date": "2026-04-18",
        "source_id": "SRC-INSTITUTION-DETAIL",
        "statuses": [
          "STALE_BEFORE_LATEST_DISCLOSURE"
        ]
      },
      {
        "core_assumption": "低轨卫星组网加速，星载项目进入常态化批量交付。",
        "estimates": {
          "2026": {
            "eps": "0.81",
            "profit": "167000000"
          },
          "2027": {
            "eps": "1.17",
            "profit": "241000000"
          }
        },
        "included": false,
        "institution": "华创证券",
        "report_date": "2026-02-09",
        "source_id": "SRC-INSTITUTION-DETAIL",
        "statuses": [
          "STALE_BEFORE_LATEST_DISCLOSURE"
        ]
      }
    ],
    "summary": {
      "2026": {
        "eps_mean": "0.84",
        "eps_profit_reconciliation_gap": "0.0007891146820809248554913294798",
        "institution_count": 1,
        "pe_on_mean": "110.2774291130635838150289017",
        "profit_max": "173000000",
        "profit_mean": "173000000",
        "profit_median": "173000000",
        "profit_min": "173000000"
      },
      "2027": {
        "eps_mean": "1.18",
        "eps_profit_reconciliation_gap": "0.0008871735802469135802469135802",
        "institution_count": 1,
        "pe_on_mean": "78.51026846320987654320987654",
        "profit_max": "243000000",
        "profit_mean": "243000000",
        "profit_median": "243000000",
        "profit_min": "243000000"
      },
      "2028": {
        "eps_mean": "1.59",
        "eps_profit_reconciliation_gap": "0.002210069082568807339449541284",
        "institution_count": 1,
        "pe_on_mean": "58.34249307816513761467889908",
        "profit_max": "327000000",
        "profit_mean": "327000000",
        "profit_median": "327000000",
        "profit_min": "327000000"
      }
    }
  },
  "meta": {
    "as_of_date": "2026-08-01",
    "code": "001270.SZ",
    "company": "铖昌科技",
    "currency": "CNY",
    "latest_operating_info_date": "2026-05-19",
    "market": "深圳证券交易所",
    "report_period_end": "2026-03-31"
  },
  "metrics": {
    "annual_cash_conversion": "-0.4044376904436616451995244149",
    "annual_fcf": "-60898003.46",
    "book_value_per_share": "7.570384953730249711543174649",
    "current_fcf": "-26047996.36",
    "deduct_pe": "161.4386157786110808663495963",
    "diluted_shares": "206114901",
    "enterprise_value": "18803942677.87",
    "market_cap": "19077995236.56",
    "normalized_eps": "0.5733448565176760315839561740",
    "normalized_pe": "161.4386157786110808663495963",
    "normalized_profit": "118174918.34",
    "pb": "12.22659092842983667773303996",
    "price": "92.56",
    "ps": "45.80421585662767464686795987",
    "reported_pe": "144.5104364223639823936866417",
    "ttm_attributable_profit": "132018113.77",
    "ttm_deduct_profit": "118174918.34",
    "ttm_eps": "0.6405073729725149760036029612",
    "ttm_revenue": "416511774.73"
  },
  "normalization_adjustments": [
    {
      "amount": "-13843195.43",
      "description": "剔除TTM非经常性损益，以扣非归母净利润作为归一化利润。",
      "name": "以TTM扣非归母净利润替代TTM报告归母净利润",
      "reason": "剔除政府补助、理财收益、单项减值转回等非经常性损益；股份支付作为真实成本保留。",
      "source_id": "SRC-ANNUAL-2025"
    }
  ],
  "qa": {
    "error_count": 0,
    "info_count": 0,
    "issues": [
      {
        "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": "保留作公告前预期对照，但不纳入当前一致预期。",
        "field": "institutions.方正证券",
        "issue_id": "QA-INSTITUTION-STALE",
        "message": "机构预测已早于最新经营信息或低于已实现累计利润。",
        "recalc_scope": "机构预期与 Forward PE",
        "severity": "WARNING"
      },
      {
        "action": "保留作公告前预期对照，但不纳入当前一致预期。",
        "field": "institutions.华创证券",
        "issue_id": "QA-INSTITUTION-STALE",
        "message": "机构预测已早于最新经营信息或低于已实现累计利润。",
        "recalc_scope": "机构预期与 Forward PE",
        "severity": "WARNING"
      }
    ],
    "status": "PASS_WITH_WARNINGS",
    "warning_count": 3
  },
  "reverse_pe": [
    {
      "implied_eps": "3.085333333333333333333333333",
      "implied_margin": "1.526807195220922488228931996",
      "implied_profit": "635933174.552",
      "pe": "30"
    },
    {
      "implied_eps": "2.314",
      "implied_margin": "1.145105396415691866171698997",
      "implied_profit": "476949880.914",
      "pe": "40"
    },
    {
      "implied_eps": "1.8512",
      "implied_margin": "0.9160843171325534929373591973",
      "implied_profit": "381559904.7312",
      "pe": "50"
    },
    {
      "implied_eps": "1.542666666666666666666666667",
      "implied_margin": "0.7634035976104612441144659978",
      "implied_profit": "317966587.276",
      "pe": "60"
    },
    {
      "implied_eps": "1.157",
      "implied_margin": "0.5725526982078459330858494983",
      "implied_profit": "238474940.457",
      "pe": "80"
    },
    {
      "implied_eps": "0.9256",
      "implied_margin": "0.4580421585662767464686795987",
      "implied_profit": "190779952.3656",
      "pe": "100"
    }
  ],
  "scenarios": [
    {
      "assumption": "2026年交付增速低于市场预期，利润为1.20亿至1.50亿元；客户集中、回款弱使估值回落至30至40倍。",
      "cagr_high": "-0.20654243917038018",
      "cagr_low": "-0.2836026792737728",
      "equity_value_high": "6000000000",
      "equity_value_low": "3600000000",
      "method": "pe",
      "name": "悲观",
      "price_high": "29.10997686673803365628572385",
      "price_low": "17.46598612004282019377143431",
      "role": "pessimistic",
      "upside_to_high": "-0.6855015463835562483115198374",
      "upside_to_low": "-0.8113009278301337489869119024"
    },
    {
      "assumption": "2026年利润落在机构预测区间1.67亿至1.73亿元；高增长与稀缺性获得40至50倍前瞻PE，但对回款和集中度留折价。",
      "cagr_high": "-0.1463169190168293",
      "cagr_low": "-0.1893213319197098",
      "equity_value_high": "8650000000",
      "equity_value_low": "6680000000",
      "method": "pe",
      "name": "基准",
      "price_high": "41.96688331621399852114525189",
      "price_low": "32.40910757830167747066477256",
      "role": "base",
      "upside_to_high": "-0.5465980627029602579824410989",
      "upside_to_low": "-0.6498583883070259564534920856"
    },
    {
      "assumption": "2026年利润显著超出一致预期至2.00亿至2.30亿元，交付、毛利和回款同步改善，并维持50至60倍高估值。",
      "cagr_high": "-0.06272017249017714",
      "cagr_low": "-0.12119311082923034",
      "equity_value_high": "13800000000",
      "equity_value_low": "10000000000",
      "method": "pe",
      "name": "乐观",
      "price_high": "66.95294679349747740945716487",
      "price_low": "48.51662811123005609380953976",
      "role": "optimistic",
      "upside_to_high": "-0.2766535566821793711164956259",
      "upside_to_low": "-0.4758359106392604138525330622"
    }
  ]
}