{"F": {"ts_code": "001387.SZ", "name": "雪祺电气", "mkt": "CN", "ccy": "元", "sw1": "家用电器", "sw2": "白色家电", "sw3": "冰洗", "ind": "白色家电", "fin_source": "tushare", "market": "主板", "list_date": "20240111", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 11.98, "pe_ttm": 29.8362, "pb": 1.6799, "dv_ttm": 1.6698, "total_mv": 219226.0932, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [12.6, 11.0, 12.2, 13.5, 12.6, 13.9], "rev_series": [null, null, 19.3, 23.6, 19.5, 20.0], "np_series": [null, null, 1.0, 1.4, 1.0, 1.0], "roe_series": [2.1, 24.9, 20.3, 22.1, 10.5, 7.7], "period": "20260630", "rev_ttm": 23.7, "np_ttm": 0.7, "ocf_ttm": 1.5, "fcf_ttm": 0.5, "fcf_yield": 2.3, "ocf_yield": 6.6, "gm_median": 12.6, "gm_std": 1.0, "gm_stab": 0.92, "gm_chg_2022": -0.4, "npm_median": 5.3, "roe_median": 20.3, "commodity": false, "hard_ratio": 19.7, "fix_assets": 5.4, "goodwill_ratio": 0.1, "pb_calc": 1.68, "capex_dep": 0.86, "interest_debt": 2.8, "debt_ebitda": 1.2, "debt_ratio": 50.4, "debt_mv": 12.6, "payout": 34.3, "div_years": 3, "rev_cagr3": 1.2, "np_cagr3": -1.0, "rev_yoy": 40.9, "np_yoy": -68.5, "np_vol": 741.7, "loss_years": 0, "far_share": 83.0, "earn_yield": 3.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 49.0], ["冰箱", 37.0], ["蒸发器、冷凝器", 5.0], ["商用展示柜及其他", 3.0]], "ret_prev_year": 1.1, "ret_prev2_year": null, "ret_ytd": -12.0, "ret_pivot": -2.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.2, "ret_60": 2.1, "ret_120": -13.6, "ret_250": -17.0, "mdd_250": -36.2, "vol_250": 35.4, "pos_52w": 73.4}, "S": {"duration": 53, "pricing": 46, "hard": 32, "bondness": 44}, "label": "中性", "tags": [], "text": {"像什么": ["PE 29.8 倍、股息率 1.7%、毛利率近 5 年中位 12.6%、固定资产占比 20%、有息负债/EBITDA 1.2 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 20%,毛利率近 5 年中位 12.6%。", "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 2.3%(经营现金流/市值 6.6%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 12.6%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -0.4 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 20%,资本开支/折旧 0.86 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 29.8 倍 粗算,约 83%(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 -17%,最大回撤 -36%,年化波动 35%,现价在 52 周高点的 73%;近 20 / 60 / 120 日 2% / 2% / -14%。", "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%。", "雪祺电气:PE 比行业中位高 15.9倍;股息率 比行业中位低 2.7个百分点;毛利率 比行业中位低 8.2个百分点;固定资产占比 比行业中位高 5.2个百分点。"]}}