{"F": {"ts_code": "000651.SZ", "name": "格力电器", "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": "19961118", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 38.98, "pe_ttm": 7.8348, "pb": 1.4702, "dv_ttm": 7.6884, "total_mv": 21834279.8084, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [26.1, 24.3, 26.0, 30.6, 29.4, 29.8], "rev_series": [1682.0, 1878.7, 1889.9, 2039.8, 1891.6, 1704.5], "np_series": [221.8, 230.6, 245.1, 290.2, 321.8, 290.0], "roe_series": [19.7, 21.1, 24.5, 27.2, 25.3, 20.5], "period": "20260630", "rev_ttm": 1625.2, "np_ttm": 278.7, "ocf_ttm": 368.6, "fcf_ttm": 354.0, "fcf_yield": 16.2, "ocf_yield": 16.9, "gm_median": 29.4, "gm_std": 2.4, "gm_stab": 0.92, "gm_chg_2022": -0.1, "npm_median": 13.6, "roe_median": 24.5, "commodity": false, "hard_ratio": 8.7, "fix_assets": 348.0, "goodwill_ratio": 0.3, "pb_calc": 1.47, "capex_dep": 0.34, "interest_debt": 838.2, "debt_ebitda": 2.3, "debt_ratio": 61.8, "debt_mv": 38.4, "payout": 51.5, "div_years": 5, "rev_cagr3": -3.4, "np_cagr3": 5.8, "rev_yoy": -8.1, "np_yoy": -7.9, "np_vol": 9.3, "loss_years": 0, "far_share": 36.0, "earn_yield": 12.8, "consensus_n": 23, "fwd_pe": 7.5, "fwd_pe2": 7.1, "fwd_g1": 5.0, "fwd_g2": 5.0, "peg": 1.5, "consensus_disp": null, "mainbz": [["产品", 49.0], ["消费电器", 41.0], ["工业制品及绿色能源", 5.0], ["其他业务", 2.0]], "ret_prev_year": -5.7, "ret_prev2_year": 65.8, "ret_ytd": 4.7, "ret_pivot": 10.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.3, "ret_60": 6.8, "ret_120": 6.5, "ret_250": -9.6, "mdd_250": -19.3, "vol_250": 17.8, "pos_52w": 90.6}, "S": {"duration": 18, "pricing": 54, "hard": 14, "bondness": 75}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 52%、股息率 7.7%、营收 3 年复合 -3.4%、有息负债/EBITDA 2.3 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 9%,毛利率近 5 年中位 29.4%。", "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 16.2%(经营现金流/市值 16.9%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.4%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -0.1 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 9%,资本开支/折旧 0.34 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 7.8 倍 粗算,约 36%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 -10%,最大回撤 -19%,年化波动 18%,现价在 52 周高点的 91%;近 20 / 60 / 120 日 2% / 7% / 6%。", "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%。", "格力电器:PE 比行业中位低 6.1倍;股息率 比行业中位高 3.3个百分点;毛利率 比行业中位高 8.6个百分点;固定资产占比 比行业中位低 5.8个百分点。"]}}