{"F": {"ts_code": "300847.SZ", "name": "中船汉光", "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": "20200709", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 14.38, "pe_ttm": 37.7738, "pb": 2.8094, "dv_ttm": 0.8067, "total_mv": 425662.38, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [20.9, 19.8, 19.0, 18.9, 19.9, 19.3], "rev_series": [8.7, 10.1, 10.9, 10.7, 11.8, 11.9], "np_series": [0.9, 1.1, 1.1, 1.0, 1.2, 1.1], "roe_series": [10.3, 9.8, 9.0, 7.4, 9.1, 7.9], "period": "20260630", "rev_ttm": 11.9, "np_ttm": 1.1, "ocf_ttm": 0.9, "fcf_ttm": 0.1, "fcf_yield": 0.3, "ocf_yield": 2.1, "gm_median": 19.3, "gm_std": 0.4, "gm_stab": 0.98, "gm_chg_2022": -2.0, "npm_median": 10.4, "roe_median": 9.0, "commodity": false, "hard_ratio": 21.9, "fix_assets": 3.6, "goodwill_ratio": 0.0, "pb_calc": 2.81, "capex_dep": 2.05, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 7.9, "debt_mv": 0.0, "payout": 31.0, "div_years": 5, "rev_cagr3": 3.2, "np_cagr3": 1.7, "rev_yoy": -0.6, "np_yoy": -3.0, "np_vol": 16.5, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["静电成像设备及耗材产业（产品）", 32.0], ["静电成像设备及耗材产业", 32.0], ["精密加工", 1.0]], "ret_prev_year": 0.8, "ret_prev2_year": -0.8, "ret_ytd": -15.5, "ret_pivot": 2.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.1, "ret_60": 4.2, "ret_120": -15.7, "ret_250": -28.2, "mdd_250": -37.5, "vol_250": 32.4, "pos_52w": 70.2}, "S": {"duration": 61, "pricing": 50, "hard": 35, "bondness": 32}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 37.8 倍、股息率 0.8%、毛利率近 5 年中位 19.3%、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": "两条都不占:固定资产占比 22%,毛利率近 5 年中位 19.3%。", "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 0.3%(经营现金流/市值 2.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 19.3%,稳定度 98%,2020→2022 成本通胀期毛利率变化 -2.0 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 22%,资本开支/折旧 2.05 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 37.8 倍 粗算,约 87%(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 -28%,最大回撤 -38%,年化波动 32%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 -4% / 4% / -16%。", "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%。", "中船汉光:PE 比行业中位低 13.9倍;股息率 与行业中位持平;毛利率 比行业中位低 16.5个百分点;固定资产占比 比行业中位高 10.2个百分点。"]}}