{"F": {"ts_code": "300622.SZ", "name": "博士眼镜", "mkt": "CN", "ccy": "元", "sw1": "商贸零售", "sw2": "专业连锁Ⅱ", "sw3": "专业连锁Ⅲ", "ind": "专业连锁Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20170315", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 15.84, "pe_ttm": 28.7731, "pb": 5.4477, "dv_ttm": 1.2175, "total_mv": 505289.5056, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [67.6, 64.9, 61.8, 63.1, 61.7, 60.6], "rev_series": [6.6, 8.9, 9.6, 11.8, 12.0, 13.6], "np_series": [0.7, 0.9, 0.8, 1.3, 1.0, 1.5], "roe_series": [11.8, 15.0, 11.2, 17.4, 13.4, 17.8], "period": "20260630", "rev_ttm": 14.2, "np_ttm": 1.8, "ocf_ttm": 3.7, "fcf_ttm": 3.4, "fcf_yield": 6.8, "ocf_yield": 7.2, "gm_median": 61.8, "gm_std": 1.5, "gm_stab": 0.98, "gm_chg_2022": -5.8, "npm_median": 10.6, "roe_median": 15.0, "commodity": false, "hard_ratio": 2.1, "fix_assets": 0.4, "goodwill_ratio": 0.0, "pb_calc": 5.45, "capex_dep": 3.44, "interest_debt": 5.3, "debt_ebitda": 1.6, "debt_ratio": 48.1, "debt_mv": 10.6, "payout": 45.8, "div_years": 5, "rev_cagr3": 12.2, "np_cagr3": 25.5, "rev_yoy": 8.8, "np_yoy": 48.2, "np_vol": 35.8, "loss_years": 0, "far_share": 83.0, "earn_yield": 3.5, "consensus_n": 5, "fwd_pe": 27.3, "fwd_pe2": 23.8, "fwd_g1": 5.0, "fwd_g2": 15.0, "peg": 1.82, "consensus_disp": null, "mainbz": [["产品", 50.0], ["光学眼镜及验配服务", 30.0], ["成镜系列产品", 11.0], ["合计特别调整", 7.0]], "ret_prev_year": -18.9, "ret_prev2_year": 165.1, "ret_ytd": -28.0, "ret_pivot": 24.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.0, "ret_60": 5.6, "ret_120": -23.5, "ret_250": -40.0, "mdd_250": -49.9, "vol_250": 46.3, "pos_52w": 59.7}, "S": {"duration": 51, "pricing": 69, "hard": 3, "bondness": 36}, "label": "定价权·品牌", "tags": ["轻资产现金牛", "资本开支扩张期"], "text": {"像什么": ["没有硬资产(固定资产占比 2%)但有定价权:毛利率近 5 年中位 61.8%,稳定度 98%、ROE 近 5 年中位 15.0%。", "自由现金流/市值 6.8%,分红率 46%,分子跟得上通胀。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 61.8%),硬资产占比 2%。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": "分子跟得上通胀、久期不长,加息期抗跌;放水期弹性不如科技。属船票一侧的'非债券'部分。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 6.8%(经营现金流/市值 7.2%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 61.8%,稳定度 98%,2020→2022 成本通胀期毛利率变化 -5.8 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 2%,资本开支/折旧 3.44 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 28.8 倍 粗算,约 83%(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 -40%,最大回撤 -50%,年化波动 46%,现价在 52 周高点的 60%;近 20 / 60 / 120 日 1% / 6% / -24%。", "行业对照": ["同申万二级「专业连锁Ⅱ」7 家中位:PE 28.8 / 股息率 2.0% / 毛利率 15.2% / 固定资产占比 4% / 分红率 46%。", "博士眼镜:PE 与行业中位持平;股息率 比行业中位低 0.8个百分点;毛利率 比行业中位高 46.6个百分点;固定资产占比 比行业中位低 2.3个百分点。"]}}