{"F": {"ts_code": "002841.SZ", "name": "视源股份", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "消费电子", "sw3": "品牌消费电子", "ind": "消费电子", "fin_source": "tushare", "market": "主板", "list_date": "20170119", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 48.85, "pe_ttm": 15.9855, "pb": 2.3806, "dv_ttm": 1.4618, "total_mv": 3415526.0525, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [26.5, 25.4, 27.7, 25.7, 21.3, 20.0], "rev_series": [171.3, 212.3, 209.9, 201.7, 224.0, 243.5], "np_series": [19.0, 17.0, 20.7, 13.7, 9.7, 10.1], "roe_series": [31.4, 21.8, 20.4, 11.2, 7.7, 7.8], "period": "20260630", "rev_ttm": 281.8, "np_ttm": 21.4, "ocf_ttm": -4.5, "fcf_ttm": -13.6, "fcf_yield": -4.0, "ocf_yield": -1.3, "gm_median": 25.4, "gm_std": 2.9, "gm_stab": 0.89, "gm_chg_2022": 1.1, "npm_median": 6.9, "roe_median": 11.2, "commodity": false, "hard_ratio": 15.9, "fix_assets": 49.1, "goodwill_ratio": 1.4, "pb_calc": 2.38, "capex_dep": 3.71, "interest_debt": 58.2, "debt_ebitda": 2.8, "debt_ratio": 51.5, "debt_mv": 17.0, "payout": 48.2, "div_years": 5, "rev_cagr3": 5.1, "np_cagr3": -21.2, "rev_yoy": 36.2, "np_yoy": 282.4, "np_vol": 20.8, "loss_years": 0, "far_share": 69.0, "earn_yield": 6.3, "consensus_n": 14, "fwd_pe": 17.5, "fwd_pe2": 16.1, "fwd_g1": -9.0, "fwd_g2": 9.0, "peg": 1.94, "consensus_disp": null, "mainbz": [["产品", 34.0], ["智能控制部件", 21.0], ["智能终端及应用", 12.0], ["智能控制部件：液晶显示主控板卡", 11.0]], "ret_prev_year": 9.6, "ret_prev2_year": -18.4, "ret_ytd": 25.5, "ret_pivot": 69.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.6, "ret_60": 47.1, "ret_120": 42.1, "ret_250": 26.6, "mdd_250": -26.6, "vol_250": 38.6, "pos_52w": 93.1}, "S": {"duration": 33, "pricing": 52, "hard": 25, "bondness": 49}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 16.0 倍、股息率 1.5%、毛利率近 5 年中位 25.4%、固定资产占比 16%、有息负债/EBITDA 2.8 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 16%,毛利率近 5 年中位 25.4%。", "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 -4.0%(经营现金流/市值 -1.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.4%,稳定度 89%,2020→2022 成本通胀期毛利率变化 1.1 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 16%,资本开支/折旧 3.71 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 16.0 倍 粗算,约 69%(1 − 5/PE)。中等。"]], "价格行为": "近一年 27%,最大回撤 -27%,年化波动 39%,现价在 52 周高点的 93%;近 20 / 60 / 120 日 -3% / 47% / 42%。", "行业对照": ["同申万二级「消费电子」100 家中位:PE 46.5 / 股息率 0.7% / 毛利率 20.3% / 固定资产占比 25% / 分红率 44%。", "视源股份:PE 比行业中位低 30.5倍;股息率 比行业中位高 0.8个百分点;毛利率 比行业中位高 5.1个百分点;固定资产占比 比行业中位低 8.9个百分点。"]}}