{"F": {"ts_code": "002617.SZ", "name": "露笑科技", "mkt": "CN", "ccy": "元", "sw1": "公用事业", "sw2": "电力", "sw3": "光伏发电", "ind": "电力", "fin_source": "tushare", "market": "主板", "list_date": "20110920", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.11, "pe_ttm": 66.1589, "pb": 1.7976, "dv_ttm": null, "total_mv": 1166505.2529, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [19.2, 14.5, 14.3, 21.8, 20.7, 21.9], "rev_series": [28.5, 35.5, 33.4, 27.7, 37.2, 36.7], "np_series": [1.3, 0.7, -2.6, 1.3, 2.6, 2.1], "roe_series": [4.4, 2.0, -5.3, 2.2, 4.3, 3.4], "period": "20260630", "rev_ttm": 38.7, "np_ttm": 1.8, "ocf_ttm": 0.9, "fcf_ttm": 0.2, "fcf_yield": 0.1, "ocf_yield": 0.8, "gm_median": 20.7, "gm_std": 3.5, "gm_stab": 0.83, "gm_chg_2022": -4.9, "npm_median": 2.7, "roe_median": 2.2, "commodity": false, "hard_ratio": 36.0, "fix_assets": 38.4, "goodwill_ratio": 0.5, "pb_calc": 1.8, "capex_dep": 0.22, "interest_debt": 19.8, "debt_ebitda": 2.6, "debt_ratio": 38.5, "debt_mv": 17.0, "payout": null, "div_years": 0, "rev_cagr3": 3.2, "np_cagr3": null, "rev_yoy": 11.3, "np_yoy": -23.8, "np_vol": 220.7, "loss_years": 1, "far_share": 92.0, "earn_yield": 1.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 46.0], ["漆包线", 30.0], ["光伏发电", 8.0], ["高空作业设备", 7.0]], "ret_prev_year": 5.9, "ret_prev2_year": 23.4, "ret_ytd": -24.6, "ret_pivot": 22.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.1, "ret_60": -24.8, "ret_120": -30.4, "ret_250": -23.5, "mdd_250": -46.9, "vol_250": 51.7, "pos_52w": 56.5}, "S": {"duration": 81, "pricing": 43, "hard": 58, "bondness": 25}, "label": "中性", "tags": [], "text": {"像什么": ["PE 66.2 倍、股息率 —、毛利率近 5 年中位 20.7%、固定资产占比 36%、有息负债/EBITDA 2.6 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 36%),没有定价权:毛利率近 5 年中位 20.7%,稳定度 83%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 0.1%(经营现金流/市值 0.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.7%,稳定度 83%,2020→2022 成本通胀期毛利率变化 -4.9 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 36%,资本开支/折旧 0.22 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 66.2 倍 粗算,约 92%(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 -24%,最大回撤 -47%,年化波动 52%,现价在 52 周高点的 56%;近 20 / 60 / 120 日 -5% / -25% / -30%。", "行业对照": ["同申万二级「电力」109 家中位:PE 27.8 / 股息率 1.8% / 毛利率 22.5% / 固定资产占比 61% / 分红率 42%。", "露笑科技:PE 比行业中位高 38.4倍;股息率 ;毛利率 比行业中位低 1.8个百分点;固定资产占比 比行业中位低 24.7个百分点。"]}}