{"F": {"ts_code": "300627.SZ", "name": "华测导航", "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": "20170321", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 28.51, "pe_ttm": 32.7059, "pb": 5.184, "dv_ttm": 1.5643, "total_mv": 2263610.3574, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [54.3, 54.6, 56.6, 57.8, 58.1, 61.0], "rev_series": [14.1, 19.0, 22.4, 26.8, 32.5, 37.0], "np_series": [2.0, 2.9, 3.6, 4.5, 5.8, 6.9], "roe_series": [19.0, 18.0, 15.3, 16.2, 17.9, 17.8], "period": "20260630", "rev_ttm": 37.9, "np_ttm": 6.9, "ocf_ttm": 6.2, "fcf_ttm": 5.2, "fcf_yield": 2.3, "ocf_yield": 2.7, "gm_median": 57.8, "gm_std": 2.1, "gm_stab": 0.96, "gm_chg_2022": 2.4, "npm_median": 16.6, "roe_median": 17.8, "commodity": false, "hard_ratio": 8.9, "fix_assets": 5.4, "goodwill_ratio": 0.6, "pb_calc": 5.18, "capex_dep": 1.39, "interest_debt": 1.5, "debt_ebitda": 0.2, "debt_ratio": 27.3, "debt_mv": 0.7, "payout": 46.8, "div_years": 5, "rev_cagr3": 18.3, "np_cagr3": 23.8, "rev_yoy": 5.2, "np_yoy": 2.0, "np_vol": 11.1, "loss_years": 0, "far_share": 85.0, "earn_yield": 3.1, "consensus_n": 7, "fwd_pe": 28.3, "fwd_pe2": 21.5, "fwd_g1": 16.0, "fwd_g2": 32.0, "peg": 0.88, "consensus_disp": null, "mainbz": [["系统应用及解决方案", 59.0], ["高精度定位装备", 41.0]], "ret_prev_year": 18.6, "ret_prev2_year": 37.7, "ret_ytd": -17.3, "ret_pivot": 43.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.2, "ret_60": -5.4, "ret_120": -19.1, "ret_250": -23.0, "mdd_250": -42.1, "vol_250": 41.5, "pos_52w": 62.2}, "S": {"duration": 56, "pricing": 72, "hard": 14, "bondness": 28}, "label": "中性", "tags": [], "text": {"像什么": ["PE 32.7 倍、股息率 1.6%、毛利率近 5 年中位 57.8%、固定资产占比 9%、有息负债/EBITDA 0.2 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 57.8%),硬资产占比 9%。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 2.3%(经营现金流/市值 2.7%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 57.8%,稳定度 96%,2020→2022 成本通胀期毛利率变化 2.4 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 9%,资本开支/折旧 1.39 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 32.7 倍 粗算,约 85%(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 -23%,最大回撤 -42%,年化波动 42%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 1% / -5% / -19%。", "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%。", "华测导航:PE 比行业中位低 51.9倍;股息率 比行业中位高 1.3个百分点;毛利率 比行业中位高 28.7个百分点;固定资产占比 比行业中位低 5.3个百分点。"]}}