{"F": {"ts_code": "002296.SZ", "name": "辉煌科技", "mkt": "CN", "ccy": "元", "sw1": "通信", "sw2": "通信设备", "sw3": "通信网络设备及器件", "ind": "通信设备", "fin_source": "tushare", "market": "主板", "list_date": "20090929", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 9.06, "pe_ttm": 20.6894, "pb": 1.4156, "dv_ttm": 1.4349, "total_mv": 352959.8424, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [43.7, 47.7, 47.8, 43.6, 44.3, 60.0], "rev_series": [6.4, 7.4, 6.5, 7.4, 12.7, 8.8], "np_series": [0.9, 1.2, 1.0, 1.6, 2.7, 1.9], "roe_series": [5.4, 7.4, 6.1, 8.7, 12.8, 7.9], "period": "20260630", "rev_ttm": 8.5, "np_ttm": 1.7, "ocf_ttm": 2.3, "fcf_ttm": 2.1, "fcf_yield": 6.0, "ocf_yield": 6.5, "gm_median": 47.7, "gm_std": 5.9, "gm_stab": 0.88, "gm_chg_2022": 4.1, "npm_median": 21.1, "roe_median": 7.9, "commodity": false, "hard_ratio": 9.0, "fix_assets": 3.0, "goodwill_ratio": 0.0, "pb_calc": 1.42, "capex_dep": 0.34, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 24.2, "debt_mv": 0.1, "payout": 27.1, "div_years": 3, "rev_cagr3": 10.5, "np_cagr3": 21.6, "rev_yoy": -7.9, "np_yoy": -12.3, "np_vol": 39.5, "loss_years": 0, "far_share": 76.0, "earn_yield": 4.8, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["监控产品线", 46.0], ["监控产品", 46.0], ["信号基础设备产品线", 4.0], ["运营管理产品线", 1.0]], "ret_prev_year": 16.8, "ret_prev2_year": 21.2, "ret_ytd": -18.2, "ret_pivot": 25.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.7, "ret_60": -2.3, "ret_120": -29.7, "ret_250": -24.6, "mdd_250": -43.7, "vol_250": 35.0, "pos_52w": 60.4}, "S": {"duration": 40, "pricing": 65, "hard": 14, "bondness": 28}, "label": "轻资产现金牛", "tags": [], "text": {"像什么": ["固定资产占比 9%,毛利率近 5 年中位 47.7%,自由现金流/市值 6.0%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 47.7%),硬资产占比 9%。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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 6.0%(经营现金流/市值 6.5%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 47.7%,稳定度 88%,2020→2022 成本通胀期毛利率变化 4.1 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 9%,资本开支/折旧 0.34 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 20.7 倍 粗算,约 76%(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 -25%,最大回撤 -44%,年化波动 35%,现价在 52 周高点的 60%;近 20 / 60 / 120 日 1% / -2% / -30%。", "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%。", "辉煌科技:PE 比行业中位低 63.9倍;股息率 比行业中位高 1.1个百分点;毛利率 比行业中位高 18.6个百分点;固定资产占比 比行业中位低 5.2个百分点。"]}}