{ "conclusion": { "base_midpoint": "12.66494978353392934358372217", "price_label": "当前价格高于乐观情景上限", "price_position": "ABOVE_OPTIMISTIC_RANGE", "safety_margin_to_base_midpoint": "-1.412169058871354244025260574" }, "engine_version": "1.0.0", "holding_period": { "cumulative_dividend_per_share": "0", "required_exit_price": "49.2010805", "required_profit_by_exit_pe": [ { "exit_pe": "20", "required_profit": "1801283867.45456435" }, { "exit_pe": "25", "required_profit": "1441027093.96365148" }, { "exit_pe": "30", "required_profit": "1200855911.636376233333333333" }, { "exit_pe": "35", "required_profit": "1029305067.116893914285714286" }, { "exit_pe": "40", "required_profit": "900641933.727282175" }, { "exit_pe": "50", "required_profit": "720513546.98182574" }, { "exit_pe": "60", "required_profit": "600427955.8181881166666666667" }, { "exit_pe": "75", "required_profit": "480342364.6545504933333333333" }, { "exit_pe": "100", "required_profit": "360256773.49091287" } ], "required_return": "0.1", "years": 5 }, "institutions": { "coverage_status": "no_usable_forecasts", "detail": [], "summary": {} }, "meta": { "as_of_date": "2026-08-04", "code": "300456.SZ", "company": "赛微电子", "currency": "CNY", "latest_operating_info_date": "2026-04-23", "market": "深圳证券交易所", "report_period_end": "2026-03-31" }, "metrics": { "annual_cash_conversion": "-0.009438203990635510936920578085", "annual_fcf": "-149215536.53", "book_value_per_share": "9.046392702524235245416944406", "current_fcf": "-181118849.92", "deduct_pe": null, "diluted_shares": "732213134.0", "enterprise_value": "22077474752.580", "market_cap": "22369111243.700", "normalized_eps": "-0.5243988868683692581783161513", "normalized_pe": null, "normalized_profit": "-383971752.4200001", "pb": "3.377036682419895941635364804", "price": "30.55", "ps": "33.96277668213026129065507576", "reported_pe": "15.73391559771590041868727538", "ttm_attributable_profit": "1421712929.93", "ttm_deduct_profit": "-383971752.42", "ttm_eps": "1.941665430341761665258520206", "ttm_revenue": "658636113.68" }, "normalization_adjustments": [ { "amount": "-1805684682.3500001", "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": "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" }, { "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": "1.5275", "implied_margin": "1.698138834106513064532753788", "implied_profit": "1118455562.185", "pe": "20" }, { "implied_eps": "1.222", "implied_margin": "1.358511067285210451626203030", "implied_profit": "894764449.748", "pe": "25" }, { "implied_eps": "1.018333333333333333333333333", "implied_margin": "1.132092556071008709688502525", "implied_profit": "745637041.4566666666666666667", "pe": "30" }, { "implied_eps": "0.8728571428571428571428571429", "implied_margin": "0.9703650480608646083044307360", "implied_profit": "639117464.1057142857142857143", "pe": "35" }, { "implied_eps": "0.76375", "implied_margin": "0.8490694170532565322663768940", "implied_profit": "559227781.0925", "pe": "40" }, { "implied_eps": "0.611", "implied_margin": "0.6792555336426052258131015152", "implied_profit": "447382224.874", "pe": "50" }, { "implied_eps": "0.5091666666666666666666666667", "implied_margin": "0.5660462780355043548442512626", "implied_profit": "372818520.7283333333333333333", "pe": "60" }, { "implied_eps": "0.4073333333333333333333333333", "implied_margin": "0.4528370224284034838754010102", "implied_profit": "298254816.5826666666666666667", "pe": "75" }, { "implied_eps": "0.3055", "implied_margin": "0.3396277668213026129065507576", "implied_profit": "223691112.437", "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": "-0.21604191318387334", "cagr_low": "-0.2921795686595886", "equity_value_high": "6623887552.110", "equity_value_low": "3974332531.266", "method": "pb", "name": "悲观", "price_high": "9.046392702524235245416944406", "price_low": "5.427835621514541147250166643", "role": "pessimistic", "upside_to_high": "-0.7038823992627091572694944548", "upside_to_low": "-0.8223294395576254943616966729" }, { "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": "-0.11824618898724859", "cagr_low": "-0.21604191318387334", "equity_value_high": "11922997593.798", "equity_value_low": "6623887552.110", "method": "pb", "name": "基准", "price_high": "16.28350686454362344175049993", "price_low": "9.046392702524235245416944406", "role": "base", "upside_to_high": "-0.4669883186728764830850900187", "upside_to_low": "-0.7038823992627091572694944548" }, { "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": "-0.02339915589136321", "cagr_low": "-0.11824618898724859", "equity_value_high": "19871662656.330", "equity_value_low": "11922997593.798", "method": "pb", "name": "乐观", "price_high": "27.13917810757270573625083322", "price_low": "16.28350686454362344175049993", "role": "optimistic", "upside_to_high": "-0.1116471977881274718084833643", "upside_to_low": "-0.4669883186728764830850900187" } ] }