{"F": {"ts_code": "002119.SZ", "name": "康强电子", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "半导体", "sw3": "半导体材料", "ind": "半导体", "fin_source": "tushare", "market": "主板", "list_date": "20070302", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 21.89, "pe_ttm": 68.2859, "pb": 5.7102, "dv_ttm": 0.1827, "total_mv": 821496.676, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [18.7, 18.9, 15.7, 12.9, 12.0, 14.1], "rev_series": [15.5, 21.9, 17.0, 17.8, 19.6, 22.0], "np_series": [0.9, 1.8, 1.0, 0.8, 0.8, 1.2], "roe_series": [9.4, 17.1, 8.6, 6.4, 6.2, 8.5], "period": "20260630", "rev_ttm": 27.5, "np_ttm": 1.2, "ocf_ttm": -3.5, "fcf_ttm": -4.1, "fcf_yield": -5.0, "ocf_yield": -4.3, "gm_median": 14.1, "gm_std": 2.4, "gm_stab": 0.83, "gm_chg_2022": -3.0, "npm_median": 5.3, "roe_median": 8.5, "commodity": false, "hard_ratio": 21.5, "fix_assets": 6.5, "goodwill_ratio": 0.0, "pb_calc": 5.71, "capex_dep": 0.61, "interest_debt": 8.2, "debt_ebitda": 3.1, "debt_ratio": 52.3, "debt_mv": 10.0, "payout": 13.6, "div_years": 5, "rev_cagr3": 8.9, "np_cagr3": 4.5, "rev_yoy": 57.1, "np_yoy": 6.4, "np_vol": 52.5, "loss_years": 0, "far_share": 93.0, "earn_yield": 1.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["引线框架产品", 56.0], ["键合丝产品", 17.0], ["键合丝", 17.0], ["电极丝产品", 10.0]], "ret_prev_year": 6.6, "ret_prev2_year": 16.1, "ret_ytd": 33.2, "ret_pivot": 113.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.9, "ret_60": -29.8, "ret_120": 2.9, "ret_250": 22.4, "mdd_250": -52.2, "vol_250": 62.8, "pos_52w": 54.5}, "S": {"duration": 82, "pricing": 41, "hard": 34, "bondness": 26}, "label": "中性", "tags": [], "text": {"像什么": ["PE 68.3 倍、股息率 0.2%、毛利率近 5 年中位 14.1%、固定资产占比 22%、有息负债/EBITDA 3.1 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 22%,毛利率近 5 年中位 14.1%。", "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 -5.0%(经营现金流/市值 -4.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 14.1%,稳定度 83%,2020→2022 成本通胀期毛利率变化 -3.0 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 22%,资本开支/折旧 0.61 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 68.3 倍 粗算,约 93%(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 22%,最大回撤 -52%,年化波动 63%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 -9% / -30% / 3%。", "行业对照": ["同申万二级「半导体」186 家中位:PE 81.5 / 股息率 0.3% / 毛利率 35.0% / 固定资产占比 11% / 分红率 32%。", "康强电子:PE 比行业中位低 13.2倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位低 20.9个百分点;固定资产占比 比行业中位高 10.1个百分点。"]}}