{"F": {"ts_code": "300939.SZ", "name": "秋田微", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "光学光电子", "sw3": "面板", "ind": "光学光电子", "fin_source": "tushare", "market": "创业板", "list_date": "20210128", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 65.06, "pe_ttm": 124.0484, "pb": 5.3954, "dv_ttm": 0.3074, "total_mv": 780720.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.6, 24.4, 27.8, 28.2, 24.8, 22.8], "rev_series": [8.2, 11.1, 11.0, 9.9, 10.8, 12.9], "np_series": [0.8, 1.1, 1.6, 1.2, 0.9, 0.8], "roe_series": [22.5, 13.8, 12.9, 9.2, 6.6, 5.7], "period": "20260630", "rev_ttm": 13.0, "np_ttm": 0.6, "ocf_ttm": 0.6, "fcf_ttm": -1.2, "fcf_yield": -1.5, "ocf_yield": 0.7, "gm_median": 24.8, "gm_std": 2.1, "gm_stab": 0.92, "gm_chg_2022": 3.2, "npm_median": 9.9, "roe_median": 9.2, "commodity": false, "hard_ratio": 21.7, "fix_assets": 4.2, "goodwill_ratio": 0.0, "pb_calc": 5.4, "capex_dep": 6.94, "interest_debt": 0.8, "debt_ebitda": 0.9, "debt_ratio": 24.5, "debt_mv": 1.0, "payout": 39.2, "div_years": 5, "rev_cagr3": 5.4, "np_cagr3": -20.6, "rev_yoy": 1.6, "np_yoy": -32.7, "np_vol": 29.5, "loss_years": 0, "far_share": 96.0, "earn_yield": 0.8, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["电容式触摸屏", 33.0], ["单色液晶显示模组", 22.0], ["彩色液晶显示模组", 17.0], ["单色液晶显示器", 14.0]], "ret_prev_year": 6.5, "ret_prev2_year": -12.7, "ret_ytd": 89.8, "ret_pivot": 174.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.3, "ret_60": 21.8, "ret_120": 74.1, "ret_250": 89.0, "mdd_250": -44.3, "vol_250": 64.1, "pos_52w": 84.4}, "S": {"duration": 96, "pricing": 54, "hard": 35, "bondness": 33}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 124.0 倍、股息率 0.3%、毛利率近 5 年中位 24.8%、固定资产占比 22%、有息负债/EBITDA 0.9 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 24.8%。", "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 -1.5%(经营现金流/市值 0.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 24.8%,稳定度 92%,2020→2022 成本通胀期毛利率变化 3.2 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 22%,资本开支/折旧 6.94 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 124.0 倍 粗算,约 96%(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 89%,最大回撤 -44%,年化波动 64%,现价在 52 周高点的 84%;近 20 / 60 / 120 日 5% / 22% / 74%。", "行业对照": ["同申万二级「光学光电子」95 家中位:PE 61.6 / 股息率 0.6% / 毛利率 19.3% / 固定资产占比 31% / 分红率 43%。", "秋田微:PE 比行业中位高 62.4倍;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位高 5.5个百分点;固定资产占比 比行业中位低 9.7个百分点。"]}}