{"F": {"ts_code": "688726.SH", "name": "拉普拉斯", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "光伏设备", "sw3": "光伏加工设备", "ind": "光伏设备", "fin_source": "tushare", "market": "科创板", "list_date": "20241029", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 43.53, "pe_ttm": 32.5522, "pb": 4.1069, "dv_ttm": 0.7122, "total_mv": 1764384.9486, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [-4.6, 16.4, 32.9, 30.4, 28.0, 29.4], "rev_series": [null, null, 12.7, 29.7, 57.3, 54.6], "np_series": [null, null, 1.2, 4.1, 7.3, 6.2], "roe_series": [null, -35.5, 12.1, 22.0, 25.9, 16.4], "period": "20260630", "rev_ttm": 47.1, "np_ttm": 5.4, "ocf_ttm": 25.4, "fcf_ttm": 22.8, "fcf_yield": 12.9, "ocf_yield": 14.4, "gm_median": 29.4, "gm_std": 5.8, "gm_stab": 0.8, "gm_chg_2022": 37.6, "npm_median": 11.4, "roe_median": 16.4, "commodity": false, "hard_ratio": 3.3, "fix_assets": 4.7, "goodwill_ratio": 0.0, "pb_calc": 4.11, "capex_dep": 8.67, "interest_debt": 3.5, "debt_ebitda": 0.5, "debt_ratio": 70.0, "debt_mv": 2.0, "payout": 19.5, "div_years": 2, "rev_cagr3": 62.8, "np_cagr3": 74.0, "rev_yoy": -24.6, "np_yoy": -20.4, "np_vol": 135.6, "loss_years": 0, "far_share": 85.0, "earn_yield": 3.1, "consensus_n": 5, "fwd_pe": 26.3, "fwd_pe2": 22.6, "fwd_g1": 24.0, "fwd_g2": 16.0, "peg": 1.64, "consensus_disp": null, "mainbz": [["产品", 50.0], ["光伏领域设备", 41.0], ["配套产品及服务", 9.0], ["其他业务", 0.0]], "ret_prev_year": -19.5, "ret_prev2_year": null, "ret_ytd": 22.0, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.5, "ret_60": -27.3, "ret_120": -33.3, "ret_250": -9.8, "mdd_250": -55.5, "vol_250": 66.3, "pos_52w": 52.6}, "S": {"duration": 56, "pricing": 54, "hard": 5, "bondness": 13}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 32.6 倍、股息率 0.7%、毛利率近 5 年中位 29.4%、固定资产占比 3%、有息负债/EBITDA 0.5 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 3%,毛利率近 5 年中位 29.4%。", "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 12.9%(经营现金流/市值 14.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.4%,稳定度 80%,2020→2022 成本通胀期毛利率变化 37.6 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 3%,资本开支/折旧 8.67 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 32.6 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 -10%,最大回撤 -56%,年化波动 66%,现价在 52 周高点的 53%;近 20 / 60 / 120 日 -2% / -27% / -33%。", "行业对照": ["同申万二级「光伏设备」73 家中位:PE 41.0 / 股息率 0.5% / 毛利率 17.8% / 固定资产占比 23% / 分红率 29%。", "拉普拉斯:PE 比行业中位低 8.4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 11.6个百分点;固定资产占比 比行业中位低 19.3个百分点。"]}}