{"F": {"ts_code": "300590.SZ", "name": "移为通信", "mkt": "CN", "ccy": "元", "sw1": "通信", "sw2": "通信设备", "sw3": "通信终端及配件", "ind": "通信设备", "fin_source": "tushare", "market": "创业板", "list_date": "20170111", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.03, "pe_ttm": 38.6915, "pb": 2.6962, "dv_ttm": 1.0879, "total_mv": 509846.8595, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [42.1, 36.1, 34.7, 40.4, 41.9, 39.7], "rev_series": [4.7, 9.2, 10.0, 10.2, 9.7, 8.9], "np_series": [0.9, 1.6, 1.7, 1.5, 1.6, 0.7], "roe_series": [8.7, 11.9, 10.2, 8.5, 8.7, 4.0], "period": "20260630", "rev_ttm": 11.3, "np_ttm": 1.3, "ocf_ttm": 0.5, "fcf_ttm": -0.7, "fcf_yield": -1.4, "ocf_yield": 1.0, "gm_median": 39.7, "gm_std": 2.7, "gm_stab": 0.93, "gm_chg_2022": -7.4, "npm_median": 16.4, "roe_median": 8.7, "commodity": false, "hard_ratio": 14.9, "fix_assets": 3.3, "goodwill_ratio": 0.0, "pb_calc": 2.7, "capex_dep": 9.52, "interest_debt": 0.1, "debt_ebitda": 0.0, "debt_ratio": 14.0, "debt_mv": 0.1, "payout": 62.9, "div_years": 5, "rev_cagr3": -3.8, "np_cagr3": -23.3, "rev_yoy": 67.7, "np_yoy": 184.4, "np_vol": 40.3, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 35.0], ["车载信息智能终端(普通)", 17.0], ["车载信息智能终端", 17.0], ["资产管理信息智能终端3", 10.0]], "ret_prev_year": -16.9, "ret_prev2_year": 31.3, "ret_ytd": -12.2, "ret_pivot": 11.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.3, "ret_60": -23.2, "ret_120": -6.8, "ret_250": -19.4, "mdd_250": -40.0, "vol_250": 48.4, "pos_52w": 67.3}, "S": {"duration": 62, "pricing": 56, "hard": 24, "bondness": 49}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 38.7 倍、股息率 1.1%、毛利率近 5 年中位 39.7%、固定资产占比 15%、有息负债/EBITDA 0.0 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 39.7%),硬资产占比 15%。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 -1.4%(经营现金流/市值 1.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 39.7%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -7.4 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 9.52 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 38.7 倍 粗算,约 87%(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 -19%,最大回撤 -40%,年化波动 48%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 -1% / -23% / -7%。", "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%。", "移为通信:PE 比行业中位低 45.9倍;股息率 比行业中位高 0.8个百分点;毛利率 比行业中位高 10.6个百分点;固定资产占比 比行业中位高 0.7个百分点。"]}}