{"F": {"ts_code": "300502.SZ", "name": "新易盛", "mkt": "CN", "ccy": "元", "sw1": "通信", "sw2": "通信设备", "sw3": "通信网络设备及器件", "ind": "通信设备", "fin_source": "tushare", "market": "创业板", "list_date": "20160303", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 386.0, "pe_ttm": 41.0238, "pb": 22.1504, "dv_ttm": 0.185, "total_mv": 53818308.62, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [36.9, 32.2, 36.7, 31.0, 44.7, 47.8], "rev_series": [20.0, 29.1, 33.1, 31.0, 86.5, 248.4], "np_series": [4.9, 6.6, 9.0, 6.9, 28.4, 95.3], "roe_series": [20.6, 17.9, 20.6, 13.4, 41.1, 72.6], "period": "20260630", "rev_ttm": 353.1, "np_ttm": 131.2, "ocf_ttm": 83.6, "fcf_ttm": 63.3, "fcf_yield": 1.2, "ocf_yield": 1.6, "gm_median": 36.7, "gm_std": 6.7, "gm_stab": 0.82, "gm_chg_2022": -0.2, "npm_median": 27.3, "roe_median": 20.6, "commodity": false, "hard_ratio": 12.7, "fix_assets": 46.7, "goodwill_ratio": 0.6, "pb_calc": 22.15, "capex_dep": 4.41, "interest_debt": 0.2, "debt_ebitda": 0.0, "debt_ratio": 33.2, "debt_mv": 0.0, "payout": 11.2, "div_years": 5, "rev_cagr3": 95.8, "np_cagr3": 119.3, "rev_yoy": 100.3, "np_yoy": 91.0, "np_vol": 130.6, "loss_years": 0, "far_share": 88.0, "earn_yield": 2.4, "consensus_n": 18, "fwd_pe": 23.0, "fwd_pe2": 13.5, "fwd_g1": 78.0, "fwd_g2": 71.0, "peg": 0.32, "consensus_disp": null, "mainbz": [["产品", 50.0], ["光互联产品", 50.0], ["其他主营业务", 0.0], ["其他", 0.0]], "ret_prev_year": 429.2, "ret_prev2_year": 140.4, "ret_ytd": 25.7, "ret_pivot": 710.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.3, "ret_60": -26.6, "ret_120": 37.5, "ret_250": 83.1, "mdd_250": -39.2, "vol_250": 81.0, "pos_52w": 63.2}, "S": {"duration": 64, "pricing": 54, "hard": 20, "bondness": 5}, "label": "成长兑现", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["盈利在追估值:最新净利润同比 91%,PE TTM 41.0 倍 但前瞻 PE 23.0 倍,PEG 0.32。", "自由现金流 63.3 亿(正),次年预期增速 71%(18 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 13%,毛利率近 5 年中位 36.7%。", "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 1.2%(经营现金流/市值 1.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 36.7%,稳定度 82%,2020→2022 成本通胀期毛利率变化 -0.2 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 13%,资本开支/折旧 4.41 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 41.0 倍 粗算,约 88%(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 83%,最大回撤 -39%,年化波动 81%,现价在 52 周高点的 63%;近 20 / 60 / 120 日 -8% / -27% / 38%。 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「通信设备」89 家中位:PE 84.6 / 股息率 0.3% / 毛利率 29.1% / 固定资产占比 14% / 分红率 41%。", "新易盛:PE 比行业中位低 43.6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 7.6个百分点;固定资产占比 比行业中位低 1.5个百分点。"]}}