{"F": {"ts_code": "301251.SZ", "name": "威尔高", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "元件", "sw3": "印制电路板", "ind": "元件", "fin_source": "tushare", "market": "创业板", "list_date": "20230906", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 53.68, "pe_ttm": 152.442, "pb": 6.5414, "dv_ttm": 0.0665, "total_mv": 1012212.0888, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [25.1, 20.3, 24.0, 23.0, 18.1, 19.1], "rev_series": [5.2, 8.6, 8.4, 8.2, 10.2, 15.4], "np_series": [0.5, 0.6, 0.9, 0.9, 0.6, 0.7], "roe_series": [27.8, 21.9, 20.6, 9.5, 3.8, 4.4], "period": "20260630", "rev_ttm": 18.1, "np_ttm": 0.7, "ocf_ttm": 0.3, "fcf_ttm": -4.9, "fcf_yield": -4.8, "ocf_yield": 0.3, "gm_median": 20.3, "gm_std": 2.3, "gm_stab": 0.89, "gm_chg_2022": -1.1, "npm_median": 7.2, "roe_median": 9.5, "commodity": false, "hard_ratio": 37.6, "fix_assets": 12.4, "goodwill_ratio": 0.0, "pb_calc": 6.54, "capex_dep": 5.95, "interest_debt": 5.6, "debt_ebitda": 3.0, "debt_ratio": 53.1, "debt_mv": 5.6, "payout": 16.3, "div_years": 3, "rev_cagr3": 22.7, "np_cagr3": -8.3, "rev_yoy": 37.0, "np_yoy": -2.0, "np_vol": 27.3, "loss_years": 0, "far_share": 97.0, "earn_yield": 0.7, "consensus_n": 1, "fwd_pe": 36.3, "fwd_pe2": 17.9, "fwd_g1": 320.0, "fwd_g2": 103.0, "peg": 0.35, "consensus_disp": null, "mainbz": [["印制电路板", 89.0], ["其他业务", 11.0]], "ret_prev_year": 50.5, "ret_prev2_year": -2.3, "ret_ytd": 43.9, "ret_pivot": 210.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 15.2, "ret_60": 13.2, "ret_120": 8.1, "ret_250": 31.3, "mdd_250": -56.3, "vol_250": 81.1, "pos_52w": 88.1}, "S": {"duration": 98, "pricing": 48, "hard": 60, "bondness": 15}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 152.4 倍、股息率 0.1%、毛利率近 5 年中位 20.3%、固定资产占比 38%、有息负债/EBITDA 3.0 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 38%),没有定价权:毛利率近 5 年中位 20.3%,稳定度 89%。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 -4.8%(经营现金流/市值 0.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.3%,稳定度 89%,2020→2022 成本通胀期毛利率变化 -1.1 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 38%,资本开支/折旧 5.95 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 152.4 倍 粗算,约 97%(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 31%,最大回撤 -56%,年化波动 81%,现价在 52 周高点的 88%;近 20 / 60 / 120 日 15% / 13% / 8%。", "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%。", "威尔高:PE 比行业中位高 87.2倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位低 1.0个百分点;固定资产占比 比行业中位高 1.7个百分点。"]}}