{"F": {"ts_code": "000921.SZ", "name": "海信家电", "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": "19990713", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 27.88, "pe_ttm": 13.9486, "pb": 2.2117, "dv_ttm": 4.5336, "total_mv": 3860992.7468, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.0, 19.7, 20.7, 22.1, 20.8, 21.3], "rev_series": [483.9, 675.6, 741.2, 856.0, 927.5, 879.3], "np_series": [15.8, 9.7, 14.3, 28.4, 33.5, 31.9], "roe_series": [17.1, 9.7, 13.1, 22.6, 23.1, 19.4], "period": "20260630", "rev_ttm": 853.5, "np_ttm": 27.7, "ocf_ttm": 37.1, "fcf_ttm": 15.2, "fcf_yield": 3.9, "ocf_yield": 9.6, "gm_median": 20.8, "gm_std": 0.8, "gm_stab": 0.96, "gm_chg_2022": -3.4, "npm_median": 5.4, "roe_median": 19.4, "commodity": false, "hard_ratio": 10.6, "fix_assets": 82.4, "goodwill_ratio": 0.2, "pb_calc": 2.21, "capex_dep": 1.97, "interest_debt": 41.3, "debt_ebitda": 0.8, "debt_ratio": 72.2, "debt_mv": 10.7, "payout": 50.0, "div_years": 5, "rev_cagr3": 5.9, "np_cagr3": 30.5, "rev_yoy": -5.2, "np_yoy": -20.2, "np_vol": 46.4, "loss_years": 0, "far_share": 64.0, "earn_yield": 7.2, "consensus_n": 23, "fwd_pe": 12.7, "fwd_pe2": 11.5, "fwd_g1": 10.0, "fwd_g2": 10.0, "peg": 1.27, "consensus_disp": null, "mainbz": [["暖通空调", 42.0], ["冰洗", 33.0], ["其他主营业务", 12.0], ["其他主营", 12.0]], "ret_prev_year": -10.8, "ret_prev2_year": 56.3, "ret_ytd": 18.4, "ret_pivot": 11.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 10.7, "ret_60": -0.6, "ret_120": 30.4, "ret_250": 14.6, "mdd_250": -24.7, "vol_250": 30.1, "pos_52w": 99.4}, "S": {"duration": 29, "pricing": 49, "hard": 17, "bondness": 61}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 50%、股息率 4.5%、营收 3 年复合 5.9%、有息负债/EBITDA 0.8 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 11%,毛利率近 5 年中位 20.8%。", "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 3.9%(经营现金流/市值 9.6%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.8%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -3.4 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 11%,资本开支/折旧 1.97 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.9 倍 粗算,约 64%(1 − 5/PE)。中等。"]], "价格行为": "近一年 15%,最大回撤 -25%,年化波动 30%,现价在 52 周高点的 99%;近 20 / 60 / 120 日 11% / -1% / 30%。", "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%。", "海信家电:PE 与行业中位持平;股息率 比行业中位高 0.1个百分点;毛利率 与行业中位持平;固定资产占比 比行业中位低 3.9个百分点。"]}}