{"F": {"ts_code": "002636.SZ", "name": "金安国纪", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "元件", "sw3": "印制电路板", "ind": "元件", "fin_source": "tushare", "market": "主板", "list_date": "20111125", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 64.61, "pe_ttm": 47.2176, "pb": 10.971, "dv_ttm": 0.1935, "total_mv": 4703608.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [18.2, 22.7, 11.8, 8.6, 7.4, 14.2], "rev_series": [36.1, 58.9, 37.6, 35.7, 40.5, 44.8], "np_series": [1.8, 6.9, 0.9, -0.8, 0.4, 3.0], "roe_series": [6.5, 21.8, 2.5, -2.3, 1.1, 8.6], "period": "20260630", "rev_ttm": 58.3, "np_ttm": 10.0, "ocf_ttm": 3.9, "fcf_ttm": 1.3, "fcf_yield": 0.3, "ocf_yield": 0.8, "gm_median": 11.8, "gm_std": 5.4, "gm_stab": 0.54, "gm_chg_2022": -6.5, "npm_median": 2.6, "roe_median": 2.5, "commodity": false, "hard_ratio": 18.7, "fix_assets": 15.4, "goodwill_ratio": 1.7, "pb_calc": 10.97, "capex_dep": 2.0, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 47.4, "debt_mv": 0.0, "payout": 98.5, "div_years": 5, "rev_cagr3": 6.0, "np_cagr3": 51.1, "rev_yoy": 65.7, "np_yoy": 986.7, "np_vol": 317.1, "loss_years": 1, "far_share": 89.0, "earn_yield": 2.1, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 34.0], ["覆铜板（含半固化片）", 33.0], ["覆铜板(含半固化片)", 33.0], ["医疗器械", 0.0]], "ret_prev_year": 120.3, "ret_prev2_year": -12.8, "ret_ytd": 289.6, "ret_pivot": 891.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.2, "ret_60": -23.8, "ret_120": 123.4, "ret_250": 370.4, "mdd_250": -60.6, "vol_250": 82.0, "pos_52w": 53.9}, "S": {"duration": 69, "pricing": 29, "hard": 30, "bondness": 50}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 47.2 倍、股息率 0.2%、毛利率近 5 年中位 11.8%、固定资产占比 19%、有息负债/EBITDA 0.0 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 19%,毛利率近 5 年中位 11.8%。", "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 0.3%(经营现金流/市值 0.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 11.8%,稳定度 54%,2020→2022 成本通胀期毛利率变化 -6.5 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 19%,资本开支/折旧 2.00 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 47.2 倍 粗算,约 89%(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 370%,最大回撤 -61%,年化波动 82%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 -1% / -24% / 123%。", "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%。", "金安国纪:PE 比行业中位低 18.0倍;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位低 9.5个百分点;固定资产占比 比行业中位低 17.2个百分点。"]}}