{"F": {"ts_code": "002690.SZ", "name": "美亚光电", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "其他专用设备", "ind": "专用设备", "fin_source": "tushare", "market": "主板", "list_date": "20120731", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 16.04, "pe_ttm": 19.3502, "pb": 5.4984, "dv_ttm": 4.3641, "total_mv": 1415095.1556, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [51.8, 51.1, 53.0, 51.5, 50.4, 53.9], "rev_series": [15.0, 18.1, 21.2, 24.3, 23.1, 24.1], "np_series": [4.4, 5.1, 7.3, 7.4, 6.5, 7.2], "roe_series": [18.7, 21.3, 28.3, 27.5, 23.4, 25.2], "period": "20260630", "rev_ttm": 24.5, "np_ttm": 7.3, "ocf_ttm": 8.4, "fcf_ttm": 7.8, "fcf_yield": 5.5, "ocf_yield": 5.9, "gm_median": 51.5, "gm_std": 1.3, "gm_stab": 0.98, "gm_chg_2022": 1.2, "npm_median": 29.9, "roe_median": 25.2, "commodity": false, "hard_ratio": 15.1, "fix_assets": 4.9, "goodwill_ratio": 0.0, "pb_calc": 5.5, "capex_dep": 1.71, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 20.2, "debt_mv": 0.0, "payout": 85.9, "div_years": 5, "rev_cagr3": 4.4, "np_cagr3": -0.5, "rev_yoy": 4.2, "np_yoy": 4.0, "np_vol": 18.4, "loss_years": 0, "far_share": 74.0, "earn_yield": 5.2, "consensus_n": 8, "fwd_pe": 17.3, "fwd_pe2": 15.5, "fwd_g1": 12.0, "fwd_g2": 11.0, "peg": 1.57, "consensus_disp": null, "mainbz": [["产品", 48.0], ["色选机", 35.0], ["医疗设备", 9.0], ["X射线异物检测机", 3.0]], "ret_prev_year": 48.1, "ret_prev2_year": -23.5, "ret_ytd": -19.3, "ret_pivot": 46.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.6, "ret_60": 13.0, "ret_120": -11.3, "ret_250": -6.3, "mdd_250": -35.3, "vol_250": 29.5, "pos_52w": 75.0}, "S": {"duration": 38, "pricing": 68, "hard": 24, "bondness": 72}, "label": "定价权·品牌", "tags": ["现金流红利", "股息率≥4%"], "text": {"像什么": ["没有硬资产(固定资产占比 15%)但有定价权:毛利率近 5 年中位 51.5%,稳定度 98%、ROE 近 5 年中位 25.2%。", "自由现金流/市值 5.5%,分红率 86%,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 51.5%),硬资产占比 15%。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 5.5%(经营现金流/市值 5.9%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 51.5%,稳定度 98%,2020→2022 成本通胀期毛利率变化 1.2 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 15%,资本开支/折旧 1.71 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 19.4 倍 粗算,约 74%(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 -6%,最大回撤 -35%,年化波动 30%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 5% / 13% / -11%。", "行业对照": ["同申万二级「专用设备」205 家中位:PE 42.3 / 股息率 1.1% / 毛利率 26.3% / 固定资产占比 18% / 分红率 44%。", "美亚光电:PE 比行业中位低 22.9倍;股息率 比行业中位高 3.3个百分点;毛利率 比行业中位高 25.2个百分点;固定资产占比 比行业中位低 2.9个百分点。"]}}