{"F": {"ts_code": "301329.SZ", "name": "信音电子", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "消费电子", "sw3": "消费电子零部件及组装", "ind": "消费电子", "fin_source": "tushare", "market": "创业板", "list_date": "20230717", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 19.53, "pe_ttm": 47.6275, "pb": 2.1154, "dv_ttm": 1.4081, "total_mv": 332400.6, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [31.4, 28.7, 27.6, 28.4, 24.5, 24.3], "rev_series": [8.7, 9.5, 8.7, 7.7, 7.9, 9.0], "np_series": [1.0, 1.0, 1.0, 0.7, 0.7, 0.6], "roe_series": [22.0, 19.2, 15.7, 6.5, 4.5, 3.9], "period": "20260630", "rev_ttm": 10.9, "np_ttm": 0.7, "ocf_ttm": 0.7, "fcf_ttm": -0.1, "fcf_yield": -0.4, "ocf_yield": 2.1, "gm_median": 27.6, "gm_std": 1.9, "gm_stab": 0.93, "gm_chg_2022": -3.9, "npm_median": 9.4, "roe_median": 6.5, "commodity": false, "hard_ratio": 10.4, "fix_assets": 2.2, "goodwill_ratio": 6.9, "pb_calc": 2.12, "capex_dep": 1.79, "interest_debt": 0.6, "debt_ebitda": 0.5, "debt_ratio": 24.0, "debt_mv": 1.9, "payout": 76.4, "div_years": 3, "rev_cagr3": 0.9, "np_cagr3": -13.9, "rev_yoy": 43.4, "np_yoy": 24.6, "np_vol": 8.9, "loss_years": 0, "far_share": 90.0, "earn_yield": 2.1, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["笔记本电脑连接器", 20.0], ["汽车及其他连接器", 19.0], ["消费电子连接器", 10.0]], "ret_prev_year": 14.0, "ret_prev2_year": -5.8, "ret_ytd": -16.5, "ret_pivot": 31.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.6, "ret_60": -19.4, "ret_120": -16.1, "ret_250": -9.5, "mdd_250": -48.5, "vol_250": 51.1, "pos_52w": 59.0}, "S": {"duration": 70, "pricing": 51, "hard": 17, "bondness": 56}, "label": "中性", "tags": [], "text": {"像什么": ["PE 47.6 倍、股息率 1.4%、毛利率近 5 年中位 27.6%、固定资产占比 10%、有息负债/EBITDA 0.5 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 10%,毛利率近 5 年中位 27.6%。", "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 2.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.6%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -3.9 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 10%,资本开支/折旧 1.79 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 47.6 倍 粗算,约 90%(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 -10%,最大回撤 -48%,年化波动 51%,现价在 52 周高点的 59%;近 20 / 60 / 120 日 -1% / -19% / -16%。", "行业对照": ["同申万二级「消费电子」100 家中位:PE 46.5 / 股息率 0.7% / 毛利率 20.3% / 固定资产占比 25% / 分红率 44%。", "信音电子:PE 比行业中位高 1.1倍;股息率 比行业中位高 0.7个百分点;毛利率 比行业中位高 7.3个百分点;固定资产占比 比行业中位低 14.4个百分点。"]}}