{"F": {"ts_code": "002276.SZ", "name": "万马股份", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电网设备", "sw3": "线缆部件及其他", "ind": "电网设备", "fin_source": "tushare", "market": "主板", "list_date": "20090710", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.4, "pe_ttm": 34.3619, "pb": 1.6851, "dv_ttm": 0.5288, "total_mv": 1051518.416, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [15.3, 12.9, 13.5, 14.3, 11.3, 12.1], "rev_series": [93.2, 127.7, 146.7, 151.2, 177.6, 192.4], "np_series": [2.2, 2.7, 4.1, 5.6, 3.4, 3.5], "roe_series": [5.1, 6.0, 8.7, 10.8, 6.2, 5.9], "period": "20260630", "rev_ttm": 204.8, "np_ttm": 3.1, "ocf_ttm": 17.6, "fcf_ttm": 14.9, "fcf_yield": 14.2, "ocf_yield": 16.7, "gm_median": 12.9, "gm_std": 1.0, "gm_stab": 0.92, "gm_chg_2022": -1.8, "npm_median": 2.1, "roe_median": 6.2, "commodity": false, "hard_ratio": 13.9, "fix_assets": 25.2, "goodwill_ratio": 0.3, "pb_calc": 1.69, "capex_dep": 1.02, "interest_debt": 13.0, "debt_ebitda": 1.4, "debt_ratio": 65.6, "debt_mv": 12.4, "payout": 14.8, "div_years": 5, "rev_cagr3": 9.4, "np_cagr3": -5.5, "rev_yoy": 13.4, "np_yoy": -16.4, "np_vol": 31.0, "loss_years": 0, "far_share": 85.0, "earn_yield": 2.9, "consensus_n": 1, "fwd_pe": 26.0, "fwd_pe2": 20.0, "fwd_g1": 32.0, "fwd_g2": 30.0, "peg": 0.87, "consensus_disp": null, "mainbz": [["电力产品", 67.0], ["高分子材料", 27.0], ["通信产品", 2.0], ["贸易服务及其他", 2.0]], "ret_prev_year": 101.7, "ret_prev2_year": -16.9, "ret_ytd": -38.3, "ret_pivot": 62.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.3, "ret_60": -1.8, "ret_120": -33.8, "ret_250": -35.7, "mdd_250": -55.0, "vol_250": 39.8, "pos_52w": 50.7}, "S": {"duration": 58, "pricing": 45, "hard": 22, "bondness": 23}, "label": "中性", "tags": [], "text": {"像什么": ["PE 34.4 倍、股息率 0.5%、毛利率近 5 年中位 12.9%、固定资产占比 14%、有息负债/EBITDA 1.4 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 12.9%。", "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 14.2%(经营现金流/市值 16.7%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 12.9%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -1.8 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 14%,资本开支/折旧 1.02 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 34.4 倍 粗算,约 85%(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 -36%,最大回撤 -55%,年化波动 40%,现价在 52 周高点的 51%;近 20 / 60 / 120 日 -0% / -2% / -34%。", "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%。", "万马股份:PE 比行业中位低 9.1倍;股息率 比行业中位低 0.5个百分点;毛利率 比行业中位低 10.6个百分点;固定资产占比 比行业中位低 1.0个百分点。"]}}