{"F": {"ts_code": "920005.BJ", "name": "鼎佳精密", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "消费电子", "sw3": "消费电子零部件及组装", "ind": "消费电子", "fin_source": "tushare", "market": "北交所", "list_date": "20250731", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 24.75, "pe_ttm": 40.5736, "pb": 3.282, "dv_ttm": 4.1553, "total_mv": 205425.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [40.1, 36.8, 32.4, 33.1, 30.4, 29.9], "rev_series": [3.1, 3.9, 3.3, 3.7, 4.1, 4.5], "np_series": [0.7, 0.8, 0.5, 0.5, 0.6, 0.6], "roe_series": [42.6, 33.4, 18.5, 15.6, 15.5, 11.4], "period": "20260630", "rev_ttm": 4.9, "np_ttm": 0.5, "ocf_ttm": 0.5, "fcf_ttm": 0.3, "fcf_yield": 1.7, "ocf_yield": 2.6, "gm_median": 32.4, "gm_std": 2.5, "gm_stab": 0.92, "gm_chg_2022": -7.7, "npm_median": 14.6, "roe_median": 15.6, "commodity": false, "hard_ratio": 8.6, "fix_assets": 0.7, "goodwill_ratio": 0.0, "pb_calc": 3.28, "capex_dep": 1.4, "interest_debt": 0.1, "debt_ebitda": 0.2, "debt_ratio": 25.7, "debt_mv": 0.7, "payout": 119.8, "div_years": 1, "rev_cagr3": 11.1, "np_cagr3": 3.7, "rev_yoy": 17.9, "np_yoy": -24.0, "np_vol": 16.9, "loss_years": 0, "far_share": 88.0, "earn_yield": 2.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["功能性产品", 67.0], ["防护性产品", 32.0], ["其他业务", 1.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": -38.6, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": null, "ret_60": null, "ret_120": null, "ret_250": null, "mdd_250": null, "vol_250": null, "pos_52w": null}, "S": {"duration": 64, "pricing": 52, "hard": 14, "bondness": 69}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 120%、股息率 4.2%、营收 3 年复合 11.1%、有息负债/EBITDA 0.2 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 32.4%),硬资产占比 9%。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": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 1.7%(经营现金流/市值 2.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 32.4%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -7.7 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 9%,资本开支/折旧 1.40 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 40.6 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?"]], "行业对照": ["同申万二级「消费电子」100 家中位:PE 46.5 / 股息率 0.7% / 毛利率 20.3% / 固定资产占比 25% / 分红率 44%。", "鼎佳精密:PE 比行业中位低 5.9倍;股息率 比行业中位高 3.5个百分点;毛利率 比行业中位高 12.1个百分点;固定资产占比 比行业中位低 16.2个百分点。"]}}