{"F": {"ts_code": "002315.SZ", "name": "焦点科技", "mkt": "CN", "ccy": "元", "sw1": "商贸零售", "sw2": "互联网电商", "sw3": "跨境电商", "ind": "互联网电商", "fin_source": "tushare", "market": "主板", "list_date": "20091209", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 26.46, "pe_ttm": 23.3079, "pb": 3.9525, "dv_ttm": 3.7722, "total_mv": 1093281.4242, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [75.2, 75.3, 80.2, 79.4, 80.3, 79.3], "rev_series": [11.3, 14.5, 14.6, 15.2, 16.6, 19.1], "np_series": [1.7, 2.5, 3.0, 3.8, 4.5, 5.0], "roe_series": [8.3, 11.4, 13.8, 16.1, 18.1, 19.2], "period": "20260630", "rev_ttm": 20.5, "np_ttm": 4.7, "ocf_ttm": 9.4, "fcf_ttm": 9.2, "fcf_yield": 8.4, "ocf_yield": 8.6, "gm_median": 79.4, "gm_std": 1.9, "gm_stab": 0.98, "gm_chg_2022": 5.0, "npm_median": 25.2, "roe_median": 16.1, "commodity": false, "hard_ratio": 8.3, "fix_assets": 3.9, "goodwill_ratio": 0.0, "pb_calc": 3.95, "capex_dep": 0.71, "interest_debt": 0.1, "debt_ebitda": 0.0, "debt_ratio": 40.6, "debt_mv": 0.1, "payout": 81.9, "div_years": 5, "rev_cagr3": 9.4, "np_cagr3": 18.8, "rev_yoy": 15.4, "np_yoy": -11.7, "np_vol": 9.8, "loss_years": 0, "far_share": 79.0, "earn_yield": 4.3, "consensus_n": 15, "fwd_pe": 16.9, "fwd_pe2": 13.8, "fwd_g1": 38.0, "fwd_g2": 23.0, "peg": 0.73, "consensus_disp": null, "mainbz": [["产品", 33.0], ["中国制造网业务收入", 28.0], ["网络信息服务", 28.0], ["认证供应商服务", 2.0]], "ret_prev_year": 13.1, "ret_prev2_year": 34.0, "ret_ytd": -23.7, "ret_pivot": 60.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.1, "ret_60": 9.8, "ret_120": -16.4, "ret_250": -33.2, "mdd_250": -51.9, "vol_250": 42.5, "pos_52w": 56.8}, "S": {"duration": 44, "pricing": 85, "hard": 13, "bondness": 62}, "label": "定价权·品牌", "tags": ["轻资产现金牛", "现金流红利", "PEG<0.8"], "text": {"像什么": ["没有硬资产(固定资产占比 8%)但有定价权:毛利率近 5 年中位 79.4%,稳定度 98%、ROE 近 5 年中位 16.1%。", "自由现金流/市值 8.4%,分红率 82%,分子跟得上通胀。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 79.4%),硬资产占比 8%。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": "分子跟得上通胀、久期不长,加息期抗跌;放水期弹性不如科技。属船票一侧的'非债券'部分。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 8.4%(经营现金流/市值 8.6%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 79.4%,稳定度 98%,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 8%,资本开支/折旧 0.71 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 23.3 倍 粗算,约 79%(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 -33%,最大回撤 -52%,年化波动 42%,现价在 52 周高点的 57%;近 20 / 60 / 120 日 -3% / 10% / -16%。", "行业对照": ["同申万二级「互联网电商」19 家中位:PE 32.2 / 股息率 1.6% / 毛利率 31.4% / 固定资产占比 10% / 分红率 74%。", "焦点科技:PE 比行业中位低 8.9倍;股息率 比行业中位高 2.2个百分点;毛利率 比行业中位高 48.0个百分点;固定资产占比 比行业中位低 1.4个百分点。"]}}