{"F": {"ts_code": "300726.SZ", "name": "宏达电子", "mkt": "CN", "ccy": "元", "sw1": "国防军工", "sw2": "军工电子Ⅱ", "sw3": "军工电子Ⅲ", "ind": "军工电子Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20171121", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 48.8, "pe_ttm": 47.3744, "pb": 4.0844, "dv_ttm": 2.0492, "total_mv": 2009778.224, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [69.1, 68.7, 66.6, 59.4, 57.6, 58.4], "rev_series": [14.0, 20.0, 21.6, 17.1, 15.9, 18.9], "np_series": [4.8, 8.2, 8.5, 4.7, 2.8, 4.0], "roe_series": [25.0, 27.3, 20.5, 10.2, 5.8, 8.0], "period": "20260630", "rev_ttm": 19.4, "np_ttm": 4.2, "ocf_ttm": 4.7, "fcf_ttm": 3.2, "fcf_yield": 1.6, "ocf_yield": 2.4, "gm_median": 59.4, "gm_std": 4.6, "gm_stab": 0.92, "gm_chg_2022": -2.6, "npm_median": 31.1, "roe_median": 10.2, "commodity": false, "hard_ratio": 11.7, "fix_assets": 6.9, "goodwill_ratio": 0.0, "pb_calc": 4.08, "capex_dep": 1.11, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 10.3, "debt_mv": 0.0, "payout": 88.5, "div_years": 5, "rev_cagr3": -4.4, "np_cagr3": -22.2, "rev_yoy": 6.3, "np_yoy": 11.4, "np_vol": 45.0, "loss_years": 0, "far_share": 89.0, "earn_yield": 2.1, "consensus_n": 3, "fwd_pe": 43.6, "fwd_pe2": 35.5, "fwd_g1": 9.0, "fwd_g2": 23.0, "peg": 1.9, "consensus_disp": null, "mainbz": [["产品", 50.0], ["元器件", 37.0], ["模块及其他产品", 13.0]], "ret_prev_year": 69.2, "ret_prev2_year": 4.3, "ret_ytd": -2.2, "ret_pivot": 131.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -10.4, "ret_60": -24.2, "ret_120": 5.1, "ret_250": 33.5, "mdd_250": -50.1, "vol_250": 72.4, "pos_52w": 53.5}, "S": {"duration": 69, "pricing": 67, "hard": 19, "bondness": 63}, "label": "中性", "tags": [], "text": {"像什么": ["PE 47.4 倍、股息率 2.0%、毛利率近 5 年中位 59.4%、固定资产占比 12%、有息负债/EBITDA 0.0 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 59.4%),硬资产占比 12%。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 1.6%(经营现金流/市值 2.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 59.4%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -2.6 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 12%,资本开支/折旧 1.11 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 47.4 倍 粗算,约 89%(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 34%,最大回撤 -50%,年化波动 72%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 -10% / -24% / 5%。", "行业对照": ["同申万二级「军工电子Ⅱ」61 家中位:PE 79.0 / 股息率 0.5% / 毛利率 39.7% / 固定资产占比 14% / 分红率 33%。", "宏达电子:PE 比行业中位低 31.6倍;股息率 比行业中位高 1.5个百分点;毛利率 比行业中位高 19.7个百分点;固定资产占比 比行业中位低 2.4个百分点。"]}}