{"F": {"ts_code": "688183.SH", "name": "生益电子", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "元件", "sw3": "印制电路板", "ind": "元件", "fin_source": "tushare", "market": "科创板", "list_date": "20210225", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 118.43, "pe_ttm": 48.3095, "pb": 15.2323, "dv_ttm": 0.7469, "total_mv": 9919592.5816, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [27.3, 20.3, 23.8, 14.6, 22.7, 31.2], "rev_series": [36.3, 36.5, 35.3, 32.7, 46.9, 94.9], "np_series": [4.4, 2.6, 3.1, -0.2, 3.3, 14.7], "roe_series": [24.0, 9.0, 7.8, -0.6, 8.1, 29.4], "period": "20260630", "rev_ttm": 115.1, "np_ttm": 20.5, "ocf_ttm": 21.1, "fcf_ttm": -2.0, "fcf_yield": -0.2, "ocf_yield": 2.1, "gm_median": 22.7, "gm_std": 5.4, "gm_stab": 0.76, "gm_chg_2022": -3.4, "npm_median": 7.2, "roe_median": 8.1, "commodity": false, "hard_ratio": 47.9, "fix_assets": 67.4, "goodwill_ratio": 0.0, "pb_calc": 15.23, "capex_dep": 5.5, "interest_debt": 27.0, "debt_ebitda": 1.0, "debt_ratio": 53.8, "debt_mv": 2.7, "payout": 56.2, "div_years": 4, "rev_cagr3": 39.0, "np_cagr3": 67.6, "rev_yoy": 53.5, "np_yoy": 109.4, "np_vol": 571.3, "loss_years": 1, "far_share": 90.0, "earn_yield": 2.1, "consensus_n": 3, "fwd_pe": 34.9, "fwd_pe2": 22.4, "fwd_g1": 38.0, "fwd_g2": 56.0, "peg": 0.62, "consensus_disp": null, "mainbz": [["印制电路板", 95.0], ["其他业务", 5.0]], "ret_prev_year": 149.5, "ret_prev2_year": 272.9, "ret_ytd": 24.5, "ret_pivot": 646.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.3, "ret_60": 2.0, "ret_120": 47.8, "ret_250": 63.4, "mdd_250": -41.6, "vol_250": 86.0, "pos_52w": 84.0}, "S": {"duration": 70, "pricing": 43, "hard": 77, "bondness": 27}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 48.3 倍、股息率 0.7%、毛利率近 5 年中位 22.7%、固定资产占比 48%、有息负债/EBITDA 1.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 48%),没有定价权:毛利率近 5 年中位 22.7%,稳定度 76%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 -0.2%(经营现金流/市值 2.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 22.7%,稳定度 76%,2020→2022 成本通胀期毛利率变化 -3.4 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 48%,资本开支/折旧 5.50 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 48.3 倍 粗算,约 90%(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 63%,最大回撤 -42%,年化波动 86%,现价在 52 周高点的 84%;近 20 / 60 / 120 日 -0% / 2% / 48%。", "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%。", "生益电子:PE 比行业中位低 16.9倍;股息率 比行业中位高 0.2个百分点;毛利率 比行业中位高 1.4个百分点;固定资产占比 比行业中位高 12.0个百分点。"]}}