{"F": {"ts_code": "002032.SZ", "name": "苏泊尔", "mkt": "CN", "ccy": "元", "sw1": "家用电器", "sw2": "小家电", "sw3": "厨房小家电", "ind": "小家电", "fin_source": "tushare", "market": "主板", "list_date": "20040817", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 40.02, "pe_ttm": 15.8136, "pb": 6.3392, "dv_ttm": 6.5466, "total_mv": 3201224.2122, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [26.4, 23.0, 25.8, 26.3, 24.7, 24.9], "rev_series": [186.0, 215.9, 201.7, 213.0, 224.3, 227.7], "np_series": [18.5, 19.4, 20.7, 21.8, 22.4, 21.0], "roe_series": [26.3, 26.2, 28.2, 32.6, 35.2, 33.0], "period": "20260630", "rev_ttm": 227.0, "np_ttm": 20.2, "ocf_ttm": 26.2, "fcf_ttm": 24.1, "fcf_yield": 7.5, "ocf_yield": 8.2, "gm_median": 24.9, "gm_std": 1.1, "gm_stab": 0.95, "gm_chg_2022": -0.6, "npm_median": 10.0, "roe_median": 32.6, "commodity": false, "hard_ratio": 10.0, "fix_assets": 12.8, "goodwill_ratio": 0.0, "pb_calc": 6.34, "capex_dep": 1.52, "interest_debt": 14.8, "debt_ebitda": 0.5, "debt_ratio": 60.5, "debt_mv": 4.6, "payout": 99.8, "div_years": 5, "rev_cagr3": 4.1, "np_cagr3": 0.5, "rev_yoy": -0.6, "np_yoy": -7.7, "np_vol": 4.8, "loss_years": 0, "far_share": 68.0, "earn_yield": 6.3, "consensus_n": 14, "fwd_pe": 15.3, "fwd_pe2": 14.3, "fwd_g1": 3.0, "fwd_g2": 7.0, "peg": 2.19, "consensus_disp": null, "mainbz": [["产品", 47.0], ["烹饪电器", 18.0], ["炊具及用具", 14.0], ["食物料理电器", 8.0]], "ret_prev_year": -13.2, "ret_prev2_year": 6.5, "ret_ytd": -3.4, "ret_pivot": -16.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.7, "ret_60": -5.2, "ret_120": -5.7, "ret_250": -20.0, "mdd_250": -19.9, "vol_250": 21.1, "pos_52w": 81.2}, "S": {"duration": 33, "pricing": 53, "hard": 16, "bondness": 82}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 100%、股息率 6.5%、营收 3 年复合 4.1%、有息负债/EBITDA 0.5 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 10%,毛利率近 5 年中位 24.9%。", "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 7.5%(经营现金流/市值 8.2%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 24.9%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -0.6 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 10%,资本开支/折旧 1.52 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.8 倍 粗算,约 68%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -20%,最大回撤 -20%,年化波动 21%,现价在 52 周高点的 81%;近 20 / 60 / 120 日 -3% / -5% / -6%。", "行业对照": ["同申万二级「小家电」23 家中位:PE 50.5 / 股息率 1.8% / 毛利率 27.6% / 固定资产占比 22% / 分红率 50%。", "苏泊尔:PE 比行业中位低 34.7倍;股息率 比行业中位高 4.7个百分点;毛利率 比行业中位低 2.7个百分点;固定资产占比 比行业中位低 11.7个百分点。"]}}