{"F": {"ts_code": "002367.SZ", "name": "康力电梯", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "楼宇设备", "ind": "专用设备", "fin_source": "tushare", "market": "主板", "list_date": "20100312", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 5.75, "pe_ttm": 18.6254, "pb": 1.2783, "dv_ttm": 2.6087, "total_mv": 458703.605, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.6, 25.4, 23.9, 28.2, 29.1, 28.7], "rev_series": [42.8, 51.7, 51.1, 50.4, 40.8, 44.5], "np_series": [4.9, 4.1, 2.7, 3.7, 3.6, 3.3], "roe_series": [16.3, 13.0, 8.5, 11.0, 10.2, 9.2], "period": "20260630", "rev_ttm": 44.3, "np_ttm": 2.5, "ocf_ttm": 3.3, "fcf_ttm": 3.1, "fcf_yield": 6.7, "ocf_yield": 7.1, "gm_median": 28.2, "gm_std": 2.0, "gm_stab": 0.93, "gm_chg_2022": -6.8, "npm_median": 7.5, "roe_median": 10.2, "commodity": false, "hard_ratio": 11.8, "fix_assets": 8.2, "goodwill_ratio": 0.0, "pb_calc": 1.28, "capex_dep": 0.19, "interest_debt": 0.1, "debt_ebitda": 0.0, "debt_ratio": 48.2, "debt_mv": 0.1, "payout": 67.0, "div_years": 5, "rev_cagr3": -4.6, "np_cagr3": 6.4, "rev_yoy": -0.9, "np_yoy": -46.7, "np_vol": 21.7, "loss_years": 0, "far_share": 73.0, "earn_yield": 5.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 47.0], ["电梯", 29.0], ["扶梯", 8.0], ["安装及维保", 7.0]], "ret_prev_year": 23.2, "ret_prev2_year": -4.5, "ret_ytd": -27.3, "ret_pivot": 17.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.5, "ret_60": 9.5, "ret_120": -28.2, "ret_250": -21.0, "mdd_250": -38.4, "vol_250": 33.1, "pos_52w": 70.0}, "S": {"duration": 37, "pricing": 50, "hard": 19, "bondness": 59}, "label": "中性", "tags": [], "text": {"像什么": ["PE 18.6 倍、股息率 2.6%、毛利率近 5 年中位 28.2%、固定资产占比 12%、有息负债/EBITDA 0.0 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 12%,毛利率近 5 年中位 28.2%。", "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 6.7%(经营现金流/市值 7.1%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 28.2%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -6.8 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 12%,资本开支/折旧 0.19 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 18.6 倍 粗算,约 73%(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 -21%,最大回撤 -38%,年化波动 33%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 6% / 10% / -28%。", "行业对照": ["同申万二级「专用设备」205 家中位:PE 42.3 / 股息率 1.1% / 毛利率 26.3% / 固定资产占比 18% / 分红率 44%。", "康力电梯:PE 比行业中位低 23.7倍;股息率 比行业中位高 1.5个百分点;毛利率 比行业中位高 1.9个百分点;固定资产占比 比行业中位低 6.2个百分点。"]}}