{"F": {"ts_code": "920363.BJ", "name": "莱赛激光", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "仪器仪表", "ind": "通用设备", "fin_source": "tushare", "market": "北交所", "list_date": "20231228", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.8, "pe_ttm": 240.3461, "pb": 4.0687, "dv_ttm": 1.0666, "total_mv": 133943.76, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.2, 29.2, 31.1, 29.8, 23.3, 25.3], "rev_series": [2.0, 2.7, 2.5, 2.4, 1.5, 1.9], "np_series": [0.3, 0.3, 0.3, 0.3, -0.1, 0.0], "roe_series": [18.9, 18.1, 16.7, 9.5, -2.4, 1.4], "period": "20260630", "rev_ttm": 2.1, "np_ttm": 0.1, "ocf_ttm": 0.2, "fcf_ttm": -0.1, "fcf_yield": -1.1, "ocf_yield": 1.2, "gm_median": 29.2, "gm_std": 3.0, "gm_stab": 0.9, "gm_chg_2022": 0.9, "npm_median": 11.1, "roe_median": 9.5, "commodity": false, "hard_ratio": 23.1, "fix_assets": 1.0, "goodwill_ratio": 0.0, "pb_calc": 4.07, "capex_dep": 4.13, "interest_debt": 0.1, "debt_ebitda": 0.8, "debt_ratio": 24.8, "debt_mv": 1.0, "payout": 176.6, "div_years": 2, "rev_cagr3": -8.3, "np_cagr3": -48.0, "rev_yoy": 15.0, "np_yoy": 70.2, "np_vol": 91.8, "loss_years": 1, "far_share": 98.0, "earn_yield": 0.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 48.0], ["建筑激光定位", 39.0], ["工程激光智能定位", 5.0], ["其他主营业务", 4.0]], "ret_prev_year": 59.8, "ret_prev2_year": -27.5, "ret_ytd": -26.7, "ret_pivot": 90.3, "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": 100, "pricing": 54, "hard": 37, "bondness": 64}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 240.3 倍、股息率 1.1%、毛利率近 5 年中位 29.2%、固定资产占比 23%、有息负债/EBITDA 0.8 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 23%,毛利率近 5 年中位 29.2%。", "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 -1.1%(经营现金流/市值 1.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.2%,稳定度 90%,2020→2022 成本通胀期毛利率变化 0.9 个百分点。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 23%,资本开支/折旧 4.13 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 240.3 倍 粗算,约 98%(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「通用设备」248 家中位:PE 50.6 / 股息率 0.8% / 毛利率 28.5% / 固定资产占比 21% / 分红率 45%。", "莱赛激光:PE 比行业中位高 189.7倍;股息率 比行业中位高 0.3个百分点;毛利率 比行业中位高 0.7个百分点;固定资产占比 比行业中位高 2.3个百分点。"]}}