{"F": {"ts_code": "920037.BJ", "name": "广信科技", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电网设备", "sw3": "线缆部件及其他", "ind": "电网设备", "fin_source": "tushare", "market": "北交所", "list_date": "20250626", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 39.54, "pe_ttm": 22.7964, "pb": 5.5583, "dv_ttm": 2.3701, "total_mv": 506302.0727, "trade_date": "20260904", "years": ["20191231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [26.2, 20.1, 18.1, 26.1, 33.5, 39.0], "rev_series": [null, null, 3.0, 4.2, 5.8, 8.0], "np_series": [null, null, 0.1, 0.5, 1.2, 2.0], "roe_series": [12.2, 2.3, 4.3, 13.3, 25.5, 29.0], "period": "20260630", "rev_ttm": 9.0, "np_ttm": 2.2, "ocf_ttm": 1.9, "fcf_ttm": 0.5, "fcf_yield": 0.9, "ocf_yield": 3.7, "gm_median": 26.1, "gm_std": 7.9, "gm_stab": 0.7, "gm_chg_2022": null, "npm_median": 11.8, "roe_median": 13.3, "commodity": false, "hard_ratio": 22.3, "fix_assets": 2.5, "goodwill_ratio": 0.0, "pb_calc": 5.56, "capex_dep": 4.04, "interest_debt": 0.9, "debt_ebitda": 0.4, "debt_ratio": 17.9, "debt_mv": 1.8, "payout": 52.9, "div_years": 1, "rev_cagr3": 37.8, "np_cagr3": 137.7, "rev_yoy": 28.3, "np_yoy": 25.1, "np_vol": 63.9, "loss_years": 0, "far_share": 78.0, "earn_yield": 4.4, "consensus_n": 11, "fwd_pe": 16.7, "fwd_pe2": 12.9, "fwd_g1": 36.0, "fwd_g2": 30.0, "peg": 0.56, "consensus_disp": null, "mainbz": [["产品", 33.0], ["绝缘纤维材料", 20.0], ["绝缘板材", 20.0], ["绝缘成型件", 13.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": -33.5, "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": 43, "pricing": 45, "hard": 36, "bondness": 34}, "label": "成长兑现", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["盈利在追估值:最新净利润同比 25%,PE TTM 22.8 倍 但前瞻 PE 16.7 倍,PEG 0.56。", "自由现金流 0.5 亿(正),次年预期增速 30%(11 篇研报),风险在增速假设能否延续。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 22%,毛利率近 5 年中位 26.1%。", "加息期怎么走": "估值不靠远期故事,加息期比纯久期抗跌;风险在订单与增速,盯业绩不盯利率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 0.9%(经营现金流/市值 3.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.1%,稳定度 70%。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 22%,资本开支/折旧 4.04 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 22.8 倍 粗算,约 78%(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「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%。", "广信科技:PE 比行业中位低 20.7倍;股息率 比行业中位高 1.4个百分点;毛利率 比行业中位高 2.6个百分点;固定资产占比 比行业中位高 7.4个百分点。"]}}