{"F": {"ts_code": "002801.SZ", "name": "微光股份", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电机Ⅱ", "sw3": "电机Ⅲ", "ind": "电机Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20160622", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 27.98, "pe_ttm": 16.5048, "pb": 3.1874, "dv_ttm": 1.7711, "total_mv": 642510.336, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [32.2, 29.3, 33.9, 33.7, 32.3, 30.3], "rev_series": [8.0, 11.1, 12.0, 12.7, 14.1, 14.7], "np_series": [1.9, 2.5, 3.1, 1.2, 2.2, 3.6], "roe_series": [17.7, 20.3, 21.5, 8.0, 14.0, 20.4], "period": "20260630", "rev_ttm": 15.5, "np_ttm": 3.9, "ocf_ttm": 2.1, "fcf_ttm": 1.5, "fcf_yield": 2.4, "ocf_yield": 3.2, "gm_median": 32.3, "gm_std": 1.8, "gm_stab": 0.94, "gm_chg_2022": 1.7, "npm_median": 22.9, "roe_median": 20.3, "commodity": false, "hard_ratio": 26.6, "fix_assets": 6.7, "goodwill_ratio": 0.0, "pb_calc": 3.19, "capex_dep": 1.69, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 19.6, "debt_mv": null, "payout": 36.5, "div_years": 5, "rev_cagr3": 7.0, "np_cagr3": 5.8, "rev_yoy": 9.8, "np_yoy": 14.4, "np_vol": 49.5, "loss_years": 0, "far_share": 70.0, "earn_yield": 6.1, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["制冷电机和风机", 44.0], ["制冷电机及风机", 44.0], ["伺服电机", 7.0], ["其他主营业务", 2.0]], "ret_prev_year": 48.8, "ret_prev2_year": 14.7, "ret_ytd": -19.9, "ret_pivot": 64.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.5, "ret_60": -2.6, "ret_120": -19.8, "ret_250": -26.4, "mdd_250": -33.2, "vol_250": 34.8, "pos_52w": 73.1}, "S": {"duration": 34, "pricing": 58, "hard": 43, "bondness": 39}, "label": "中性", "tags": [], "text": {"像什么": ["PE 16.5 倍、股息率 1.8%、毛利率近 5 年中位 32.3%、固定资产占比 27%、资产负债率 20%: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 32.3%),硬资产占比 27%。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 2.4%(经营现金流/市值 3.2%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 32.3%,稳定度 94%,2020→2022 成本通胀期毛利率变化 1.7 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 27%,资本开支/折旧 1.69 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 16.5 倍 粗算,约 70%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -26%,最大回撤 -33%,年化波动 35%,现价在 52 周高点的 73%;近 20 / 60 / 120 日 0% / -3% / -20%。", "行业对照": ["同申万二级「电机Ⅱ」28 家中位:PE 46.1 / 股息率 0.6% / 毛利率 20.8% / 固定资产占比 20% / 分红率 38%。", "微光股份:PE 比行业中位低 29.6倍;股息率 比行业中位高 1.2个百分点;毛利率 比行业中位高 11.5个百分点;固定资产占比 比行业中位高 6.8个百分点。"]}}