{"F": {"ts_code": "300628.SZ", "name": "亿联网络", "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": "20170317", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 42.08, "pe_ttm": 18.4802, "pb": 5.7894, "dv_ttm": 4.2773, "total_mv": 5331192.6272, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [66.0, 61.5, 63.0, 65.7, 65.4, 63.3], "rev_series": [27.5, 36.8, 48.1, 43.5, 56.2, 60.3], "np_series": [12.8, 16.2, 21.8, 20.1, 26.5, 26.0], "roe_series": [26.6, 28.0, 30.6, 25.1, 31.0, 28.5], "period": "20260630", "rev_ttm": 67.3, "np_ttm": 28.8, "ocf_ttm": 17.1, "fcf_ttm": 16.4, "fcf_yield": 3.1, "ocf_yield": 3.2, "gm_median": 63.3, "gm_std": 1.6, "gm_stab": 0.98, "gm_chg_2022": -3.0, "npm_median": 45.3, "roe_median": 28.5, "commodity": false, "hard_ratio": 10.1, "fix_assets": 10.3, "goodwill_ratio": 0.0, "pb_calc": 5.79, "capex_dep": 0.82, "interest_debt": 0.1, "debt_ebitda": 0.0, "debt_ratio": 9.7, "debt_mv": 0.0, "payout": 88.0, "div_years": 5, "rev_cagr3": 7.8, "np_cagr3": 6.1, "rev_yoy": 26.4, "np_yoy": 22.9, "np_vol": 17.8, "loss_years": 0, "far_share": 73.0, "earn_yield": 5.4, "consensus_n": 9, "fwd_pe": 16.9, "fwd_pe2": 14.3, "fwd_g1": 9.0, "fwd_g2": 19.0, "peg": 0.89, "consensus_disp": null, "mainbz": [["桌面通信终端", 46.0], ["会议产品", 41.0], ["云办公终端", 13.0], ["合计特别调整", 0.0]], "ret_prev_year": -3.2, "ret_prev2_year": 42.3, "ret_ytd": 22.5, "ret_pivot": 31.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.4, "ret_60": 22.0, "ret_120": 27.9, "ret_250": 20.9, "mdd_250": -22.4, "vol_250": 36.2, "pos_52w": 99.2}, "S": {"duration": 37, "pricing": 71, "hard": 16, "bondness": 69}, "label": "定价权·品牌", "tags": ["成长兑现", "现金流红利", "股息率≥4%"], "text": {"像什么": ["没有硬资产(固定资产占比 10%)但有定价权:毛利率近 5 年中位 63.3%,稳定度 98%、ROE 近 5 年中位 28.5%。", "自由现金流/市值 3.1%,分红率 88%,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 63.3%),硬资产占比 10%。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 3.1%(经营现金流/市值 3.2%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 63.3%,稳定度 98%,2020→2022 成本通胀期毛利率变化 -3.0 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 10%,资本开支/折旧 0.82 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 18.5 倍 粗算,约 73%(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 21%,最大回撤 -22%,年化波动 36%,现价在 52 周高点的 99%;近 20 / 60 / 120 日 7% / 22% / 28%。", "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%。", "亿联网络:PE 比行业中位低 66.1倍;股息率 比行业中位高 4.0个百分点;毛利率 比行业中位高 34.2个百分点;固定资产占比 比行业中位低 4.1个百分点。"]}}