{"F": {"ts_code": "002860.SZ", "name": "星帅尔", "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": "20170412", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 17.65, "pe_ttm": 34.8949, "pb": 2.6379, "dv_ttm": 0.5666, "total_mv": 621536.1015, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [26.1, 21.5, 14.9, 15.0, 16.6, 17.7], "rev_series": [9.3, 13.7, 19.5, 28.8, 20.8, 21.5], "np_series": [1.1, 1.4, 1.2, 2.0, 1.4, 2.0], "roe_series": [11.5, 12.8, 9.2, 13.2, 8.2, 9.7], "period": "20260630", "rev_ttm": 21.2, "np_ttm": 1.8, "ocf_ttm": 1.2, "fcf_ttm": 0.7, "fcf_yield": 1.2, "ocf_yield": 1.9, "gm_median": 16.6, "gm_std": 2.4, "gm_stab": 0.85, "gm_chg_2022": -11.2, "npm_median": 7.4, "roe_median": 9.7, "commodity": false, "hard_ratio": 11.7, "fix_assets": 4.6, "goodwill_ratio": 1.4, "pb_calc": 2.64, "capex_dep": 0.89, "interest_debt": 4.1, "debt_ebitda": 1.6, "debt_ratio": 40.3, "debt_mv": 6.6, "payout": 17.2, "div_years": 5, "rev_cagr3": 3.4, "np_cagr3": 18.8, "rev_yoy": -3.4, "np_yoy": -17.6, "np_vol": 36.9, "loss_years": 0, "far_share": 86.0, "earn_yield": 2.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["太阳能光伏组件", 33.0], ["太阳能光伏", 33.0], ["家电及新能源汽车等领域配套产品、核心零部件", 30.0], ["其他主营业务", 1.0]], "ret_prev_year": 45.7, "ret_prev2_year": -24.0, "ret_ytd": 26.1, "ret_pivot": 156.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.5, "ret_60": 32.4, "ret_120": 32.6, "ret_250": 27.6, "mdd_250": -25.7, "vol_250": 48.8, "pos_52w": 89.3}, "S": {"duration": 58, "pricing": 42, "hard": 19, "bondness": 31}, "label": "中性", "tags": [], "text": {"像什么": ["PE 34.9 倍、股息率 0.6%、毛利率近 5 年中位 16.6%、固定资产占比 12%、有息负债/EBITDA 1.6 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 12%,毛利率近 5 年中位 16.6%。", "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 1.2%(经营现金流/市值 1.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.6%,稳定度 85%,2020→2022 成本通胀期毛利率变化 -11.2 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 12%,资本开支/折旧 0.89 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 34.9 倍 粗算,约 86%(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 28%,最大回撤 -26%,年化波动 49%,现价在 52 周高点的 89%;近 20 / 60 / 120 日 6% / 32% / 33%。", "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%。", "星帅尔:PE 比行业中位低 15.4倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位低 2.2个百分点;固定资产占比 比行业中位低 8.9个百分点。"]}}