{"F": {"ts_code": "001314.SZ", "name": "亿道信息", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "消费电子", "sw3": "消费电子零部件及组装", "ind": "消费电子", "fin_source": "tushare", "market": "主板", "list_date": "20230214", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 51.24, "pe_ttm": 29.2651, "pb": 3.2536, "dv_ttm": 0.3477, "total_mv": 730651.656, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [20.9, 17.2, 19.3, 17.8, 15.3, 13.6], "rev_series": [19.1, 33.9, 27.5, 25.9, 31.8, 45.8], "np_series": [1.8, 2.3, 2.0, 1.3, 0.3, 0.7], "roe_series": [48.0, 36.8, 24.4, 8.7, 1.7, 3.1], "period": "20260630", "rev_ttm": 58.1, "np_ttm": 2.5, "ocf_ttm": -10.5, "fcf_ttm": -11.8, "fcf_yield": -16.1, "ocf_yield": -14.4, "gm_median": 17.2, "gm_std": 2.0, "gm_stab": 0.88, "gm_chg_2022": -1.6, "npm_median": 5.0, "roe_median": 8.7, "commodity": false, "hard_ratio": 10.0, "fix_assets": 4.8, "goodwill_ratio": 0.0, "pb_calc": 3.25, "capex_dep": 2.73, "interest_debt": 6.0, "debt_ebitda": 2.7, "debt_ratio": 52.3, "debt_mv": 8.2, "payout": 37.8, "div_years": 4, "rev_cagr3": 18.5, "np_cagr3": -30.8, "rev_yoy": 80.7, "np_yoy": 1614.8, "np_vol": 56.1, "loss_years": 0, "far_share": 83.0, "earn_yield": 3.4, "consensus_n": 3, "fwd_pe": 25.7, "fwd_pe2": 22.3, "fwd_g1": 14.0, "fwd_g2": 15.0, "peg": 1.71, "consensus_disp": null, "mainbz": [["产品", 48.0], ["智能硬件产品", 30.0], ["其他业务", 9.0], ["加固智能行业终端", 5.0]], "ret_prev_year": -13.5, "ret_prev2_year": -27.7, "ret_ytd": 14.8, "ret_pivot": 46.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.5, "ret_60": -0.1, "ret_120": 11.6, "ret_250": -8.5, "mdd_250": -32.2, "vol_250": 47.7, "pos_52w": 79.7}, "S": {"duration": 52, "pricing": 46, "hard": 16, "bondness": 25}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 29.3 倍、股息率 0.3%、毛利率近 5 年中位 17.2%、固定资产占比 10%、有息负债/EBITDA 2.7 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 10%,毛利率近 5 年中位 17.2%。", "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 -16.1%(经营现金流/市值 -14.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 17.2%,稳定度 88%,2020→2022 成本通胀期毛利率变化 -1.6 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 10%,资本开支/折旧 2.73 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 -8%,最大回撤 -32%,年化波动 48%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 -4% / -0% / 12%。", "行业对照": ["同申万二级「消费电子」100 家中位:PE 46.5 / 股息率 0.7% / 毛利率 20.3% / 固定资产占比 25% / 分红率 44%。", "亿道信息:PE 比行业中位低 17.2倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位低 3.1个百分点;固定资产占比 比行业中位低 14.8个百分点。"]}}