{"F": {"ts_code": "301682.SZ", "name": "宏明电子", "mkt": "CN", "ccy": "元", "sw1": "国防军工", "sw2": "军工电子Ⅱ", "sw3": "军工电子Ⅲ", "ind": "军工电子Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20260325", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 104.0, "pe_ttm": 50.0356, "pb": 2.5549, "dv_ttm": 0.8173, "total_mv": 1264112.72, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [50.3, 53.5, 43.6, 47.0], "rev_series": [31.5, 27.3, 24.9, 26.2], "np_series": [4.8, 4.1, 2.7, 3.2], "roe_series": [22.6, 18.2, 10.7, 11.8], "period": "20260630", "rev_ttm": 26.3, "np_ttm": 2.5, "ocf_ttm": 2.4, "fcf_ttm": 0.8, "fcf_yield": 0.6, "ocf_yield": 1.9, "gm_median": 48.7, "gm_std": 3.7, "gm_stab": 0.92, "gm_chg_2022": null, "npm_median": 19.8, "roe_median": 15.0, "commodity": false, "hard_ratio": 16.7, "fix_assets": 13.0, "goodwill_ratio": 0.0, "pb_calc": 2.55, "capex_dep": 1.21, "interest_debt": 5.4, "debt_ebitda": 0.9, "debt_ratio": 23.2, "debt_mv": 4.3, "payout": 24.3, "div_years": 1, "rev_cagr3": -6.0, "np_cagr3": -12.5, "rev_yoy": 0.9, "np_yoy": -25.7, "np_vol": 22.1, "loss_years": 0, "far_share": 90.0, "earn_yield": 2.0, "consensus_n": 1, "fwd_pe": 33.3, "fwd_pe2": 27.7, "fwd_g1": 50.0, "fwd_g2": 20.0, "peg": 1.66, "consensus_disp": null, "mainbz": [["电子元器件业务", 42.0], ["电子元器件", 42.0], ["精密零组件", 10.0], ["其他主营业务", 3.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": null, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": -19.6, "ret_60": -31.9, "ret_120": null, "ret_250": null, "mdd_250": -47.0, "vol_250": 75.9, "pos_52w": 53.0}, "S": {"duration": 71, "pricing": 64, "hard": 27, "bondness": 36}, "label": "中性", "tags": [], "text": {"像什么": ["PE 50.0 倍、股息率 0.8%、毛利率近 5 年中位 48.7%、固定资产占比 17%、有息负债/EBITDA 0.9 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 48.7%),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 0.6%(经营现金流/市值 1.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 48.7%,稳定度 92%。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 1.21 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 50.0 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?"]], "行业对照": ["同申万二级「军工电子Ⅱ」61 家中位:PE 79.0 / 股息率 0.5% / 毛利率 39.7% / 固定资产占比 14% / 分红率 33%。", "宏明电子:PE 比行业中位低 29.0倍;股息率 比行业中位高 0.3个百分点;毛利率 比行业中位高 9.0个百分点;固定资产占比 比行业中位高 2.6个百分点。"]}}