{"F": {"ts_code": "002705.SZ", "name": "新宝股份", "mkt": "CN", "ccy": "元", "sw1": "家用电器", "sw2": "小家电", "sw3": "厨房小家电", "ind": "小家电", "fin_source": "tushare", "market": "主板", "list_date": "20140121", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 11.15, "pe_ttm": 15.2645, "pb": 1.0779, "dv_ttm": 4.0003, "total_mv": 905241.517, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [23.3, 17.6, 21.1, 22.7, 20.9, 20.8], "rev_series": [131.9, 149.1, 137.0, 146.5, 168.2, 161.9], "np_series": [11.2, 7.9, 9.6, 9.8, 10.5, 10.0], "roe_series": [21.6, 13.1, 14.7, 13.4, 13.3, 11.8], "period": "20260630", "rev_ttm": 158.1, "np_ttm": 5.9, "ocf_ttm": 13.8, "fcf_ttm": 5.8, "fcf_yield": 6.4, "ocf_yield": 15.3, "gm_median": 20.9, "gm_std": 1.7, "gm_stab": 0.92, "gm_chg_2022": -2.2, "npm_median": 6.6, "roe_median": 13.3, "commodity": false, "hard_ratio": 31.6, "fix_assets": 49.2, "goodwill_ratio": 0.2, "pb_calc": 1.08, "capex_dep": 1.25, "interest_debt": 9.8, "debt_ebitda": 0.6, "debt_ratio": 45.0, "debt_mv": 10.8, "payout": 34.9, "div_years": 5, "rev_cagr3": 5.7, "np_cagr3": 1.3, "rev_yoy": -4.9, "np_yoy": -74.9, "np_vol": 16.7, "loss_years": 0, "far_share": 67.0, "earn_yield": 6.6, "consensus_n": 13, "fwd_pe": 12.0, "fwd_pe2": 9.4, "fwd_g1": 28.0, "fwd_g2": 27.0, "peg": 0.44, "consensus_disp": null, "mainbz": [["产品", 47.0], ["厨房电器", 33.0], ["其他产品", 6.0], ["其他主营业务", 6.0]], "ret_prev_year": -1.0, "ret_prev2_year": 6.3, "ret_ytd": -20.1, "ret_pivot": -10.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -7.5, "ret_60": -4.3, "ret_120": -18.1, "ret_250": -32.9, "mdd_250": -41.6, "vol_250": 31.6, "pos_52w": 60.4}, "S": {"duration": 32, "pricing": 48, "hard": 51, "bondness": 52}, "label": "中性", "tags": ["股息率≥4%", "PEG<0.8"], "text": {"像什么": ["PE 15.3 倍、股息率 4.0%、毛利率近 5 年中位 20.9%、固定资产占比 32%、有息负债/EBITDA 0.6 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 32%),没有定价权:毛利率近 5 年中位 20.9%,稳定度 92%。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 6.4%(经营现金流/市值 15.3%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.9%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -2.2 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 32%,资本开支/折旧 1.25 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.3 倍 粗算,约 67%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -33%,最大回撤 -42%,年化波动 32%,现价在 52 周高点的 60%;近 20 / 60 / 120 日 -8% / -4% / -18%。", "行业对照": ["同申万二级「小家电」23 家中位:PE 50.5 / 股息率 1.8% / 毛利率 27.6% / 固定资产占比 22% / 分红率 50%。", "新宝股份:PE 比行业中位低 35.2倍;股息率 比行业中位高 2.2个百分点;毛利率 比行业中位低 6.7个百分点;固定资产占比 比行业中位高 9.9个百分点。"]}}