{"F": {"ts_code": "301183.SZ", "name": "东田微", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "光学光电子", "sw3": "光学元件", "ind": "光学光电子", "fin_source": "tushare", "market": "创业板", "list_date": "20220524", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 212.14, "pe_ttm": 124.1207, "pb": 16.4181, "dv_ttm": 0.0848, "total_mv": 1698740.7496, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.3, 30.2, 20.3, 4.9, 24.1, 24.3], "rev_series": [4.6, 4.0, 3.1, 3.5, 6.0, 8.8], "np_series": [0.7, 0.7, 0.2, -0.3, 0.6, 1.0], "roe_series": [26.0, 17.9, 2.8, -4.0, 6.7, 11.1], "period": "20260630", "rev_ttm": 10.0, "np_ttm": 1.4, "ocf_ttm": 1.2, "fcf_ttm": -0.2, "fcf_yield": -0.1, "ocf_yield": 0.7, "gm_median": 24.1, "gm_std": 8.5, "gm_stab": 0.65, "gm_chg_2022": -9.9, "npm_median": 9.3, "roe_median": 6.7, "commodity": false, "hard_ratio": 33.2, "fix_assets": 5.1, "goodwill_ratio": 0.0, "pb_calc": 16.42, "capex_dep": 3.05, "interest_debt": 0.4, "debt_ebitda": 0.2, "debt_ratio": 32.9, "debt_mv": 0.2, "payout": 16.1, "div_years": 3, "rev_cagr3": 42.1, "np_cagr3": 78.9, "rev_yoy": 33.4, "np_yoy": 71.6, "np_vol": 182.6, "loss_years": 1, "far_share": 96.0, "earn_yield": 0.8, "consensus_n": 1, "fwd_pe": 68.2, "fwd_pe2": 30.9, "fwd_g1": 82.0, "fwd_g2": 121.0, "peg": 0.56, "consensus_disp": null, "mainbz": [["成像类光学元器件", 50.0], ["通信类光学元器件", 47.0], ["其他业务", 3.0]], "ret_prev_year": 189.6, "ret_prev2_year": 25.5, "ret_ytd": 36.9, "ret_pivot": 544.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 24.7, "ret_60": -6.5, "ret_120": 44.9, "ret_250": 172.3, "mdd_250": -49.8, "vol_250": 94.1, "pos_52w": 78.8}, "S": {"duration": 96, "pricing": 39, "hard": 53, "bondness": 7}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 124.1 倍、股息率 0.1%、毛利率近 5 年中位 24.1%、固定资产占比 33%、有息负债/EBITDA 0.2 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 33%),没有定价权:毛利率近 5 年中位 24.1%,稳定度 65%。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 -0.1%(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 24.1%,稳定度 65%,2020→2022 成本通胀期毛利率变化 -9.9 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 33%,资本开支/折旧 3.05 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 124.1 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 172%,最大回撤 -50%,年化波动 94%,现价在 52 周高点的 79%;近 20 / 60 / 120 日 25% / -6% / 45%。", "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%。", "东田微:PE 比行业中位高 62.5倍;股息率 比行业中位低 0.5个百分点;毛利率 比行业中位高 4.8个百分点;固定资产占比 比行业中位高 1.8个百分点。"]}}