{"F": {"ts_code": "002730.SZ", "name": "电光科技", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "能源及重型设备", "ind": "专用设备", "fin_source": "tushare", "market": "主板", "list_date": "20141009", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 22.83, "pe_ttm": 140.9523, "pb": 5.0704, "dv_ttm": 0.438, "total_mv": 826628.4117, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [32.9, 34.0, 35.2, 41.5, 39.7, 38.4], "rev_series": [8.1, 9.2, 12.3, 13.7, 11.9, 11.7], "np_series": [0.6, 0.9, 0.9, 1.2, 0.9, 0.7], "roe_series": [5.7, 8.3, 7.1, 7.9, 6.0, 4.1], "period": "20260630", "rev_ttm": 11.4, "np_ttm": 0.6, "ocf_ttm": -0.5, "fcf_ttm": -0.9, "fcf_yield": -1.1, "ocf_yield": -0.6, "gm_median": 38.4, "gm_std": 2.8, "gm_stab": 0.93, "gm_chg_2022": 2.2, "npm_median": 8.3, "roe_median": 7.1, "commodity": false, "hard_ratio": 26.1, "fix_assets": 7.9, "goodwill_ratio": 0.8, "pb_calc": 5.07, "capex_dep": 0.42, "interest_debt": 6.2, "debt_ebitda": 3.1, "debt_ratio": 43.4, "debt_mv": 7.4, "payout": 50.0, "div_years": 5, "rev_cagr3": -1.7, "np_cagr3": -9.3, "rev_yoy": -4.7, "np_yoy": -17.9, "np_vol": 30.9, "loss_years": 0, "far_share": 96.0, "earn_yield": 0.7, "consensus_n": 1, "fwd_pe": 84.6, "fwd_pe2": 40.8, "fwd_g1": 67.0, "fwd_g2": 107.0, "peg": 0.79, "consensus_disp": null, "mainbz": [["产品", 37.0], ["防爆电器", 22.0], ["矿用防爆开关", 18.0], ["算力服务", 7.0]], "ret_prev_year": 11.2, "ret_prev2_year": 47.3, "ret_ytd": 52.8, "ret_pivot": 274.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.5, "ret_60": -19.6, "ret_120": 19.5, "ret_250": 23.3, "mdd_250": -44.5, "vol_250": 49.6, "pos_52w": 65.3}, "S": {"duration": 97, "pricing": 61, "hard": 42, "bondness": 49}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 141.0 倍、股息率 0.4%、毛利率近 5 年中位 38.4%、固定资产占比 26%、有息负债/EBITDA 3.1 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 38.4%),硬资产占比 26%。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": "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 -1.1%(经营现金流/市值 -0.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 38.4%,稳定度 93%,2020→2022 成本通胀期毛利率变化 2.2 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 26%,资本开支/折旧 0.42 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 141.0 倍 粗算,约 96%(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 23%,最大回撤 -44%,年化波动 50%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 4% / -20% / 20%。", "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%。", "电光科技:PE 比行业中位高 98.7倍;股息率 比行业中位低 0.7个百分点;毛利率 比行业中位高 12.1个百分点;固定资产占比 比行业中位高 8.1个百分点。"]}}