{"F": {"ts_code": "920065.BJ", "name": "千岸科技", "mkt": "CN", "ccy": "元", "sw1": "商贸零售", "sw2": "互联网电商", "sw3": "跨境电商", "ind": "互联网电商", "fin_source": "tushare", "market": "北交所", "list_date": "20260729", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 37.05, "pe_ttm": 15.4879, "pb": 4.1817, "dv_ttm": null, "total_mv": 334376.25, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [34.6, 39.9, 41.4, 43.4], "rev_series": [15.4, 14.0, 16.7, 19.8], "np_series": [0.3, 1.0, 1.4, 2.2], "roe_series": [9.6, 30.9, 34.1, 37.0], "period": "20260630", "rev_ttm": 20.3, "np_ttm": 2.2, "ocf_ttm": 2.6, "fcf_ttm": 2.4, "fcf_yield": 7.2, "ocf_yield": 7.8, "gm_median": 40.6, "gm_std": 3.3, "gm_stab": 0.92, "gm_chg_2022": null, "npm_median": 7.8, "roe_median": 32.5, "commodity": false, "hard_ratio": 9.7, "fix_assets": 1.0, "goodwill_ratio": 0.0, "pb_calc": 4.18, "capex_dep": 2.11, "interest_debt": 0.5, "debt_ebitda": 0.2, "debt_ratio": 26.2, "debt_mv": 1.5, "payout": null, "div_years": 0, "rev_cagr3": 8.8, "np_cagr3": 102.3, "rev_yoy": 5.6, "np_yoy": -3.1, "np_vol": 100.4, "loss_years": 0, "far_share": 68.0, "earn_yield": 6.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["艺术创作", 35.0], ["运动户外系列", 18.0], ["运动户外", 18.0], ["数码电子", 15.0]], "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": 32, "pricing": 60, "hard": 16, "bondness": 12}, "label": "轻资产现金牛", "tags": ["资本开支扩张期"], "text": {"像什么": ["固定资产占比 10%,毛利率近 5 年中位 40.6%,自由现金流/市值 7.2%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 40.6%),硬资产占比 10%。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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 7.2%(经营现金流/市值 7.8%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 40.6%,稳定度 92%。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 10%,资本开支/折旧 2.11 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.5 倍 粗算,约 68%(1 − 5/PE)。中等。"]], "行业对照": ["同申万二级「互联网电商」19 家中位:PE 32.2 / 股息率 1.6% / 毛利率 31.4% / 固定资产占比 10% / 分红率 74%。", "千岸科技:PE 比行业中位低 16.7倍;股息率 ;毛利率 比行业中位高 9.2个百分点;固定资产占比 与行业中位持平。"]}}