{"F": {"ts_code": "300279.SZ", "name": "和晶科技", "mkt": "CN", "ccy": "元", "sw1": "家用电器", "sw2": "家电零部件Ⅱ", "sw3": "家电零部件Ⅲ", "ind": "家电零部件Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20111229", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.81, "pe_ttm": 76.7725, "pb": 2.7017, "dv_ttm": null, "total_mv": 284166.8095, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [14.6, 12.6, 14.5, 16.0, 16.5, 17.5], "rev_series": [16.8, 20.6, 19.6, 20.0, 20.8, 18.3], "np_series": [0.1, 0.6, -3.2, 0.4, 0.5, 0.6], "roe_series": [0.6, 6.8, -37.2, 5.1, 5.5, 6.4], "period": "20260630", "rev_ttm": 16.6, "np_ttm": 0.4, "ocf_ttm": 1.1, "fcf_ttm": 1.0, "fcf_yield": 3.6, "ocf_yield": 4.0, "gm_median": 16.0, "gm_std": 1.7, "gm_stab": 0.89, "gm_chg_2022": -0.1, "npm_median": 2.5, "roe_median": 5.5, "commodity": false, "hard_ratio": 10.3, "fix_assets": 1.8, "goodwill_ratio": 6.7, "pb_calc": 2.7, "capex_dep": 0.4, "interest_debt": 1.6, "debt_ebitda": 1.2, "debt_ratio": 40.9, "debt_mv": 5.6, "payout": null, "div_years": 0, "rev_cagr3": -2.2, "np_cagr3": null, "rev_yoy": -17.9, "np_yoy": -63.1, "np_vol": 560.7, "loss_years": 1, "far_share": 93.0, "earn_yield": 1.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 34.0], ["微电脑智能控制器", 33.0], ["家电智能控制器", 33.0], ["系统集成", 1.0]], "ret_prev_year": 19.1, "ret_prev2_year": -6.3, "ret_ytd": -19.5, "ret_pivot": 31.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.6, "ret_60": -15.6, "ret_120": -43.5, "ret_250": -31.8, "mdd_250": -57.0, "vol_250": 47.7, "pos_52w": 51.7}, "S": {"duration": 85, "pricing": 47, "hard": 16, "bondness": 24}, "label": "中性", "tags": [], "text": {"像什么": ["PE 76.8 倍、股息率 —、毛利率近 5 年中位 16.0%、固定资产占比 10%、有息负债/EBITDA 1.2 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 10%,毛利率近 5 年中位 16.0%。", "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 3.6%(经营现金流/市值 4.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.0%,稳定度 89%,2020→2022 成本通胀期毛利率变化 -0.1 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 10%,资本开支/折旧 0.40 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 76.8 倍 粗算,约 93%(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 -32%,最大回撤 -57%,年化波动 48%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 2% / -16% / -44%。", "行业对照": ["同申万二级「家电零部件Ⅱ」34 家中位:PE 50.3 / 股息率 1.0% / 毛利率 18.8% / 固定资产占比 21% / 分红率 39%。", "和晶科技:PE 比行业中位高 26.5倍;股息率 ;毛利率 比行业中位低 2.8个百分点;固定资产占比 比行业中位低 10.3个百分点。"]}}