{"F": {"ts_code": "920212.BJ", "name": "智新电子", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "消费电子", "sw3": "消费电子零部件及组装", "ind": "消费电子", "fin_source": "tushare", "market": "北交所", "list_date": "20210608", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 12.33, "pe_ttm": 107.3236, "pb": 3.0804, "dv_ttm": 0.292, "total_mv": 130821.3, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.2, 24.1, 20.7, 15.7, 14.1, 13.3], "rev_series": [3.6, 4.5, 4.3, 4.1, 5.0, 5.0], "np_series": [0.4, 0.6, 0.5, 0.2, 0.2, 0.1], "roe_series": [21.3, 19.9, 11.8, 3.8, 4.3, 2.5], "period": "20260630", "rev_ttm": 5.3, "np_ttm": 0.1, "ocf_ttm": 0.4, "fcf_ttm": 0.2, "fcf_yield": 1.9, "ocf_yield": 3.0, "gm_median": 15.7, "gm_std": 4.2, "gm_stab": 0.74, "gm_chg_2022": -3.4, "npm_median": 3.8, "roe_median": 4.3, "commodity": false, "hard_ratio": 28.9, "fix_assets": 1.6, "goodwill_ratio": 0.0, "pb_calc": 3.08, "capex_dep": 0.89, "interest_debt": 0.0, "debt_ebitda": 0.1, "debt_ratio": 22.6, "debt_mv": 0.3, "payout": 35.3, "div_years": 5, "rev_cagr3": 4.8, "np_cagr3": -38.5, "rev_yoy": 16.3, "np_yoy": 198.5, "np_vol": 39.1, "loss_years": 0, "far_share": 95.0, "earn_yield": 0.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["消费类电子连接器及组件", 25.0], ["消费电子连接器线缆组件", 25.0], ["汽车连接器组件", 22.0], ["汽车及新能源连接器线缆组件", 22.0]], "ret_prev_year": -6.8, "ret_prev2_year": 11.6, "ret_ytd": -8.5, "ret_pivot": 58.0, "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": 93, "pricing": 39, "hard": 46, "bondness": 30}, "label": "中性", "tags": [], "text": {"像什么": ["PE 107.3 倍、股息率 0.3%、毛利率近 5 年中位 15.7%、固定资产占比 29%、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 29%,毛利率近 5 年中位 15.7%。", "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 1.9%(经营现金流/市值 3.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 15.7%,稳定度 74%,2020→2022 成本通胀期毛利率变化 -3.4 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 29%,资本开支/折旧 0.89 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 107.3 倍 粗算,约 95%(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%。", "智新电子:PE 比行业中位高 60.8倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位低 4.6个百分点;固定资产占比 比行业中位高 4.1个百分点。"]}}