{"F": {"ts_code": "000810.SZ", "name": "创维数字", "mkt": "CN", "ccy": "元", "sw1": "家用电器", "sw2": "黑色家电", "sw3": "其他黑色家电", "ind": "黑色家电", "fin_source": "tushare", "market": "主板", "list_date": "19980602", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 9.75, "pe_ttm": 38.8907, "pb": 1.7048, "dv_ttm": 0.8205, "total_mv": 1121440.71, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [18.2, 16.2, 17.7, 16.7, 14.6, 13.3], "rev_series": [85.1, 108.5, 120.1, 106.3, 86.9, 88.1], "np_series": [3.8, 4.2, 8.2, 6.0, 2.5, 1.8], "roe_series": [9.6, 9.7, 15.6, 9.7, 3.9, 2.8], "period": "20260630", "rev_ttm": 100.9, "np_ttm": 2.9, "ocf_ttm": -23.0, "fcf_ttm": -26.6, "fcf_yield": -23.7, "ocf_yield": -20.5, "gm_median": 16.2, "gm_std": 1.6, "gm_stab": 0.9, "gm_chg_2022": -0.5, "npm_median": 3.8, "roe_median": 9.7, "commodity": false, "hard_ratio": 10.4, "fix_assets": 15.4, "goodwill_ratio": 0.5, "pb_calc": 1.7, "capex_dep": 3.39, "interest_debt": 29.9, "debt_ebitda": 9.1, "debt_ratio": 56.0, "debt_mv": 26.7, "payout": 50.8, "div_years": 5, "rev_cagr3": -9.8, "np_cagr3": -39.8, "rev_yoy": 31.2, "np_yoy": 202.4, "np_vol": 53.0, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.6, "consensus_n": 1, "fwd_pe": 33.6, "fwd_pe2": 27.9, "fwd_g1": 16.0, "fwd_g2": 21.0, "peg": 1.6, "consensus_disp": null, "mainbz": [["产品", 50.0], ["智能终端", 41.0], ["专业显示", 8.0], ["运营服务", 0.0]], "ret_prev_year": -25.5, "ret_prev2_year": 2.3, "ret_ytd": -16.7, "ret_pivot": 8.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.8, "ret_60": -2.1, "ret_120": -11.3, "ret_250": -21.4, "mdd_250": -37.8, "vol_250": 42.4, "pos_52w": 66.7}, "S": {"duration": 62, "pricing": 47, "hard": 17, "bondness": 58}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 38.9 倍、股息率 0.8%、毛利率近 5 年中位 16.2%、固定资产占比 10%、有息负债/EBITDA 9.1 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 10%,毛利率近 5 年中位 16.2%。", "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 -23.7%(经营现金流/市值 -20.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.2%,稳定度 90%,2020→2022 成本通胀期毛利率变化 -0.5 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 10%,资本开支/折旧 3.39 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 38.9 倍 粗算,约 87%(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 -21%,最大回撤 -38%,年化波动 42%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 1% / -2% / -11%。", "行业对照": ["同申万二级「黑色家电」9 家中位:PE 38.9 / 股息率 0.9% / 毛利率 16.7% / 固定资产占比 18% / 分红率 51%。", "创维数字:PE 与行业中位持平;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位低 0.5个百分点;固定资产占比 比行业中位低 7.4个百分点。"]}}