{"F": {"ts_code": "002835.SZ", "name": "同为股份", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "计算机设备", "sw3": "安防设备", "ind": "计算机设备", "fin_source": "tushare", "market": "主板", "list_date": "20161228", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 12.88, "pe_ttm": 25.4074, "pb": 2.2795, "dv_ttm": 2.1657, "total_mv": 282708.272, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [37.1, 30.1, 35.5, 40.0, 43.1, 42.9], "rev_series": [7.9, 10.0, 9.7, 10.9, 11.6, 11.1], "np_series": [0.7, 0.9, 1.1, 1.5, 2.0, 1.4], "roe_series": [9.8, 11.4, 12.5, 15.3, 18.0, 11.4], "period": "20260630", "rev_ttm": 12.0, "np_ttm": 1.1, "ocf_ttm": -0.9, "fcf_ttm": -1.5, "fcf_yield": -5.2, "ocf_yield": -3.0, "gm_median": 40.0, "gm_std": 4.9, "gm_stab": 0.88, "gm_chg_2022": -1.6, "npm_median": 12.5, "roe_median": 12.5, "commodity": false, "hard_ratio": 20.6, "fix_assets": 3.4, "goodwill_ratio": 0.0, "pb_calc": 2.28, "capex_dep": 2.18, "interest_debt": 0.7, "debt_ebitda": 0.4, "debt_ratio": 25.7, "debt_mv": 2.3, "payout": 34.8, "div_years": 5, "rev_cagr3": 4.7, "np_cagr3": 8.4, "rev_yoy": 16.3, "np_yoy": -33.7, "np_vol": 24.8, "loss_years": 0, "far_share": 80.0, "earn_yield": 3.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 49.0], ["前端视频监控产品", 35.0], ["后端视频监控产品", 11.0], ["其他产品", 2.0]], "ret_prev_year": -13.4, "ret_prev2_year": 8.6, "ret_ytd": -20.0, "ret_pivot": 0.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.1, "ret_60": 5.1, "ret_120": -21.8, "ret_250": -31.6, "mdd_250": -43.2, "vol_250": 29.7, "pos_52w": 66.9}, "S": {"duration": 47, "pricing": 57, "hard": 33, "bondness": 42}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 25.4 倍、股息率 2.2%、毛利率近 5 年中位 40.0%、固定资产占比 21%、有息负债/EBITDA 0.4 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 40.0%),硬资产占比 21%。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 -5.2%(经营现金流/市值 -3.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 40.0%,稳定度 88%,2020→2022 成本通胀期毛利率变化 -1.6 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 21%,资本开支/折旧 2.18 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 25.4 倍 粗算,约 80%(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 -32%,最大回撤 -43%,年化波动 30%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 5% / 5% / -22%。", "行业对照": ["同申万二级「计算机设备」88 家中位:PE 51.7 / 股息率 0.8% / 毛利率 35.8% / 固定资产占比 12% / 分红率 49%。", "同为股份:PE 比行业中位低 26.3倍;股息率 比行业中位高 1.4个百分点;毛利率 比行业中位高 4.2个百分点;固定资产占比 比行业中位高 8.9个百分点。"]}}