{
  "fxKey": "cnyHkd",
  "period": "2027",
  "basisUnit": "人民币/股",
  "heroMetric": {
    "label": "2027基准EPS隐含PE",
    "value": 19.148176492562506,
    "note": "作者正常化EPS假设1.35元人民币；已换算港元，非历史PE"
  },
  "profitLabel": "2027正常化稀释EPS（人民币/普通股），保留股权激励成本；乘倍数后按固定汇率换成港元",
  "methods": {
    "currency": "财务金额为人民币，股价及情景估值为港元；港币柜台普通股口径，不能与人民币柜台价格或美股ADS直接混用。",
    "financial": "财务数据来自公司业绩公告、年报及中期报告；年度、半年度和单季度分别标记。非IFRS/非GAAP调整后利润与报告利润不能互换，正常化盈利为作者假设。",
    "market": "行情固定于2026-11-06完整收盘，采用Yahoo日线、不计现金分红；近10日价格与StockAnalysis核对。成交量存在最多0.00%的汇总差异，全文统一Yahoo口径。",
    "cash": "简化FCF为经营现金流减现金购置或预付长期资产；未自动扣除租赁、并购、分红和回购。公司自定义FCF、非现金资本开支与现金付款另行标明。",
    "valuation": "2027作者假设正常化稀释EPS×PE×固定汇率1.175240（2026-11-05参考快照）=每股港元估值。输入每股指标后不再除总股数；情景不是概率、公司指引或最大损失边界。"
  },
  "sector": "消费电子、汽车与互联网服务",
  "shares": 26451879000,
  "scenarios": [
    {
      "name": "承压",
      "eps": [
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      ],
      "pe": [
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      "prices": [
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    {
      "name": "修复",
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    {
      "name": "兑现",
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    35,
    22
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  "levels": [
    [
      27,
      "27 短中期均线区"
    ],
    [
      30.4,
      "30.4 当前整理"
    ],
    [
      32.4,
      "32.4 近期高区"
    ]
  ],
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        "2025"
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    {
      "id": "quarterly",
      "title": "营收回升，调整后盈利尚未明显回升",
      "type": "bars",
      "unit": "十亿元人民币",
      "categories": [
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        "2026 Q1",
        "2026 Q2"
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    },
    {
      "id": "mix",
      "title": "汽车增长，抵消不了所有传统硬件压力",
      "type": "bars",
      "unit": "十亿元人民币",
      "categories": [
        "手机",
        "IoT生活产品",
        "互联网服务",
        "汽车AI等"
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    {
      "id": "margins",
      "title": "高毛利服务是缓冲，硬件利润率仍下滑",
      "type": "bars",
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    },
    {
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    {
      "id": "vehicles",
      "title": "汽车交付增加，但均价和毛利承压",
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        "现金资本开支",
        "简化FCF"
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  "symbol": "1810.HK",
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