{"F": {"ts_code": "300335.SZ", "name": "迪森股份", "mkt": "CN", "ccy": "元", "sw1": "公用事业", "sw2": "电力", "sw3": "热力服务", "ind": "电力", "fin_source": "tushare", "market": "创业板", "list_date": "20120710", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": true, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.63, "pe_ttm": 66.6072, "pb": 1.4031, "dv_ttm": 1.7762, "total_mv": 268557.9812, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.4, 25.3, 26.0, 27.5, 28.8, 32.1], "rev_series": [15.6, 12.5, 11.4, 13.7, 11.2, 10.4], "np_series": [0.3, -0.8, 0.7, 0.6, 0.5, 0.4], "roe_series": [2.1, -5.5, 4.3, 3.1, 2.5, 2.3], "period": "20260630", "rev_ttm": 10.2, "np_ttm": 0.4, "ocf_ttm": 1.8, "fcf_ttm": 1.5, "fcf_yield": 5.6, "ocf_yield": 6.6, "gm_median": 27.5, "gm_std": 2.4, "gm_stab": 0.91, "gm_chg_2022": 1.6, "npm_median": 6.6, "roe_median": 2.5, "commodity": false, "hard_ratio": 17.7, "fix_assets": 4.9, "goodwill_ratio": 10.9, "pb_calc": 1.4, "capex_dep": 0.5, "interest_debt": 0.6, "debt_ebitda": 0.3, "debt_ratio": 27.7, "debt_mv": 2.3, "payout": 100.0, "div_years": 4, "rev_cagr3": -3.0, "np_cagr3": -14.7, "rev_yoy": -5.2, "np_yoy": -7.2, "np_vol": 170.3, "loss_years": 1, "far_share": 92.0, "earn_yield": 1.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 34.0], ["清洁能源综合服务-C端产品与服务", 16.0], ["智能舒适家居制造及服务-C端产品与服务", 16.0], ["清洁能源综合服务-B端运营", 15.0]], "ret_prev_year": 22.5, "ret_prev2_year": -12.5, "ret_ytd": -0.5, "ret_pivot": 56.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.4, "ret_60": 6.6, "ret_120": -27.6, "ret_250": -6.5, "mdd_250": -47.4, "vol_250": 45.9, "pos_52w": 62.6}, "S": {"duration": 81, "pricing": 54, "hard": 28, "bondness": 67}, "label": "中性", "tags": [], "text": {"像什么": ["PE 66.6 倍、股息率 1.8%、毛利率近 5 年中位 27.5%、固定资产占比 18%、有息负债/EBITDA 0.3 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 18%,毛利率近 5 年中位 27.5%。", "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 5.6%(经营现金流/市值 6.6%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.5%,稳定度 91%,2020→2022 成本通胀期毛利率变化 1.6 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 18%,资本开支/折旧 0.50 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 66.6 倍 粗算,约 92%(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 -6%,最大回撤 -47%,年化波动 46%,现价在 52 周高点的 63%;近 20 / 60 / 120 日 5% / 7% / -28%。", "行业对照": ["同申万二级「电力」109 家中位:PE 27.8 / 股息率 1.8% / 毛利率 22.5% / 固定资产占比 61% / 分红率 42%。", "迪森股份:PE 比行业中位高 38.8倍;股息率 与行业中位持平;毛利率 比行业中位高 5.0个百分点;固定资产占比 比行业中位低 43.0个百分点。"]}}