{"F": {"ts_code": "301389.SZ", "name": "隆扬电子", "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": "20221031", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 52.86, "pe_ttm": 165.3418, "pb": 6.7078, "dv_ttm": 0.692, "total_mv": 1498581.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [65.7, 63.3, 55.6, 44.7, 48.0, 50.6], "rev_series": [4.3, 4.3, 3.8, 2.7, 2.9, 5.0], "np_series": [1.7, 2.0, 1.7, 1.0, 0.8, 1.0], "roe_series": [39.6, 33.6, 11.2, 4.2, 3.7, 4.7], "period": "20260630", "rev_ttm": 6.9, "np_ttm": 0.9, "ocf_ttm": 2.4, "fcf_ttm": 2.0, "fcf_yield": 1.3, "ocf_yield": 1.6, "gm_median": 50.6, "gm_std": 6.5, "gm_stab": 0.87, "gm_chg_2022": -10.1, "npm_median": 36.5, "roe_median": 4.7, "commodity": false, "hard_ratio": 20.8, "fix_assets": 6.5, "goodwill_ratio": 19.6, "pb_calc": 6.71, "capex_dep": 0.74, "interest_debt": 4.0, "debt_ebitda": 2.0, "debt_ratio": 22.9, "debt_mv": 2.7, "payout": 88.2, "div_years": 4, "rev_cagr3": 10.2, "np_cagr3": -15.0, "rev_yoy": 121.2, "np_yoy": -24.1, "np_vol": 25.1, "loss_years": 0, "far_share": 97.0, "earn_yield": 0.6, "consensus_n": 1, "fwd_pe": 86.7, "fwd_pe2": 59.1, "fwd_g1": 91.0, "fwd_g2": 47.0, "peg": 1.84, "consensus_disp": null, "mainbz": [["产品", 44.0], ["屏蔽材料", 17.0], ["缓冲减震材料", 13.0], ["电子胶粘材料", 11.0]], "ret_prev_year": 238.3, "ret_prev2_year": -11.3, "ret_ytd": -3.0, "ret_pivot": 365.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.8, "ret_60": -43.3, "ret_120": -2.3, "ret_250": -0.3, "mdd_250": -61.7, "vol_250": 80.8, "pos_52w": 48.4}, "S": {"duration": 98, "pricing": 60, "hard": 33, "bondness": 51}, "label": "中性", "tags": ["商誉占比高"], "text": {"像什么": ["PE 165.3 倍、股息率 0.7%、毛利率近 5 年中位 50.6%、固定资产占比 21%、有息负债/EBITDA 2.0 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 50.6%),硬资产占比 21%。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 1.3%(经营现金流/市值 1.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 50.6%,稳定度 87%,2020→2022 成本通胀期毛利率变化 -10.1 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 21%,资本开支/折旧 0.74 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 165.3 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 -0%,最大回撤 -62%,年化波动 81%,现价在 52 周高点的 48%;近 20 / 60 / 120 日 -2% / -43% / -2%。", "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%。", "隆扬电子:PE 比行业中位高 118.8倍;股息率 与行业中位持平;毛利率 比行业中位高 30.3个百分点;固定资产占比 比行业中位低 4.0个百分点。"]}}