{"F": {"ts_code": "603118.SH", "name": "共进股份", "mkt": "CN", "ccy": "元", "sw1": "通信", "sw2": "通信设备", "sw3": "通信终端及配件", "ind": "通信设备", "fin_source": "tushare", "market": "主板", "list_date": "20150225", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 16.26, "pe_ttm": 137.7641, "pb": 2.5131, "dv_ttm": 0.1845, "total_mv": 1280111.4264, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [13.9, 12.4, 13.6, 13.2, 11.5, 11.5], "rev_series": [88.4, 108.1, 109.7, 85.3, 83.8, 92.0], "np_series": [3.5, 4.0, 2.3, 0.6, -0.8, 0.8], "roe_series": [7.6, 8.2, 4.5, 1.3, -1.6, 1.6], "period": "20260630", "rev_ttm": 98.7, "np_ttm": 0.9, "ocf_ttm": 1.7, "fcf_ttm": -2.0, "fcf_yield": -1.6, "ocf_yield": 1.3, "gm_median": 12.4, "gm_std": 0.9, "gm_stab": 0.93, "gm_chg_2022": -0.3, "npm_median": 0.8, "roe_median": 1.6, "commodity": false, "hard_ratio": 20.8, "fix_assets": 24.1, "goodwill_ratio": 0.0, "pb_calc": 2.51, "capex_dep": 2.03, "interest_debt": 28.5, "debt_ebitda": 5.9, "debt_ratio": 56.0, "debt_mv": 22.2, "payout": 94.4, "div_years": 4, "rev_cagr3": -5.7, "np_cagr3": -30.0, "rev_yoy": 16.1, "np_yoy": 26.3, "np_vol": 136.3, "loss_years": 1, "far_share": 96.0, "earn_yield": 0.7, "consensus_n": 1, "fwd_pe": 50.8, "fwd_pe2": 39.7, "fwd_g1": 171.0, "fwd_g2": 28.0, "peg": 1.81, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 47.0], ["其他业务", 3.0]], "ret_prev_year": 29.3, "ret_prev2_year": 0.8, "ret_ytd": 41.8, "ret_pivot": 137.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 10.6, "ret_60": 36.9, "ret_120": 30.0, "ret_250": 17.3, "mdd_250": -37.7, "vol_250": 63.5, "pos_52w": 84.2}, "S": {"duration": 97, "pricing": 46, "hard": 33, "bondness": 69}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 137.8 倍、股息率 0.2%、毛利率近 5 年中位 12.4%、固定资产占比 21%、有息负债/EBITDA 5.9 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 21%,毛利率近 5 年中位 12.4%。", "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 -1.6%(经营现金流/市值 1.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 12.4%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -0.3 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 21%,资本开支/折旧 2.03 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 137.8 倍 粗算,约 96%(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 17%,最大回撤 -38%,年化波动 64%,现价在 52 周高点的 84%;近 20 / 60 / 120 日 11% / 37% / 30%。", "行业对照": ["同申万二级「通信设备」89 家中位:PE 84.6 / 股息率 0.3% / 毛利率 29.1% / 固定资产占比 14% / 分红率 41%。", "共进股份:PE 比行业中位高 53.2倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位低 16.7个百分点;固定资产占比 比行业中位高 6.6个百分点。"]}}