{"F": {"ts_code": "300567.SZ", "name": "精测电子", "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": "20161122", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 187.66, "pe_ttm": 405.7313, "pb": 9.427, "dv_ttm": 0.1066, "total_mv": 5249728.4488, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [47.4, 43.3, 44.4, 48.9, 40.0, 46.7], "rev_series": [20.8, 24.1, 27.3, 24.3, 25.7, 33.5], "np_series": [2.4, 1.9, 2.7, 1.5, -1.0, 0.8], "roe_series": [15.2, 7.6, 8.3, 4.3, -2.7, 2.1], "period": "20260630", "rev_ttm": 37.8, "np_ttm": 1.3, "ocf_ttm": -0.1, "fcf_ttm": -4.4, "fcf_yield": -0.8, "ocf_yield": -0.0, "gm_median": 44.4, "gm_std": 3.0, "gm_stab": 0.93, "gm_chg_2022": -3.0, "npm_median": 3.7, "roe_median": 4.3, "commodity": false, "hard_ratio": 24.7, "fix_assets": 32.7, "goodwill_ratio": 0.3, "pb_calc": 9.02, "capex_dep": 3.02, "interest_debt": 43.9, "debt_ebitda": 10.4, "debt_ratio": 49.9, "debt_mv": 8.4, "payout": 53.0, "div_years": 4, "rev_cagr3": 7.0, "np_cagr3": -32.9, "rev_yoy": 31.2, "np_yoy": 171.2, "np_vol": 114.2, "loss_years": 1, "far_share": 99.0, "earn_yield": 0.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 41.0], ["显示行业", 19.0], ["显示", 19.0], ["半导体", 14.0]], "ret_prev_year": 42.0, "ret_prev2_year": -26.5, "ret_ytd": 106.2, "ret_pivot": 323.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -16.2, "ret_60": -2.7, "ret_120": 39.3, "ret_250": 188.9, "mdd_250": -47.4, "vol_250": 76.5, "pos_52w": 59.1}, "S": {"duration": 100, "pricing": 60, "hard": 40, "bondness": 47}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 405.7 倍、股息率 0.1%、毛利率近 5 年中位 44.4%、固定资产占比 25%、有息负债/EBITDA 10.4 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 44.4%),硬资产占比 25%。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 -0.8%(经营现金流/市值 -0.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 44.4%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -3.0 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 25%,资本开支/折旧 3.02 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 405.7 倍 粗算,约 99%(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 189%,最大回撤 -47%,年化波动 76%,现价在 52 周高点的 59%;近 20 / 60 / 120 日 -16% / -3% / 39%。", "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%。", "精测电子:PE 比行业中位高 355.1倍;股息率 比行业中位低 0.7个百分点;毛利率 比行业中位高 15.9个百分点;固定资产占比 比行业中位高 3.9个百分点。"]}}