{"F": {"ts_code": "920036.BJ", "name": "觅睿科技", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "计算机设备", "sw3": "安防设备", "ind": "计算机设备", "fin_source": "tushare", "market": "北交所", "list_date": "20260309", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 33.54, "pe_ttm": 26.9028, "pb": 3.0413, "dv_ttm": 0.5963, "total_mv": 182530.8078, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [26.4, 20.2, 26.4, 32.2, 35.1, 35.7], "rev_series": [null, null, 5.5, 6.7, 7.4, 8.0], "np_series": [null, null, 0.4, 0.7, 0.8, 0.8], "roe_series": [63.1, 2.5, 27.9, 42.0, 36.9, 26.2], "period": "20260630", "rev_ttm": 8.1, "np_ttm": 0.7, "ocf_ttm": 0.1, "fcf_ttm": -0.1, "fcf_yield": -0.6, "ocf_yield": 0.7, "gm_median": 32.2, "gm_std": 5.9, "gm_stab": 0.82, "gm_chg_2022": 0.0, "npm_median": 9.8, "roe_median": 27.9, "commodity": false, "hard_ratio": 12.2, "fix_assets": 1.0, "goodwill_ratio": 0.0, "pb_calc": 3.04, "capex_dep": null, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 28.0, "debt_mv": 0.2, "payout": 10.3, "div_years": 1, "rev_cagr3": 13.5, "np_cagr3": 26.4, "rev_yoy": 1.6, "np_yoy": -35.1, "np_vol": 456.4, "loss_years": 0, "far_share": 81.0, "earn_yield": 3.7, "consensus_n": 2, "fwd_pe": 18.4, "fwd_pe2": 14.4, "fwd_g1": 46.0, "fwd_g2": 28.0, "peg": 0.66, "consensus_disp": null, "mainbz": [["物联网智能终端", 43.0], ["智能网络摄像机及物联网视频产品", 43.0], ["增值服务", 14.0], ["其他主营业务", 0.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": null, "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": 49, "pricing": 52, "hard": 20, "bondness": 14}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 26.9 倍、股息率 0.6%、毛利率近 5 年中位 32.2%、固定资产占比 12%、有息负债/EBITDA 0.0 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 12%,毛利率近 5 年中位 32.2%。", "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 -0.6%(经营现金流/市值 0.7%)。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 82%,2020→2022 成本通胀期毛利率变化 0.0 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 12%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 26.9 倍 粗算,约 81%(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「计算机设备」88 家中位:PE 51.7 / 股息率 0.8% / 毛利率 35.8% / 固定资产占比 12% / 分红率 49%。", "觅睿科技:PE 比行业中位低 24.8倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位低 3.6个百分点;固定资产占比 比行业中位高 0.5个百分点。"]}}