{"F": {"ts_code": "301099.SZ", "name": "雅创电子", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "其他电子Ⅱ", "sw3": "其他电子Ⅲ", "ind": "其他电子Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20211122", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 48.24, "pe_ttm": 27.7487, "pb": 5.7764, "dv_ttm": 0.4637, "total_mv": 911376.612, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [14.7, 18.1, 20.4, 17.9, 17.9, 12.8], "rev_series": [11.0, 14.2, 22.0, 24.7, 36.1, 66.1], "np_series": [0.6, 0.9, 1.5, 0.5, 1.2, 1.3], "roe_series": [17.7, 15.3, 16.9, 5.1, 10.6, 9.7], "period": "20260630", "rev_ttm": 99.9, "np_ttm": 3.3, "ocf_ttm": -13.4, "fcf_ttm": -14.7, "fcf_yield": -16.2, "ocf_yield": -14.7, "gm_median": 17.9, "gm_std": 2.5, "gm_stab": 0.86, "gm_chg_2022": 5.7, "npm_median": 4.1, "roe_median": 10.6, "commodity": false, "hard_ratio": 4.4, "fix_assets": 3.0, "goodwill_ratio": 1.8, "pb_calc": 5.78, "capex_dep": 8.16, "interest_debt": 38.3, "debt_ebitda": 6.1, "debt_ratio": 72.5, "debt_mv": 42.1, "payout": 25.0, "div_years": 5, "rev_cagr3": 44.3, "np_cagr3": -6.5, "rev_yoy": 118.7, "np_yoy": 495.8, "np_vol": 66.5, "loss_years": 0, "far_share": 82.0, "earn_yield": 3.6, "consensus_n": 1, "fwd_pe": 18.5, "fwd_pe2": 11.1, "fwd_g1": 50.0, "fwd_g2": 66.0, "peg": 0.28, "consensus_disp": null, "mainbz": [["产品", 34.0], ["电子元器分销", 33.0], ["电子元器件分销行业", 33.0], ["自主芯片", 1.0]], "ret_prev_year": 34.8, "ret_prev2_year": 6.2, "ret_ytd": 48.4, "ret_pivot": 173.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.6, "ret_60": -14.4, "ret_120": 48.8, "ret_250": 57.3, "mdd_250": -45.7, "vol_250": 76.2, "pos_52w": 62.9}, "S": {"duration": 50, "pricing": 50, "hard": 7, "bondness": 27}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 27.7 倍、股息率 0.5%、毛利率近 5 年中位 17.9%、固定资产占比 4%、有息负债/EBITDA 6.1 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 4%,毛利率近 5 年中位 17.9%。", "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 -16.2%(经营现金流/市值 -14.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 17.9%,稳定度 86%,2020→2022 成本通胀期毛利率变化 5.7 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 4%,资本开支/折旧 8.16 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 27.7 倍 粗算,约 82%(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 57%,最大回撤 -46%,年化波动 76%,现价在 52 周高点的 63%;近 20 / 60 / 120 日 -5% / -14% / 49%。", "行业对照": ["同申万二级「其他电子Ⅱ」34 家中位:PE 51.5 / 股息率 0.4% / 毛利率 23.1% / 固定资产占比 13% / 分红率 35%。", "雅创电子:PE 比行业中位低 23.8倍;股息率 比行业中位高 0.1个百分点;毛利率 比行业中位低 5.2个百分点;固定资产占比 比行业中位低 8.3个百分点。"]}}