{"F": {"ts_code": "301202.SZ", "name": "朗威股份", "mkt": "CN", "ccy": "元", "sw1": "通信", "sw2": "通信设备", "sw3": "其他通信设备", "ind": "通信设备", "fin_source": "tushare", "market": "创业板", "list_date": "20230705", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 35.94, "pe_ttm": 83.5504, "pb": 4.075, "dv_ttm": 1.3912, "total_mv": 490221.6, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [20.6, 16.4, 17.4, 20.4, 19.2, 17.8], "rev_series": [7.2, 10.2, 8.9, 9.2, 12.9, 12.5], "np_series": [0.6, 0.6, 0.6, 0.6, 0.9, 0.7], "roe_series": [20.5, 17.4, 14.3, 7.7, 7.6, 5.5], "period": "20260630", "rev_ttm": 14.9, "np_ttm": 0.6, "ocf_ttm": -0.4, "fcf_ttm": -2.5, "fcf_yield": -5.0, "ocf_yield": -0.9, "gm_median": 17.8, "gm_std": 1.4, "gm_stab": 0.92, "gm_chg_2022": -3.3, "npm_median": 6.5, "roe_median": 7.7, "commodity": false, "hard_ratio": 29.8, "fix_assets": 6.4, "goodwill_ratio": 0.0, "pb_calc": 4.08, "capex_dep": 4.42, "interest_debt": 3.7, "debt_ebitda": 2.7, "debt_ratio": 44.4, "debt_mv": 7.6, "payout": 102.0, "div_years": 3, "rev_cagr3": 11.9, "np_cagr3": 5.1, "rev_yoy": 39.8, "np_yoy": -19.0, "np_vol": 23.9, "loss_years": 0, "far_share": 94.0, "earn_yield": 1.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["机柜产品", 22.0], ["数据中心机柜", 22.0], ["综合接入产品", 21.0], ["综合布线产品", 21.0]], "ret_prev_year": -12.4, "ret_prev2_year": 48.4, "ret_ytd": -10.6, "ret_pivot": 53.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.2, "ret_60": 5.4, "ret_120": -11.3, "ret_250": -33.2, "mdd_250": -44.5, "vol_250": 50.2, "pos_52w": 67.2}, "S": {"duration": 88, "pricing": 46, "hard": 48, "bondness": 60}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 83.6 倍、股息率 1.4%、毛利率近 5 年中位 17.8%、固定资产占比 30%、有息负债/EBITDA 2.7 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 30%,毛利率近 5 年中位 17.8%。", "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 -5.0%(经营现金流/市值 -0.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 17.8%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -3.3 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 30%,资本开支/折旧 4.42 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 83.6 倍 粗算,约 94%(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 -33%,最大回撤 -44%,年化波动 50%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 7% / 5% / -11%。", "行业对照": ["同申万二级「通信设备」89 家中位:PE 84.6 / 股息率 0.3% / 毛利率 29.1% / 固定资产占比 14% / 分红率 41%。", "朗威股份:PE 比行业中位低 1.0倍;股息率 比行业中位高 1.1个百分点;毛利率 比行业中位低 11.3个百分点;固定资产占比 比行业中位高 15.6个百分点。"]}}