{"F": {"ts_code": "301262.SZ", "name": "海看股份", "mkt": "CN", "ccy": "元", "sw1": "传媒", "sw2": "电视广播Ⅱ", "sw3": "电视广播Ⅲ", "ind": "电视广播Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20230620", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 20.77, "pe_ttm": 25.3122, "pb": 2.2447, "dv_ttm": 2.9851, "total_mv": 866109.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [55.2, 58.8, 53.9, 55.8, 56.1, 55.4], "rev_series": [9.4, 9.7, 10.2, 9.9, 9.8, 9.4], "np_series": [3.9, 4.4, 4.1, 4.1, 4.0, 4.2], "roe_series": [26.9, 26.0, 20.7, 14.6, 11.2, 11.2], "period": "20260630", "rev_ttm": 9.5, "np_ttm": 3.4, "ocf_ttm": -0.2, "fcf_ttm": -0.4, "fcf_yield": -0.4, "ocf_yield": -0.2, "gm_median": 55.8, "gm_std": 1.6, "gm_stab": 0.97, "gm_chg_2022": -1.3, "npm_median": 41.3, "roe_median": 14.6, "commodity": false, "hard_ratio": 2.4, "fix_assets": 1.1, "goodwill_ratio": 0.0, "pb_calc": 2.24, "capex_dep": 0.92, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 12.8, "debt_mv": null, "payout": 62.0, "div_years": 3, "rev_cagr3": -2.8, "np_cagr3": 0.1, "rev_yoy": 2.6, "np_yoy": -31.4, "np_vol": 6.6, "loss_years": 0, "far_share": 80.0, "earn_yield": 4.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 34.0], ["IPTV基础业务", 28.0], ["IPTV-基础业务", 28.0], ["IPTV增值业务", 3.0]], "ret_prev_year": 2.0, "ret_prev2_year": -20.1, "ret_ytd": -14.6, "ret_pivot": 5.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.3, "ret_60": 7.4, "ret_120": -15.9, "ret_250": -20.5, "mdd_250": -49.6, "vol_250": 52.8, "pos_52w": 58.5}, "S": {"duration": 47, "pricing": 68, "hard": 4, "bondness": 63}, "label": "中性", "tags": [], "text": {"像什么": ["PE 25.3 倍、股息率 3.0%、毛利率近 5 年中位 55.8%、固定资产占比 2%、资产负债率 13%:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 55.8%),硬资产占比 2%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 -0.4%(经营现金流/市值 -0.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 55.8%,稳定度 97%,2020→2022 成本通胀期毛利率变化 -1.3 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 2%,资本开支/折旧 0.92 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 25.3 倍 粗算,约 80%(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 -20%,最大回撤 -50%,年化波动 53%,现价在 52 周高点的 58%;近 20 / 60 / 120 日 4% / 7% / -16%。", "行业对照": ["同申万二级「电视广播Ⅱ」15 家中位:PE 38.2 / 股息率 2.1% / 毛利率 24.7% / 固定资产占比 26% / 分红率 62%。", "海看股份:PE 比行业中位低 12.9倍;股息率 比行业中位高 0.9个百分点;毛利率 比行业中位高 31.1个百分点;固定资产占比 比行业中位低 24.1个百分点。"]}}