{"F": {"ts_code": "920183.BJ", "name": "海菲曼", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "消费电子", "sw3": "品牌消费电子", "ind": "消费电子", "fin_source": "tushare", "market": "北交所", "list_date": "20260304", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 31.6, "pe_ttm": 20.2173, "pb": 3.4556, "dv_ttm": 3.1646, "total_mv": 154688.32, "trade_date": "20260904", "years": ["20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [63.7, 65.1, 68.2, 70.1, 67.1], "rev_series": [null, 1.5, 2.0, 2.3, 2.4], "np_series": [null, 0.4, 0.6, 0.7, 0.7], "roe_series": [51.9, 42.9, 43.2, 36.7, 30.3], "period": "20260630", "rev_ttm": 2.6, "np_ttm": 0.8, "ocf_ttm": 0.8, "fcf_ttm": 0.6, "fcf_yield": 4.0, "ocf_yield": 5.5, "gm_median": 67.1, "gm_std": 2.3, "gm_stab": 0.97, "gm_chg_2022": null, "npm_median": 27.1, "roe_median": 42.9, "commodity": false, "hard_ratio": 10.2, "fix_assets": 0.5, "goodwill_ratio": 2.1, "pb_calc": 3.46, "capex_dep": 9.08, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 10.1, "debt_mv": 0.3, "payout": 51.3, "div_years": 1, "rev_cagr3": 15.9, "np_cagr3": 27.5, "rev_yoy": 21.8, "np_yoy": 4.9, "np_vol": 18.0, "loss_years": 0, "far_share": 75.0, "earn_yield": 4.9, "consensus_n": 3, "fwd_pe": 19.5, "fwd_pe2": 16.8, "fwd_g1": 4.0, "fwd_g2": 16.0, "peg": 1.22, "consensus_disp": null, "mainbz": [["产品", 44.0], ["头戴式耳机", 32.0], ["其他", 12.0], ["其他电子产品及配件", 8.0]], "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": 40, "pricing": 75, "hard": 16, "bondness": 41}, "label": "定价权·品牌", "tags": ["轻资产现金牛", "现金流红利", "资本开支扩张期"], "text": {"像什么": ["没有硬资产(固定资产占比 10%)但有定价权:毛利率近 5 年中位 67.1%,稳定度 97%、ROE 近 5 年中位 42.9%。", "自由现金流/市值 4.0%,分红率 51%,分子跟得上通胀。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 67.1%),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": "分子跟得上通胀、久期不长,加息期抗跌;放水期弹性不如科技。属船票一侧的'非债券'部分。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 4.0%(经营现金流/市值 5.5%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 67.1%,稳定度 97%。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 9.08 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 20.2 倍 粗算,约 75%(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「消费电子」100 家中位:PE 46.5 / 股息率 0.7% / 毛利率 20.3% / 固定资产占比 25% / 分红率 44%。", "海菲曼:PE 比行业中位低 26.3倍;股息率 比行业中位高 2.5个百分点;毛利率 比行业中位高 46.8个百分点;固定资产占比 比行业中位低 14.6个百分点。"]}}