{"F": {"ts_code": "HK.02018", "name": "瑞声科技", "mkt": "HK", "ccy": "港元", "sw1": "电子零件", "sw2": "电子零件", "sw3": "", "ind": "电子零件", "fin_source": "futu", "market": "主板", "list_date": "20050809", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 42.96, "pe_ttm": 16.98, "pb": 1.787, "dv_ttm": 0.82, "total_mv": 4960354.92, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [22.1], "rev_series": [353.8], "np_series": [28.2], "roe_series": [10.8], "rev_ttm": 353.8, "np_ttm": 28.8, "ocf_ttm": 48.2, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 9.7, "gm_median": 22.1, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 8.0, "roe_median": 10.8, "commodity": false, "hard_ratio": 37.8, "fix_assets": 198.9, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 36.5, "debt_ratio": 49.1, "debt_mv": null, "payout": 14.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 21.7, "np_yoy": 50.5, "np_vol": null, "loss_years": 0, "far_share": 71.0, "earn_yield": 5.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [], "ret_prev_year": null, "ret_prev2_year": null, "ret_pivot": null, "prev_year": "", "prev2_year": "", "ret_ytd": 11.2, "ret_20": 3.8, "ret_60": -3.3, "ret_120": 30.2, "ret_250": -1.6, "mdd_250": null, "vol_250": null, "pos_52w": 85.2, "eps": 2.409}, "S": {"duration": 35, "pricing": 43, "hard": 60, "bondness": 23}, "label": "成长兑现", "tags": [], "text": {"像什么": ["盈利在追估值:最新净利润同比 50%,PE TTM 17.0 倍,历史 PEG(PE ÷ 最新增速)0.34。", "经营现金流 48.2 亿(正),没有一致预期数据,风险在增速能否延续。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 38%),没有定价权:毛利率最新年报 22.1%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "加息期怎么走": "估值不靠远期故事,加息期比纯久期抗跌;风险在订单与增速,盯业绩不盯利率。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 9.7%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率最新年报 22.1%。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 38%。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 17.0 倍 粗算,约 71%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 -2%,现价在 52 周高点的 85%;近 20 / 60 / 120 日 4% / -3% / 30%。", "行业对照": ["同富途行业「电子零件」27 家中位:PE 17.0 / 股息率 0.6% / 毛利率 16.4% / 固定资产占比 25% / 分红率 14%。", "瑞声科技:PE 与行业中位持平;股息率 比行业中位高 0.2个百分点;毛利率 比行业中位高 5.7个百分点;固定资产占比 比行业中位高 13.0个百分点。"]}}