{"F": {"ts_code": "002017.SZ", "name": "东信和平", "mkt": "CN", "ccy": "元", "sw1": "通信", "sw2": "通信设备", "sw3": "通信终端及配件", "ind": "通信设备", "fin_source": "tushare", "market": "主板", "list_date": "20040713", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 17.06, "pe_ttm": 58.6823, "pb": 5.4327, "dv_ttm": 0.8499, "total_mv": 990216.8214, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [25.4, 24.3, 30.4, 33.7, 33.2, 32.1], "rev_series": [10.6, 10.7, 12.9, 13.8, 13.8, 13.2], "np_series": [0.4, 0.4, 0.9, 1.7, 1.9, 1.6], "roe_series": [2.5, 3.0, 6.2, 10.8, 11.2, 9.2], "period": "20260630", "rev_ttm": 13.3, "np_ttm": 1.7, "ocf_ttm": 1.4, "fcf_ttm": 1.2, "fcf_yield": 1.2, "ocf_yield": 1.5, "gm_median": 32.1, "gm_std": 3.4, "gm_stab": 0.89, "gm_chg_2022": 5.0, "npm_median": 12.4, "roe_median": 9.2, "commodity": false, "hard_ratio": 4.9, "fix_assets": 1.5, "goodwill_ratio": 0.0, "pb_calc": 5.43, "capex_dep": 0.84, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 40.3, "debt_mv": 0.0, "payout": 50.7, "div_years": 5, "rev_cagr3": 0.9, "np_cagr3": 21.1, "rev_yoy": 1.6, "np_yoy": 7.0, "np_vol": 47.6, "loss_years": 0, "far_share": 91.0, "earn_yield": 1.7, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["智能卡产品", 33.0], ["智能卡", 33.0], ["数字安全及平台业务", 17.0], ["数字安全与平台业务", 17.0]], "ret_prev_year": 120.2, "ret_prev2_year": 1.1, "ret_ytd": -23.0, "ret_pivot": 86.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 22.1, "ret_60": 9.7, "ret_120": -16.7, "ret_250": -49.6, "mdd_250": -61.4, "vol_250": 48.8, "pos_52w": 53.6}, "S": {"duration": 77, "pricing": 58, "hard": 8, "bondness": 42}, "label": "中性", "tags": [], "text": {"像什么": ["PE 58.7 倍、股息率 0.8%、毛利率近 5 年中位 32.1%、固定资产占比 5%、有息负债/EBITDA 0.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 32.1%),硬资产占比 5%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 1.2%(经营现金流/市值 1.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 32.1%,稳定度 89%,2020→2022 成本通胀期毛利率变化 5.0 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 5%,资本开支/折旧 0.84 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 58.7 倍 粗算,约 91%(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 -50%,最大回撤 -61%,年化波动 49%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 22% / 10% / -17%。", "行业对照": ["同申万二级「通信设备」89 家中位:PE 84.6 / 股息率 0.3% / 毛利率 29.1% / 固定资产占比 14% / 分红率 41%。", "东信和平:PE 比行业中位低 25.9倍;股息率 比行业中位高 0.5个百分点;毛利率 比行业中位高 3.0个百分点;固定资产占比 比行业中位低 9.3个百分点。"]}}