{"F": {"ts_code": "002983.SZ", "name": "芯瑞达", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "光学光电子", "sw3": "LED", "ind": "光学光电子", "fin_source": "tushare", "market": "主板", "list_date": "20200428", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 21.58, "pe_ttm": 43.7594, "pb": 3.5509, "dv_ttm": 1.8569, "total_mv": 480095.655, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [23.9, 16.9, 19.8, 21.8, 20.5, 23.7], "rev_series": [5.6, 8.2, 9.5, 11.8, 11.8, 9.9], "np_series": [0.9, 0.8, 1.1, 1.7, 1.2, 1.3], "roe_series": [11.3, 7.9, 9.6, 13.8, 9.1, 9.3], "period": "20260630", "rev_ttm": 10.1, "np_ttm": 1.1, "ocf_ttm": 2.0, "fcf_ttm": 1.0, "fcf_yield": 2.1, "ocf_yield": 4.1, "gm_median": 20.5, "gm_std": 2.2, "gm_stab": 0.89, "gm_chg_2022": -4.1, "npm_median": 11.1, "roe_median": 9.3, "commodity": false, "hard_ratio": 18.1, "fix_assets": 3.8, "goodwill_ratio": 0.0, "pb_calc": 3.55, "capex_dep": 2.3, "interest_debt": 0.1, "debt_ebitda": 0.0, "debt_ratio": 30.8, "debt_mv": 0.1, "payout": 43.1, "div_years": 5, "rev_cagr3": 1.2, "np_cagr3": 5.8, "rev_yoy": 3.8, "np_yoy": -23.6, "np_vol": 29.3, "loss_years": 0, "far_share": 89.0, "earn_yield": 2.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["显示模组", 96.0], ["显示终端", 2.0], ["其他业务", 1.0], ["其他", 1.0]], "ret_prev_year": 18.7, "ret_prev2_year": -23.4, "ret_ytd": -4.3, "ret_pivot": 33.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.1, "ret_60": -12.3, "ret_120": -15.0, "ret_250": -1.5, "mdd_250": -38.1, "vol_250": 48.3, "pos_52w": 77.8}, "S": {"duration": 67, "pricing": 46, "hard": 29, "bondness": 45}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 43.8 倍、股息率 1.9%、毛利率近 5 年中位 20.5%、固定资产占比 18%、有息负债/EBITDA 0.0 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 18%,毛利率近 5 年中位 20.5%。", "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 2.1%(经营现金流/市值 4.1%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.5%,稳定度 89%,2020→2022 成本通胀期毛利率变化 -4.1 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 18%,资本开支/折旧 2.30 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 43.8 倍 粗算,约 89%(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 -38%,年化波动 48%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 9% / -12% / -15%。", "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%。", "芯瑞达:PE 比行业中位低 17.8倍;股息率 比行业中位高 1.3个百分点;毛利率 比行业中位高 1.2个百分点;固定资产占比 比行业中位低 13.3个百分点。"]}}