{"F": {"ts_code": "002255.SZ", "name": "海陆重工", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "其他电源设备Ⅱ", "sw3": "火电设备", "ind": "其他电源设备Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20080625", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 7.89, "pe_ttm": 16.9627, "pb": 1.4127, "dv_ttm": 1.1746, "total_mv": 655565.109, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [29.3, 25.1, 25.3, 25.5, 25.3, 30.0], "rev_series": [20.3, 25.3, 23.6, 28.0, 27.9, 23.2], "np_series": [7.6, 3.3, 3.4, 3.4, 3.8, 4.2], "roe_series": [33.2, 11.6, 10.6, 9.7, 9.8, 9.9], "period": "20260630", "rev_ttm": 23.4, "np_ttm": 3.9, "ocf_ttm": 4.6, "fcf_ttm": 3.5, "fcf_yield": 5.4, "ocf_yield": 7.0, "gm_median": 25.3, "gm_std": 1.9, "gm_stab": 0.92, "gm_chg_2022": -4.1, "npm_median": 13.6, "roe_median": 9.9, "commodity": false, "hard_ratio": 16.1, "fix_assets": 10.4, "goodwill_ratio": 1.0, "pb_calc": 1.46, "capex_dep": 1.06, "interest_debt": 0.3, "debt_ebitda": 0.1, "debt_ratio": 29.9, "debt_mv": 0.5, "payout": 20.9, "div_years": 1, "rev_cagr3": -0.6, "np_cagr3": 7.4, "rev_yoy": 1.8, "np_yoy": -15.9, "np_vol": 25.4, "loss_years": 0, "far_share": 71.0, "earn_yield": 5.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["锅炉及相关配套产品", 27.0], ["余热锅炉及相关配套产品", 27.0], ["压力容器产品", 17.0], ["压力容器", 17.0]], "ret_prev_year": 130.4, "ret_prev2_year": 5.2, "ret_ytd": -37.2, "ret_pivot": 92.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -7.6, "ret_60": -11.6, "ret_120": -41.3, "ret_250": -12.8, "mdd_250": -49.1, "vol_250": 53.1, "pos_52w": 52.7}, "S": {"duration": 35, "pricing": 49, "hard": 26, "bondness": 35}, "label": "中性", "tags": [], "text": {"像什么": ["PE 17.0 倍、股息率 1.2%、毛利率近 5 年中位 25.3%、固定资产占比 16%、有息负债/EBITDA 0.1 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 16%,毛利率近 5 年中位 25.3%。", "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 5.4%(经营现金流/市值 7.0%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.3%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -4.1 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 16%,资本开支/折旧 1.06 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 17.0 倍 粗算,约 71%(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 -13%,最大回撤 -49%,年化波动 53%,现价在 52 周高点的 53%;近 20 / 60 / 120 日 -8% / -12% / -41%。", "行业对照": ["同申万二级「其他电源设备Ⅱ」33 家中位:PE 69.0 / 股息率 0.6% / 毛利率 25.3% / 固定资产占比 16% / 分红率 34%。", "海陆重工:PE 比行业中位低 52.0倍;股息率 比行业中位高 0.6个百分点;毛利率 与行业中位持平;固定资产占比 与行业中位持平。"]}}