{"F": {"ts_code": "002546.SZ", "name": "新联电子", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电网设备", "sw3": "电工仪器仪表", "ind": "电网设备", "fin_source": "tushare", "market": "主板", "list_date": "20110211", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 7.93, "pe_ttm": 7.8431, "pb": 1.5946, "dv_ttm": 1.5132, "total_mv": 661400.9363, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [34.1, 33.8, 34.5, 32.7, 35.8, 38.3], "rev_series": [5.7, 4.6, 6.2, 6.2, 7.7, 6.9], "np_series": [1.8, 2.2, 0.1, 0.6, 2.7, 5.8], "roe_series": [6.0, 6.9, 0.3, 1.9, 8.2, 16.3], "period": "20260630", "rev_ttm": 7.2, "np_ttm": 8.4, "ocf_ttm": 0.6, "fcf_ttm": 0.5, "fcf_yield": 0.8, "ocf_yield": 0.9, "gm_median": 34.5, "gm_std": 2.0, "gm_stab": 0.94, "gm_chg_2022": 0.3, "npm_median": 34.5, "roe_median": 6.9, "commodity": false, "hard_ratio": 1.8, "fix_assets": 0.8, "goodwill_ratio": 0.0, "pb_calc": 1.59, "capex_dep": 0.28, "interest_debt": 0.2, "debt_ebitda": 0.1, "debt_ratio": 11.6, "debt_mv": 0.4, "payout": 37.5, "div_years": 5, "rev_cagr3": 3.5, "np_cagr3": 272.8, "rev_yoy": 8.3, "np_yoy": 141.0, "np_vol": 200.9, "loss_years": 0, "far_share": 36.0, "earn_yield": 12.8, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["电力产品", 79.0], ["其他主营业务", 10.0], ["其他", 10.0], ["数据服务", 2.0]], "ret_prev_year": 68.0, "ret_prev2_year": -11.9, "ret_ytd": 15.4, "ret_pivot": 175.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -7.8, "ret_60": 21.4, "ret_120": -24.8, "ret_250": 29.2, "mdd_250": -43.7, "vol_250": 51.2, "pos_52w": 68.4}, "S": {"duration": 18, "pricing": 58, "hard": 3, "bondness": 39}, "label": "中性", "tags": [], "text": {"像什么": ["PE 7.8 倍、股息率 1.5%、毛利率近 5 年中位 34.5%、固定资产占比 2%、有息负债/EBITDA 0.1 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 34.5%),硬资产占比 2%。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": "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 0.8%(经营现金流/市值 0.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 34.5%,稳定度 94%,2020→2022 成本通胀期毛利率变化 0.3 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 2%,资本开支/折旧 0.28 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 7.8 倍 粗算,约 36%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 29%,最大回撤 -44%,年化波动 51%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 -8% / 21% / -25%。", "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%。", "新联电子:PE 比行业中位低 35.7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 11.0个百分点;固定资产占比 比行业中位低 13.1个百分点。"]}}