{"F": {"ts_code": "002090.SZ", "name": "金智科技", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电网设备", "sw3": "电网自动化设备", "ind": "电网设备", "fin_source": "tushare", "market": "主板", "list_date": "20061208", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 9.3, "pe_ttm": 52.8743, "pb": 2.384, "dv_ttm": 0.7527, "total_mv": 372536.703, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [25.2, 23.4, 25.6, 24.4, 24.5, 27.5], "rev_series": [18.6, 16.4, 15.3, 16.2, 17.7, 15.6], "np_series": [0.7, 1.4, 0.3, 0.6, 0.7, 0.7], "roe_series": [4.9, 11.2, 2.4, 4.5, 4.9, 4.3], "period": "20260630", "rev_ttm": 16.1, "np_ttm": 0.7, "ocf_ttm": 1.3, "fcf_ttm": 1.2, "fcf_yield": 3.1, "ocf_yield": 3.4, "gm_median": 24.5, "gm_std": 1.4, "gm_stab": 0.94, "gm_chg_2022": 0.3, "npm_median": 4.1, "roe_median": 4.5, "commodity": false, "hard_ratio": 2.7, "fix_assets": 0.9, "goodwill_ratio": 0.7, "pb_calc": 2.38, "capex_dep": 0.67, "interest_debt": 3.6, "debt_ebitda": 4.2, "debt_ratio": 53.3, "debt_mv": 9.7, "payout": 36.2, "div_years": 5, "rev_cagr3": 0.7, "np_cagr3": 30.0, "rev_yoy": 7.0, "np_yoy": 14.1, "np_vol": 73.9, "loss_years": 0, "far_share": 91.0, "earn_yield": 1.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 46.0], ["配用电自动化装置及系统", 11.0], ["发电厂电气自动化装置及系统", 11.0], ["变电站综合自动化装置及系统", 11.0]], "ret_prev_year": 34.0, "ret_prev2_year": -10.5, "ret_ytd": -20.9, "ret_pivot": 31.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.7, "ret_60": 1.4, "ret_120": -23.4, "ret_250": -8.6, "mdd_250": -36.7, "vol_250": 39.6, "pos_52w": 70.2}, "S": {"duration": 73, "pricing": 53, "hard": 4, "bondness": 49}, "label": "中性", "tags": [], "text": {"像什么": ["PE 52.9 倍、股息率 0.8%、毛利率近 5 年中位 24.5%、固定资产占比 3%、有息负债/EBITDA 4.2 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 3%,毛利率近 5 年中位 24.5%。", "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 3.1%(经营现金流/市值 3.4%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 24.5%,稳定度 94%,2020→2022 成本通胀期毛利率变化 0.3 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 3%,资本开支/折旧 0.67 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 52.9 倍 粗算,约 91%(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 -9%,最大回撤 -37%,年化波动 40%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 -1% / 1% / -23%。", "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%。", "金智科技:PE 比行业中位高 9.4倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位高 1.0个百分点;固定资产占比 比行业中位低 12.2个百分点。"]}}