{"F": {"ts_code": "920029.BJ", "name": "开发科技", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电网设备", "sw3": "电工仪器仪表", "ind": "电网设备", "fin_source": "tushare", "market": "北交所", "list_date": "20250328", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 33.48, "pe_ttm": 14.0252, "pb": 1.8763, "dv_ttm": 3.2074, "total_mv": 692838.9133, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [28.6, 21.6, 20.8, 33.7, 36.0, 39.3], "rev_series": [null, null, 17.9, 25.5, 29.3, 30.2], "np_series": [null, null, 1.8, 4.9, 5.9, 7.1], "roe_series": [46.4, 23.9, 18.5, 38.0, 32.5, 24.2], "period": "20260630", "rev_ttm": 27.0, "np_ttm": 4.9, "ocf_ttm": 1.7, "fcf_ttm": -0.1, "fcf_yield": -0.1, "ocf_yield": 2.4, "gm_median": 33.7, "gm_std": 7.6, "gm_stab": 0.77, "gm_chg_2022": -7.8, "npm_median": 19.1, "roe_median": 24.2, "commodity": false, "hard_ratio": 9.3, "fix_assets": 5.0, "goodwill_ratio": 0.0, "pb_calc": 1.88, "capex_dep": 4.91, "interest_debt": 7.9, "debt_ebitda": 1.0, "debt_ratio": 30.9, "debt_mv": 11.4, "payout": 27.4, "div_years": 2, "rev_cagr3": 19.0, "np_cagr3": 56.9, "rev_yoy": -19.2, "np_yoy": -53.8, "np_vol": 70.3, "loss_years": 0, "far_share": 64.0, "earn_yield": 7.1, "consensus_n": 5, "fwd_pe": 9.7, "fwd_pe2": 8.0, "fwd_g1": 45.0, "fwd_g2": 20.0, "peg": 0.48, "consensus_disp": null, "mainbz": [["产品", 33.0], ["智能计量终端", 33.0], ["智能计量产品", 33.0], ["系统软件", 1.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": -44.3, "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": 30, "pricing": 48, "hard": 15, "bondness": 33}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 14.0 倍、股息率 3.2%、毛利率近 5 年中位 33.7%、固定资产占比 9%、有息负债/EBITDA 1.0 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 9%,毛利率近 5 年中位 33.7%。", "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 -0.1%(经营现金流/市值 2.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 33.7%,稳定度 77%,2020→2022 成本通胀期毛利率变化 -7.8 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 4.91 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 14.0 倍 粗算,约 64%(1 − 5/PE)。中等。"]], "行业对照": ["同申万二级「电网设备」141 家中位:PE 43.5 / 股息率 1.0% / 毛利率 23.5% / 固定资产占比 15% / 分红率 40%。", "开发科技:PE 比行业中位低 29.5倍;股息率 比行业中位高 2.2个百分点;毛利率 比行业中位高 10.2个百分点;固定资产占比 比行业中位低 5.6个百分点。"]}}