{"F": {"ts_code": "001359.SZ", "name": "平安电工", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "塑料", "sw3": "膜材料", "ind": "塑料", "fin_source": "tushare", "market": "主板", "list_date": "20240328", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 79.77, "pe_ttm": 83.2441, "pb": 9.3191, "dv_ttm": 0.3838, "total_mv": 1923686.2557, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [34.8, 32.4, 29.1, 33.8, 35.6, 35.4], "rev_series": [null, null, 8.4, 9.2, 10.6, 11.9], "np_series": [null, null, 1.3, 1.6, 2.2, 2.4], "roe_series": [13.7, 19.3, 17.4, 18.8, 15.6, 12.5], "period": "20260630", "rev_ttm": 13.1, "np_ttm": 2.3, "ocf_ttm": 1.9, "fcf_ttm": -0.3, "fcf_yield": -0.2, "ocf_yield": 1.0, "gm_median": 33.8, "gm_std": 2.4, "gm_stab": 0.93, "gm_chg_2022": -5.7, "npm_median": 17.9, "roe_median": 17.4, "commodity": false, "hard_ratio": 29.6, "fix_assets": 7.6, "goodwill_ratio": 0.0, "pb_calc": 9.32, "capex_dep": 3.27, "interest_debt": 0.5, "debt_ebitda": 0.1, "debt_ratio": 19.2, "debt_mv": 0.3, "payout": 28.8, "div_years": 3, "rev_cagr3": 12.2, "np_cagr3": 22.3, "rev_yoy": 20.3, "np_yoy": -7.8, "np_vol": 25.1, "loss_years": 0, "far_share": 94.0, "earn_yield": 1.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["耐高温云母绝缘材料", 25.0], ["电热系统用云母耐温绝缘材料", 25.0], ["新能源热失控安全防护件", 15.0], ["新能源安全防护复合材料", 15.0]], "ret_prev_year": 180.7, "ret_prev2_year": null, "ret_ytd": 46.9, "ret_pivot": 471.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -10.4, "ret_60": 6.9, "ret_120": 39.9, "ret_250": 84.7, "mdd_250": -46.4, "vol_250": 64.3, "pos_52w": 61.4}, "S": {"duration": 88, "pricing": 53, "hard": 47, "bondness": 20}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 83.2 倍、股息率 0.4%、毛利率近 5 年中位 33.8%、固定资产占比 30%、有息负债/EBITDA 0.1 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 33.8%),硬资产占比 30%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 -0.2%(经营现金流/市值 1.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 33.8%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -5.7 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 30%,资本开支/折旧 3.27 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 83.2 倍 粗算,约 94%(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 85%,最大回撤 -46%,年化波动 64%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 -10% / 7% / 40%。", "行业对照": ["同申万二级「塑料」77 家中位:PE 41.1 / 股息率 0.7% / 毛利率 16.9% / 固定资产占比 32% / 分红率 40%。", "平安电工:PE 比行业中位高 42.1倍;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位高 16.9个百分点;固定资产占比 比行业中位低 2.3个百分点。"]}}