{"F": {"ts_code": "001389.SZ", "name": "广合科技", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "元件", "sw3": "印制电路板", "ind": "元件", "fin_source": "tushare", "market": "主板", "list_date": "20240402", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 152.62, "pe_ttm": 48.7533, "pb": 9.0991, "dv_ttm": 0.423, "total_mv": 7214487.8104, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [23.6, 19.3, 26.1, 33.3, 33.4, 34.4], "rev_series": [null, null, 24.1, 26.8, 37.3, 54.9], "np_series": [null, null, 2.8, 4.1, 6.8, 10.2], "roe_series": [22.1, 10.5, 22.1, 25.6, 27.6, 28.8], "period": "20260630", "rev_ttm": 74.5, "np_ttm": 14.8, "ocf_ttm": 15.2, "fcf_ttm": -10.7, "fcf_yield": -1.5, "ocf_yield": 2.1, "gm_median": 33.3, "gm_std": 5.8, "gm_stab": 0.83, "gm_chg_2022": 2.5, "npm_median": 15.5, "roe_median": 25.6, "commodity": false, "hard_ratio": 35.5, "fix_assets": 45.8, "goodwill_ratio": 0.0, "pb_calc": 9.1, "capex_dep": 9.96, "interest_debt": 8.2, "debt_ebitda": 0.6, "debt_ratio": 38.6, "debt_mv": 1.1, "payout": 26.9, "div_years": 3, "rev_cagr3": 31.5, "np_cagr3": 53.7, "rev_yoy": 81.0, "np_yoy": 94.4, "np_vol": 67.6, "loss_years": 0, "far_share": 90.0, "earn_yield": 2.1, "consensus_n": 5, "fwd_pe": 34.4, "fwd_pe2": 19.9, "fwd_g1": 42.0, "fwd_g2": 73.0, "peg": 0.47, "consensus_disp": null, "mainbz": [["印制电路板", 93.0], ["其他业务", 7.0]], "ret_prev_year": 64.7, "ret_prev2_year": null, "ret_ytd": 88.5, "ret_pivot": 372.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -10.1, "ret_60": -13.3, "ret_120": 28.3, "ret_250": 109.5, "mdd_250": -44.5, "vol_250": 69.0, "pos_52w": 64.5}, "S": {"duration": 70, "pricing": 55, "hard": 57, "bondness": 14}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 48.8 倍、股息率 0.4%、毛利率近 5 年中位 33.3%、固定资产占比 36%、有息负债/EBITDA 0.6 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 36%),没有定价权:毛利率近 5 年中位 33.3%,稳定度 83%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 -1.5%(经营现金流/市值 2.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 33.3%,稳定度 83%,2020→2022 成本通胀期毛利率变化 2.5 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 36%,资本开支/折旧 9.96 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 48.8 倍 粗算,约 90%(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 110%,最大回撤 -44%,年化波动 69%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 -10% / -13% / 28%。", "行业对照": ["同申万二级「元件」67 家中位:PE 65.2 / 股息率 0.5% / 毛利率 21.3% / 固定资产占比 36% / 分红率 44%。", "广合科技:PE 比行业中位低 16.4倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位高 12.0个百分点;固定资产占比 比行业中位低 0.4个百分点。"]}}