{"F": {"ts_code": "300286.SZ", "name": "安科瑞", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电网设备", "sw3": "电工仪器仪表", "ind": "电网设备", "fin_source": "tushare", "market": "创业板", "list_date": "20120113", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 19.87, "pe_ttm": 26.4388, "pb": 2.1809, "dv_ttm": 2.2575, "total_mv": 498309.0002, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [46.7, 45.7, 46.1, 46.4, 44.7, 46.5], "rev_series": [7.2, 10.2, 10.2, 11.2, 10.6, 10.9], "np_series": [1.2, 1.7, 1.7, 2.0, 1.7, 2.1], "roe_series": [15.4, 18.9, 16.0, 16.4, 12.6, 11.3], "period": "20260630", "rev_ttm": 11.4, "np_ttm": 1.9, "ocf_ttm": 1.3, "fcf_ttm": 0.6, "fcf_yield": 1.2, "ocf_yield": 2.6, "gm_median": 46.1, "gm_std": 0.7, "gm_stab": 0.99, "gm_chg_2022": -0.6, "npm_median": 16.7, "roe_median": 16.0, "commodity": false, "hard_ratio": 14.4, "fix_assets": 4.0, "goodwill_ratio": 0.0, "pb_calc": 2.18, "capex_dep": 2.69, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 17.8, "debt_mv": null, "payout": 50.1, "div_years": 5, "rev_cagr3": 2.4, "np_cagr3": 6.3, "rev_yoy": 9.3, "np_yoy": -13.3, "np_vol": 19.0, "loss_years": 0, "far_share": 81.0, "earn_yield": 3.8, "consensus_n": 5, "fwd_pe": 18.0, "fwd_pe2": 14.2, "fwd_g1": 47.0, "fwd_g2": 27.0, "peg": 0.67, "consensus_disp": null, "mainbz": [["产品", 41.0], ["能效管理产品及系统", 15.0], ["电力监控及变电站综合监测系统", 15.0], ["电力监控及变电站综合监控产品及系统", 15.0]], "ret_prev_year": 14.8, "ret_prev2_year": -20.1, "ret_ytd": -12.6, "ret_pivot": 37.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.6, "ret_60": -26.9, "ret_120": -34.9, "ret_250": -15.7, "mdd_250": -48.6, "vol_250": 51.0, "pos_52w": 55.7}, "S": {"duration": 48, "pricing": 65, "hard": 23, "bondness": 52}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 26.4 倍、股息率 2.3%、毛利率近 5 年中位 46.1%、固定资产占比 14%、资产负债率 18%: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 46.1%),硬资产占比 14%。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 1.2%(经营现金流/市值 2.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 46.1%,稳定度 99%,2020→2022 成本通胀期毛利率变化 -0.6 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 14%,资本开支/折旧 2.69 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 26.4 倍 粗算,约 81%(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 -16%,最大回撤 -49%,年化波动 51%,现价在 52 周高点的 56%;近 20 / 60 / 120 日 -5% / -27% / -35%。", "行业对照": ["同申万二级「电网设备」141 家中位:PE 43.5 / 股息率 1.0% / 毛利率 23.5% / 固定资产占比 15% / 分红率 40%。", "安科瑞:PE 比行业中位低 17.1倍;股息率 比行业中位高 1.3个百分点;毛利率 比行业中位高 22.6个百分点;固定资产占比 比行业中位低 0.5个百分点。"]}}