{"F": {"ts_code": "920167.BJ", "name": "同享科技", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "光伏设备", "sw3": "光伏辅材", "ind": "光伏设备", "fin_source": "tushare", "market": "北交所", "list_date": "20200727", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 14.72, "pe_ttm": 26.0324, "pb": 2.4059, "dv_ttm": 0.2038, "total_mv": 161959.008, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [17.7, 12.1, 9.7, 11.1, 7.0, 5.5], "rev_series": [6.2, 8.0, 12.5, 21.7, 26.7, 32.3], "np_series": [0.6, 0.5, 0.5, 1.2, 0.4, 0.2], "roe_series": [29.0, 17.1, 12.6, 23.3, 7.1, 3.5], "period": "20260630", "rev_ttm": 35.2, "np_ttm": 0.6, "ocf_ttm": -7.8, "fcf_ttm": -7.9, "fcf_yield": -48.9, "ocf_yield": -48.1, "gm_median": 9.7, "gm_std": 2.5, "gm_stab": 0.74, "gm_chg_2022": -8.0, "npm_median": 4.0, "roe_median": 12.6, "commodity": false, "hard_ratio": 6.3, "fix_assets": 1.9, "goodwill_ratio": 0.0, "pb_calc": 2.41, "capex_dep": 0.62, "interest_debt": 10.5, "debt_ebitda": 7.9, "debt_ratio": 78.0, "debt_mv": 65.0, "payout": 10.1, "div_years": 5, "rev_cagr3": 37.4, "np_cagr3": -24.4, "rev_yoy": 18.4, "np_yoy": 568.9, "np_vol": 72.5, "loss_years": 0, "far_share": 81.0, "earn_yield": 3.8, "consensus_n": 1, "fwd_pe": 12.4, "fwd_pe2": 10.1, "fwd_g1": 110.0, "fwd_g2": 23.0, "peg": 0.54, "consensus_disp": null, "mainbz": [["产品", 33.0], ["互连焊带", 26.0], ["互连条", 26.0], ["汇流焊带", 7.0]], "ret_prev_year": -10.5, "ret_prev2_year": -23.6, "ret_ytd": -13.8, "ret_pivot": 8.2, "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": 48, "pricing": 34, "hard": 10, "bondness": 20}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 26.0 倍、股息率 0.2%、毛利率近 5 年中位 9.7%、固定资产占比 6%、有息负债/EBITDA 7.9 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 6%,毛利率近 5 年中位 9.7%。", "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 -48.9%(经营现金流/市值 -48.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 9.7%,稳定度 74%,2020→2022 成本通胀期毛利率变化 -8.0 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 6%,资本开支/折旧 0.62 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 26.0 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「光伏设备」73 家中位:PE 41.0 / 股息率 0.5% / 毛利率 17.8% / 固定资产占比 23% / 分红率 29%。", "同享科技:PE 比行业中位低 15.0倍;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位低 8.1个百分点;固定资产占比 比行业中位低 16.3个百分点。"]}}