{"F": {"ts_code": "300975.SZ", "name": "商络电子", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "元件", "sw3": "被动元件", "ind": "元件", "fin_source": "tushare", "market": "创业板", "list_date": "20210421", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 24.28, "pe_ttm": 23.1255, "pb": 5.8855, "dv_ttm": 0.2704, "total_mv": 1668049.5968, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [15.4, 13.8, 11.6, 11.9, 11.8, 13.4], "rev_series": [31.2, 53.6, 56.4, 51.0, 65.5, 85.5], "np_series": [1.5, 2.4, 1.3, 0.3, 0.7, 3.0], "roe_series": [14.5, 18.0, 8.2, 2.0, 3.6, 13.2], "period": "20260630", "rev_ttm": 133.3, "np_ttm": 7.2, "ocf_ttm": -18.9, "fcf_ttm": -19.0, "fcf_yield": -11.4, "ocf_yield": -11.3, "gm_median": 11.9, "gm_std": 0.9, "gm_stab": 0.92, "gm_chg_2022": -3.8, "npm_median": 2.3, "roe_median": 8.2, "commodity": false, "hard_ratio": 2.2, "fix_assets": 2.7, "goodwill_ratio": 0.8, "pb_calc": 5.89, "capex_dep": 0.69, "interest_debt": 51.4, "debt_ebitda": 4.2, "debt_ratio": 75.8, "debt_mv": 30.8, "payout": 14.9, "div_years": 5, "rev_cagr3": 14.9, "np_cagr3": 31.8, "rev_yoy": 121.6, "np_yoy": 493.3, "np_vol": 142.7, "loss_years": 0, "far_share": 78.0, "earn_yield": 4.3, "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], ["主动及其他电子元器件", 39.0], ["被动电子元器件", 11.0], ["其他业务", 0.0]], "ret_prev_year": 13.0, "ret_prev2_year": 36.6, "ret_ytd": 92.3, "ret_pivot": 208.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -14.0, "ret_60": -37.3, "ret_120": 48.5, "ret_250": 92.3, "mdd_250": -57.2, "vol_250": 78.6, "pos_52w": 46.9}, "S": {"duration": 44, "pricing": 43, "hard": 4, "bondness": 25}, "label": "中性", "tags": [], "text": {"像什么": ["PE 23.1 倍、股息率 0.3%、毛利率近 5 年中位 11.9%、固定资产占比 2%、有息负债/EBITDA 4.2 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 2%,毛利率近 5 年中位 11.9%。", "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 -11.4%(经营现金流/市值 -11.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 11.9%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -3.8 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 2%,资本开支/折旧 0.69 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 23.1 倍 粗算,约 78%(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 92%,最大回撤 -57%,年化波动 79%,现价在 52 周高点的 47%;近 20 / 60 / 120 日 -14% / -37% / 48%。", "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%。", "商络电子:PE 比行业中位低 42.1倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位低 9.4个百分点;固定资产占比 比行业中位低 33.7个百分点。"]}}