{"F": {"ts_code": "002668.SZ", "name": "TCL智家", "mkt": "CN", "ccy": "元", "sw1": "家用电器", "sw2": "白色家电", "sw3": "冰洗", "ind": "白色家电", "fin_source": "tushare", "market": "主板", "list_date": "20120416", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 9.27, "pe_ttm": 10.0855, "pb": 2.6252, "dv_ttm": 2.1984, "total_mv": 1004971.2678, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [22.5, 21.2, 24.6, 23.7, 23.0, 25.2], "rev_series": [83.5, 101.2, 78.4, 151.8, 183.6, 185.3], "np_series": [-9.9, -0.8, 4.2, 7.9, 10.2, 11.2], "roe_series": [-60.8, -14.1, 66.3, 69.7, 53.2, 37.7], "period": "20260630", "rev_ttm": 189.9, "np_ttm": 10.0, "ocf_ttm": 23.5, "fcf_ttm": 14.0, "fcf_yield": 14.0, "ocf_yield": 23.4, "gm_median": 23.7, "gm_std": 1.4, "gm_stab": 0.94, "gm_chg_2022": 2.0, "npm_median": 10.6, "roe_median": 53.2, "commodity": false, "hard_ratio": 17.1, "fix_assets": 29.6, "goodwill_ratio": 0.0, "pb_calc": 2.63, "capex_dep": 2.73, "interest_debt": 15.4, "debt_ebitda": 0.5, "debt_ratio": 67.8, "debt_mv": 15.3, "payout": 19.6, "div_years": 1, "rev_cagr3": 33.2, "np_cagr3": 38.4, "rev_yoy": 4.8, "np_yoy": -19.9, "np_vol": 233.7, "loss_years": 1, "far_share": 50.0, "earn_yield": 9.9, "consensus_n": 9, "fwd_pe": 8.6, "fwd_pe2": 7.9, "fwd_g1": 17.0, "fwd_g2": 10.0, "peg": 0.86, "consensus_disp": null, "mainbz": [["冰箱、冷柜", 83.0], ["洗衣机", 16.0], ["其他业务", 1.0]], "ret_prev_year": -21.2, "ret_prev2_year": 101.6, "ret_ytd": -8.9, "ret_pivot": -1.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -13.2, "ret_60": -2.1, "ret_120": -1.3, "ret_250": -10.6, "mdd_250": -25.2, "vol_250": 35.8, "pos_52w": 82.4}, "S": {"duration": 22, "pricing": 54, "hard": 27, "bondness": 22}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 10.1 倍、股息率 2.2%、毛利率近 5 年中位 23.7%、固定资产占比 17%、有息负债/EBITDA 0.5 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 17%,毛利率近 5 年中位 23.7%。", "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 14.0%(经营现金流/市值 23.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.7%,稳定度 94%,2020→2022 成本通胀期毛利率变化 2.0 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 17%,资本开支/折旧 2.73 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 10.1 倍 粗算,约 50%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -11%,最大回撤 -25%,年化波动 36%,现价在 52 周高点的 82%;近 20 / 60 / 120 日 -13% / -2% / -1%。", "行业对照": ["同申万二级「白色家电」11 家中位:PE 13.9 / 股息率 4.4% / 毛利率 20.8% / 固定资产占比 14% / 分红率 49%。", "TCL智家:PE 比行业中位低 3.8倍;股息率 比行业中位低 2.2个百分点;毛利率 比行业中位高 2.9个百分点;固定资产占比 比行业中位高 2.6个百分点。"]}}