{"F": {"ts_code": "001393.SZ", "name": "维通利", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电网设备", "sw3": "输变电设备", "ind": "电网设备", "fin_source": "tushare", "market": "主板", "list_date": "20260515", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 41.85, "pe_ttm": 35.0062, "pb": 2.8186, "dv_ttm": null, "total_mv": 1043460.279, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [20.6, 22.8, 22.9, 19.8], "rev_series": [14.4, 17.0, 23.9, 31.3], "np_series": [1.1, 1.9, 2.7, 3.0], "roe_series": [11.6, 16.8, 19.7, 18.0], "period": "20260630", "rev_ttm": 33.9, "np_ttm": 3.0, "ocf_ttm": 2.7, "fcf_ttm": 0.8, "fcf_yield": 0.8, "ocf_yield": 2.6, "gm_median": 21.7, "gm_std": 1.4, "gm_stab": 0.94, "gm_chg_2022": null, "npm_median": 10.3, "roe_median": 17.4, "commodity": false, "hard_ratio": 14.9, "fix_assets": 7.4, "goodwill_ratio": 0.0, "pb_calc": 2.82, "capex_dep": 3.72, "interest_debt": 3.1, "debt_ebitda": 0.7, "debt_ratio": 25.8, "debt_mv": 3.0, "payout": null, "div_years": 0, "rev_cagr3": 29.6, "np_cagr3": 38.3, "rev_yoy": 18.8, "np_yoy": -2.2, "np_vol": 21.8, "loss_years": 0, "far_share": 86.0, "earn_yield": 2.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["硬连接", 27.0], ["柔性连接", 20.0], ["触头组件", 13.0], ["其他主营业务", 13.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": null, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": -7.1, "ret_60": -24.8, "ret_120": null, "ret_250": null, "mdd_250": -66.1, "vol_250": 74.7, "pos_52w": 34.7}, "S": {"duration": 58, "pricing": 51, "hard": 24, "bondness": 2}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 35.0 倍、股息率 —、毛利率近 5 年中位 21.7%、固定资产占比 15%、有息负债/EBITDA 0.7 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 15%,毛利率近 5 年中位 21.7%。", "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 0.8%(经营现金流/市值 2.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 21.7%,稳定度 94%。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 15%,资本开支/折旧 3.72 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 35.0 倍 粗算,约 86%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "行业对照": ["同申万二级「电网设备」141 家中位:PE 43.5 / 股息率 1.0% / 毛利率 23.5% / 固定资产占比 15% / 分红率 40%。", "维通利:PE 比行业中位低 8.5倍;股息率 ;毛利率 比行业中位低 1.8个百分点;固定资产占比 与行业中位持平。"]}}