{"F": {"ts_code": "000333.SZ", "name": "美的集团", "mkt": "CN", "ccy": "元", "sw1": "家用电器", "sw2": "白色家电", "sw3": "空调", "ind": "白色家电", "fin_source": "tushare", "market": "主板", "list_date": "20130918", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 87.57, "pe_ttm": 15.0538, "pb": 3.1544, "dv_ttm": 4.8053, "total_mv": 66805384.8916, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [25.1, 22.5, 24.2, 26.5, 26.4, 26.4], "rev_series": [2842.2, 3412.3, 3439.2, 3720.4, 4071.5, 4564.5], "np_series": [272.2, 285.7, 295.5, 337.2, 385.4, 439.5], "roe_series": [24.8, 23.6, 22.1, 22.1, 20.3, 20.0], "period": "20260630", "rev_ttm": 4653.7, "np_ttm": 443.8, "ocf_ttm": 536.2, "fcf_ttm": 429.9, "fcf_yield": 6.4, "ocf_yield": 8.0, "gm_median": 26.4, "gm_std": 1.6, "gm_stab": 0.94, "gm_chg_2022": -0.9, "npm_median": 9.1, "roe_median": 22.1, "commodity": false, "hard_ratio": 7.4, "fix_assets": 472.8, "goodwill_ratio": 4.9, "pb_calc": 3.14, "capex_dep": 1.24, "interest_debt": 770.4, "debt_ebitda": 1.3, "debt_ratio": 64.9, "debt_mv": 11.5, "payout": 64.3, "div_years": 5, "rev_cagr3": 9.9, "np_cagr3": 14.1, "rev_yoy": 3.6, "np_yoy": 1.7, "np_vol": 4.9, "loss_years": 0, "far_share": 67.0, "earn_yield": 6.6, "consensus_n": 31, "fwd_pe": 14.2, "fwd_pe2": 13.2, "fwd_g1": 6.0, "fwd_g2": 8.0, "peg": 1.77, "consensus_disp": null, "mainbz": [["产品", 31.0], ["智能家居业务", 21.0], ["智能家居", 21.0], ["商业及工业解决方案", 8.0]], "ret_prev_year": 10.3, "ret_prev2_year": 53.8, "ret_ytd": 17.8, "ret_pivot": 46.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.9, "ret_60": 7.4, "ret_120": 19.9, "ret_250": 26.5, "mdd_250": -12.9, "vol_250": 20.0, "pos_52w": 98.4}, "S": {"duration": 31, "pricing": 53, "hard": 12, "bondness": 65}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 64%、股息率 4.8%、营收 3 年复合 9.9%、有息负债/EBITDA 1.3 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 7%,毛利率近 5 年中位 26.4%。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 6.4%(经营现金流/市值 8.0%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.4%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -0.9 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 7%,资本开支/折旧 1.24 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.1 倍 粗算,约 67%(1 − 5/PE)。中等。"]], "价格行为": "近一年 26%,最大回撤 -13%,年化波动 20%,现价在 52 周高点的 98%;近 20 / 60 / 120 日 5% / 7% / 20%。", "行业对照": ["同申万二级「白色家电」11 家中位:PE 13.9 / 股息率 4.4% / 毛利率 20.8% / 固定资产占比 14% / 分红率 49%。", "美的集团:PE 比行业中位高 1.2倍;股息率 比行业中位高 0.4个百分点;毛利率 比行业中位高 5.6个百分点;固定资产占比 比行业中位低 7.1个百分点。"]}}