{"F": {"ts_code": "300689.SZ", "name": "澄天伟业", "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": "20170809", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 55.4, "pe_ttm": 886.27, "pb": 9.1766, "dv_ttm": 0.0805, "total_mv": 640424.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.4, 19.3, 20.6, 17.3, 16.9, 18.1], "rev_series": [3.5, 4.2, 5.3, 3.9, 3.6, 4.1], "np_series": [0.2, 0.2, 0.4, 0.1, 0.1, 0.2], "roe_series": [3.9, 2.7, 6.5, 1.3, 1.7, 2.2], "period": "20260630", "rev_ttm": 4.6, "np_ttm": 0.1, "ocf_ttm": 0.1, "fcf_ttm": -0.1, "fcf_yield": -0.1, "ocf_yield": 0.1, "gm_median": 18.1, "gm_std": 1.4, "gm_stab": 0.92, "gm_chg_2022": -3.7, "npm_median": 3.5, "roe_median": 2.2, "commodity": false, "hard_ratio": 25.8, "fix_assets": 2.1, "goodwill_ratio": 0.0, "pb_calc": 9.18, "capex_dep": 0.54, "interest_debt": 0.1, "debt_ebitda": 0.3, "debt_ratio": 15.7, "debt_mv": 0.2, "payout": 43.6, "div_years": 4, "rev_cagr3": -8.2, "np_cagr3": -28.6, "rev_yoy": 21.8, "np_yoy": -74.9, "np_vol": 76.8, "loss_years": 0, "far_share": 99.0, "earn_yield": 0.1, "consensus_n": 1, "fwd_pe": 128.8, "fwd_pe2": 37.4, "fwd_g1": 588.0, "fwd_g2": 244.0, "peg": 0.53, "consensus_disp": null, "mainbz": [["智能卡产品及服务", 51.0], ["半导体产品", 17.0], ["其他主营业务", 16.0], ["其他", 16.0]], "ret_prev_year": 76.3, "ret_prev2_year": 32.1, "ret_ytd": 23.4, "ret_pivot": 288.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.5, "ret_60": 5.0, "ret_120": 13.4, "ret_250": -6.5, "mdd_250": -41.9, "vol_250": 63.2, "pos_52w": 74.9}, "S": {"duration": 100, "pricing": 46, "hard": 41, "bondness": 37}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 886.3 倍、股息率 0.1%、毛利率近 5 年中位 18.1%、固定资产占比 26%、有息负债/EBITDA 0.3 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 26%,毛利率近 5 年中位 18.1%。", "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 18.1%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -3.7 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 26%,资本开支/折旧 0.54 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 886.3 倍 粗算,约 99%(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 -6%,最大回撤 -42%,年化波动 63%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 8% / 5% / 13%。", "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%。", "澄天伟业:PE 比行业中位高 801.7倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位低 11.0个百分点;固定资产占比 比行业中位高 11.6个百分点。"]}}