{"F": {"ts_code": "300213.SZ", "name": "佳讯飞鸿", "mkt": "CN", "ccy": "元", "sw1": "通信", "sw2": "通信设备", "sw3": "其他通信设备", "ind": "通信设备", "fin_source": "tushare", "market": "创业板", "list_date": "20110505", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.5, "pe_ttm": null, "pb": 1.8825, "dv_ttm": null, "total_mv": 386337.055, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [38.1, 44.7, 40.1, 40.0, 42.9, 43.6], "rev_series": [9.6, 10.3, 11.4, 11.2, 11.5, 8.7], "np_series": [1.2, 1.2, 0.6, 0.7, 0.7, -1.7], "roe_series": [5.5, 5.5, 2.8, 3.0, 3.3, -7.8], "period": "20260630", "rev_ttm": 8.8, "np_ttm": -1.5, "ocf_ttm": 2.2, "fcf_ttm": 1.8, "fcf_yield": 4.8, "ocf_yield": 5.7, "gm_median": 42.9, "gm_std": 1.9, "gm_stab": 0.96, "gm_chg_2022": 2.0, "npm_median": 5.6, "roe_median": 3.0, "commodity": false, "hard_ratio": 6.1, "fix_assets": 1.8, "goodwill_ratio": 11.0, "pb_calc": 1.88, "capex_dep": 3.58, "interest_debt": 2.8, "debt_ebitda": 23.0, "debt_ratio": 29.6, "debt_mv": 7.2, "payout": 42.0, "div_years": 4, "rev_cagr3": -8.9, "np_cagr3": null, "rev_yoy": 3.7, "np_yoy": 141.7, "np_vol": 129.1, "loss_years": 1, "far_share": 100, "earn_yield": null, "consensus_n": 1, "fwd_pe": 92.9, "fwd_pe2": 43.3, "fwd_g1": null, "fwd_g2": 114.0, "peg": 0.81, "consensus_disp": null, "mainbz": [["指挥调度类", 29.0], ["常规类指挥调度通信产品", 29.0], ["行业物联网应用类", 27.0], ["智能应用系统产品", 8.0]], "ret_prev_year": 24.6, "ret_prev2_year": 7.6, "ret_ytd": -31.7, "ret_pivot": 6.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.7, "ret_60": -2.5, "ret_120": -25.5, "ret_250": -41.9, "mdd_250": -53.7, "vol_250": 41.1, "pos_52w": 54.5}, "S": {"duration": 100, "pricing": 64, "hard": 10, "bondness": 50}, "label": "轻资产现金牛", "tags": ["亏损或困境", "资本开支扩张期"], "text": {"像什么": ["固定资产占比 6%,毛利率近 5 年中位 42.9%,自由现金流/市值 4.8%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 42.9%),硬资产占比 6%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "加息期怎么走": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 4.8%(经营现金流/市值 5.7%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 42.9%,稳定度 96%,2020→2022 成本通胀期毛利率变化 2.0 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 6%,资本开支/折旧 3.58 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 -42%,最大回撤 -54%,年化波动 41%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 3% / -2% / -26%。", "行业对照": ["同申万二级「通信设备」89 家中位:PE 84.6 / 股息率 0.3% / 毛利率 29.1% / 固定资产占比 14% / 分红率 41%。", "佳讯飞鸿:PE ;股息率 ;毛利率 比行业中位高 13.8个百分点;固定资产占比 比行业中位低 8.1个百分点。"]}}