{"F": {"ts_code": "600363.SH", "name": "联创光电", "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": "主板", "list_date": "20010329", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 16.31, "pe_ttm": 19.1727, "pb": 1.5903, "dv_ttm": null, "total_mv": 735399.1435, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [13.4, 14.0, 14.7, 18.2, 18.2, 20.9], "rev_series": [38.3, 35.9, 33.1, 32.4, 31.0, 33.4], "np_series": [2.7, 2.3, 2.7, 3.3, 2.4, 4.8], "roe_series": [9.8, 7.4, 7.6, 8.7, 5.9, 11.1], "period": "20260630", "rev_ttm": 30.2, "np_ttm": 3.8, "ocf_ttm": -12.6, "fcf_ttm": -14.5, "fcf_yield": -19.7, "ocf_yield": -17.1, "gm_median": 18.2, "gm_std": 2.5, "gm_stab": 0.86, "gm_chg_2022": 1.3, "npm_median": 9.9, "roe_median": 7.6, "commodity": false, "hard_ratio": 9.8, "fix_assets": 9.0, "goodwill_ratio": 0.0, "pb_calc": 1.59, "capex_dep": 2.16, "interest_debt": 22.5, "debt_ebitda": 8.6, "debt_ratio": 41.9, "debt_mv": 30.6, "payout": 15.3, "div_years": 4, "rev_cagr3": 0.3, "np_cagr3": 21.5, "rev_yoy": -19.6, "np_yoy": -36.7, "np_vol": 44.2, "loss_years": 0, "far_share": 74.0, "earn_yield": 5.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 34.0], ["智能控制产品", 18.0], ["智能控制", 18.0], ["背光源及应用产品", 13.0]], "ret_prev_year": 31.9, "ret_prev2_year": 41.2, "ret_ytd": -74.1, "ret_pivot": -25.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -28.5, "ret_60": -50.2, "ret_120": -71.6, "ret_250": -74.6, "mdd_250": -79.2, "vol_250": 56.0, "pos_52w": 21.2}, "S": {"duration": 38, "pricing": 48, "hard": 16, "bondness": 40}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 19.2 倍、股息率 —、毛利率近 5 年中位 18.2%、固定资产占比 10%、有息负债/EBITDA 8.6 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 10%,毛利率近 5 年中位 18.2%。", "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 -19.7%(经营现金流/市值 -17.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 18.2%,稳定度 86%,2020→2022 成本通胀期毛利率变化 1.3 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 10%,资本开支/折旧 2.16 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 19.2 倍 粗算,约 74%(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 -75%,最大回撤 -79%,年化波动 56%,现价在 52 周高点的 21%;近 20 / 60 / 120 日 -28% / -50% / -72%。", "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%。", "联创光电:PE 比行业中位低 27.3倍;股息率 ;毛利率 比行业中位低 2.1个百分点;固定资产占比 比行业中位低 15.0个百分点。"]}}