{ "conclusion": { "base_midpoint": "40.53496456829112852120061858", "price_label": "当前价格处于基准合理区间", "price_position": "WITHIN_BASE_RANGE", "safety_margin_to_base_midpoint": "0.01813161985260650072972718212" }, "engine_version": "1.0.0", "holding_period": { "cumulative_dividend_per_share": "0", "required_exit_price": "64.098298000000", "required_profit_by_exit_pe": [ { "exit_pe": "18", "required_profit": "269423186.6038704444444444444" }, { "exit_pe": "20", "required_profit": "242480867.943483400000" }, { "exit_pe": "22", "required_profit": "220437152.675894000000" }, { "exit_pe": "25", "required_profit": "193984694.354786720000" }, { "exit_pe": "30", "required_profit": "161653911.9623222666666666667" } ], "required_return": "0.10", "years": 5 }, "institutions": { "coverage_status": "available", "detail": [ { "core_assumption": "聚焦机器人主业，股权激励强化增长目标；仅一家机构覆盖，预测不构成一致性共识", "estimates": { "2026": { "eps": "0.43", "profit": "33000000" }, "2027": { "eps": "1.49", "profit": "113000000" }, "2028": { "eps": "2.43", "profit": "184000000" } }, "included": true, "institution": "国投证券", "report_date": "2026-05-06", "source_id": "SRC-INSTITUTION-20260506", "statuses": [ "CURRENT" ] } ], "summary": { "2026": { "eps_mean": "0.43", "eps_profit_reconciliation_gap": "0.01413944303030303030303030303", "institution_count": 1, "pe_on_mean": "91.24941899393939393939393939", "profit_max": "33000000", "profit_mean": "33000000", "profit_median": "33000000", "profit_min": "33000000" }, "2027": { "eps_mean": "1.49", "eps_profit_reconciliation_gap": "0.002371607610619469026548672566", "institution_count": 1, "pe_on_mean": "26.64806041415929203539823009", "profit_max": "113000000", "profit_mean": "113000000", "profit_median": "113000000", "profit_min": "113000000" }, "2028": { "eps_mean": "2.43", "eps_profit_reconciliation_gap": "0.0008069001086956521739130434783", "institution_count": 1, "pe_on_mean": "16.36538492826086956521739130", "profit_max": "184000000", "profit_mean": "184000000", "profit_median": "184000000", "profit_min": "184000000" } } }, "meta": { "as_of_date": "2026-08-02", "code": "688084.SH", "company": "晶品特装", "currency": "CNY", "latest_operating_info_date": "2026-05-06", "market": "上海证券交易所科创板", "report_period_end": "2026-03-31" }, "metrics": { "annual_cash_conversion": null, "annual_fcf": "-19241134.97", "book_value_per_share": "20.26748228414556426060030929", "current_fcf": "-27235257.41", "deduct_pe": null, "diluted_shares": "75659066", "enterprise_value": "2048470455.00", "market_cap": "3011230826.80", "normalized_eps": "-0.3582468279478892853369350343", "normalized_pe": null, "normalized_profit": "-27104620.40", "pb": "1.963736760294786998540545636", "price": "39.80", "ps": "9.336067576823840866982891898", "reported_pe": null, "ttm_attributable_profit": "-15301545.37", "ttm_deduct_profit": "-27104620.40", "ttm_eps": "-0.2022433817779352444028320413", "ttm_revenue": "322537385.47" }, "normalization_adjustments": [ { "amount": "-11803075.03", "description": "剔除TTM非经常性损益净收益，使用扣非归母作为核心盈利代理", "source_id": "SRC-ANNUAL-2025" } ], "qa": { "error_count": 0, "info_count": 0, "issues": [ { "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" } ], "status": "PASS_WITH_WARNINGS", "warning_count": 3 }, "reverse_pe": [ { "implied_eps": "2.211111111111111111111111111", "implied_margin": "0.5186704209346578259434939944", "implied_profit": "167290601.4888888888888888889", "pe": "18" }, { "implied_eps": "1.99", "implied_margin": "0.4668033788411920433491445949", "implied_profit": "150561541.34", "pe": "20" }, { "implied_eps": "1.809090909090909090909090909", "implied_margin": "0.4243667080374473121355859954", "implied_profit": "136874128.4909090909090909091", "pe": "22" }, { "implied_eps": "1.592", "implied_margin": "0.3734427030729536346793156759", "implied_profit": "120449233.072", "pe": "25" }, { "implied_eps": "1.326666666666666666666666667", "implied_margin": "0.3112022525607946955660963965", "implied_profit": "100374360.8933333333333333333", "pe": "30" } ], "scenarios": [ { "assumption": "盈利修复不及预期，核心业务继续亏损，按资产折价与低成长估值", "cagr_high": "-0.05245117411945166", "cagr_low": "-0.09380931169602302", "equity_value_high": "2300128169.685", "equity_value_low": "1840102535.748", "method": "pb", "name": "悲观", "price_high": "30.40122342621834639090046393", "price_low": "24.32097874097467711272037114", "role": "pessimistic", "upside_to_high": "-0.2361501651703933067612948761", "upside_to_low": "-0.3889201321363146454090359010" }, { "assumption": "2026年明显减亏、2027年利润接近单一机构预测，维持中等成长溢价", "cagr_high": "0.02298174104600026", "cagr_low": "-0.017261779212124462", "equity_value_high": "3373521315.538", "equity_value_low": "2760153803.622", "method": "pb", "name": "基准", "price_high": "44.58846102512024137332068043", "price_low": "36.48146811146201566908055672", "role": "base", "upside_to_high": "0.120313091083423150083434182", "upside_to_low": "-0.0833801982044719681135538513" }, { "assumption": "特种机器人放量且智能感知止亏，2027至2028年机构预测基本兑现", "cagr_high": "0.08844777756835787", "cagr_low": "0.04947318812972967", "equity_value_high": "4600256339.370", "equity_value_low": "3833546949.475", "method": "pb", "name": "乐观", "price_high": "60.80244685243669278180092786", "price_low": "50.66870571036391065150077322", "role": "optimistic", "upside_to_high": "0.527699669659213386477410248", "upside_to_low": "0.273083058049344488731175207" } ] }