{"F": {"ts_code": "301566.SZ", "name": "达利凯普", "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": "20231229", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 23.66, "pe_ttm": 50.0586, "pb": 5.9488, "dv_ttm": 0.2536, "total_mv": 946423.66, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [60.2, 55.9, 60.3, 58.5, 60.0, 66.2], "rev_series": [null, null, 4.8, 3.5, 3.2, 3.6], "np_series": [null, null, 1.8, 1.2, 1.1, 1.6], "roe_series": [15.0, 24.4, 29.6, 12.8, 8.7, 11.3], "period": "20260630", "rev_ttm": 4.1, "np_ttm": 1.9, "ocf_ttm": 1.3, "fcf_ttm": 1.2, "fcf_yield": 1.2, "ocf_yield": 1.4, "gm_median": 60.0, "gm_std": 3.4, "gm_stab": 0.94, "gm_chg_2022": 0.1, "npm_median": 36.1, "roe_median": 12.8, "commodity": false, "hard_ratio": 16.9, "fix_assets": 2.8, "goodwill_ratio": 0.0, "pb_calc": 5.95, "capex_dep": 0.63, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 4.9, "debt_mv": 0.0, "payout": 16.2, "div_years": 3, "rev_cagr3": -8.8, "np_cagr3": -3.4, "rev_yoy": 25.5, "np_yoy": 33.6, "np_vol": 56.5, "loss_years": 0, "far_share": 90.0, "earn_yield": 2.0, "consensus_n": 1, "fwd_pe": 48.3, "fwd_pe2": 40.1, "fwd_g1": 4.0, "fwd_g2": 20.0, "peg": 2.42, "consensus_disp": null, "mainbz": [["产品", 33.0], ["自产业务", 33.0], ["瓷介电容器", 33.0], ["其他业务收入", 0.0]], "ret_prev_year": 18.9, "ret_prev2_year": -43.4, "ret_ytd": 22.0, "ret_pivot": 59.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.6, "ret_60": -27.2, "ret_120": 7.0, "ret_250": 28.1, "mdd_250": -52.7, "vol_250": 67.6, "pos_52w": 58.7}, "S": {"duration": 71, "pricing": 70, "hard": 27, "bondness": 27}, "label": "中性", "tags": [], "text": {"像什么": ["PE 50.1 倍、股息率 0.3%、毛利率近 5 年中位 60.0%、固定资产占比 17%、有息负债/EBITDA 0.0 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 60.0%),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 1.2%(经营现金流/市值 1.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 60.0%,稳定度 94%,2020→2022 成本通胀期毛利率变化 0.1 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 17%,资本开支/折旧 0.63 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 50.1 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 28%,最大回撤 -53%,年化波动 68%,现价在 52 周高点的 59%;近 20 / 60 / 120 日 -5% / -27% / 7%。", "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%。", "达利凯普:PE 比行业中位低 15.1倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位高 38.7个百分点;固定资产占比 比行业中位低 19.0个百分点。"]}}