{"F": {"ts_code": "920876.BJ", "name": "慧为智能", "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": "20221109", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 18.0, "pe_ttm": 217.0281, "pb": 4.5458, "dv_ttm": 0.2778, "total_mv": 115525.1862, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.9, 21.0, 21.2, 15.6, 14.8, 14.2], "rev_series": [3.2, 4.4, 4.2, 4.7, 4.4, 5.5], "np_series": [0.3, 0.3, 0.2, 0.0, 0.0, 0.1], "roe_series": [32.2, 26.2, 13.0, 1.9, 0.6, 2.6], "period": "20260630", "rev_ttm": 5.6, "np_ttm": 0.1, "ocf_ttm": -0.6, "fcf_ttm": -0.9, "fcf_yield": -8.2, "ocf_yield": -5.2, "gm_median": 15.6, "gm_std": 3.1, "gm_stab": 0.8, "gm_chg_2022": -3.7, "npm_median": 1.2, "roe_median": 2.6, "commodity": false, "hard_ratio": 20.4, "fix_assets": 0.8, "goodwill_ratio": 0.0, "pb_calc": 4.55, "capex_dep": 5.14, "interest_debt": 0.8, "debt_ebitda": 3.9, "debt_ratio": 36.6, "debt_mv": 7.1, "payout": 149.6, "div_years": 3, "rev_cagr3": 9.6, "np_cagr3": -35.7, "rev_yoy": 1.3, "np_yoy": -65.2, "np_vol": 148.3, "loss_years": 0, "far_share": 98.0, "earn_yield": 0.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 36.0], ["其他收入", 17.0], ["其他类", 17.0], ["商用IOT类", 11.0]], "ret_prev_year": 55.2, "ret_prev2_year": -0.2, "ret_ytd": -28.7, "ret_pivot": 75.5, "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": 41, "hard": 33, "bondness": 59}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 217.0 倍、股息率 0.3%、毛利率近 5 年中位 15.6%、固定资产占比 20%、有息负债/EBITDA 3.9 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 20%,毛利率近 5 年中位 15.6%。", "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 -8.2%(经营现金流/市值 -5.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 15.6%,稳定度 80%,2020→2022 成本通胀期毛利率变化 -3.7 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 20%,资本开支/折旧 5.14 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 217.0 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「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%。", "慧为智能:PE 比行业中位高 170.5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 4.7个百分点;固定资产占比 比行业中位低 4.4个百分点。"]}}