{"F": {"ts_code": "002724.SZ", "name": "海洋王", "mkt": "CN", "ccy": "元", "sw1": "家用电器", "sw2": "照明设备Ⅱ", "sw3": "照明设备Ⅲ", "ind": "照明设备Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20141104", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.86, "pe_ttm": 109.8367, "pb": 1.9502, "dv_ttm": 1.4577, "total_mv": 529247.628, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [61.9, 61.6, 56.0, 60.4, 60.2, 57.3], "rev_series": [17.0, 21.1, 17.3, 17.0, 17.1, 17.2], "np_series": [3.0, 3.9, 1.4, 0.4, -1.5, 1.1], "roe_series": [12.7, 14.1, 4.8, 1.5, -5.3, 4.1], "period": "20260630", "rev_ttm": 16.8, "np_ttm": 0.5, "ocf_ttm": 1.6, "fcf_ttm": 1.3, "fcf_yield": 2.4, "ocf_yield": 3.1, "gm_median": 60.2, "gm_std": 2.1, "gm_stab": 0.97, "gm_chg_2022": -5.9, "npm_median": 5.1, "roe_median": 4.1, "commodity": false, "hard_ratio": 9.8, "fix_assets": 3.3, "goodwill_ratio": 0.0, "pb_calc": 1.95, "capex_dep": 1.0, "interest_debt": 0.2, "debt_ebitda": 0.2, "debt_ratio": 19.2, "debt_mv": 0.3, "payout": 70.6, "div_years": 5, "rev_cagr3": -0.2, "np_cagr3": -7.5, "rev_yoy": -5.8, "np_yoy": -68.5, "np_vol": 202.0, "loss_years": 1, "far_share": 95.0, "earn_yield": 0.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["照明设备", 90.0], ["工程施工", 5.0], ["城市及道路照明工程建造业务", 5.0], ["管养服务", 0.0]], "ret_prev_year": 29.2, "ret_prev2_year": -35.6, "ret_ytd": 2.7, "ret_pivot": 66.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 28.7, "ret_60": 32.9, "ret_120": -6.8, "ret_250": -17.0, "mdd_250": -42.4, "vol_250": 40.7, "pos_52w": 83.8}, "S": {"duration": 94, "pricing": 68, "hard": 16, "bondness": 54}, "label": "中性", "tags": [], "text": {"像什么": ["PE 109.8 倍、股息率 1.5%、毛利率近 5 年中位 60.2%、固定资产占比 10%、有息负债/EBITDA 0.2 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 60.2%),硬资产占比 10%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 2.4%(经营现金流/市值 3.1%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 60.2%,稳定度 97%,2020→2022 成本通胀期毛利率变化 -5.9 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 10%,资本开支/折旧 1.00 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 109.8 倍 粗算,约 95%(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 -17%,最大回撤 -42%,年化波动 41%,现价在 52 周高点的 84%;近 20 / 60 / 120 日 29% / 33% / -7%。", "行业对照": ["同申万二级「照明设备Ⅱ」14 家中位:PE 61.2 / 股息率 1.3% / 毛利率 25.2% / 固定资产占比 17% / 分红率 71%。", "海洋王:PE 比行业中位高 48.6倍;股息率 比行业中位高 0.2个百分点;毛利率 比行业中位高 35.0个百分点;固定资产占比 比行业中位低 7.3个百分点。"]}}