{"F": {"ts_code": "605118.SH", "name": "力鼎光电", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "计算机设备", "sw3": "安防设备", "ind": "计算机设备", "fin_source": "tushare", "market": "主板", "list_date": "20200730", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 34.78, "pe_ttm": 46.4621, "pb": 8.8113, "dv_ttm": 1.7241, "total_mv": 1430219.682, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [51.3, 42.5, 41.0, 40.4, 43.2, 48.9], "rev_series": [4.2, 5.0, 5.9, 6.0, 6.2, 8.3], "np_series": [1.5, 1.5, 1.6, 1.5, 1.8, 2.6], "roe_series": [17.3, 12.5, 12.2, 11.0, 11.8, 17.1], "period": "20260630", "rev_ttm": 10.3, "np_ttm": 3.1, "ocf_ttm": 4.2, "fcf_ttm": 2.6, "fcf_yield": 1.8, "ocf_yield": 2.9, "gm_median": 42.5, "gm_std": 3.0, "gm_stab": 0.93, "gm_chg_2022": -10.3, "npm_median": 28.4, "roe_median": 12.2, "commodity": false, "hard_ratio": 25.0, "fix_assets": 5.1, "goodwill_ratio": 0.0, "pb_calc": 8.81, "capex_dep": 2.89, "interest_debt": 1.0, "debt_ebitda": 0.2, "debt_ratio": 20.8, "debt_mv": 0.7, "payout": 92.8, "div_years": 5, "rev_cagr3": 12.4, "np_cagr3": 18.5, "rev_yoy": 54.4, "np_yoy": 37.1, "np_vol": 18.7, "loss_years": 0, "far_share": 89.0, "earn_yield": 2.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 34.0], ["镜头", 32.0], ["光学镜头", 32.0], ["配件及其他", 3.0]], "ret_prev_year": 76.4, "ret_prev2_year": -26.3, "ret_ytd": 16.7, "ret_pivot": 170.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 16.3, "ret_60": 8.7, "ret_120": -16.0, "ret_250": 14.6, "mdd_250": -44.1, "vol_250": 49.7, "pos_52w": 71.0}, "S": {"duration": 69, "pricing": 58, "hard": 40, "bondness": 51}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 46.5 倍、股息率 1.7%、毛利率近 5 年中位 42.5%、固定资产占比 25%、有息负债/EBITDA 0.2 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 42.5%),硬资产占比 25%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 1.8%(经营现金流/市值 2.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 42.5%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -10.3 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 25%,资本开支/折旧 2.89 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 46.5 倍 粗算,约 89%(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 15%,最大回撤 -44%,年化波动 50%,现价在 52 周高点的 71%;近 20 / 60 / 120 日 16% / 9% / -16%。", "行业对照": ["同申万二级「计算机设备」88 家中位:PE 51.7 / 股息率 0.8% / 毛利率 35.8% / 固定资产占比 12% / 分红率 49%。", "力鼎光电:PE 比行业中位低 5.2倍;股息率 比行业中位高 0.9个百分点;毛利率 比行业中位高 6.7个百分点;固定资产占比 比行业中位高 13.3个百分点。"]}}