{"F": {"ts_code": "002270.SZ", "name": "华明装备", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电网设备", "sw3": "输变电设备", "ind": "电网设备", "fin_source": "tushare", "market": "主板", "list_date": "20080905", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 19.12, "pe_ttm": 23.4388, "pb": 5.0874, "dv_ttm": 3.1895, "total_mv": 1713582.9648, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [47.1, 48.4, 49.3, 52.2, 48.8, 54.5], "rev_series": [13.7, 15.3, 17.1, 19.6, 23.2, 24.3], "np_series": [2.9, 4.2, 3.6, 5.4, 6.1, 7.1], "roe_series": [11.5, 15.3, 11.6, 16.2, 18.9, 22.5], "period": "20260630", "rev_ttm": 25.9, "np_ttm": 7.3, "ocf_ttm": 7.5, "fcf_ttm": 6.5, "fcf_yield": 3.8, "ocf_yield": 4.3, "gm_median": 49.3, "gm_std": 2.3, "gm_stab": 0.95, "gm_chg_2022": 2.2, "npm_median": 27.5, "roe_median": 16.2, "commodity": false, "hard_ratio": 26.5, "fix_assets": 13.4, "goodwill_ratio": 2.0, "pb_calc": 5.09, "capex_dep": 1.31, "interest_debt": 8.5, "debt_ebitda": 0.9, "debt_ratio": 32.7, "debt_mv": 4.9, "payout": 79.1, "div_years": 5, "rev_cagr3": 12.3, "np_cagr3": 25.5, "rev_yoy": 14.2, "np_yoy": 5.8, "np_vol": 23.5, "loss_years": 0, "far_share": 79.0, "earn_yield": 4.3, "consensus_n": 9, "fwd_pe": 20.7, "fwd_pe2": 17.3, "fwd_g1": 13.0, "fwd_g2": 20.0, "peg": 1.03, "consensus_disp": null, "mainbz": [["产品", 47.0], ["电力设备", 40.0], ["数控设备", 5.0], ["数控成套加工设备", 5.0]], "ret_prev_year": 55.1, "ret_prev2_year": 28.9, "ret_ytd": -23.0, "ret_pivot": 39.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.2, "ret_60": 4.5, "ret_120": -39.4, "ret_250": 2.5, "mdd_250": -54.0, "vol_250": 49.7, "pos_52w": 51.0}, "S": {"duration": 44, "pricing": 67, "hard": 42, "bondness": 57}, "label": "现金流红利", "tags": [], "text": {"像什么": ["分红率 79%、股息率 3.2%、营收 3 年复合 12.3%、有息负债/EBITDA 0.9 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 49.3%),硬资产占比 26%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 3.8%(经营现金流/市值 4.3%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 49.3%,稳定度 95%,2020→2022 成本通胀期毛利率变化 2.2 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 26%,资本开支/折旧 1.31 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 23.4 倍 粗算,约 79%(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 2%,最大回撤 -54%,年化波动 50%,现价在 52 周高点的 51%;近 20 / 60 / 120 日 -5% / 4% / -39%。", "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%。", "华明装备:PE 比行业中位低 20.1倍;股息率 比行业中位高 2.2个百分点;毛利率 比行业中位高 25.8个百分点;固定资产占比 比行业中位高 11.6个百分点。"]}}