{"F": {"ts_code": "603629.SH", "name": "利通电子", "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": "20181224", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 108.35, "pe_ttm": 42.0955, "pb": 15.0777, "dv_ttm": 0.2951, "total_mv": 3973497.88, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [15.7, 15.9, 16.3, 16.1, 18.4, 24.8], "rev_series": [16.5, 18.0, 20.3, 18.9, 22.5, 33.1], "np_series": [0.5, 0.6, 0.7, 0.4, 0.2, 2.9], "roe_series": [4.7, 4.5, 4.1, 2.5, 1.5, 16.2], "period": "20260630", "rev_ttm": 38.9, "np_ttm": 9.4, "ocf_ttm": 32.0, "fcf_ttm": 27.3, "fcf_yield": 6.9, "ocf_yield": 8.1, "gm_median": 16.3, "gm_std": 3.4, "gm_stab": 0.79, "gm_chg_2022": 0.7, "npm_median": 3.2, "roe_median": 4.1, "commodity": false, "hard_ratio": 16.0, "fix_assets": 13.3, "goodwill_ratio": 0.4, "pb_calc": 15.08, "capex_dep": 0.75, "interest_debt": 31.0, "debt_ebitda": 1.7, "debt_ratio": 68.2, "debt_mv": 7.8, "payout": 50.0, "div_years": 5, "rev_cagr3": 17.8, "np_cagr3": 64.3, "rev_yoy": 38.6, "np_yoy": 1275.1, "np_vol": 440.1, "loss_years": 0, "far_share": 88.0, "earn_yield": 2.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 38.0], ["算力设备销售业务", 23.0], ["算力及相关服务", 23.0], ["精密金属冲压结构件", 13.0]], "ret_prev_year": 35.4, "ret_prev2_year": -37.1, "ret_ytd": 477.2, "ret_pivot": 989.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -15.0, "ret_60": 9.2, "ret_120": 147.3, "ret_250": 505.5, "mdd_250": -49.2, "vol_250": 84.4, "pos_52w": 63.1}, "S": {"duration": 65, "pricing": 44, "hard": 26, "bondness": 27}, "label": "中性", "tags": [], "text": {"像什么": ["PE 42.1 倍、股息率 0.3%、毛利率近 5 年中位 16.3%、固定资产占比 16%、有息负债/EBITDA 1.7 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 16%,毛利率近 5 年中位 16.3%。", "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 6.9%(经营现金流/市值 8.1%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.3%,稳定度 79%,2020→2022 成本通胀期毛利率变化 0.7 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 16%,资本开支/折旧 0.75 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 42.1 倍 粗算,约 88%(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 506%,最大回撤 -49%,年化波动 84%,现价在 52 周高点的 63%;近 20 / 60 / 120 日 -15% / 9% / 147%。", "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%。", "利通电子:PE 比行业中位低 4.4倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位低 4.0个百分点;固定资产占比 比行业中位低 8.8个百分点。"]}}