{"F": {"ts_code": "300184.SZ", "name": "力源信息", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "其他电子Ⅱ", "sw3": "其他电子Ⅲ", "ind": "其他电子Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20110222", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.71, "pe_ttm": 35.9659, "pb": 2.8766, "dv_ttm": null, "total_mv": 1342717.1965, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [5.7, 8.1, 9.8, 9.5, 9.2, 10.2], "rev_series": [103.6, 104.4, 80.4, 59.4, 78.2, 88.7], "np_series": [-17.4, 3.1, 2.3, 0.7, 1.0, 1.7], "roe_series": [-45.6, 9.9, 6.6, 1.9, 2.7, 4.4], "period": "20260630", "rev_ttm": 112.7, "np_ttm": 3.7, "ocf_ttm": -2.3, "fcf_ttm": -2.4, "fcf_yield": -1.8, "ocf_yield": -1.7, "gm_median": 9.5, "gm_std": 0.7, "gm_stab": 0.93, "gm_chg_2022": 4.1, "npm_median": 1.9, "roe_median": 4.4, "commodity": false, "hard_ratio": 2.1, "fix_assets": 1.8, "goodwill_ratio": 3.6, "pb_calc": 2.88, "capex_dep": 0.43, "interest_debt": 14.0, "debt_ebitda": 2.4, "debt_ratio": 44.4, "debt_mv": 10.5, "payout": null, "div_years": 0, "rev_cagr3": 3.3, "np_cagr3": -8.6, "rev_yoy": 59.5, "np_yoy": 209.5, "np_vol": 68.3, "loss_years": 0, "far_share": 86.0, "earn_yield": 2.8, "consensus_n": 1, "fwd_pe": 19.5, "fwd_pe2": 11.2, "fwd_g1": 84.0, "fwd_g2": 75.0, "peg": 0.26, "consensus_disp": null, "mainbz": [["电子元器件", 86.0], ["结构模块器件（模组）", 4.0], ["结构模块器(模组)", 4.0], ["自研芯片、电力产品等其他业务", 4.0]], "ret_prev_year": 7.1, "ret_prev2_year": 56.8, "ret_ytd": 17.2, "ret_pivot": 94.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.5, "ret_60": -21.8, "ret_120": 9.7, "ret_250": -6.2, "mdd_250": -39.2, "vol_250": 57.7, "pos_52w": 64.1}, "S": {"duration": 59, "pricing": 48, "hard": 3, "bondness": 24}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 36.0 倍、股息率 —、毛利率近 5 年中位 9.5%、固定资产占比 2%、有息负债/EBITDA 2.4 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 2%,毛利率近 5 年中位 9.5%。", "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 -1.8%(经营现金流/市值 -1.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 9.5%,稳定度 93%,2020→2022 成本通胀期毛利率变化 4.1 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 2%,资本开支/折旧 0.43 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 36.0 倍 粗算,约 86%(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 -6%,最大回撤 -39%,年化波动 58%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 -8% / -22% / 10%。", "行业对照": ["同申万二级「其他电子Ⅱ」34 家中位:PE 51.5 / 股息率 0.4% / 毛利率 23.1% / 固定资产占比 13% / 分红率 35%。", "力源信息:PE 比行业中位低 15.5倍;股息率 ;毛利率 比行业中位低 13.6个百分点;固定资产占比 比行业中位低 10.6个百分点。"]}}