{"F": {"ts_code": "688800.SH", "name": "瑞可达", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "其他电子Ⅱ", "sw3": "其他电子Ⅲ", "ind": "其他电子Ⅱ", "fin_source": "tushare", "market": "科创板", "list_date": "20210722", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 58.23, "pe_ttm": 66.3808, "pb": 7.0134, "dv_ttm": 0.3658, "total_mv": 1679277.501, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [27.7, 24.5, 27.1, 25.1, 22.1, 22.1], "rev_series": [6.1, 9.0, 16.3, 15.5, 24.1, 31.5], "np_series": [0.7, 1.1, 2.5, 1.4, 1.8, 3.0], "roe_series": [14.6, 14.9, 17.5, 7.1, 8.7, 13.1], "period": "20260630", "rev_ttm": 31.7, "np_ttm": 2.5, "ocf_ttm": 7.7, "fcf_ttm": 4.6, "fcf_yield": 2.8, "ocf_yield": 4.6, "gm_median": 24.5, "gm_std": 1.9, "gm_stab": 0.92, "gm_chg_2022": -0.6, "npm_median": 9.6, "roe_median": 13.1, "commodity": false, "hard_ratio": 21.0, "fix_assets": 12.6, "goodwill_ratio": 0.0, "pb_calc": 6.66, "capex_dep": 2.78, "interest_debt": 19.4, "debt_ebitda": 4.1, "debt_ratio": 57.7, "debt_mv": 11.6, "payout": 31.5, "div_years": 5, "rev_cagr3": 24.7, "np_cagr3": 5.8, "rev_yoy": 1.5, "np_yoy": -29.4, "np_vol": 55.1, "loss_years": 0, "far_share": 92.0, "earn_yield": 1.5, "consensus_n": 5, "fwd_pe": 30.6, "fwd_pe2": 22.7, "fwd_g1": 117.0, "fwd_g2": 35.0, "peg": 0.87, "consensus_disp": null, "mainbz": [["产品", 34.0], ["新能源连接器产品", 28.0], ["新能源连接器", 28.0], ["其他连接器产品", 2.0]], "ret_prev_year": 117.8, "ret_prev2_year": 25.5, "ret_ytd": -1.4, "ret_pivot": 454.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.1, "ret_60": -26.1, "ret_120": -5.9, "ret_250": 11.7, "mdd_250": -54.5, "vol_250": 78.3, "pos_52w": 56.4}, "S": {"duration": 81, "pricing": 51, "hard": 34, "bondness": 26}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 66.4 倍、股息率 0.4%、毛利率近 5 年中位 24.5%、固定资产占比 21%、有息负债/EBITDA 4.1 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 21%,毛利率近 5 年中位 24.5%。", "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 2.8%(经营现金流/市值 4.6%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 24.5%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -0.6 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 21%,资本开支/折旧 2.78 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 66.4 倍 粗算,约 92%(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 12%,最大回撤 -54%,年化波动 78%,现价在 52 周高点的 56%;近 20 / 60 / 120 日 -0% / -26% / -6%。", "行业对照": ["同申万二级「其他电子Ⅱ」34 家中位:PE 51.5 / 股息率 0.4% / 毛利率 23.1% / 固定资产占比 13% / 分红率 35%。", "瑞可达:PE 比行业中位高 14.9倍;股息率 与行业中位持平;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 8.3个百分点。"]}}