{"F": {"ts_code": "002925.SZ", "name": "盈趣科技", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "消费电子", "sw3": "消费电子零部件及组装", "ind": "消费电子", "fin_source": "tushare", "market": "主板", "list_date": "20180115", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 23.33, "pe_ttm": 23.1641, "pb": 3.4413, "dv_ttm": 0.9734, "total_mv": 1800304.0103, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [33.7, 28.0, 30.4, 30.7, 28.4, 28.0], "rev_series": [53.1, 70.6, 43.5, 38.6, 35.7, 41.3], "np_series": [10.2, 10.9, 6.9, 4.5, 2.5, 5.8], "roe_series": [22.9, 21.2, 12.9, 8.7, 5.2, 11.9], "period": "20260630", "rev_ttm": 48.6, "np_ttm": 7.8, "ocf_ttm": 3.2, "fcf_ttm": -3.4, "fcf_yield": -1.9, "ocf_yield": 1.8, "gm_median": 28.4, "gm_std": 1.2, "gm_stab": 0.96, "gm_chg_2022": -3.3, "npm_median": 14.5, "roe_median": 11.9, "commodity": false, "hard_ratio": 31.0, "fix_assets": 29.6, "goodwill_ratio": 3.4, "pb_calc": 3.44, "capex_dep": 3.61, "interest_debt": 16.5, "debt_ebitda": 2.6, "debt_ratio": 39.6, "debt_mv": 9.2, "payout": 79.3, "div_years": 5, "rev_cagr3": -1.7, "np_cagr3": -5.9, "rev_yoy": 40.2, "np_yoy": 145.1, "np_vol": 65.2, "loss_years": 0, "far_share": 78.0, "earn_yield": 4.3, "consensus_n": 6, "fwd_pe": 35.8, "fwd_pe2": 30.1, "fwd_g1": -35.0, "fwd_g2": 19.0, "peg": 1.88, "consensus_disp": null, "mainbz": [["创新消费电子产品", 31.0], ["智能控制部件", 19.0], ["汽车电子类", 11.0], ["汽车电子产品", 11.0]], "ret_prev_year": 10.4, "ret_prev2_year": -17.5, "ret_ytd": 39.6, "ret_pivot": 110.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.3, "ret_60": 10.7, "ret_120": 7.6, "ret_250": 26.9, "mdd_250": -25.8, "vol_250": 51.1, "pos_52w": 92.3}, "S": {"duration": 44, "pricing": 53, "hard": 50, "bondness": 61}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 23.2 倍、股息率 1.0%、毛利率近 5 年中位 28.4%、固定资产占比 31%、有息负债/EBITDA 2.6 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 31%),没有定价权:毛利率近 5 年中位 28.4%,稳定度 96%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 -1.9%(经营现金流/市值 1.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 28.4%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -3.3 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 31%,资本开支/折旧 3.61 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 23.2 倍 粗算,约 78%(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 27%,最大回撤 -26%,年化波动 51%,现价在 52 周高点的 92%;近 20 / 60 / 120 日 -1% / 11% / 8%。", "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%。", "盈趣科技:PE 比行业中位低 23.3倍;股息率 比行业中位高 0.3个百分点;毛利率 比行业中位高 8.1个百分点;固定资产占比 比行业中位高 6.2个百分点。"]}}