{"F": {"ts_code": "002138.SZ", "name": "顺络电子", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "元件", "sw3": "被动元件", "ind": "元件", "fin_source": "tushare", "market": "主板", "list_date": "20070613", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 44.49, "pe_ttm": 36.5216, "pb": 5.4644, "dv_ttm": 1.7809, "total_mv": 3587310.5616, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [36.3, 35.1, 33.0, 35.3, 36.5, 36.6], "rev_series": [34.8, 45.8, 42.4, 50.4, 59.0, 67.5], "np_series": [5.9, 7.8, 4.3, 6.4, 8.3, 10.2], "roe_series": [12.7, 15.1, 7.8, 11.1, 13.6, 15.7], "period": "20260630", "rev_ttm": 73.8, "np_ttm": 9.8, "ocf_ttm": 15.3, "fcf_ttm": 7.3, "fcf_yield": 2.0, "ocf_yield": 4.3, "gm_median": 35.3, "gm_std": 1.3, "gm_stab": 0.96, "gm_chg_2022": -3.3, "npm_median": 16.1, "roe_median": 13.6, "commodity": false, "hard_ratio": 47.9, "fix_assets": 67.4, "goodwill_ratio": 2.1, "pb_calc": 5.46, "capex_dep": 1.38, "interest_debt": 40.5, "debt_ebitda": 2.1, "debt_ratio": 49.1, "debt_mv": 11.3, "payout": 57.1, "div_years": 5, "rev_cagr3": 16.8, "np_cagr3": 33.1, "rev_yoy": 19.7, "np_yoy": -8.0, "np_vol": 32.4, "loss_years": 0, "far_share": 86.0, "earn_yield": 2.7, "consensus_n": 13, "fwd_pe": 28.4, "fwd_pe2": 22.0, "fwd_g1": 28.0, "fwd_g2": 29.0, "peg": 0.98, "consensus_disp": null, "mainbz": [["片式电子元件", 99.0], ["其他业务", 1.0]], "ret_prev_year": 15.5, "ret_prev2_year": 18.8, "ret_ytd": 28.1, "ret_pivot": 106.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -10.6, "ret_60": -20.0, "ret_120": 18.7, "ret_250": 44.5, "mdd_250": -49.1, "vol_250": 61.7, "pos_52w": 59.5}, "S": {"duration": 60, "pricing": 56, "hard": 77, "bondness": 40}, "label": "中性", "tags": [], "text": {"像什么": ["PE 36.5 倍、股息率 1.8%、毛利率近 5 年中位 35.3%、固定资产占比 48%、有息负债/EBITDA 2.1 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 48%、毛利率 35.3% 两条都占,但所在行业(电子)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 2.0%(经营现金流/市值 4.3%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 35.3%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -3.3 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 48%,资本开支/折旧 1.38 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 36.5 倍 粗算,约 86%(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 44%,最大回撤 -49%,年化波动 62%,现价在 52 周高点的 60%;近 20 / 60 / 120 日 -11% / -20% / 19%。", "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%。", "顺络电子:PE 比行业中位低 28.7倍;股息率 比行业中位高 1.3个百分点;毛利率 比行业中位高 14.0个百分点;固定资产占比 比行业中位高 12.0个百分点。"]}}