{"F": {"ts_code": "002335.SZ", "name": "科华数据", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "其他电源设备Ⅱ", "sw3": "其他电源设备Ⅲ", "ind": "其他电源设备Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20100113", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 30.06, "pe_ttm": 39.7395, "pb": 3.4555, "dv_ttm": 1.1364, "total_mv": 2267757.6895, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [31.8, 29.2, 29.5, 27.3, 25.2, 24.6], "rev_series": [41.7, 48.7, 56.5, 81.4, 77.6, 81.6], "np_series": [3.8, 4.4, 2.5, 5.1, 3.2, 4.2], "roe_series": [11.9, 13.0, 6.9, 12.5, 6.9, 7.5], "period": "20260630", "rev_ttm": 83.1, "np_ttm": 5.7, "ocf_ttm": 18.0, "fcf_ttm": 14.8, "fcf_yield": 6.5, "ocf_yield": 7.9, "gm_median": 27.3, "gm_std": 2.0, "gm_stab": 0.93, "gm_chg_2022": -2.4, "npm_median": 5.3, "roe_median": 7.5, "commodity": false, "hard_ratio": 18.8, "fix_assets": 26.8, "goodwill_ratio": 3.7, "pb_calc": 3.46, "capex_dep": 0.73, "interest_debt": 15.5, "debt_ebitda": 1.4, "debt_ratio": 53.9, "debt_mv": 6.9, "payout": 14.7, "div_years": 5, "rev_cagr3": 13.0, "np_cagr3": 18.9, "rev_yoy": 4.1, "np_yoy": 62.7, "np_vol": 53.9, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.5, "consensus_n": 7, "fwd_pe": 27.5, "fwd_pe2": 19.2, "fwd_g1": 44.0, "fwd_g2": 43.0, "peg": 0.64, "consensus_disp": null, "mainbz": [["产品", 46.0], ["新能源产品", 23.0], ["数据中心产品", 11.0], ["IDC服务收入", 8.0]], "ret_prev_year": 94.3, "ret_prev2_year": 5.0, "ret_ytd": -20.8, "ret_pivot": 143.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.8, "ret_60": -15.0, "ret_120": -31.4, "ret_250": -15.1, "mdd_250": -47.5, "vol_250": 60.3, "pos_52w": 57.0}, "S": {"duration": 63, "pricing": 52, "hard": 30, "bondness": 23}, "label": "成长兑现", "tags": ["PEG<0.8"], "text": {"像什么": ["盈利在追估值:最新净利润同比 63%,PE TTM 39.7 倍 但前瞻 PE 27.5 倍,PEG 0.64。", "自由现金流 14.8 亿(正),次年预期增速 43%(7 篇研报),风险在增速假设能否延续。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 19%,毛利率近 5 年中位 27.3%。", "加息期怎么走": "估值不靠远期故事,加息期比纯久期抗跌;风险在订单与增速,盯业绩不盯利率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 6.5%(经营现金流/市值 7.9%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.3%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -2.4 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 19%,资本开支/折旧 0.73 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 39.7 倍 粗算,约 87%(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 -15%,最大回撤 -48%,年化波动 60%,现价在 52 周高点的 57%;近 20 / 60 / 120 日 -4% / -15% / -31%。 长久期资产波动大是常态;离高点已远,拥挤已部分释放。", "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%。", "科华数据:PE 比行业中位低 29.3倍;股息率 比行业中位高 0.5个百分点;毛利率 比行业中位高 2.0个百分点;固定资产占比 比行业中位高 2.7个百分点。"]}}