{"F": {"ts_code": "920181.BJ", "name": "赛英电子", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "其他电子Ⅱ", "sw3": "其他电子Ⅲ", "ind": "其他电子Ⅱ", "fin_source": "tushare", "market": "北交所", "list_date": "20260410", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 69.86, "pe_ttm": 31.5268, "pb": 3.8058, "dv_ttm": null, "total_mv": 301795.2, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [32.9, 28.9, 27.0, 25.8], "rev_series": [2.2, 3.2, 4.6, 6.0], "np_series": [0.4, 0.6, 0.7, 0.9], "roe_series": [22.2, 24.3, 23.4, 20.8], "period": "20260630", "rev_ttm": 6.3, "np_ttm": 1.0, "ocf_ttm": 0.4, "fcf_ttm": -0.1, "fcf_yield": -0.3, "ocf_yield": 1.4, "gm_median": 27.9, "gm_std": 2.7, "gm_stab": 0.9, "gm_chg_2022": null, "npm_median": 16.7, "roe_median": 22.8, "commodity": false, "hard_ratio": 10.4, "fix_assets": 0.9, "goodwill_ratio": 0.0, "pb_calc": 3.81, "capex_dep": 5.49, "interest_debt": 0.2, "debt_ebitda": 0.1, "debt_ratio": 9.1, "debt_mv": 0.5, "payout": null, "div_years": 0, "rev_cagr3": 39.9, "np_cagr3": 26.1, "rev_yoy": 11.4, "np_yoy": 17.4, "np_vol": 6.2, "loss_years": 0, "far_share": 84.0, "earn_yield": 3.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 41.0], ["封装散热基板", 18.0], ["陶瓷管壳系列", 18.0], ["陶瓷管壳及组件", 18.0]], "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": 55, "pricing": 53, "hard": 17, "bondness": 0}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 31.5 倍、股息率 —、毛利率近 5 年中位 27.9%、固定资产占比 10%、有息负债/EBITDA 0.1 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 10%,毛利率近 5 年中位 27.9%。", "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 -0.3%(经营现金流/市值 1.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.9%,稳定度 90%。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 10%,资本开支/折旧 5.49 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 31.5 倍 粗算,约 84%(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「其他电子Ⅱ」34 家中位:PE 51.5 / 股息率 0.4% / 毛利率 23.1% / 固定资产占比 13% / 分红率 35%。", "赛英电子:PE 比行业中位低 20.0倍;股息率 ;毛利率 比行业中位高 4.8个百分点;固定资产占比 比行业中位低 2.3个百分点。"]}}