{"F": {"ts_code": "920405.BJ", "name": "海希通讯", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "自动化设备", "sw3": "工控设备", "ind": "自动化设备", "fin_source": "tushare", "market": "北交所", "list_date": "20211105", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 16.05, "pe_ttm": 34.9781, "pb": 2.5541, "dv_ttm": 0.6916, "total_mv": 219034.8042, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [52.2, 52.2, 53.3, 49.2, 33.8, 37.0], "rev_series": [2.9, 2.9, 2.2, 2.3, 4.8, 6.0], "np_series": [0.9, 0.9, 0.6, 0.5, 0.5, 0.8], "roe_series": [31.7, 16.8, 8.2, 6.2, 6.5, 9.7], "period": "20260630", "rev_ttm": 7.9, "np_ttm": 0.6, "ocf_ttm": -3.0, "fcf_ttm": -4.8, "fcf_yield": -21.7, "ocf_yield": -13.9, "gm_median": 49.2, "gm_std": 8.1, "gm_stab": 0.84, "gm_chg_2022": 1.1, "npm_median": 20.9, "roe_median": 8.2, "commodity": false, "hard_ratio": 28.6, "fix_assets": 6.3, "goodwill_ratio": 0.5, "pb_calc": 2.55, "capex_dep": 14.11, "interest_debt": 8.8, "debt_ebitda": 6.2, "debt_ratio": 59.8, "debt_mv": 40.1, "payout": 29.4, "div_years": 4, "rev_cagr3": 39.7, "np_cagr3": 9.1, "rev_yoy": 62.9, "np_yoy": -38.9, "np_vol": 31.2, "loss_years": 0, "far_share": 86.0, "earn_yield": 2.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 34.0], ["储能配件", 25.0], ["储能业务", 25.0], ["无线工业遥控器", 7.0]], "ret_prev_year": 86.7, "ret_prev2_year": 16.4, "ret_ytd": -37.3, "ret_pivot": 80.0, "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": 58, "pricing": 62, "hard": 46, "bondness": 29}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 35.0 倍、股息率 0.7%、毛利率近 5 年中位 49.2%、固定资产占比 29%、有息负债/EBITDA 6.2 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 49.2%。", "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 -21.7%(经营现金流/市值 -13.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 49.2%,稳定度 84%,2020→2022 成本通胀期毛利率变化 1.1 个百分点。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 14.11 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 35.0 倍 粗算,约 86%(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「自动化设备」93 家中位:PE 77.4 / 股息率 0.7% / 毛利率 33.9% / 固定资产占比 14% / 分红率 42%。", "海希通讯:PE 比行业中位低 42.4倍;股息率 与行业中位持平;毛利率 比行业中位高 15.3个百分点;固定资产占比 比行业中位高 14.8个百分点。"]}}