{"F": {"ts_code": "002402.SZ", "name": "和而泰", "mkt": "CN", "ccy": "元", "sw1": "电子", "sw2": "消费电子", "sw3": "消费电子零部件及组装", "ind": "消费电子", "fin_source": "tushare", "market": "主板", "list_date": "20100511", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 18.82, "pe_ttm": 31.6282, "pb": 2.4003, "dv_ttm": 1.0598, "total_mv": 1737819.039, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [22.9, 21.0, 20.2, 19.6, 18.3, 20.0], "rev_series": [46.7, 59.9, 59.7, 75.1, 96.6, 107.2], "np_series": [4.0, 5.5, 4.4, 3.3, 3.6, 6.6], "roe_series": [15.5, 16.7, 11.2, 7.6, 7.9, 11.6], "period": "20260630", "rev_ttm": 109.6, "np_ttm": 5.5, "ocf_ttm": 6.0, "fcf_ttm": 2.6, "fcf_yield": 1.5, "ocf_yield": 3.5, "gm_median": 20.0, "gm_std": 0.9, "gm_stab": 0.96, "gm_chg_2022": -2.8, "npm_median": 6.7, "roe_median": 11.2, "commodity": false, "hard_ratio": 15.1, "fix_assets": 24.2, "goodwill_ratio": 3.4, "pb_calc": 2.4, "capex_dep": 1.45, "interest_debt": 27.5, "debt_ebitda": 2.1, "debt_ratio": 49.9, "debt_mv": 15.8, "payout": 27.7, "div_years": 5, "rev_cagr3": 21.6, "np_cagr3": 14.9, "rev_yoy": 4.3, "np_yoy": -32.2, "np_vol": 39.9, "loss_years": 0, "far_share": 84.0, "earn_yield": 3.2, "consensus_n": 5, "fwd_pe": 24.8, "fwd_pe2": 19.4, "fwd_g1": 27.0, "fwd_g2": 28.0, "peg": 0.89, "consensus_disp": null, "mainbz": [["家用电器智能控制器", 56.0], ["智能化产品智能控制器", 10.0], ["智能化产品", 10.0], ["汽车电子智能控制器", 9.0]], "ret_prev_year": 118.5, "ret_prev2_year": 28.7, "ret_ytd": -51.6, "ret_pivot": 113.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -12.4, "ret_60": -21.1, "ret_120": -40.4, "ret_250": -52.4, "mdd_250": -67.6, "vol_250": 55.0, "pos_52w": 33.5}, "S": {"duration": 55, "pricing": 49, "hard": 24, "bondness": 22}, "label": "中性", "tags": [], "text": {"像什么": ["PE 31.6 倍、股息率 1.1%、毛利率近 5 年中位 20.0%、固定资产占比 15%、有息负债/EBITDA 2.1 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 15%,毛利率近 5 年中位 20.0%。", "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 1.5%(经营现金流/市值 3.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.0%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -2.8 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 15%,资本开支/折旧 1.45 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 31.6 倍 粗算,约 84%(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 -52%,最大回撤 -68%,年化波动 55%,现价在 52 周高点的 34%;近 20 / 60 / 120 日 -12% / -21% / -40%。", "行业对照": ["同申万二级「消费电子」100 家中位:PE 46.5 / 股息率 0.7% / 毛利率 20.3% / 固定资产占比 25% / 分红率 44%。", "和而泰:PE 比行业中位低 14.9倍;股息率 比行业中位高 0.4个百分点;毛利率 比行业中位低 0.3个百分点;固定资产占比 比行业中位低 9.7个百分点。"]}}