{"F": {"ts_code": "920509.BJ", "name": "同惠电子", "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": "20210111", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 21.66, "pe_ttm": 48.1658, "pb": 9.7952, "dv_ttm": 1.3729, "total_mv": 347222.1375, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [57.4, 54.6, 56.0, 57.1, 56.0, 59.5], "rev_series": [1.0, 1.5, 1.9, 1.7, 1.9, 2.3], "np_series": [0.3, 0.4, 0.6, 0.4, 0.5, 0.7], "roe_series": [16.1, 15.0, 17.9, 11.5, 14.8, 19.4], "period": "20260630", "rev_ttm": 2.5, "np_ttm": 0.7, "ocf_ttm": 0.6, "fcf_ttm": 0.5, "fcf_yield": 1.3, "ocf_yield": 1.7, "gm_median": 56.0, "gm_std": 1.6, "gm_stab": 0.97, "gm_chg_2022": -1.4, "npm_median": 28.3, "roe_median": 15.0, "commodity": false, "hard_ratio": 22.7, "fix_assets": 0.9, "goodwill_ratio": 0.0, "pb_calc": 9.8, "capex_dep": 1.08, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 11.2, "debt_mv": null, "payout": 78.1, "div_years": 5, "rev_cagr3": 6.8, "np_cagr3": 7.1, "rev_yoy": 13.1, "np_yoy": 10.5, "np_vol": 25.9, "loss_years": 0, "far_share": 90.0, "earn_yield": 2.1, "consensus_n": 7, "fwd_pe": 41.5, "fwd_pe2": 34.1, "fwd_g1": 16.0, "fwd_g2": 22.0, "peg": 1.89, "consensus_disp": null, "mainbz": [["元器件参数测试类仪器", 30.0], ["元件参数测试仪器", 30.0], ["安规线材测试仪器", 14.0], ["微弱信号检测仪器", 11.0]], "ret_prev_year": 166.5, "ret_prev2_year": 23.2, "ret_ytd": -41.8, "ret_pivot": 220.4, "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": 70, "pricing": 68, "hard": 36, "bondness": 52}, "label": "中性", "tags": [], "text": {"像什么": ["PE 48.2 倍、股息率 1.4%、毛利率近 5 年中位 56.0%、固定资产占比 23%、资产负债率 11%:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 56.0%),硬资产占比 23%。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": "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 1.3%(经营现金流/市值 1.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 56.0%,稳定度 97%,2020→2022 成本通胀期毛利率变化 -1.4 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 1.08 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 48.2 倍 粗算,约 90%(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%。", "同惠电子:PE 比行业中位低 2.4倍;股息率 比行业中位高 0.6个百分点;毛利率 比行业中位高 27.5个百分点;固定资产占比 比行业中位高 1.9个百分点。"]}}