{"F": {"ts_code": "002150.SZ", "name": "正泰电源", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "光伏设备", "sw3": "逆变器", "ind": "光伏设备", "fin_source": "tushare", "market": "主板", "list_date": "20070810", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 20.89, "pe_ttm": 29.8734, "pb": 3.4787, "dv_ttm": 0.4787, "total_mv": 753854.9232, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [27.1, 21.6, 24.6, 24.3, 30.1, 30.5], "rev_series": [14.2, 19.2, 16.8, 25.2, 33.7, 40.6], "np_series": [1.3, 1.4, 1.5, 0.6, 2.2, 2.8], "roe_series": [9.9, 10.1, 9.8, 4.0, 12.2, 13.8], "period": "20260630", "rev_ttm": 41.6, "np_ttm": 2.5, "ocf_ttm": 0.8, "fcf_ttm": 0.1, "fcf_yield": 0.1, "ocf_yield": 1.0, "gm_median": 24.6, "gm_std": 3.5, "gm_stab": 0.86, "gm_chg_2022": -2.5, "npm_median": 8.5, "roe_median": 10.1, "commodity": false, "hard_ratio": 14.3, "fix_assets": 8.1, "goodwill_ratio": 3.9, "pb_calc": 3.48, "capex_dep": 0.7, "interest_debt": 12.8, "debt_ebitda": 2.0, "debt_ratio": 58.1, "debt_mv": 16.9, "payout": 16.4, "div_years": 4, "rev_cagr3": 34.3, "np_cagr3": 23.6, "rev_yoy": 5.5, "np_yoy": -29.8, "np_vol": 100.6, "loss_years": 0, "far_share": 83.0, "earn_yield": 3.3, "consensus_n": 3, "fwd_pe": 17.9, "fwd_pe2": 12.9, "fwd_g1": 67.0, "fwd_g2": 39.0, "peg": 0.46, "consensus_disp": null, "mainbz": [["光储逆变器", 20.0], ["光伏储能逆变器", 20.0], ["钣金制造类-工具箱柜", 14.0], ["工具箱柜", 14.0]], "ret_prev_year": 63.9, "ret_prev2_year": -30.2, "ret_ytd": 4.5, "ret_pivot": 56.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.6, "ret_60": -16.6, "ret_120": -37.5, "ret_250": 65.8, "mdd_250": -49.4, "vol_250": 68.4, "pos_52w": 53.6}, "S": {"duration": 53, "pricing": 48, "hard": 23, "bondness": 15}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 29.9 倍、股息率 0.5%、毛利率近 5 年中位 24.6%、固定资产占比 14%、有息负债/EBITDA 2.0 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 14%,毛利率近 5 年中位 24.6%。", "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 0.1%(经营现金流/市值 1.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 24.6%,稳定度 86%,2020→2022 成本通胀期毛利率变化 -2.5 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 14%,资本开支/折旧 0.70 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 29.9 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 66%,最大回撤 -49%,年化波动 68%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 -6% / -17% / -38%。", "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%。", "正泰电源:PE 比行业中位低 11.1倍;股息率 与行业中位持平;毛利率 比行业中位高 6.8个百分点;固定资产占比 比行业中位低 8.3个百分点。"]}}