{"F": {"ts_code": "300852.SZ", "name": "四会富仕", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "元件", "sw3": "印制电路板", "ind": "元件", "fin_source": "tushare", "market": "创业板", "list_date": "20200713", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 48.33, "pe_ttm": 55.1828, "pb": 3.4192, "dv_ttm": 0.2897, "total_mv": 775798.9596, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [33.4, 29.6, 28.8, 27.1, 22.8, 20.8], "rev_series": [6.5, 10.5, 12.2, 13.1, 14.1, 19.3], "np_series": [1.2, 1.8, 2.3, 2.0, 1.4, 1.3], "roe_series": [19.5, 19.2, 19.9, 14.9, 9.0, 6.6], "period": "20260630", "rev_ttm": 23.0, "np_ttm": 1.4, "ocf_ttm": 1.2, "fcf_ttm": -3.1, "fcf_yield": -4.0, "ocf_yield": 1.6, "gm_median": 27.1, "gm_std": 3.5, "gm_stab": 0.87, "gm_chg_2022": -4.5, "npm_median": 15.5, "roe_median": 14.9, "commodity": false, "hard_ratio": 39.8, "fix_assets": 12.7, "goodwill_ratio": 0.0, "pb_calc": 3.42, "capex_dep": 3.09, "interest_debt": 0.5, "debt_ebitda": 0.1, "debt_ratio": 28.7, "debt_mv": 0.7, "payout": 14.9, "div_years": 5, "rev_cagr3": 16.6, "np_cagr3": -17.2, "rev_yoy": 43.4, "np_yoy": 16.5, "np_vol": 29.4, "loss_years": 0, "far_share": 91.0, "earn_yield": 1.8, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["印制电路板", 94.0], ["其他业务", 6.0]], "ret_prev_year": 46.6, "ret_prev2_year": -4.0, "ret_ytd": 27.1, "ret_pivot": 138.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.0, "ret_60": -8.4, "ret_120": -2.3, "ret_250": 36.7, "mdd_250": -57.9, "vol_250": 73.8, "pos_52w": 58.2}, "S": {"duration": 75, "pricing": 48, "hard": 64, "bondness": 11}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 55.2 倍、股息率 0.3%、毛利率近 5 年中位 27.1%、固定资产占比 40%、有息负债/EBITDA 0.1 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 40%),没有定价权:毛利率近 5 年中位 27.1%,稳定度 87%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 -4.0%(经营现金流/市值 1.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.1%,稳定度 87%,2020→2022 成本通胀期毛利率变化 -4.5 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 40%,资本开支/折旧 3.09 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 55.2 倍 粗算,约 91%(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 37%,最大回撤 -58%,年化波动 74%,现价在 52 周高点的 58%;近 20 / 60 / 120 日 6% / -8% / -2%。", "行业对照": ["同申万二级「元件」67 家中位:PE 65.2 / 股息率 0.5% / 毛利率 21.3% / 固定资产占比 36% / 分红率 44%。", "四会富仕:PE 比行业中位低 10.0倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位高 5.8个百分点;固定资产占比 比行业中位高 3.9个百分点。"]}}