{"F": {"ts_code": "000922.SZ", "name": "佳电股份", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电机Ⅱ", "sw3": "电机Ⅲ", "ind": "电机Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "19990618", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 12.1, "pe_ttm": 32.8281, "pb": 2.1381, "dv_ttm": 0.7576, "total_mv": 1009118.462, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.4, 20.0, 23.8, 24.0, 22.7, 23.1], "rev_series": [23.7, 30.5, 35.8, 53.2, 49.0, 49.2], "np_series": [4.1, 2.1, 3.5, 4.0, 2.6, 2.5], "roe_series": [17.2, 8.1, 12.3, 12.9, 7.9, 6.4], "period": "20260630", "rev_ttm": 51.2, "np_ttm": 3.1, "ocf_ttm": 3.1, "fcf_ttm": -0.4, "fcf_yield": -0.4, "ocf_yield": 3.1, "gm_median": 23.1, "gm_std": 1.4, "gm_stab": 0.94, "gm_chg_2022": -6.6, "npm_median": 7.0, "roe_median": 8.1, "commodity": false, "hard_ratio": 22.3, "fix_assets": 20.4, "goodwill_ratio": 0.0, "pb_calc": 2.14, "capex_dep": 1.85, "interest_debt": 1.8, "debt_ebitda": 0.3, "debt_ratio": 40.9, "debt_mv": 1.7, "payout": 29.7, "div_years": 5, "rev_cagr3": 11.2, "np_cagr3": -10.2, "rev_yoy": 8.1, "np_yoy": 40.4, "np_vol": 39.2, "loss_years": 0, "far_share": 85.0, "earn_yield": 3.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["电动机", 50.0], ["电动机及服务", 34.0], ["核电产品", 16.0], ["其他业务", 1.0]], "ret_prev_year": 23.3, "ret_prev2_year": 12.4, "ret_ytd": 6.4, "ret_pivot": 67.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.2, "ret_60": 0.6, "ret_120": -9.8, "ret_250": 21.2, "mdd_250": -29.4, "vol_250": 43.7, "pos_52w": 82.5}, "S": {"duration": 56, "pricing": 48, "hard": 36, "bondness": 25}, "label": "中性", "tags": [], "text": {"像什么": ["PE 32.8 倍、股息率 0.8%、毛利率近 5 年中位 23.1%、固定资产占比 22%、有息负债/EBITDA 0.3 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 22%,毛利率近 5 年中位 23.1%。", "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 -0.4%(经营现金流/市值 3.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.1%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -6.6 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 22%,资本开支/折旧 1.85 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 32.8 倍 粗算,约 85%(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 -29%,年化波动 44%,现价在 52 周高点的 82%;近 20 / 60 / 120 日 2% / 1% / -10%。", "行业对照": ["同申万二级「电机Ⅱ」28 家中位:PE 46.1 / 股息率 0.6% / 毛利率 20.8% / 固定资产占比 20% / 分红率 38%。", "佳电股份:PE 比行业中位低 13.3倍;股息率 比行业中位高 0.2个百分点;毛利率 比行业中位高 2.3个百分点;固定资产占比 比行业中位高 2.5个百分点。"]}}