{"F": {"ts_code": "301458.SZ", "name": "钧崴电子", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "元件", "sw3": "被动元件", "ind": "元件", "fin_source": "tushare", "market": "创业板", "list_date": "20250110", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 35.33, "pe_ttm": 69.0707, "pb": 5.733, "dv_ttm": 0.9907, "total_mv": 942133.4511, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [48.0, 49.2, 47.7, 46.7, 47.8, 50.4], "rev_series": [null, null, 5.5, 5.6, 6.6, 7.8], "np_series": [null, null, 0.9, 0.9, 1.1, 1.3], "roe_series": [30.6, 33.9, 15.0, 11.2, 11.7, 10.0], "period": "20260630", "rev_ttm": 8.6, "np_ttm": 1.4, "ocf_ttm": 1.6, "fcf_ttm": 0.7, "fcf_yield": 0.7, "ocf_yield": 1.7, "gm_median": 47.8, "gm_std": 1.3, "gm_stab": 0.97, "gm_chg_2022": -0.3, "npm_median": 16.0, "roe_median": 11.7, "commodity": false, "hard_ratio": 25.1, "fix_assets": 5.0, "goodwill_ratio": 4.1, "pb_calc": 5.73, "capex_dep": 2.04, "interest_debt": 1.4, "debt_ebitda": 0.7, "debt_ratio": 17.9, "debt_mv": 1.5, "payout": 53.7, "div_years": 2, "rev_cagr3": 12.6, "np_cagr3": 15.0, "rev_yoy": 23.0, "np_yoy": 7.6, "np_vol": 26.9, "loss_years": 0, "far_share": 93.0, "earn_yield": 1.4, "consensus_n": 1, "fwd_pe": 53.5, "fwd_pe2": 36.8, "fwd_g1": 29.0, "fwd_g2": 45.0, "peg": 1.19, "consensus_disp": null, "mainbz": [["产品销售", 50.0], ["电流感测精密电阻", 28.0], ["其他", 12.0], ["熔断器", 10.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": 11.3, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": -7.4, "ret_60": -29.3, "ret_120": -1.9, "ret_250": -9.9, "mdd_250": -51.6, "vol_250": 60.8, "pos_52w": 52.9}, "S": {"duration": 82, "pricing": 65, "hard": 40, "bondness": 34}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 69.1 倍、股息率 1.0%、毛利率近 5 年中位 47.8%、固定资产占比 25%、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 47.8%),硬资产占比 25%。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 0.7%(经营现金流/市值 1.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 47.8%,稳定度 97%,2020→2022 成本通胀期毛利率变化 -0.3 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 25%,资本开支/折旧 2.04 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 69.1 倍 粗算,约 93%(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 -52%,年化波动 61%,现价在 52 周高点的 53%;近 20 / 60 / 120 日 -7% / -29% / -2%。", "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%。", "钧崴电子:PE 比行业中位高 3.9倍;股息率 比行业中位高 0.5个百分点;毛利率 比行业中位高 26.5个百分点;固定资产占比 比行业中位低 10.8个百分点。"]}}