{"F": {"ts_code": "300620.SZ", "name": "光库科技", "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": "20170310", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 279.0, "pe_ttm": 254.4713, "pb": 30.7967, "dv_ttm": 0.0717, "total_mv": 6952135.95, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [44.0, 42.0, 37.0, 34.5, 33.9, 34.7], "rev_series": [4.9, 6.7, 6.4, 7.1, 10.0, 14.7], "np_series": [0.6, 1.3, 1.2, 0.6, 0.7, 1.8], "roe_series": [5.8, 8.9, 7.4, 3.6, 3.7, 8.6], "period": "20260630", "rev_ttm": 19.1, "np_ttm": 2.7, "ocf_ttm": 0.6, "fcf_ttm": -0.9, "fcf_yield": -0.1, "ocf_yield": 0.1, "gm_median": 34.7, "gm_std": 3.0, "gm_stab": 0.91, "gm_chg_2022": -7.0, "npm_median": 12.2, "roe_median": 7.4, "commodity": false, "hard_ratio": 20.7, "fix_assets": 8.8, "goodwill_ratio": 5.4, "pb_calc": 30.8, "capex_dep": 1.72, "interest_debt": 13.1, "debt_ebitda": 3.0, "debt_ratio": 46.3, "debt_mv": 1.9, "payout": 37.1, "div_years": 5, "rev_cagr3": 31.9, "np_cagr3": 14.5, "rev_yoy": 72.9, "np_yoy": 186.1, "np_vol": 81.0, "loss_years": 0, "far_share": 98.0, "earn_yield": 0.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["光通讯器件", 56.0], ["光纤激光器件", 35.0], ["其他主营业务", 5.0], ["其他", 5.0]], "ret_prev_year": 204.0, "ret_prev2_year": 7.6, "ret_ytd": 90.0, "ret_pivot": 805.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.2, "ret_60": -4.9, "ret_120": 69.3, "ret_250": 203.1, "mdd_250": -52.9, "vol_250": 93.1, "pos_52w": 68.7}, "S": {"duration": 100, "pricing": 53, "hard": 33, "bondness": 22}, "label": "中性", "tags": [], "text": {"像什么": ["PE 254.5 倍、股息率 0.1%、毛利率近 5 年中位 34.7%、固定资产占比 21%、有息负债/EBITDA 3.0 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 34.7%),硬资产占比 21%。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 -0.1%(经营现金流/市值 0.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 34.7%,稳定度 91%,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 21%,资本开支/折旧 1.72 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 254.5 倍 粗算,约 98%(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 203%,最大回撤 -53%,年化波动 93%,现价在 52 周高点的 69%;近 20 / 60 / 120 日 -3% / -5% / 69%。", "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%。", "光库科技:PE 比行业中位高 169.9倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位高 5.6个百分点;固定资产占比 比行业中位高 6.5个百分点。"]}}