{"F": {"ts_code": "300602.SZ", "name": "飞荣达", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "消费电子", "sw3": "消费电子零部件及组装", "ind": "消费电子", "fin_source": "tushare", "market": "创业板", "list_date": "20170126", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 42.8, "pe_ttm": 55.6444, "pb": 5.7904, "dv_ttm": 0.1391, "total_mv": 2509978.608, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [23.4, 15.7, 17.3, 19.5, 19.2, 19.5], "rev_series": [29.3, 30.6, 41.2, 43.5, 50.3, 65.3], "np_series": [2.1, 0.3, 1.0, 1.0, 1.9, 3.6], "roe_series": [10.6, 1.2, 3.8, 3.3, 5.0, 9.2], "period": "20260630", "rev_ttm": 73.5, "np_ttm": 4.5, "ocf_ttm": 3.3, "fcf_ttm": -1.9, "fcf_yield": -0.7, "ocf_yield": 1.3, "gm_median": 19.2, "gm_std": 1.5, "gm_stab": 0.92, "gm_chg_2022": -6.1, "npm_median": 1.8, "roe_median": 3.8, "commodity": false, "hard_ratio": 28.8, "fix_assets": 28.7, "goodwill_ratio": 1.3, "pb_calc": 5.79, "capex_dep": 2.55, "interest_debt": 16.2, "debt_ebitda": 1.8, "debt_ratio": 55.2, "debt_mv": 6.5, "payout": 11.5, "div_years": 4, "rev_cagr3": 16.5, "np_cagr3": 55.9, "rev_yoy": 28.6, "np_yoy": 52.1, "np_vol": 99.9, "loss_years": 0, "far_share": 91.0, "earn_yield": 1.8, "consensus_n": 4, "fwd_pe": 36.7, "fwd_pe2": 21.3, "fwd_g1": 52.0, "fwd_g2": 72.0, "peg": 0.51, "consensus_disp": null, "mainbz": [["热管理材料及器件", 22.0], ["热管理材料", 22.0], ["电磁屏蔽材料及器件", 17.0], ["电磁屏蔽器件", 17.0]], "ret_prev_year": 73.1, "ret_prev2_year": 6.6, "ret_ytd": 29.3, "ret_pivot": 212.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 14.7, "ret_60": 2.8, "ret_120": 22.7, "ret_250": 27.9, "mdd_250": -39.7, "vol_250": 68.8, "pos_52w": 83.6}, "S": {"duration": 75, "pricing": 46, "hard": 46, "bondness": 14}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 55.6 倍、股息率 0.1%、毛利率近 5 年中位 19.2%、固定资产占比 29%、有息负债/EBITDA 1.8 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 29%,毛利率近 5 年中位 19.2%。", "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 -0.7%(经营现金流/市值 1.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 19.2%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -6.1 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 29%,资本开支/折旧 2.55 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 55.6 倍 粗算,约 91%(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 28%,最大回撤 -40%,年化波动 69%,现价在 52 周高点的 84%;近 20 / 60 / 120 日 15% / 3% / 23%。", "行业对照": ["同申万二级「消费电子」100 家中位:PE 46.5 / 股息率 0.7% / 毛利率 20.3% / 固定资产占比 25% / 分红率 44%。", "飞荣达:PE 比行业中位高 9.1倍;股息率 比行业中位低 0.6个百分点;毛利率 比行业中位低 1.1个百分点;固定资产占比 比行业中位高 4.0个百分点。"]}}