{"F": {"ts_code": "688475.SH", "name": "萤石网络", "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": "科创板", "list_date": "20221228", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 29.3, "pe_ttm": 34.2467, "pb": 3.9208, "dv_ttm": 1.3652, "total_mv": 2307375.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [34.9, 35.3, 36.4, 42.9, 42.1, 44.2], "rev_series": [30.8, 42.4, 43.1, 48.4, 54.4, 59.0], "np_series": [3.3, 4.5, 3.3, 5.6, 5.0, 5.7], "roe_series": [46.8, 38.9, 10.6, 11.1, 9.4, 10.0], "period": "20260630", "rev_ttm": 60.8, "np_ttm": 6.7, "ocf_ttm": 7.3, "fcf_ttm": 5.9, "fcf_yield": 2.6, "ocf_yield": 3.2, "gm_median": 42.1, "gm_std": 3.6, "gm_stab": 0.91, "gm_chg_2022": 1.5, "npm_median": 9.6, "roe_median": 10.6, "commodity": false, "hard_ratio": 24.0, "fix_assets": 22.6, "goodwill_ratio": 0.0, "pb_calc": 3.92, "capex_dep": 0.86, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 37.4, "debt_mv": 0.0, "payout": 54.7, "div_years": 4, "rev_cagr3": 11.1, "np_cagr3": 19.4, "rev_yoy": 6.4, "np_yoy": 35.4, "np_vol": 34.0, "loss_years": 0, "far_share": 85.0, "earn_yield": 2.9, "consensus_n": 15, "fwd_pe": 31.5, "fwd_pe2": 26.3, "fwd_g1": 9.0, "fwd_g2": 20.0, "peg": 1.57, "consensus_disp": null, "mainbz": [["智能摄像机", 26.0], ["智能家居产品：智能家居摄像机", 26.0], ["物联网云平台", 11.0], ["云平台服务", 11.0]], "ret_prev_year": 0.9, "ret_prev2_year": -4.9, "ret_ytd": -1.4, "ret_pivot": 19.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.6, "ret_60": 13.5, "ret_120": 5.8, "ret_250": -16.6, "mdd_250": -30.7, "vol_250": 29.4, "pos_52w": 80.3}, "S": {"duration": 58, "pricing": 62, "hard": 38, "bondness": 36}, "label": "中性", "tags": [], "text": {"像什么": ["PE 34.2 倍、股息率 1.4%、毛利率近 5 年中位 42.1%、固定资产占比 24%、有息负债/EBITDA 0.0 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 42.1%),硬资产占比 24%。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 2.6%(经营现金流/市值 3.2%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 42.1%,稳定度 91%,2020→2022 成本通胀期毛利率变化 1.5 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 24%,资本开支/折旧 0.86 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 34.2 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 -17%,最大回撤 -31%,年化波动 29%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 -5% / 14% / 6%。", "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%。", "萤石网络:PE 比行业中位低 17.5倍;股息率 比行业中位高 0.6个百分点;毛利率 比行业中位高 6.3个百分点;固定资产占比 比行业中位高 12.3个百分点。"]}}