{"F": {"ts_code": "920924.BJ", "name": "广脉科技", "mkt": "CN", "ccy": "元", "sw1": "通信", "sw2": "通信服务", "sw3": "通信工程及服务", "ind": "通信服务", "fin_source": "tushare", "market": "北交所", "list_date": "20211103", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 15.15, "pe_ttm": 149.8756, "pb": 5.0, "dv_ttm": 0.132, "total_mv": 162554.1975, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [27.1, 33.2, 22.8, 20.6, 22.6, 19.8], "rev_series": [3.3, 3.8, 3.4, 4.2, 4.0, 4.8], "np_series": [0.3, 0.3, 0.1, 0.3, 0.3, 0.2], "roe_series": [22.0, 15.2, 5.9, 9.5, 9.4, 5.6], "period": "20260630", "rev_ttm": 4.7, "np_ttm": 0.1, "ocf_ttm": 0.7, "fcf_ttm": 0.5, "fcf_yield": 3.2, "ocf_yield": 4.5, "gm_median": 22.6, "gm_std": 4.8, "gm_stab": 0.79, "gm_chg_2022": -4.3, "npm_median": 6.0, "roe_median": 9.4, "commodity": false, "hard_ratio": 26.9, "fix_assets": 2.3, "goodwill_ratio": 0.0, "pb_calc": 5.0, "capex_dep": 0.33, "interest_debt": 3.3, "debt_ebitda": 3.5, "debt_ratio": 62.0, "debt_mv": 20.2, "payout": 16.1, "div_years": 5, "rev_cagr3": 12.3, "np_cagr3": 5.3, "rev_yoy": -7.2, "np_yoy": -46.3, "np_vol": 42.1, "loss_years": 0, "far_share": 97.0, "earn_yield": 0.7, "consensus_n": 2, "fwd_pe": 42.1, "fwd_pe2": 34.4, "fwd_g1": 256.0, "fwd_g2": 22.0, "peg": 1.91, "consensus_disp": null, "mainbz": [["产品", 41.0], ["高铁信息化业务", 13.0], ["通信基础设施运营收入", 13.0], ["资产运营服务业务", 13.0]], "ret_prev_year": 39.2, "ret_prev2_year": 64.2, "ret_ytd": -27.5, "ret_pivot": 83.9, "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": 98, "pricing": 43, "hard": 43, "bondness": 25}, "label": "中性", "tags": [], "text": {"像什么": ["PE 149.9 倍、股息率 0.1%、毛利率近 5 年中位 22.6%、固定资产占比 27%、有息负债/EBITDA 3.5 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 27%,毛利率近 5 年中位 22.6%。", "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 3.2%(经营现金流/市值 4.5%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 22.6%,稳定度 79%,2020→2022 成本通胀期毛利率变化 -4.3 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 27%,资本开支/折旧 0.33 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 149.9 倍 粗算,约 97%(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「通信服务」38 家中位:PE 82.0 / 股息率 0.4% / 毛利率 20.1% / 固定资产占比 12% / 分红率 34%。", "广脉科技:PE 比行业中位高 67.9倍;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位高 2.5个百分点;固定资产占比 比行业中位高 14.8个百分点。"]}}