{"F": {"ts_code": "301330.SZ", "name": "熵基科技", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "计算机设备", "sw3": "安防设备", "ind": "计算机设备", "fin_source": "tushare", "market": "创业板", "list_date": "20220817", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 25.7, "pe_ttm": 30.0713, "pb": 1.7674, "dv_ttm": 1.8647, "total_mv": 604853.355, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [45.5, 41.3, 44.5, 49.2, 49.4, 50.1], "rev_series": [18.0, 19.6, 19.2, 19.7, 19.9, 21.3], "np_series": [1.9, 1.7, 1.9, 1.8, 1.8, 2.1], "roe_series": [17.9, 13.2, 8.7, 5.6, 5.5, 6.3], "period": "20260630", "rev_ttm": 23.0, "np_ttm": 2.0, "ocf_ttm": 2.6, "fcf_ttm": 1.3, "fcf_yield": 2.1, "ocf_yield": 4.4, "gm_median": 49.2, "gm_std": 3.4, "gm_stab": 0.93, "gm_chg_2022": -1.1, "npm_median": 10.1, "roe_median": 6.3, "commodity": false, "hard_ratio": 17.0, "fix_assets": 8.4, "goodwill_ratio": 4.2, "pb_calc": 1.77, "capex_dep": 2.9, "interest_debt": 2.9, "debt_ebitda": 0.7, "debt_ratio": 26.6, "debt_mv": 4.7, "payout": 52.3, "div_years": 4, "rev_cagr3": 3.6, "np_cagr3": 3.8, "rev_yoy": 18.2, "np_yoy": -14.6, "np_vol": 10.4, "loss_years": 0, "far_share": 83.0, "earn_yield": 3.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 25.0], ["智慧空间产品", 16.0], ["门禁产品", 10.0], ["智慧空间产品：门禁产品", 10.0]], "ret_prev_year": 51.5, "ret_prev2_year": -18.3, "ret_ytd": -21.1, "ret_pivot": 52.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.8, "ret_60": -1.2, "ret_120": -31.3, "ret_250": -14.6, "mdd_250": -55.7, "vol_250": 55.2, "pos_52w": 53.1}, "S": {"duration": 53, "pricing": 64, "hard": 27, "bondness": 48}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 30.1 倍、股息率 1.9%、毛利率近 5 年中位 49.2%、固定资产占比 17%、有息负债/EBITDA 0.7 倍: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 49.2%),硬资产占比 17%。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 2.1%(经营现金流/市值 4.4%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 49.2%,稳定度 93%,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 17%,资本开支/折旧 2.90 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 30.1 倍 粗算,约 83%(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 -15%,最大回撤 -56%,年化波动 55%,现价在 52 周高点的 53%;近 20 / 60 / 120 日 5% / -1% / -31%。", "行业对照": ["同申万二级「计算机设备」88 家中位:PE 51.7 / 股息率 0.8% / 毛利率 35.8% / 固定资产占比 12% / 分红率 49%。", "熵基科技:PE 比行业中位低 21.6倍;股息率 比行业中位高 1.1个百分点;毛利率 比行业中位高 13.4个百分点;固定资产占比 比行业中位高 5.3个百分点。"]}}