{
  "conclusion": {
    "base_midpoint": "35.34636363634545667764603134",
    "price_label": "当前价格处于基准合理区间",
    "price_position": "WITHIN_BASE_RANGE",
    "safety_margin_to_base_midpoint": "0.02649108819167542257251583084"
  },
  "engine_version": "1.0.0",
  "holding_period": {
    "cumulative_dividend_per_share": "0",
    "required_exit_price": "55.4176491",
    "required_profit_by_exit_pe": [
      {
        "exit_pe": "20",
        "required_profit": "5819535615.536019135"
      },
      {
        "exit_pe": "25",
        "required_profit": "4655628492.428815308"
      },
      {
        "exit_pe": "30",
        "required_profit": "3879690410.35734609"
      },
      {
        "exit_pe": "35",
        "required_profit": "3325448923.163439505714285714"
      },
      {
        "exit_pe": "40",
        "required_profit": "2909767807.7680095675"
      },
      {
        "exit_pe": "50",
        "required_profit": "2327814246.214407654"
      },
      {
        "exit_pe": "60",
        "required_profit": "1939845205.178673045"
      },
      {
        "exit_pe": "75",
        "required_profit": "1551876164.142938436"
      },
      {
        "exit_pe": "100",
        "required_profit": "1163907123.107203827"
      }
    ],
    "required_return": "0.1",
    "years": 5
  },
  "institutions": {
    "coverage_status": "available",
    "detail": [
      {
        "core_assumption": "汇总接口未提供逐家报告日期；估值日仅作为C1汇总快照日期，不替代单家研报。",
        "estimates": {
          "2026": {
            "eps": "1.198181818182",
            "profit": "2516476926.769473"
          },
          "2027": {
            "eps": "1.450909090909",
            "profit": "3047266445.465264"
          },
          "2028": {
            "eps": "1.73",
            "profit": "3633426093.81"
          }
        },
        "included": true,
        "institution": "东方财富公开一致预期汇总（覆盖池11家）",
        "report_date": "2026-08-04",
        "source_id": "SRC-EM-CONSENSUS-20260804",
        "statuses": [
          "CURRENT"
        ]
      }
    ],
    "summary": {
      "2026": {
        "eps_mean": "1.198181818182",
        "eps_profit_reconciliation_gap": "0.00000000000000009058139877031404155382672621",
        "institution_count": 1,
        "pe_on_mean": "28.71851289832644375479803479",
        "profit_max": "2516476926.769473",
        "profit_mean": "2516476926.769473",
        "profit_median": "2516476926.769473",
        "profit_min": "2516476926.769473"
      },
      "2027": {
        "eps_mean": "1.450909090909",
        "eps_profit_reconciliation_gap": "0.0000000000000001266797659175682831995114593",
        "institution_count": 1,
        "pe_on_mean": "23.71616541353531755738441967",
        "profit_max": "3047266445.465264",
        "profit_mean": "3047266445.465264",
        "profit_median": "3047266445.465264",
        "profit_min": "3047266445.465264"
      },
      "2028": {
        "eps_mean": "1.73",
        "eps_profit_reconciliation_gap": "0.0",
        "institution_count": 1,
        "pe_on_mean": "19.89017341040462427745664740",
        "profit_max": "3633426093.81",
        "profit_mean": "3633426093.81",
        "profit_median": "3633426093.81",
        "profit_min": "3633426093.81"
      }
    }
  },
  "meta": {
    "as_of_date": "2026-08-04",
    "code": "002179.SZ",
    "company": "中航光电",
    "currency": "CNY",
    "latest_operating_info_date": "2026-04-25",
    "market": "深圳证券交易所",
    "report_period_end": "2026-03-31"
  },
  "metrics": {
    "annual_cash_conversion": "0.7225627607155963925423477203",
    "annual_fcf": "-20306341.77",
    "book_value_per_share": "11.74776413626501444558909273",
    "current_fcf": "-2519922007.78",
    "deduct_pe": "38.88521145924562258695225224",
    "diluted_shares": "2100246297.0",
    "enterprise_value": "70793319154.810",
    "market_cap": "72269475079.770",
    "normalized_eps": "0.8849122509225403624173131919",
