{"F": {"ts_code": "002508.SZ", "name": "老板电器", "mkt": "CN", "ccy": "元", "sw1": "家用电器", "sw2": "厨卫电器", "sw3": "厨房电器", "ind": "厨卫电器", "fin_source": "tushare", "market": "主板", "list_date": "20101123", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 16.05, "pe_ttm": 13.5122, "pb": 1.3063, "dv_ttm": 6.2302, "total_mv": 1516713.6302, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [56.2, 52.4, 50.0, 50.7, 49.7, 50.2], "rev_series": [81.3, 101.5, 102.7, 112.0, 112.1, 101.2], "np_series": [16.6, 13.3, 15.7, 17.3, 15.8, 12.6], "roe_series": [22.3, 16.0, 17.1, 17.1, 14.5, 11.1], "period": "20260630", "rev_ttm": 94.8, "np_ttm": 11.2, "ocf_ttm": 7.2, "fcf_ttm": 5.0, "fcf_yield": 3.3, "ocf_yield": 4.8, "gm_median": 50.2, "gm_std": 0.9, "gm_stab": 0.98, "gm_chg_2022": -6.2, "npm_median": 13.9, "roe_median": 16.0, "commodity": false, "hard_ratio": 13.0, "fix_assets": 21.6, "goodwill_ratio": 0.0, "pb_calc": 1.31, "capex_dep": 1.33, "interest_debt": 1.1, "debt_ebitda": 0.1, "debt_ratio": 29.4, "debt_mv": 0.8, "payout": 59.9, "div_years": 5, "rev_cagr3": -0.5, "np_cagr3": -7.2, "rev_yoy": -13.8, "np_yoy": -18.7, "np_vol": 15.7, "loss_years": 0, "far_share": 63.0, "earn_yield": 7.4, "consensus_n": 15, "fwd_pe": 12.3, "fwd_pe2": 11.6, "fwd_g1": 10.0, "fwd_g2": 6.0, "peg": 2.05, "consensus_disp": null, "mainbz": [["产品", 33.0], ["抽油烟机", 17.0], ["吸油烟机", 17.0], ["其他产品", 8.0]], "ret_prev_year": -5.4, "ret_prev2_year": 6.1, "ret_ytd": -14.9, "ret_pivot": -6.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.2, "ret_60": -2.2, "ret_120": -21.0, "ret_250": -15.5, "mdd_250": -32.8, "vol_250": 25.0, "pos_52w": 74.7}, "S": {"duration": 29, "pricing": 63, "hard": 21, "bondness": 71}, "label": "定价权·品牌", "tags": ["现金流红利", "股息率≥4%"], "text": {"像什么": ["没有硬资产(固定资产占比 13%)但有定价权:毛利率近 5 年中位 50.2%,稳定度 98%、ROE 近 5 年中位 16.0%。", "自由现金流/市值 3.3%,分红率 60%,分子跟得上通胀。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 50.2%),硬资产占比 13%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "加息期怎么走": "分子跟得上通胀、久期不长,加息期抗跌;放水期弹性不如科技。属船票一侧的'非债券'部分。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 3.3%(经营现金流/市值 4.8%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 50.2%,稳定度 98%,2020→2022 成本通胀期毛利率变化 -6.2 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 13%,资本开支/折旧 1.33 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.5 倍 粗算,约 63%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -16%,最大回撤 -33%,年化波动 25%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 5% / -2% / -21%。", "行业对照": ["同申万二级「厨卫电器」9 家中位:PE 16.5 / 股息率 3.9% / 毛利率 44.7% / 固定资产占比 21% / 分红率 79%。", "老板电器:PE 比行业中位低 3.0倍;股息率 比行业中位高 2.3个百分点;毛利率 比行业中位高 5.5个百分点;固定资产占比 比行业中位低 7.9个百分点。"]}}