[
  {
    "name": "烽火通信",
    "thread": "核心网",
    "inputs": {
      "last_quarter_revenue_cny_yi": 48.0,
      "order_backlog_cny_yi": 5.0,
      "implied_annual_revenue_cny_yi": 194.5,
      "implied_earnings_cny_yi": 19.45
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 486.25,
      "base": 778.0,
      "optimistic": 1167.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "中国卫星",
    "thread": "终端",
    "inputs": {
      "last_quarter_revenue_cny_yi": 18.0,
      "order_backlog_cny_yi": 8.0,
      "implied_annual_revenue_cny_yi": 76.0,
      "implied_earnings_cny_yi": 7.6
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 190.0,
      "base": 304.0,
      "optimistic": 456.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "海格通信",
    "thread": "终端",
    "inputs": {
      "last_quarter_revenue_cny_yi": 13.6,
      "order_backlog_cny_yi": 5.2,
      "implied_annual_revenue_cny_yi": 57.0,
      "implied_earnings_cny_yi": 5.7
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 142.5,
      "base": 228.0,
      "optimistic": 342.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "信科移动",
    "thread": "核心网",
    "inputs": {
      "last_quarter_revenue_cny_yi": 9.5,
      "order_backlog_cny_yi": 2.8,
      "implied_annual_revenue_cny_yi": 39.4,
      "implied_earnings_cny_yi": 3.94
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 98.5,
      "base": 157.6,
      "optimistic": 236.4
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "Rocket Lab",
    "thread": "运载发射",
    "inputs": {
      "last_quarter_revenue_cny_yi": 9.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 36.0,
      "implied_earnings_cny_yi": 3.6
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 90.0,
      "base": 144.0,
      "optimistic": 216.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "北斗星通",
    "thread": "芯片",
    "inputs": {
      "last_quarter_revenue_cny_yi": 8.4,
      "order_backlog_cny_yi": 2.5,
      "implied_annual_revenue_cny_yi": 34.85,
      "implied_earnings_cny_yi": 3.485
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 87.125,
      "base": 139.4,
      "optimistic": 209.1
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "中国卫通",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 7.2,
      "order_backlog_cny_yi": 12.0,
      "implied_annual_revenue_cny_yi": 34.8,
      "implied_earnings_cny_yi": 3.48
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 87.0,
      "base": 139.2,
      "optimistic": 208.8
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "中科星图",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 7.0,
      "order_backlog_cny_yi": 3.5,
      "implied_annual_revenue_cny_yi": 29.75,
      "implied_earnings_cny_yi": 2.975
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 74.375,
      "base": 119.0,
      "optimistic": 178.5
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "七一二",
    "thread": "终端",
    "inputs": {
      "last_quarter_revenue_cny_yi": 6.5,
      "order_backlog_cny_yi": 3.0,
      "implied_annual_revenue_cny_yi": 27.5,
      "implied_earnings_cny_yi": 2.75
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 68.75,
      "base": 110.0,
      "optimistic": 165.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "航天宏图",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 6.2,
      "order_backlog_cny_yi": 2.2,
      "implied_annual_revenue_cny_yi": 25.9,
      "implied_earnings_cny_yi": 2.59
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 64.75,
      "base": 103.6,
      "optimistic": 155.4
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "国博电子",
    "thread": "芯片",
    "inputs": {
      "last_quarter_revenue_cny_yi": 5.6,
      "order_backlog_cny_yi": 1.8,
      "implied_annual_revenue_cny_yi": 23.3,
      "implied_earnings_cny_yi": 2.33
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 58.25,
      "base": 93.2,
      "optimistic": 139.8
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "超图软件",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 5.5,
      "order_backlog_cny_yi": 1.5,
      "implied_annual_revenue_cny_yi": 22.75,
      "implied_earnings_cny_yi": 2.275
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 56.875,
      "base": 91.0,
      "optimistic": 136.5
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "复旦微电",
    "thread": "芯片",
    "inputs": {
      "last_quarter_revenue_cny_yi": 4.5,
      "order_backlog_cny_yi": 0.7,
      "implied_annual_revenue_cny_yi": 18.35,
      "implied_earnings_cny_yi": 1.835
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 45.875,
      "base": 73.4,
      "optimistic": 110.1
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "振芯科技",
    "thread": "芯片",
    "inputs": {
      "last_quarter_revenue_cny_yi": 3.2,
      "order_backlog_cny_yi": 1.2,
      "implied_annual_revenue_cny_yi": 13.4,
      "implied_earnings_cny_yi": 1.34
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 33.5,
      "base": 53.6,
      "optimistic": 80.4
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "华力创通",
    "thread": "终端",
    "inputs": {
      "last_quarter_revenue_cny_yi": 2.1,
      "order_backlog_cny_yi": 3.5,
      "implied_annual_revenue_cny_yi": 10.15,
      "implied_earnings_cny_yi": 1.015
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 25.375,
      "base": 40.6,
      "optimistic": 60.9
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "合众思壮",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 2.1,
      "order_backlog_cny_yi": 0.8,
      "implied_annual_revenue_cny_yi": 8.8,
      "implied_earnings_cny_yi": 0.88
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 22.0,
      "base": 35.2,
      "optimistic": 52.8
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "上海瀚讯",
    "thread": "核心网",
    "inputs": {
      "last_quarter_revenue_cny_yi": 1.6,
      "order_backlog_cny_yi": 2.4,
      "implied_annual_revenue_cny_yi": 7.6,
      "implied_earnings_cny_yi": 0.76
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 19.0,
      "base": 30.4,
      "optimistic": 45.6
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "震有科技",
