{"F": {"ts_code": "920640.BJ", "name": "富士达", "mkt": "CN", "ccy": "元", "sw1": "通信", "sw2": "通信设备", "sw3": "通信线缆及配套", "ind": "通信设备", "fin_source": "tushare", "market": "北交所", "list_date": "20200727", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 26.39, "pe_ttm": 61.5366, "pb": 5.2743, "dv_ttm": 0.5684, "total_mv": 495414.192, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [34.8, 37.5, 39.4, 41.5, 32.7, 33.4], "rev_series": [5.4, 6.0, 8.1, 8.2, 7.6, 8.8], "np_series": [0.7, 1.0, 1.4, 1.5, 0.5, 0.8], "roe_series": [16.0, 17.0, 20.5, 18.1, 5.9, 8.6], "period": "20260630", "rev_ttm": 9.3, "np_ttm": 0.8, "ocf_ttm": 1.1, "fcf_ttm": 1.0, "fcf_yield": 2.0, "ocf_yield": 2.2, "gm_median": 37.5, "gm_std": 3.4, "gm_stab": 0.91, "gm_chg_2022": 4.7, "npm_median": 17.9, "roe_median": 17.0, "commodity": false, "hard_ratio": 21.0, "fix_assets": 3.3, "goodwill_ratio": 0.0, "pb_calc": 5.27, "capex_dep": 0.19, "interest_debt": 0.5, "debt_ebitda": 0.4, "debt_ratio": 37.7, "debt_mv": 1.0, "payout": 36.7, "div_years": 5, "rev_cagr3": 2.9, "np_cagr3": -18.4, "rev_yoy": 12.1, "np_yoy": 7.5, "np_vol": 44.1, "loss_years": 0, "far_share": 92.0, "earn_yield": 1.6, "consensus_n": 7, "fwd_pe": 48.0, "fwd_pe2": 37.1, "fwd_g1": 28.0, "fwd_g2": 29.0, "peg": 1.66, "consensus_disp": null, "mainbz": [["产品", 39.0], ["电缆组件", 22.0], ["射频同轴电缆组件", 22.0], ["射频同轴连接器", 17.0]], "ret_prev_year": 38.5, "ret_prev2_year": 42.4, "ret_ytd": -29.5, "ret_pivot": 148.2, "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": 79, "pricing": 62, "hard": 34, "bondness": 35}, "label": "中性", "tags": [], "text": {"像什么": ["PE 61.5 倍、股息率 0.6%、毛利率近 5 年中位 37.5%、固定资产占比 21%、有息负债/EBITDA 0.4 倍: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 37.5%),硬资产占比 21%。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 2.0%(经营现金流/市值 2.2%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 37.5%,稳定度 91%,2020→2022 成本通胀期毛利率变化 4.7 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 21%,资本开支/折旧 0.19 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 61.5 倍 粗算,约 92%(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「通信设备」89 家中位:PE 84.6 / 股息率 0.3% / 毛利率 29.1% / 固定资产占比 14% / 分红率 41%。", "富士达:PE 比行业中位低 23.1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 8.4个百分点;固定资产占比 比行业中位高 6.8个百分点。"]}}