    "normalized_pe": "38.88521145924561777477223060",
    "normalized_profit": "1858533678.17000023",
    "pb": "2.929067999737695335353195403",
    "price": "34.41",
    "ps": "3.373982910817607787636243577",
    "reported_pe": "37.64144188919539225056144152",
    "ttm_attributable_profit": "1919944387.16",
    "ttm_deduct_profit": "1858533678.17",
    "ttm_eps": "0.9141520163146846391035441497",
    "ttm_revenue": "21419632816.77"
  },
  "normalization_adjustments": [
    {
      "amount": "-61410708.98999977",
      "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": 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"
      }
    ],
    "status": "PASS_WITH_WARNINGS",
    "warning_count": 1
  },
  "reverse_pe": [
    {
      "implied_eps": "1.7205",
      "implied_margin": "0.1686991455408803893818121789",
      "implied_profit": "3613473753.9885",
      "pe": "20"
    },
    {
      "implied_eps": "1.3764",
      "implied_margin": "0.1349593164327043115054497431",
      "implied_profit": "2890779003.1908",
      "pe": "25"
    },
    {
      "implied_eps": "1.147",
      "implied_margin": "0.1124660970272535929212081192",
      "implied_profit": "2408982502.659",
      "pe": "30"
    },
    {
      "implied_eps": "0.9831428571428571428571428571",
      "implied_margin": "0.09639951173764593678960695937",
      "implied_profit": "2064842145.136285714285714286",
      "pe": "35"
    },
    {
      "implied_eps": "0.86025",
      "implied_margin": "0.08434957277044019469090608944",
      "implied_profit": "1806736876.99425",
      "pe": "40"
    },
    {
      "implied_eps": "0.6882",
      "implied_margin": "0.06747965821635215575272487155",
      "implied_profit": "1445389501.5954",
      "pe": "50"
    },
    {
      "implied_eps": "0.5735",
      "implied_margin": "0.05623304851362679646060405962",
      "implied_profit": "1204491251.3295",
      "pe": "60"
    },
    {
      "implied_eps": "0.4588",
      "implied_margin": "0.04498643881090143716848324770",
      "implied_profit": "963593001.0636",
      "pe": "75"
    },
    {
      "implied_eps": "0.3441",
      "implied_margin": "0.03373982910817607787636243577",
      "implied_profit": "722694750.7977",
      "pe": "100"
    }
  ],
  "scenarios": [
    {
      "assumption": "需求、验收或价格低于预期，利润下修且估值回归低位。",
      "cagr_high": "-0.11110257103984733",
      "cagr_low": "-0.2236373848430061",
      "equity_value_high": "40106351020.50",
      "equity_value_low": "20383463106.90",
      "method": "pe",
      "name": "悲观",
      "price_high": "19.09602272732872719832249275",
      "price_low": "9.705272727306229836909456529",
      "role": "pessimistic",
      "upside_to_high": "-0.4450443845588861610484599608",
      "upside_to_low": "-0.7179519695638991619613642392"
    },
    {
      "assumption": "以TTM归一化利润与11家机构覆盖池预期为锚，按行业成长和周期属性定价。",
      "cagr_high": "0.06984481801766096",
      "cagr_low": "-0.08173535190471282",
      "equity_value_high": "101288196302.30",
      "equity_value_low": "47183942377.00",
      "method": "pe",
      "name": "基准",
      "price_high": "48.22681818174394810038796131",
      "price_low": "22.46590909094696525490410137",
      "role": "base",
      "upside_to_high": "0.401534966048937753571286292",
      "upside_to_low": "-0.3471110406583270777418162926"
    },
    {
      "assumption": "订单、产品结构和规模效应超预期，利润与估值中枢同步上移。",
      "cagr_high": "0.21893636349197143",
      "cagr_low": "0.09043384940557275",
      "equity_value_high": "194473336900.8",
      "equity_value_low": "111417015932.60",
      "method": "pe",
      "name": "乐观",
      "price_high": "92.59549090913121605184765623",
      "price_low": "53.04949999995167233474236665",
      "role": "optimistic",
      "upside_to_high": "1.690947134819273933503273939",
      "upside_to_low": "0.541688462654800125973332364"
    }
  ]
}