    "thread": "核心网",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.9,
      "order_backlog_cny_yi": 1.8,
      "implied_annual_revenue_cny_yi": 4.5,
      "implied_earnings_cny_yi": 0.45
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 11.25,
      "base": 18.0,
      "optimistic": 27.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "时空道宇",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "星网集团",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "国电高科",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "星联芯通",
    "thread": "芯片",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "艾可萨科技",
    "thread": "芯片",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "上海垣信",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "中国广电",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "中国时空信息集团",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "中国移动",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "千乘探索",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "千寻位置",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "国星宇航",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "星移联信",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "星速科技",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "银河航天",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "长光卫星",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "SpaceX",
    "thread": "运载发射",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "Blue Origin",
    "thread": "运载发射",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "Firefly Aerospace",
    "thread": "运载发射",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "Relativity Space",
    "thread": "运载发射",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "Stoke Space",
    "thread": "运载发射",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "ULA",
    "thread": "运载发射",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "ArianeGroup",
    "thread": "运载发射",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "蓝箭航天",
    "thread": "运载发射",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "星河动力",
    "thread": "运载发射",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "星际荣耀",
    "thread": "运载发射",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "天兵科技",
    "thread": "运载发射",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "中科宇航",
    "thread": "运载发射",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "东方空间",
    "thread": "运载发射",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "MDA Space Ltd.",
    "thread": "终端",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "Voyager Technologies",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "Carpenter Technology",
    "thread": "运载发射",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "Planet Labs",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "Iridium Communications",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "Viasat",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "AST SpaceMobile",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "Eutelsat OneWeb",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "Telesat",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "Gilat Satellite Networks",
    "thread": "终端",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "Intelsat",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "SES",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "EchoStar",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "HawkEye 360",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "Intuitive Machines",
    "thread": "运载发射",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "Aerojet Rocketdyne",
    "thread": "运载发射",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "Northrop Grumman",
    "thread": "运载发射",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "Lockheed Martin",
    "thread": "运载发射",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "Amazon Kuiper",
    "thread": "核心网",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "Inmarsat",
    "thread": "核心网",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "Airbus Defence and Space",
    "thread": "终端",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "Maxar",
    "thread": "终端",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "KVH Industries",
    "thread": "终端",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "BlackSky",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "Capella Space",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "Spire Global",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "Aireon",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "Axiom Space",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "ICEYE",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "Starlink",
    "thread": "核心网",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "九天微星",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "Astranis",
    "thread": "核心网",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "L3Harris",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "Speedcast",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "ABL Space Systems",
    "thread": "运载发射",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "Astra",
    "thread": "运载发射",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "凌空天行",
    "thread": "运载发射",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "格思航天",
    "thread": "运营支撑",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "紫薇宇通",
    "thread": "运载发射",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  },
  {
    "name": "Globalstar",
    "thread": "核心网",
    "inputs": {
      "last_quarter_revenue_cny_yi": 0.0,
      "order_backlog_cny_yi": 0.0,
      "implied_annual_revenue_cny_yi": 0.0,
      "implied_earnings_cny_yi": 0.0
    },
    "assumptions": {
      "net_margin": 0.1,
      "pe_conservative": 25.0,
      "pe_base": 40.0,
      "pe_optimistic": 60.0,
      "order_to_annual_revenue": 0.5,
      "annualize_factor": 4.0,
      "_note": "占位假设,需真实财报/研报覆盖;输出不构成投资建议"
    },
    "equity_valuation_cny_yi": {
      "conservative": 0.0,
      "base": 0.0,
      "optimistic": 0.0
    },
    "disclaimer": "PE 法机制计算,假设为占位值,需真实数据校准;不构成投资建议"
  }
]
