{"F": {"ts_code": "688150.SH", "name": "莱特光电", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "电子化学品Ⅱ", "sw3": "电子化学品Ⅲ", "ind": "电子化学品Ⅱ", "fin_source": "tushare", "market": "科创板", "list_date": "20220318", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 36.81, "pe_ttm": 73.0754, "pb": 6.8455, "dv_ttm": 0.8089, "total_mv": 1481372.8056, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [59.9, 64.6, 59.0, 57.6, 67.1, 73.0], "rev_series": [2.7, 3.4, 2.8, 3.0, 4.7, 5.5], "np_series": [0.7, 1.1, 1.1, 0.8, 1.7, 2.2], "roe_series": [12.7, 14.3, 8.5, 4.6, 9.6, 11.8], "period": "20260630", "rev_ttm": 5.7, "np_ttm": 2.0, "ocf_ttm": 2.4, "fcf_ttm": -1.1, "fcf_yield": -0.8, "ocf_yield": 1.6, "gm_median": 64.6, "gm_std": 5.6, "gm_stab": 0.91, "gm_chg_2022": -0.9, "npm_median": 35.5, "roe_median": 9.6, "commodity": false, "hard_ratio": 34.4, "fix_assets": 8.9, "goodwill_ratio": 0.0, "pb_calc": 6.85, "capex_dep": 6.96, "interest_debt": 1.5, "debt_ebitda": 0.4, "debt_ratio": 14.8, "debt_mv": 1.0, "payout": 87.3, "div_years": 5, "rev_cagr3": 25.4, "np_cagr3": 27.6, "rev_yoy": 5.1, "np_yoy": -13.0, "np_vol": 49.6, "loss_years": 0, "far_share": 93.0, "earn_yield": 1.4, "consensus_n": 11, "fwd_pe": 45.4, "fwd_pe2": 30.7, "fwd_g1": 61.0, "fwd_g2": 48.0, "peg": 0.95, "consensus_disp": null, "mainbz": [["产品", 50.0], ["OLED有机材料", 47.0], ["面板用清洗液", 2.0], ["其他中间体", 1.0]], "ret_prev_year": 21.8, "ret_prev2_year": 5.3, "ret_ytd": 36.8, "ret_pivot": 151.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -14.1, "ret_60": -21.7, "ret_120": -6.1, "ret_250": 39.2, "mdd_250": -55.7, "vol_250": 69.2, "pos_52w": 51.6}, "S": {"duration": 84, "pricing": 71, "hard": 55, "bondness": 37}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 73.1 倍、股息率 0.8%、毛利率近 5 年中位 64.6%、固定资产占比 34%、有息负债/EBITDA 0.4 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "硬资产占比 34%、毛利率 64.6% 两条都占,但所在行业(电子)不在硬资产名单里(医药/科技的固定资产是产能不是储量),按主标签看。", "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 -0.8%(经营现金流/市值 1.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 64.6%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -0.9 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 34%,资本开支/折旧 6.96 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 73.1 倍 粗算,约 93%(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 39%,最大回撤 -56%,年化波动 69%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 -14% / -22% / -6%。", "行业对照": ["同申万二级「电子化学品Ⅱ」36 家中位:PE 93.9 / 股息率 0.4% / 毛利率 29.9% / 固定资产占比 33% / 分红率 44%。", "莱特光电:PE 比行业中位低 20.8倍;股息率 比行业中位高 0.4个百分点;毛利率 比行业中位高 34.7个百分点;固定资产占比 比行业中位高 1.5个百分点。"]}}