{"F": {"ts_code": "002676.SZ", "name": "顺威股份", "mkt": "CN", "ccy": "元", "sw1": "家用电器", "sw2": "家电零部件Ⅱ", "sw3": "家电零部件Ⅲ", "ind": "家电零部件Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20120525", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.21, "pe_ttm": 41.8989, "pb": 2.7345, "dv_ttm": 0.1919, "total_mv": 375120.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [22.3, 17.9, 16.9, 18.0, 18.9, 19.9], "rev_series": [17.3, 21.3, 21.0, 22.7, 27.0, 29.0], "np_series": [0.3, 0.3, 0.4, 0.4, 0.5, 0.8], "roe_series": [2.6, 3.1, 3.8, 3.0, 4.5, 6.2], "period": "20260630", "rev_ttm": 29.0, "np_ttm": 0.9, "ocf_ttm": 2.9, "fcf_ttm": 2.3, "fcf_yield": 6.2, "ocf_yield": 7.7, "gm_median": 18.0, "gm_std": 1.0, "gm_stab": 0.94, "gm_chg_2022": -5.4, "npm_median": 1.9, "roe_median": 3.8, "commodity": false, "hard_ratio": 16.1, "fix_assets": 6.2, "goodwill_ratio": 3.3, "pb_calc": 2.73, "capex_dep": 0.53, "interest_debt": 15.5, "debt_ebitda": 4.8, "debt_ratio": 61.4, "debt_mv": 41.4, "payout": 17.8, "div_years": 2, "rev_cagr3": 11.4, "np_cagr3": 23.5, "rev_yoy": -0.2, "np_yoy": 17.3, "np_vol": 24.7, "loss_years": 0, "far_share": 88.0, "earn_yield": 2.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 48.0], ["塑料空调风叶", 28.0], ["汽车零部件", 10.0], ["其他收入", 4.0]], "ret_prev_year": 38.6, "ret_prev2_year": 26.1, "ret_ytd": -36.7, "ret_pivot": 31.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.4, "ret_60": -6.1, "ret_120": -27.2, "ret_250": -54.5, "mdd_250": -62.4, "vol_250": 44.1, "pos_52w": 43.4}, "S": {"duration": 65, "pricing": 46, "hard": 26, "bondness": 30}, "label": "中性", "tags": [], "text": {"像什么": ["PE 41.9 倍、股息率 0.2%、毛利率近 5 年中位 18.0%、固定资产占比 16%、有息负债/EBITDA 4.8 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 16%,毛利率近 5 年中位 18.0%。", "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 6.2%(经营现金流/市值 7.7%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 18.0%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -5.4 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 16%,资本开支/折旧 0.53 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 41.9 倍 粗算,约 88%(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 -54%,最大回撤 -62%,年化波动 44%,现价在 52 周高点的 43%;近 20 / 60 / 120 日 4% / -6% / -27%。", "行业对照": ["同申万二级「家电零部件Ⅱ」34 家中位:PE 50.3 / 股息率 1.0% / 毛利率 18.8% / 固定资产占比 21% / 分红率 39%。", "顺威股份:PE 比行业中位低 8.4倍;股息率 比行业中位低 0.8个百分点;毛利率 比行业中位低 0.8个百分点;固定资产占比 比行业中位低 4.5个百分点。"]}}