{"F": {"ts_code": "300346.SZ", "name": "南大光电", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "电子化学品Ⅱ", "sw3": "电子化学品Ⅲ", "ind": "电子化学品Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20120807", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 50.59, "pe_ttm": 95.0778, "pb": 9.868, "dv_ttm": 0.9093, "total_mv": 3496562.7571, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [41.1, 43.4, 45.3, 43.2, 41.2, 39.6], "rev_series": [5.9, 9.8, 15.8, 17.0, 23.5, 25.9], "np_series": [0.9, 1.4, 1.9, 2.1, 2.7, 3.2], "roe_series": [6.9, 8.4, 9.3, 9.7, 9.6, 9.3], "period": "20260630", "rev_ttm": 27.2, "np_ttm": 3.7, "ocf_ttm": 6.3, "fcf_ttm": 4.4, "fcf_yield": 1.3, "ocf_yield": 1.8, "gm_median": 43.2, "gm_std": 2.0, "gm_stab": 0.95, "gm_chg_2022": 4.3, "npm_median": 16.1, "roe_median": 9.3, "commodity": false, "hard_ratio": 27.5, "fix_assets": 17.0, "goodwill_ratio": 0.2, "pb_calc": 9.87, "capex_dep": 0.66, "interest_debt": 1.0, "debt_ebitda": 0.1, "debt_ratio": 35.5, "debt_mv": 0.3, "payout": 30.6, "div_years": 5, "rev_cagr3": 17.8, "np_cagr3": 19.6, "rev_yoy": 11.4, "np_yoy": 23.1, "np_vol": 15.4, "loss_years": 0, "far_share": 95.0, "earn_yield": 1.1, "consensus_n": 4, "fwd_pe": 78.7, "fwd_pe2": 64.4, "fwd_g1": 21.0, "fwd_g2": 22.0, "peg": 3.58, "consensus_disp": null, "mainbz": [["产品", 34.0], ["特种气体", 19.0], ["特气产品", 19.0], ["前驱体材料(含MO源)", 10.0]], "ret_prev_year": 34.8, "ret_prev2_year": 41.2, "ret_ytd": 18.7, "ret_pivot": 137.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -13.3, "ret_60": -24.2, "ret_120": 1.0, "ret_250": 42.0, "mdd_250": -49.7, "vol_250": 66.8, "pos_52w": 54.6}, "S": {"duration": 91, "pricing": 66, "hard": 44, "bondness": 19}, "label": "中性", "tags": [], "text": {"像什么": ["PE 95.1 倍、股息率 0.9%、毛利率近 5 年中位 43.2%、固定资产占比 28%、有息负债/EBITDA 0.1 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 43.2%),硬资产占比 28%。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": "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 1.3%(经营现金流/市值 1.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 43.2%,稳定度 95%,2020→2022 成本通胀期毛利率变化 4.3 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 28%,资本开支/折旧 0.66 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 95.1 倍 粗算,约 95%(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 -50%,年化波动 67%,现价在 52 周高点的 55%;近 20 / 60 / 120 日 -13% / -24% / 1%。", "行业对照": ["同申万二级「电子化学品Ⅱ」36 家中位:PE 93.9 / 股息率 0.4% / 毛利率 29.9% / 固定资产占比 33% / 分红率 44%。", "南大光电:PE 比行业中位高 1.2倍;股息率 比行业中位高 0.5个百分点;毛利率 比行业中位高 13.3个百分点;固定资产占比 比行业中位低 5.4个百分点。"]}}