{
  "conclusion": {
    "base_midpoint": "9.13499999980222913553571970",
    "price_label": "当前价格处于基准合理区间",
    "price_position": "WITHIN_BASE_RANGE",
    "safety_margin_to_base_midpoint": "-0.03119868639342540291652523496"
  },
  "engine_version": "1.0.0",
  "holding_period": {
    "cumulative_dividend_per_share": "0",
    "required_exit_price": "15.1710042",
    "required_profit_by_exit_pe": [
      {
        "exit_pe": "20",
        "required_profit": "575325045.01213038"
      },
      {
        "exit_pe": "25",
        "required_profit": "460260036.009704304"
      },
      {
        "exit_pe": "30",
        "required_profit": "383550030.00808692"
      },
      {
        "exit_pe": "35",
        "required_profit": "328757168.5783602171428571429"
      },
      {
        "exit_pe": "40",
        "required_profit": "287662522.50606519"
      },
      {
        "exit_pe": "50",
        "required_profit": "230130018.004852152"
      },
      {
        "exit_pe": "60",
        "required_profit": "191775015.00404346"
      },
      {
        "exit_pe": "75",
        "required_profit": "153420012.003234768"
      },
      {
        "exit_pe": "100",
        "required_profit": "115065009.002426076"
      }
    ],
    "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": "0.29",
            "profit": "219951508.61999997"
          },
          "2027": {
            "eps": "0.32",
            "profit": "242705112.96"
          }
        },
        "included": true,
        "institution": "东方财富公开一致预期汇总（覆盖池1家）",
        "report_date": "2026-08-06",
        "source_id": "SRC-EM-CONSENSUS-20260806",
        "statuses": [
          "CURRENT"
        ]
      }
    ],
    "summary": {
      "2026": {
        "eps_mean": "0.29",
        "eps_profit_reconciliation_gap": "0.0000000000000001363936996305381562597758231",
        "institution_count": 1,
        "pe_on_mean": "32.48275862068965960285741559",
        "profit_max": "219951508.61999997",
        "profit_mean": "219951508.61999997",
        "profit_median": "219951508.61999997",
        "profit_min": "219951508.61999997"
      },
      "2027": {
        "eps_mean": "0.32",
        "eps_profit_reconciliation_gap": "0.0",
        "institution_count": 1,
        "pe_on_mean": "29.4375",
        "profit_max": "242705112.96",
        "profit_mean": "242705112.96",
        "profit_median": "242705112.96",
        "profit_min": "242705112.96"
      }
    }
  },
  "meta": {
    "as_of_date": "2026-08-06",
    "code": "300525.SZ",
    "company": "博思软件",
    "currency": "CNY",
    "latest_operating_info_date": "2026-04-29",
    "market": "深圳证券交易所",
    "report_period_end": "2026-03-31"
  },
  "metrics": {
    "annual_cash_conversion": "1.716982079979220845659666185",
    "annual_fcf": "182807380.79",
    "book_value_per_share": "3.297036733688760274891903126",
    "current_fcf": "-291070208.29",
    "deduct_pe": "48.32835688312017569184857882",
    "diluted_shares": "758453478.0",
    "enterprise_value": "7112799857.410",
    "market_cap": "7144631762.760",
    "normalized_eps": "0.1949166205418864253662239782",
    "normalized_pe": "48.32835688312017438422061053",
    "normalized_profit": "147835188.770000004",
    "pb": "2.857111024498899759564629283",
    "price": "9.42",
    "ps": "3.560303885265760842665140467",
    "reported_pe": "40.87003083152579757467829763",
    "ttm_attributable_profit": "174813466.43",
    "ttm_deduct_profit": "147835188.77",
    "ttm_eps": "0.2304867358390569605905347302",
    "ttm_revenue": "2006747736.43"
  },
  "normalization_adjustments": [
    {
      "amount": "-26978277.659999996",
      "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": [],
    "status": "PASS",
    "warning_count": 0
  },
  "reverse_pe": [
    {
      "implied_eps": "0.471",
      "implied_margin": "0.1780151942632880421332570233",
      "implied_profit": "357231588.138",
      "pe": "20"
    },
    {
      "implied_eps": "0.3768",
      "implied_margin": "0.1424121554106304337066056187",
      "implied_profit": "285785270.5104",
      "pe": "25"
    },
    {
      "implied_eps": "0.314",
      "implied_margin": "0.1186767961755253614221713489",
      "implied_profit": "238154392.092",
      "pe": "30"
    },
    {
      "implied_eps": "0.2691428571428571428571428571",
      "implied_margin": "0.1017229681504503097904325847",
      "implied_profit": "204132336.0788571428571428571",
      "pe": "35"
    },
    {
      "implied_eps": "0.2355",
      "implied_margin": "0.08900759713164402106662851167",
      "implied_profit": "178615794.069",
      "pe": "40"
    },
    {
      "implied_eps": "0.1884",
      "implied_margin": "0.07120607770531521685330280933",
      "implied_profit": "142892635.2552",
      "pe": "50"
    },
    {
      "implied_eps": "0.157",
      "implied_margin": "0.05933839808776268071108567444",
      "implied_profit": "119077196.046",
      "pe": "60"
    },
    {
      "implied_eps": "0.1256",
      "implied_margin": "0.04747071847021014456886853956",
      "implied_profit": "95261756.8368",
      "pe": "75"
    },
    {
      "implied_eps": "0.0942",
      "implied_margin": "0.03560303885265760842665140467",
      "implied_profit": "71446317.6276",
      "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": "-0.1397836255922339",
      "cagr_low": "-0.26016321928344044",
      "equity_value_high": "3365258082.00",
      "equity_value_low": "1583650862.08",
      "method": "pe",
      "name": "悲观",
      "price_high": "4.437000000150305856992853028",
      "price_low": "2.088000000021095558876189899",
      "role": "pessimistic",
      "upside_to_high": "-0.5289808917037891871557480862",
      "upside_to_low": "-0.7783439490423465436437165712"
    },
    {
      "assumption": "以TTM归一化利润与1家机构覆盖池预期为锚，按行业成长和周期属性定价。",
      "cagr_high": "0.06736245392043738",
      "cagr_low": "-0.11136396553036065",
      "equity_value_high": "9897817887.72",
      "equity_value_low": "3959127155.04",
      "method": "pe",
      "name": "基准",
      "price_high": "13.04999999976267496264286364",
      "price_low": "5.219999999841783308428575760",
      "role": "base",
      "upside_to_high": "0.385350318446143838921747732",
      "upside_to_low": "-0.4458598726282607952835906837"
    },
    {
      "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": "0.2191889831170437",
      "cagr_low": "0.08790371251991247",
      "equity_value_high": "19245757004.00",
      "equity_value_low": "10887599676.60",
      "method": "pe",
      "name": "乐观",
      "price_high": "25.37499999967038189255953283",
      "price_low": "14.35499999988133748132143182",
      "role": "optimistic",
      "upside_to_high": "1.693736730325942876067890959",
      "upside_to_low": "0.523885350305874467231574503"
    }
  ]
}