{"F": {"ts_code": "002056.SZ", "name": "横店东磁", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "光伏设备", "sw3": "光伏电池组件", "ind": "光伏设备", "fin_source": "tushare", "market": "主板", "list_date": "20060802", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 19.72, "pe_ttm": 18.0266, "pb": 3.0243, "dv_ttm": 4.8921, "total_mv": 3207876.064, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.8, 18.2, 17.5, 20.7, 19.8, 17.8], "rev_series": [81.1, 126.1, 194.5, 197.2, 185.6, 225.9], "np_series": [10.1, 11.2, 16.7, 18.2, 18.3, 18.5], "roe_series": [17.9, 17.6, 23.1, 21.7, 19.1, 17.9], "period": "20260630", "rev_ttm": 229.9, "np_ttm": 17.8, "ocf_ttm": 22.9, "fcf_ttm": 10.1, "fcf_yield": 3.2, "ocf_yield": 7.1, "gm_median": 18.2, "gm_std": 1.2, "gm_stab": 0.93, "gm_chg_2022": -7.3, "npm_median": 9.3, "roe_median": 19.1, "commodity": false, "hard_ratio": 20.7, "fix_assets": 58.7, "goodwill_ratio": 0.0, "pb_calc": 3.02, "capex_dep": 1.91, "interest_debt": 37.2, "debt_ebitda": 1.2, "debt_ratio": 61.4, "debt_mv": 11.6, "payout": 39.9, "div_years": 5, "rev_cagr3": 5.1, "np_cagr3": 3.5, "rev_yoy": 3.4, "np_yoy": -7.0, "np_vol": 17.9, "loss_years": 0, "far_share": 72.0, "earn_yield": 5.5, "consensus_n": 9, "fwd_pe": 16.6, "fwd_pe2": 14.3, "fwd_g1": 9.0, "fwd_g2": 16.0, "peg": 1.04, "consensus_disp": null, "mainbz": [["光伏产品", 59.0], ["磁性材料", 17.0], ["锂电池", 14.0], ["器件", 6.0]], "ret_prev_year": 64.0, "ret_prev2_year": -1.6, "ret_ytd": 4.3, "ret_pivot": 102.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -11.2, "ret_60": -18.2, "ret_120": -21.9, "ret_250": 11.5, "mdd_250": -39.9, "vol_250": 55.5, "pos_52w": 60.1}, "S": {"duration": 36, "pricing": 45, "hard": 33, "bondness": 62}, "label": "中性", "tags": ["股息率≥4%"], "text": {"像什么": ["PE 18.0 倍、股息率 4.9%、毛利率近 5 年中位 18.2%、固定资产占比 21%、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 21%,毛利率近 5 年中位 18.2%。", "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 3.2%(经营现金流/市值 7.1%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 18.2%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -7.3 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 21%,资本开支/折旧 1.91 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 18.0 倍 粗算,约 72%(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 12%,最大回撤 -40%,年化波动 56%,现价在 52 周高点的 60%;近 20 / 60 / 120 日 -11% / -18% / -22%。", "行业对照": ["同申万二级「光伏设备」73 家中位:PE 41.0 / 股息率 0.5% / 毛利率 17.8% / 固定资产占比 23% / 分红率 29%。", "横店东磁:PE 比行业中位低 23.0倍;股息率 比行业中位高 4.4个百分点;毛利率 比行业中位高 0.4个百分点;固定资产占比 比行业中位低 1.9个百分点。"]}}