{"F": {"ts_code": "300845.SZ", "name": "捷安高科", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "计算机设备", "sw3": "其他计算机设备", "ind": "计算机设备", "fin_source": "tushare", "market": "创业板", "list_date": "20200703", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 13.52, "pe_ttm": 85.1086, "pb": 3.527, "dv_ttm": 1.4681, "total_mv": 278026.7672, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [53.9, 52.8, 53.1, 51.8, 48.0, 47.9], "rev_series": [2.9, 2.7, 3.0, 3.6, 3.8, 3.6], "np_series": [0.7, 0.4, 0.4, 0.5, 0.5, 0.4], "roe_series": [12.0, 4.7, 5.9, 6.3, 6.6, 4.8], "period": "20260630", "rev_ttm": 3.8, "np_ttm": 0.3, "ocf_ttm": -0.0, "fcf_ttm": -0.2, "fcf_yield": -0.8, "ocf_yield": -0.1, "gm_median": 51.8, "gm_std": 2.3, "gm_stab": 0.96, "gm_chg_2022": -0.8, "npm_median": 14.2, "roe_median": 5.9, "commodity": false, "hard_ratio": 22.1, "fix_assets": 2.2, "goodwill_ratio": 0.0, "pb_calc": 3.53, "capex_dep": 1.22, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 21.8, "debt_mv": 0.0, "payout": 92.1, "div_years": 5, "rev_cagr3": 6.0, "np_cagr3": -3.5, "rev_yoy": 23.0, "np_yoy": -879.1, "np_vol": 27.2, "loss_years": 0, "far_share": 94.0, "earn_yield": 1.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["轨道交通仿真实训系统", 33.0], ["安全作业仿真实训系统", 11.0], ["技术服务", 4.0]], "ret_prev_year": 27.2, "ret_prev2_year": -6.9, "ret_ytd": 22.1, "ret_pivot": 86.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 24.4, "ret_60": -7.0, "ret_120": 7.7, "ret_250": 6.4, "mdd_250": -43.0, "vol_250": 44.7, "pos_52w": 82.7}, "S": {"duration": 88, "pricing": 66, "hard": 35, "bondness": 55}, "label": "中性", "tags": [], "text": {"像什么": ["PE 85.1 倍、股息率 1.5%、毛利率近 5 年中位 51.8%、固定资产占比 22%、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 51.8%),硬资产占比 22%。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 -0.8%(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 51.8%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -0.8 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 22%,资本开支/折旧 1.22 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 85.1 倍 粗算,约 94%(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 -43%,年化波动 45%,现价在 52 周高点的 83%;近 20 / 60 / 120 日 24% / -7% / 8%。", "行业对照": ["同申万二级「计算机设备」88 家中位:PE 51.7 / 股息率 0.8% / 毛利率 35.8% / 固定资产占比 12% / 分红率 49%。", "捷安高科:PE 比行业中位高 33.4倍;股息率 比行业中位高 0.7个百分点;毛利率 比行业中位高 16.0个百分点;固定资产占比 比行业中位高 10.4个百分点。"]}}