{"F": {"ts_code": "001308.SZ", "name": "康冠科技", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "光学光电子", "sw3": "面板", "ind": "光学光电子", "fin_source": "tushare", "market": "主板", "list_date": "20220318", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 18.13, "pe_ttm": 29.279, "pb": 1.634, "dv_ttm": 5.2933, "total_mv": 1276517.5269, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [15.6, 15.4, 21.1, 17.8, 12.8, 13.9], "rev_series": [74.1, 118.9, 115.9, 134.5, 155.9, 144.7], "np_series": [4.8, 9.2, 15.2, 12.8, 8.3, 5.1], "roe_series": [25.5, 39.3, 35.2, 20.0, 11.4, 6.5], "period": "20260630", "rev_ttm": 146.2, "np_ttm": 4.4, "ocf_ttm": -14.5, "fcf_ttm": -17.1, "fcf_yield": -13.4, "ocf_yield": -11.4, "gm_median": 15.4, "gm_std": 3.0, "gm_stab": 0.81, "gm_chg_2022": 5.5, "npm_median": 7.8, "roe_median": 20.0, "commodity": false, "hard_ratio": 8.1, "fix_assets": 12.6, "goodwill_ratio": 0.0, "pb_calc": 1.63, "capex_dep": 3.64, "interest_debt": 49.2, "debt_ebitda": 10.7, "debt_ratio": 49.6, "debt_mv": 38.6, "payout": 31.9, "div_years": 5, "rev_cagr3": 7.7, "np_cagr3": -30.7, "rev_yoy": 2.2, "np_yoy": -18.1, "np_vol": 53.8, "loss_years": 0, "far_share": 83.0, "earn_yield": 3.4, "consensus_n": 10, "fwd_pe": 17.1, "fwd_pe2": 14.0, "fwd_g1": 71.0, "fwd_g2": 22.0, "peg": 0.78, "consensus_disp": null, "mainbz": [["产品", 50.0], ["智能电视", 26.0], ["智能交互显示产品", 15.0], ["创新类显示产品", 7.0]], "ret_prev_year": -23.1, "ret_prev2_year": 0.5, "ret_ytd": -10.5, "ret_pivot": 8.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.3, "ret_60": -11.0, "ret_120": -9.8, "ret_250": -26.3, "mdd_250": -31.6, "vol_250": 28.5, "pos_52w": 74.6}, "S": {"duration": 52, "pricing": 47, "hard": 13, "bondness": 68}, "label": "中性", "tags": ["资本开支扩张期", "股息率≥4%", "PEG<0.8"], "text": {"像什么": ["PE 29.3 倍、股息率 5.3%、毛利率近 5 年中位 15.4%、固定资产占比 8%、有息负债/EBITDA 10.7 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 8%,毛利率近 5 年中位 15.4%。", "加息期怎么走": "按行业与估值常规看,没有明确的利率方向性。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -13.4%(经营现金流/市值 -11.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 15.4%,稳定度 81%,2020→2022 成本通胀期毛利率变化 5.5 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 8%,资本开支/折旧 3.64 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 29.3 倍 粗算,约 83%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 -26%,最大回撤 -32%,年化波动 28%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 -5% / -11% / -10%。", "行业对照": ["同申万二级「光学光电子」95 家中位:PE 61.6 / 股息率 0.6% / 毛利率 19.3% / 固定资产占比 31% / 分红率 43%。", "康冠科技:PE 比行业中位低 32.3倍;股息率 比行业中位高 4.7个百分点;毛利率 比行业中位低 3.9个百分点;固定资产占比 比行业中位低 23.3个百分点。"]}}