{"F": {"ts_code": "300389.SZ", "name": "艾比森", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "光学光电子", "sw3": "LED", "ind": "光学光电子", "fin_source": "tushare", "market": "创业板", "list_date": "20140801", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 12.85, "pe_ttm": 16.9155, "pb": 2.6542, "dv_ttm": 1.5564, "total_mv": 474293.8855, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [26.4, 24.1, 31.4, 29.6, 27.5, 31.1], "rev_series": [16.4, 23.3, 28.0, 40.1, 36.6, 41.6], "np_series": [-0.7, 0.3, 2.0, 3.2, 1.2, 2.5], "roe_series": [-5.8, 2.5, 16.9, 24.1, 7.9, 16.0], "period": "20260630", "rev_ttm": 43.1, "np_ttm": 2.8, "ocf_ttm": 4.2, "fcf_ttm": 3.8, "fcf_yield": 8.1, "ocf_yield": 8.9, "gm_median": 29.6, "gm_std": 2.7, "gm_stab": 0.91, "gm_chg_2022": 5.0, "npm_median": 5.9, "roe_median": 16.0, "commodity": false, "hard_ratio": 15.0, "fix_assets": 6.4, "goodwill_ratio": 0.0, "pb_calc": 2.65, "capex_dep": 0.5, "interest_debt": 0.5, "debt_ebitda": 0.1, "debt_ratio": 57.6, "debt_mv": 1.1, "payout": 34.4, "div_years": 4, "rev_cagr3": 14.1, "np_cagr3": 7.5, "rev_yoy": 8.5, "np_yoy": 24.6, "np_vol": 218.0, "loss_years": 0, "far_share": 70.0, "earn_yield": 5.9, "consensus_n": 2, "fwd_pe": 12.8, "fwd_pe2": 9.9, "fwd_g1": 32.0, "fwd_g2": 29.0, "peg": 0.44, "consensus_disp": null, "mainbz": [["产品", 49.0], ["LED显示屏", 46.0], ["储能设备", 2.0], ["其他主营业务", 1.0]], "ret_prev_year": 40.4, "ret_prev2_year": -30.7, "ret_ytd": -20.8, "ret_pivot": 49.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.9, "ret_60": -0.8, "ret_120": -31.9, "ret_250": 5.1, "mdd_250": -44.5, "vol_250": 58.3, "pos_52w": 61.5}, "S": {"duration": 34, "pricing": 58, "hard": 24, "bondness": 28}, "label": "成长兑现", "tags": ["PEG<0.8"], "text": {"像什么": ["盈利在追估值:最新净利润同比 25%,PE TTM 16.9 倍 但前瞻 PE 12.8 倍,PEG 0.44。", "自由现金流 3.8 亿(正),次年预期增速 29%(2 篇研报),风险在增速假设能否延续。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 15%,毛利率近 5 年中位 29.6%。", "加息期怎么走": "估值不靠远期故事,加息期比纯久期抗跌;风险在订单与增速,盯业绩不盯利率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 8.1%(经营现金流/市值 8.9%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.6%,稳定度 91%,2020→2022 成本通胀期毛利率变化 5.0 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 15%,资本开支/折旧 0.50 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 16.9 倍 粗算,约 70%(1 − 5/PE)。中等。"]], "价格行为": "近一年 5%,最大回撤 -44%,年化波动 58%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 1% / -1% / -32%。 长久期资产波动大是常态;离高点已远,拥挤已部分释放。", "行业对照": ["同申万二级「光学光电子」95 家中位:PE 61.6 / 股息率 0.6% / 毛利率 19.3% / 固定资产占比 31% / 分红率 43%。", "艾比森:PE 比行业中位低 44.7倍;股息率 比行业中位高 1.0个百分点;毛利率 比行业中位高 10.3个百分点;固定资产占比 比行业中位低 16.4个百分点。"]}}