{"F": {"ts_code": "300306.SZ", "name": "远方信息", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "仪器仪表", "ind": "通用设备", "fin_source": "tushare", "market": "创业板", "list_date": "20120329", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.37, "pe_ttm": 39.6907, "pb": 1.9252, "dv_ttm": 3.5873, "total_mv": 278910.1719, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [61.5, 59.2, 61.2, 65.9, 65.0, 63.9], "rev_series": [4.0, 4.5, 4.4, 4.2, 4.4, 4.0], "np_series": [0.7, 1.1, 0.8, 0.9, 0.9, 0.7], "roe_series": [5.1, 7.2, 5.3, 6.2, 6.0, 4.7], "period": "20260630", "rev_ttm": 4.0, "np_ttm": 0.7, "ocf_ttm": 0.8, "fcf_ttm": 0.8, "fcf_yield": 2.8, "ocf_yield": 3.0, "gm_median": 63.9, "gm_std": 2.5, "gm_stab": 0.96, "gm_chg_2022": -0.3, "npm_median": 22.0, "roe_median": 6.0, "commodity": false, "hard_ratio": 11.5, "fix_assets": 1.8, "goodwill_ratio": 0.0, "pb_calc": 1.93, "capex_dep": 0.28, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 5.4, "debt_mv": null, "payout": 94.1, "div_years": 5, "rev_cagr3": -2.8, "np_cagr3": -3.7, "rev_yoy": -0.8, "np_yoy": -3.6, "np_vol": 26.7, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["智能检测设备", 24.0], ["智能检测信息系统", 20.0], ["金融生物识别信息系统", 7.0]], "ret_prev_year": 23.7, "ret_prev2_year": -1.6, "ret_ytd": -23.1, "ret_pivot": 18.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.9, "ret_60": 0.8, "ret_120": -19.6, "ret_250": -24.4, "mdd_250": -42.6, "vol_250": 34.8, "pos_52w": 68.5}, "S": {"duration": 63, "pricing": 73, "hard": 18, "bondness": 77}, "label": "现金流红利", "tags": [], "text": {"像什么": ["分红率 94%、股息率 3.6%、营收 3 年复合 -2.8%、资产负债率 5%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 63.9%),硬资产占比 12%。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": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 2.8%(经营现金流/市值 3.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 63.9%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -0.3 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 12%,资本开支/折旧 0.28 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 39.7 倍 粗算,约 87%(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 -24%,最大回撤 -43%,年化波动 35%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 8% / 1% / -20%。", "行业对照": ["同申万二级「通用设备」248 家中位:PE 50.6 / 股息率 0.8% / 毛利率 28.5% / 固定资产占比 21% / 分红率 45%。", "远方信息:PE 比行业中位低 10.9倍;股息率 比行业中位高 2.8个百分点;毛利率 比行业中位高 35.4个百分点;固定资产占比 比行业中位低 9.3个百分点。"]}}