{"F": {"ts_code": "003028.SZ", "name": "振邦智能", "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": "20201228", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 23.03, "pe_ttm": 89.3458, "pb": 1.9203, "dv_ttm": 1.5224, "total_mv": 331908.5903, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.4, 26.8, 26.2, 28.1, 23.6, 16.4], "rev_series": [9.9, 13.2, 10.4, 12.3, 14.0, 13.7], "np_series": [1.7, 2.1, 1.7, 2.1, 2.0, 0.7], "roe_series": [24.3, 18.6, 13.0, 13.9, 12.2, 4.2], "period": "20260630", "rev_ttm": 14.4, "np_ttm": 0.4, "ocf_ttm": 0.5, "fcf_ttm": -0.3, "fcf_yield": -0.8, "ocf_yield": 1.4, "gm_median": 26.2, "gm_std": 4.2, "gm_stab": 0.84, "gm_chg_2022": -4.1, "npm_median": 15.9, "roe_median": 13.0, "commodity": false, "hard_ratio": 22.6, "fix_assets": 6.0, "goodwill_ratio": 0.0, "pb_calc": 1.92, "capex_dep": 1.92, "interest_debt": 1.6, "debt_ebitda": 2.1, "debt_ratio": 34.8, "debt_mv": 4.7, "payout": 59.0, "div_years": 4, "rev_cagr3": 9.5, "np_cagr3": -24.5, "rev_yoy": 11.0, "np_yoy": -68.4, "np_vol": 31.6, "loss_years": 0, "far_share": 94.0, "earn_yield": 1.1, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["电器智能控制器", 26.0], ["智慧电器控制器", 26.0], ["电机驱动控制器", 24.0], ["机器人及创新智能产品", 13.0]], "ret_prev_year": 9.3, "ret_prev2_year": -18.2, "ret_ytd": -21.6, "ret_pivot": 8.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.4, "ret_60": -6.0, "ret_120": -23.2, "ret_250": -32.8, "mdd_250": -42.2, "vol_250": 33.0, "pos_52w": 66.6}, "S": {"duration": 89, "pricing": 47, "hard": 36, "bondness": 47}, "label": "中性", "tags": [], "text": {"像什么": ["PE 89.3 倍、股息率 1.5%、毛利率近 5 年中位 26.2%、固定资产占比 23%、有息负债/EBITDA 2.1 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 23%,毛利率近 5 年中位 26.2%。", "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 -0.8%(经营现金流/市值 1.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.2%,稳定度 84%,2020→2022 成本通胀期毛利率变化 -4.1 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 23%,资本开支/折旧 1.92 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 89.3 倍 粗算,约 94%(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 -33%,最大回撤 -42%,年化波动 33%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 2% / -6% / -23%。", "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%。", "振邦智能:PE 比行业中位高 39.0倍;股息率 比行业中位高 0.5个百分点;毛利率 比行业中位高 7.4个百分点;固定资产占比 比行业中位高 2.0个百分点。"]}}