{"F": {"ts_code": "601231.SH", "name": "环旭电子", "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": "主板", "list_date": "20120220", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 24.73, "pe_ttm": 28.9957, "pb": 2.6371, "dv_ttm": 1.7288, "total_mv": 5907837.9861, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [10.5, 9.6, 10.5, 9.6, 9.5, 9.5], "rev_series": [477.0, 553.0, 685.2, 607.9, 606.9, 592.0], "np_series": [17.4, 18.6, 30.6, 19.5, 16.5, 18.5], "roe_series": [15.6, 14.8, 21.2, 11.9, 9.5, 9.6], "period": "20260630", "rev_ttm": 593.2, "np_ttm": 20.4, "ocf_ttm": 5.0, "fcf_ttm": -7.2, "fcf_yield": -1.2, "ocf_yield": 0.8, "gm_median": 9.6, "gm_std": 0.4, "gm_stab": 0.96, "gm_chg_2022": 0.0, "npm_median": 3.2, "roe_median": 11.9, "commodity": false, "hard_ratio": 13.4, "fix_assets": 55.1, "goodwill_ratio": 1.8, "pb_calc": 2.64, "capex_dep": 1.14, "interest_debt": 41.6, "debt_ebitda": 1.2, "debt_ratio": 45.0, "debt_mv": 7.0, "payout": 30.3, "div_years": 5, "rev_cagr3": -4.8, "np_cagr3": -15.4, "rev_yoy": 0.5, "np_yoy": 28.8, "np_vol": 33.8, "loss_years": 0, "far_share": 83.0, "earn_yield": 3.4, "consensus_n": 9, "fwd_pe": 24.1, "fwd_pe2": 16.4, "fwd_g1": 20.0, "fwd_g2": 47.0, "peg": 0.51, "consensus_disp": null, "mainbz": [["产品", 45.0], ["消费电子类产品", 14.0], ["通讯类产品", 13.0], ["云端及存储类产品", 7.0]], "ret_prev_year": 86.7, "ret_prev2_year": 11.7, "ret_ytd": -16.4, "ret_pivot": 96.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -10.4, "ret_60": -28.8, "ret_120": -38.0, "ret_250": 32.5, "mdd_250": -55.2, "vol_250": 72.5, "pos_52w": 51.5}, "S": {"duration": 52, "pricing": 46, "hard": 21, "bondness": 45}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 29.0 倍、股息率 1.7%、毛利率近 5 年中位 9.6%、固定资产占比 13%、有息负债/EBITDA 1.2 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 13%,毛利率近 5 年中位 9.6%。", "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 0.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 9.6%,稳定度 96%,2020→2022 成本通胀期毛利率变化 0.0 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 13%,资本开支/折旧 1.14 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 29.0 倍 粗算,约 83%(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 32%,最大回撤 -55%,年化波动 72%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 -10% / -29% / -38%。", "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%。", "环旭电子:PE 比行业中位低 17.5倍;股息率 比行业中位高 1.0个百分点;毛利率 比行业中位低 10.7个百分点;固定资产占比 比行业中位低 11.4个百分点。"]}}