{"F": {"ts_code": "300408.SZ", "name": "三环集团", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "元件", "sw3": "被动元件", "ind": "元件", "fin_source": "tushare", "market": "创业板", "list_date": "20141203", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 108.4, "pe_ttm": 65.3246, "pb": 9.5584, "dv_ttm": 0.414, "total_mv": 21644429.624, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [51.1, 48.8, 44.1, 39.8, 43.0, 42.1], "rev_series": [39.9, 62.2, 51.5, 57.3, 73.7, 90.1], "np_series": [14.4, 20.1, 15.0, 15.8, 21.9, 26.2], "roe_series": [15.7, 14.9, 9.0, 8.9, 11.5, 12.6], "period": "20260630", "rev_ttm": 112.8, "np_ttm": 33.1, "ocf_ttm": 30.5, "fcf_ttm": 22.0, "fcf_yield": 1.0, "ocf_yield": 1.4, "gm_median": 43.0, "gm_std": 2.9, "gm_stab": 0.93, "gm_chg_2022": -7.0, "npm_median": 29.2, "roe_median": 11.5, "commodity": false, "hard_ratio": 24.4, "fix_assets": 69.4, "goodwill_ratio": 0.8, "pb_calc": 9.56, "capex_dep": 1.12, "interest_debt": 7.9, "debt_ebitda": 0.2, "debt_ratio": 20.4, "debt_mv": 0.4, "payout": 33.3, "div_years": 5, "rev_cagr3": 20.5, "np_cagr3": 20.3, "rev_yoy": 54.8, "np_yoy": 56.2, "np_vol": 24.1, "loss_years": 0, "far_share": 92.0, "earn_yield": 1.5, "consensus_n": 16, "fwd_pe": 53.5, "fwd_pe2": 38.9, "fwd_g1": 22.0, "fwd_g2": 38.0, "peg": 1.41, "consensus_disp": null, "mainbz": [["产品", 50.0], ["电子、通信元件及材料", 47.0], ["合计特别调整", 2.0], ["其他业务", 1.0]], "ret_prev_year": 20.2, "ret_prev2_year": 33.0, "ret_ytd": 139.3, "ret_pivot": 273.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -14.9, "ret_60": -17.6, "ret_120": 99.5, "ret_250": 155.7, "mdd_250": -46.6, "vol_250": 72.0, "pos_52w": 63.6}, "S": {"duration": 80, "pricing": 58, "hard": 39, "bondness": 15}, "label": "中性", "tags": [], "text": {"像什么": ["PE 65.3 倍、股息率 0.4%、毛利率近 5 年中位 43.0%、固定资产占比 24%、有息负债/EBITDA 0.2 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 43.0%),硬资产占比 24%。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 1.0%(经营现金流/市值 1.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 43.0%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -7.0 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 24%,资本开支/折旧 1.12 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 65.3 倍 粗算,约 92%(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 156%,最大回撤 -47%,年化波动 72%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 -15% / -18% / 100%。", "行业对照": ["同申万二级「元件」67 家中位:PE 65.2 / 股息率 0.5% / 毛利率 21.3% / 固定资产占比 36% / 分红率 44%。", "三环集团:PE 比行业中位高 0.1倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位高 21.7个百分点;固定资产占比 比行业中位低 11.5个百分点。"]}}