{"F": {"ts_code": "688696.SH", "name": "极米科技", "mkt": "CN", "ccy": "元", "sw1": "家用电器", "sw2": "黑色家电", "sw3": "其他黑色家电", "ind": "黑色家电", "fin_source": "tushare", "market": "科创板", "list_date": "20210303", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 83.92, "pe_ttm": 42.5894, "pb": 1.9984, "dv_ttm": 1.3615, "total_mv": 587607.84, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [31.6, 35.9, 36.0, 31.2, 31.2, 32.2], "rev_series": [28.3, 40.4, 42.2, 35.6, 34.0, 34.7], "np_series": [2.7, 4.8, 5.0, 1.2, 1.2, 1.4], "roe_series": [39.7, 27.3, 17.0, 3.9, 4.0, 4.8], "period": "20260630", "rev_ttm": 34.5, "np_ttm": 1.4, "ocf_ttm": 0.2, "fcf_ttm": -1.4, "fcf_yield": -2.4, "ocf_yield": 0.3, "gm_median": 32.2, "gm_std": 2.2, "gm_stab": 0.93, "gm_chg_2022": 4.3, "npm_median": 4.1, "roe_median": 4.8, "commodity": false, "hard_ratio": 17.8, "fix_assets": 10.5, "goodwill_ratio": 0.3, "pb_calc": 2.0, "capex_dep": 2.3, "interest_debt": 12.2, "debt_ebitda": 4.5, "debt_ratio": 50.2, "debt_mv": 20.7, "payout": 73.0, "div_years": 4, "rev_cagr3": -6.4, "np_cagr3": -34.1, "rev_yoy": -1.2, "np_yoy": -6.2, "np_vol": 49.8, "loss_years": 0, "far_share": 88.0, "earn_yield": 2.3, "consensus_n": 16, "fwd_pe": 19.3, "fwd_pe2": 14.4, "fwd_g1": 120.0, "fwd_g2": 34.0, "peg": 0.57, "consensus_disp": null, "mainbz": [["产品", 49.0], ["投影仪整机及配件", 46.0], ["互联网运营", 2.0], ["互联网增值服务", 2.0]], "ret_prev_year": 13.9, "ret_prev2_year": -13.1, "ret_ytd": -23.9, "ret_pivot": 64.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 24.5, "ret_60": 22.3, "ret_120": -6.9, "ret_250": -32.2, "mdd_250": -54.2, "vol_250": 38.8, "pos_52w": 63.4}, "S": {"duration": 66, "pricing": 59, "hard": 28, "bondness": 67}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 42.6 倍、股息率 1.4%、毛利率近 5 年中位 32.2%、固定资产占比 18%、有息负债/EBITDA 4.5 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 32.2%),硬资产占比 18%。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 -2.4%(经营现金流/市值 0.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 32.2%,稳定度 93%,2020→2022 成本通胀期毛利率变化 4.3 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 18%,资本开支/折旧 2.30 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 42.6 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 -32%,最大回撤 -54%,年化波动 39%,现价在 52 周高点的 63%;近 20 / 60 / 120 日 24% / 22% / -7%。", "行业对照": ["同申万二级「黑色家电」9 家中位:PE 38.9 / 股息率 0.9% / 毛利率 16.7% / 固定资产占比 18% / 分红率 51%。", "极米科技:PE 比行业中位高 3.7倍;股息率 比行业中位高 0.5个百分点;毛利率 比行业中位高 15.5个百分点;固定资产占比 与行业中位持平。"]}}