{"F": {"ts_code": "002600.SZ", "name": "领益智造", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "消费电子", "sw3": "消费电子零部件及组装", "ind": "消费电子", "fin_source": "tushare", "market": "主板", "list_date": "20110715", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 12.63, "pe_ttm": 48.3431, "pb": 3.2539, "dv_ttm": 0.3151, "total_mv": 10255946.9832, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [22.3, 16.3, 20.7, 19.9, 15.8, 15.8], "rev_series": [281.4, 303.8, 344.8, 341.2, 442.1, 514.3], "np_series": [22.7, 11.8, 16.0, 20.5, 17.5, 22.9], "roe_series": [17.4, 7.8, 9.7, 11.6, 9.2, 10.4], "period": "20260630", "rev_ttm": 529.5, "np_ttm": 21.2, "ocf_ttm": 44.7, "fcf_ttm": -6.5, "fcf_yield": -0.6, "ocf_yield": 4.4, "gm_median": 16.3, "gm_std": 2.2, "gm_stab": 0.87, "gm_chg_2022": -1.5, "npm_median": 4.5, "roe_median": 9.7, "commodity": false, "hard_ratio": 27.8, "fix_assets": 181.5, "goodwill_ratio": 5.3, "pb_calc": 3.25, "capex_dep": 2.36, "interest_debt": 171.6, "debt_ebitda": 2.8, "debt_ratio": 51.1, "debt_mv": 16.7, "payout": 12.1, "div_years": 4, "rev_cagr3": 14.3, "np_cagr3": 12.8, "rev_yoy": 6.5, "np_yoy": -17.9, "np_vol": 32.5, "loss_years": 0, "far_share": 90.0, "earn_yield": 2.1, "consensus_n": 11, "fwd_pe": 31.4, "fwd_pe2": 22.6, "fwd_g1": 54.0, "fwd_g2": 39.0, "peg": 0.81, "consensus_disp": null, "mainbz": [["产品", 35.0], ["AI终端", 28.0], ["AI硬件", 28.0], ["汽车及低空经济", 5.0]], "ret_prev_year": 95.5, "ret_prev2_year": 19.0, "ret_ytd": -18.6, "ret_pivot": 108.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.7, "ret_60": -7.3, "ret_120": -11.9, "ret_250": -6.6, "mdd_250": -37.7, "vol_250": 54.9, "pos_52w": 69.0}, "S": {"duration": 70, "pricing": 45, "hard": 44, "bondness": 20}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 48.3 倍、股息率 0.3%、毛利率近 5 年中位 16.3%、固定资产占比 28%、有息负债/EBITDA 2.8 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 28%,毛利率近 5 年中位 16.3%。", "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 -0.6%(经营现金流/市值 4.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.3%,稳定度 87%,2020→2022 成本通胀期毛利率变化 -1.5 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 28%,资本开支/折旧 2.36 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 48.3 倍 粗算,约 90%(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 -7%,最大回撤 -38%,年化波动 55%,现价在 52 周高点的 69%;近 20 / 60 / 120 日 -1% / -7% / -12%。", "行业对照": ["同申万二级「消费电子」100 家中位:PE 46.5 / 股息率 0.7% / 毛利率 20.3% / 固定资产占比 25% / 分红率 44%。", "领益智造:PE 比行业中位高 1.8倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位低 4.0个百分点;固定资产占比 比行业中位高 3.0个百分点。"]}}