{"F": {"ts_code": "002576.SZ", "name": "通达动力", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电机Ⅱ", "sw3": "电机Ⅲ", "ind": "电机Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20110428", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 14.66, "pe_ttm": 29.6723, "pb": 1.8544, "dv_ttm": 0.5401, "total_mv": 242036.6, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [14.6, 14.0, 14.3, 14.3, 12.8, 13.8], "rev_series": [15.2, 20.1, 17.5, 16.8, 16.8, 17.6], "np_series": [0.9, 1.0, 0.7, 0.9, 0.7, 0.8], "roe_series": [9.5, 10.1, 6.2, 7.6, 5.4, 6.4], "period": "20260630", "rev_ttm": 16.8, "np_ttm": 0.8, "ocf_ttm": 1.2, "fcf_ttm": 0.8, "fcf_yield": 3.2, "ocf_yield": 5.0, "gm_median": 14.0, "gm_std": 0.5, "gm_stab": 0.96, "gm_chg_2022": -0.3, "npm_median": 4.6, "roe_median": 6.4, "commodity": false, "hard_ratio": 13.0, "fix_assets": 2.7, "goodwill_ratio": 0.0, "pb_calc": 1.85, "capex_dep": 0.87, "interest_debt": 0.3, "debt_ebitda": 0.2, "debt_ratio": 38.5, "debt_mv": 1.0, "payout": 16.0, "div_years": 5, "rev_cagr3": 0.2, "np_cagr3": 6.9, "rev_yoy": -8.5, "np_yoy": -1.9, "np_vol": 26.3, "loss_years": 0, "far_share": 83.0, "earn_yield": 3.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["定转子冲片和铁心", 69.0], ["成品定转子", 9.0], ["其他主营业务", 9.0], ["其他", 9.0]], "ret_prev_year": 2.0, "ret_prev2_year": 0.8, "ret_ytd": -15.4, "ret_pivot": 31.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.2, "ret_60": -7.2, "ret_120": -22.8, "ret_250": -22.7, "mdd_250": -37.0, "vol_250": 34.8, "pos_52w": 72.8}, "S": {"duration": 52, "pricing": 48, "hard": 21, "bondness": 29}, "label": "中性", "tags": [], "text": {"像什么": ["PE 29.7 倍、股息率 0.5%、毛利率近 5 年中位 14.0%、固定资产占比 13%、有息负债/EBITDA 0.2 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 13%,毛利率近 5 年中位 14.0%。", "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 3.2%(经营现金流/市值 5.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 14.0%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -0.3 个百分点。不能。"], ["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 0.87 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 29.7 倍 粗算,约 83%(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 -23%,最大回撤 -37%,年化波动 35%,现价在 52 周高点的 73%;近 20 / 60 / 120 日 1% / -7% / -23%。", "行业对照": ["同申万二级「电机Ⅱ」28 家中位:PE 46.1 / 股息率 0.6% / 毛利率 20.8% / 固定资产占比 20% / 分红率 38%。", "通达动力:PE 比行业中位低 16.4倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位低 6.8个百分点;固定资产占比 比行业中位低 6.8个百分点。"]}}