{"F": {"ts_code": "603236.SH", "name": "移远通信", "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": "20190716", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 62.17, "pe_ttm": 26.0282, "pb": 3.4229, "dv_ttm": 1.19, "total_mv": 2520155.4484, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [20.2, 17.6, 19.8, 18.9, 17.6, 17.4], "rev_series": [61.1, 112.6, 142.3, 138.6, 185.9, 243.3], "np_series": [1.9, 3.6, 6.2, 0.9, 5.9, 8.4], "roe_series": [10.5, 14.1, 18.0, 2.5, 15.3, 15.4], "period": "20260630", "rev_ttm": 280.4, "np_ttm": 9.7, "ocf_ttm": -2.3, "fcf_ttm": -12.2, "fcf_yield": -4.9, "ocf_yield": -0.9, "gm_median": 17.6, "gm_std": 0.9, "gm_stab": 0.95, "gm_chg_2022": -0.5, "npm_median": 3.2, "roe_median": 15.3, "commodity": false, "hard_ratio": 8.0, "fix_assets": 17.4, "goodwill_ratio": 0.0, "pb_calc": 3.42, "capex_dep": 3.27, "interest_debt": 41.6, "debt_ebitda": 2.7, "debt_ratio": 66.3, "debt_mv": 16.5, "payout": 30.5, "div_years": 5, "rev_cagr3": 19.6, "np_cagr3": 10.4, "rev_yoy": 32.2, "np_yoy": 27.8, "np_vol": 216.3, "loss_years": 0, "far_share": 81.0, "earn_yield": 3.8, "consensus_n": 5, "fwd_pe": 19.2, "fwd_pe2": 14.9, "fwd_g1": 36.0, "fwd_g2": 28.0, "peg": 0.69, "consensus_disp": null, "mainbz": [["通信模组,天线", 35.0], ["无线通信模组", 35.0], ["车载、智能、解决方案", 31.0], ["其他主营业务", 0.0]], "ret_prev_year": 42.1, "ret_prev2_year": 29.3, "ret_ytd": -7.8, "ret_pivot": 135.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 26.9, "ret_60": 11.7, "ret_120": 11.7, "ret_250": -9.6, "mdd_250": -42.9, "vol_250": 48.9, "pos_52w": 79.3}, "S": {"duration": 48, "pricing": 49, "hard": 13, "bondness": 26}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 26.0 倍、股息率 1.2%、毛利率近 5 年中位 17.6%、固定资产占比 8%、有息负债/EBITDA 2.7 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 8%,毛利率近 5 年中位 17.6%。", "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 -4.9%(经营现金流/市值 -0.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 17.6%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -0.5 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 8%,资本开支/折旧 3.27 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 26.0 倍 粗算,约 81%(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 -10%,最大回撤 -43%,年化波动 49%,现价在 52 周高点的 79%;近 20 / 60 / 120 日 27% / 12% / 12%。", "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%。", "移远通信:PE 比行业中位低 58.6倍;股息率 比行业中位高 0.9个百分点;毛利率 比行业中位低 11.5个百分点;固定资产占比 比行业中位低 6.2个百分点。"]}}