{"F": {"ts_code": "002346.SZ", "name": "柘中股份", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电网设备", "sw3": "配电设备", "ind": "电网设备", "fin_source": "tushare", "market": "主板", "list_date": "20100128", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 18.63, "pe_ttm": 13.7292, "pb": 2.5574, "dv_ttm": 2.5501, "total_mv": 822654.9702, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.0, 21.3, 22.3, 19.5, 25.3, 25.8], "rev_series": [6.0, 6.9, 7.3, 11.2, 9.7, 8.5], "np_series": [1.6, 4.5, 4.5, 3.0, 0.7, 4.3], "roe_series": [7.6, 20.0, 17.6, 10.6, 2.5, 14.7], "period": "20260630", "rev_ttm": 8.9, "np_ttm": 6.0, "ocf_ttm": -0.6, "fcf_ttm": -0.7, "fcf_yield": -0.9, "ocf_yield": -0.8, "gm_median": 22.3, "gm_std": 2.4, "gm_stab": 0.89, "gm_chg_2022": -1.7, "npm_median": 50.2, "roe_median": 14.7, "commodity": false, "hard_ratio": 5.0, "fix_assets": 2.5, "goodwill_ratio": 0.0, "pb_calc": 2.56, "capex_dep": 0.37, "interest_debt": 3.5, "debt_ebitda": 2.3, "debt_ratio": 35.3, "debt_mv": 4.2, "payout": 49.5, "div_years": 5, "rev_cagr3": 5.3, "np_cagr3": -1.9, "rev_yoy": 11.8, "np_yoy": 118.5, "np_vol": 204.8, "loss_years": 0, "far_share": 64.0, "earn_yield": 7.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["成套开关设备", 87.0], ["备品备件及其他收入", 8.0], ["租赁", 2.0], ["建筑安装类", 2.0]], "ret_prev_year": 123.6, "ret_prev2_year": -11.0, "ret_ytd": -6.0, "ret_pivot": 200.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -9.0, "ret_60": 20.7, "ret_120": -7.3, "ret_250": 15.1, "mdd_250": -31.1, "vol_250": 56.5, "pos_52w": 70.8}, "S": {"duration": 29, "pricing": 49, "hard": 8, "bondness": 54}, "label": "中性", "tags": [], "text": {"像什么": ["PE 13.7 倍、股息率 2.6%、毛利率近 5 年中位 22.3%、固定资产占比 5%、有息负债/EBITDA 2.3 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 5%,毛利率近 5 年中位 22.3%。", "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 -0.9%(经营现金流/市值 -0.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 22.3%,稳定度 89%,2020→2022 成本通胀期毛利率变化 -1.7 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 5%,资本开支/折旧 0.37 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.7 倍 粗算,约 64%(1 − 5/PE)。中等。"]], "价格行为": "近一年 15%,最大回撤 -31%,年化波动 56%,现价在 52 周高点的 71%;近 20 / 60 / 120 日 -9% / 21% / -7%。", "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%。", "柘中股份:PE 比行业中位低 29.8倍;股息率 比行业中位高 1.6个百分点;毛利率 比行业中位低 1.2个百分点;固定资产占比 比行业中位低 9.9个百分点。"]}}