{"F": {"ts_code": "002952.SZ", "name": "亚世光电", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "光学光电子", "sw3": "面板", "ind": "光学光电子", "fin_source": "tushare", "market": "主板", "list_date": "20190328", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 21.67, "pe_ttm": 179.3885, "pb": 4.0467, "dv_ttm": 0.2302, "total_mv": 356124.78, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.5, 14.4, 20.5, 17.7, 11.2, 10.7], "rev_series": [4.6, 6.1, 8.8, 6.6, 7.2, 9.3], "np_series": [0.9, 0.5, 1.2, 0.2, 0.2, 0.1], "roe_series": [10.6, 5.5, 14.0, 2.6, 1.9, 1.2], "period": "20260630", "rev_ttm": 9.6, "np_ttm": 0.2, "ocf_ttm": 0.8, "fcf_ttm": 0.6, "fcf_yield": 1.8, "ocf_yield": 2.2, "gm_median": 14.4, "gm_std": 3.8, "gm_stab": 0.74, "gm_chg_2022": -4.0, "npm_median": 3.2, "roe_median": 2.6, "commodity": false, "hard_ratio": 20.4, "fix_assets": 2.4, "goodwill_ratio": 0.0, "pb_calc": 4.05, "capex_dep": 0.78, "interest_debt": 0.1, "debt_ebitda": 0.2, "debt_ratio": 22.4, "debt_mv": 0.4, "payout": 57.1, "div_years": 5, "rev_cagr3": 1.5, "np_cagr3": -55.5, "rev_yoy": 9.1, "np_yoy": 170.4, "np_vol": 86.8, "loss_years": 0, "far_share": 97.0, "earn_yield": 0.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 40.0], ["液晶显示屏及模组", 20.0], ["液晶显示屏及模块", 20.0], ["电子纸", 19.0]], "ret_prev_year": -26.8, "ret_prev2_year": -30.7, "ret_ytd": 10.6, "ret_pivot": 8.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.4, "ret_60": -5.6, "ret_120": -20.1, "ret_250": 2.1, "mdd_250": -46.4, "vol_250": 52.4, "pos_52w": 67.4}, "S": {"duration": 99, "pricing": 38, "hard": 33, "bondness": 40}, "label": "中性", "tags": [], "text": {"像什么": ["PE 179.4 倍、股息率 0.2%、毛利率近 5 年中位 14.4%、固定资产占比 20%、有息负债/EBITDA 0.2 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 20%,毛利率近 5 年中位 14.4%。", "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 1.8%(经营现金流/市值 2.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 14.4%,稳定度 74%,2020→2022 成本通胀期毛利率变化 -4.0 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 20%,资本开支/折旧 0.78 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 179.4 倍 粗算,约 97%(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 2%,最大回撤 -46%,年化波动 52%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 7% / -6% / -20%。", "行业对照": ["同申万二级「光学光电子」95 家中位:PE 61.6 / 股息率 0.6% / 毛利率 19.3% / 固定资产占比 31% / 分红率 43%。", "亚世光电:PE 比行业中位高 117.8倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位低 4.9个百分点;固定资产占比 比行业中位低 11.0个百分点。"]}}