{"F": {"ts_code": "300866.SZ", "name": "安克创新", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "消费电子", "sw3": "品牌消费电子", "ind": "消费电子", "fin_source": "tushare", "market": "创业板", "list_date": "20200824", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 135.91, "pe_ttm": 25.9467, "pb": 6.8975, "dv_ttm": 1.7602, "total_mv": 7992245.9913, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [43.9, 35.7, 38.7, 43.5, 43.7, 45.1], "rev_series": [93.5, 125.7, 142.5, 175.1, 247.1, 305.1], "np_series": [8.6, 9.8, 11.4, 16.1, 21.1, 25.5], "roe_series": [23.3, 17.2, 17.7, 21.8, 24.9, 26.1], "period": "20260630", "rev_ttm": 342.5, "np_ttm": 30.8, "ocf_ttm": 23.4, "fcf_ttm": 20.2, "fcf_yield": 2.5, "ocf_yield": 2.9, "gm_median": 43.5, "gm_std": 3.5, "gm_stab": 0.92, "gm_chg_2022": -5.1, "npm_median": 8.6, "roe_median": 21.8, "commodity": false, "hard_ratio": 7.9, "fix_assets": 17.6, "goodwill_ratio": 0.0, "pb_calc": 6.89, "capex_dep": 2.49, "interest_debt": 30.7, "debt_ebitda": 0.7, "debt_ratio": 47.6, "debt_mv": 3.8, "payout": 50.3, "div_years": 5, "rev_cagr3": 28.9, "np_cagr3": 30.6, "rev_yoy": 29.1, "np_yoy": 45.9, "np_vol": 10.0, "loss_years": 0, "far_share": 81.0, "earn_yield": 3.9, "consensus_n": 26, "fwd_pe": 22.5, "fwd_pe2": 18.6, "fwd_g1": 15.0, "fwd_g2": 21.0, "peg": 1.07, "consensus_disp": null, "mainbz": [["产品", 50.0], ["充电储能类", 27.0], ["智能创新类", 13.0], ["智能影音类", 10.0]], "ret_prev_year": 20.2, "ret_prev2_year": 50.9, "ret_ytd": 20.6, "ret_pivot": 107.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 16.0, "ret_60": 21.4, "ret_120": 42.5, "ret_250": -4.0, "mdd_250": -36.0, "vol_250": 46.6, "pos_52w": 95.3}, "S": {"duration": 48, "pricing": 58, "hard": 13, "bondness": 30}, "label": "成长兑现", "tags": ["资本开支扩张期"], "text": {"像什么": ["盈利在追估值:最新净利润同比 46%,PE TTM 25.9 倍 但前瞻 PE 22.5 倍,PEG 1.07。", "自由现金流 20.2 亿(正),次年预期增速 21%(26 篇研报),风险在增速假设能否延续。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 43.5%),硬资产占比 8%。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": "估值不靠远期故事,加息期比纯久期抗跌;风险在订单与增速,盯业绩不盯利率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 2.5%(经营现金流/市值 2.9%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 43.5%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -5.1 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 8%,资本开支/折旧 2.49 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 25.9 倍 粗算,约 81%(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 -4%,最大回撤 -36%,年化波动 47%,现价在 52 周高点的 95%;近 20 / 60 / 120 日 16% / 21% / 42%。 长久期资产波动大是常态;已在高位,贴现率冲击时跌幅按 PE 放大。", "行业对照": ["同申万二级「消费电子」100 家中位:PE 46.5 / 股息率 0.7% / 毛利率 20.3% / 固定资产占比 25% / 分红率 44%。", "安克创新:PE 比行业中位低 20.6倍;股息率 比行业中位高 1.1个百分点;毛利率 比行业中位高 23.2个百分点;固定资产占比 比行业中位低 16.9个百分点。"]}}