{"F": {"ts_code": "603328.SH", "name": "依顿电子", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "元件", "sw3": "印制电路板", "ind": "元件", "fin_source": "tushare", "market": "主板", "list_date": "20140701", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.48, "pe_ttm": 33.4516, "pb": 2.4808, "dv_ttm": 1.6031, "total_mv": 1046367.8448, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [19.9, 13.5, 16.8, 21.7, 21.5, 22.2], "rev_series": [25.8, 29.1, 30.6, 31.8, 35.1, 40.3], "np_series": [2.2, 1.5, 2.7, 3.6, 4.4, 4.7], "roe_series": [6.5, 4.5, 7.7, 9.6, 11.2, 11.2], "period": "20260630", "rev_ttm": 41.0, "np_ttm": 3.1, "ocf_ttm": 8.1, "fcf_ttm": 2.3, "fcf_yield": 2.2, "ocf_yield": 7.7, "gm_median": 21.5, "gm_std": 3.4, "gm_stab": 0.84, "gm_chg_2022": -3.1, "npm_median": 11.2, "roe_median": 9.6, "commodity": false, "hard_ratio": 29.4, "fix_assets": 21.0, "goodwill_ratio": 0.0, "pb_calc": 2.48, "capex_dep": 2.61, "interest_debt": 4.0, "debt_ebitda": 0.7, "debt_ratio": 41.0, "debt_mv": 3.8, "payout": 45.2, "div_years": 5, "rev_cagr3": 9.6, "np_cagr3": 20.1, "rev_yoy": 3.7, "np_yoy": -58.6, "np_vol": 36.1, "loss_years": 0, "far_share": 85.0, "earn_yield": 3.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["线路板及相关", 33.0], ["电路板", 33.0], ["产品", 33.0]], "ret_prev_year": 13.7, "ret_prev2_year": 25.1, "ret_ytd": -2.9, "ret_pivot": 44.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.4, "ret_60": -24.1, "ret_120": -16.1, "ret_250": -6.1, "mdd_250": -43.6, "vol_250": 51.5, "pos_52w": 70.0}, "S": {"duration": 57, "pricing": 45, "hard": 47, "bondness": 38}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 33.5 倍、股息率 1.6%、毛利率近 5 年中位 21.5%、固定资产占比 29%、有息负债/EBITDA 0.7 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 29%,毛利率近 5 年中位 21.5%。", "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 2.2%(经营现金流/市值 7.7%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 21.5%,稳定度 84%,2020→2022 成本通胀期毛利率变化 -3.1 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 29%,资本开支/折旧 2.61 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 33.5 倍 粗算,约 85%(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 -6%,最大回撤 -44%,年化波动 52%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 -3% / -24% / -16%。", "行业对照": ["同申万二级「元件」67 家中位:PE 65.2 / 股息率 0.5% / 毛利率 21.3% / 固定资产占比 36% / 分红率 44%。", "依顿电子:PE 比行业中位低 31.7倍;股息率 比行业中位高 1.1个百分点;毛利率 比行业中位高 0.2个百分点;固定资产占比 比行业中位低 6.5个百分点。"]}}