{"F": {"ts_code": "300360.SZ", "name": "炬华科技", "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": "20140121", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.46, "pe_ttm": 14.7697, "pb": 1.4103, "dv_ttm": 5.2356, "total_mv": 589258.4166, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [39.8, 39.0, 39.1, 44.8, 47.6, 43.1], "rev_series": [11.0, 12.1, 15.1, 17.7, 20.3, 16.9], "np_series": [2.9, 3.2, 4.7, 6.1, 6.6, 5.7], "roe_series": [12.8, 12.6, 16.6, 18.2, 17.6, 14.0], "period": "20260630", "rev_ttm": 14.9, "np_ttm": 4.0, "ocf_ttm": 4.8, "fcf_ttm": 4.3, "fcf_yield": 7.2, "ocf_yield": 8.2, "gm_median": 43.1, "gm_std": 3.3, "gm_stab": 0.92, "gm_chg_2022": -0.7, "npm_median": 33.0, "roe_median": 16.6, "commodity": false, "hard_ratio": 10.6, "fix_assets": 5.3, "goodwill_ratio": 1.3, "pb_calc": 1.41, "capex_dep": 1.42, "interest_debt": 0.1, "debt_ebitda": 0.0, "debt_ratio": 15.4, "debt_mv": 0.1, "payout": 54.7, "div_years": 5, "rev_cagr3": 3.8, "np_cagr3": 6.3, "rev_yoy": -22.1, "np_yoy": -48.7, "np_vol": 21.3, "loss_years": 0, "far_share": 66.0, "earn_yield": 6.8, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["智慧计量与采集系统", 41.0], ["智能配用电产品及系统", 4.0], ["智能流量仪表及系统", 3.0]], "ret_prev_year": 8.4, "ret_prev2_year": 31.9, "ret_ytd": -32.9, "ret_pivot": -5.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.9, "ret_60": -7.7, "ret_120": -35.0, "ret_250": -29.6, "mdd_250": -40.2, "vol_250": 36.3, "pos_52w": 60.6}, "S": {"duration": 31, "pricing": 61, "hard": 17, "bondness": 65}, "label": "轻资产现金牛", "tags": ["现金流红利", "股息率≥4%"], "text": {"像什么": ["固定资产占比 11%,毛利率近 5 年中位 43.1%,自由现金流/市值 7.2%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 43.1%),硬资产占比 11%。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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 7.2%(经营现金流/市值 8.2%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 43.1%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -0.7 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 11%,资本开支/折旧 1.42 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 14.8 倍 粗算,约 66%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -30%,最大回撤 -40%,年化波动 36%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 -7% / -8% / -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%。", "炬华科技:PE 比行业中位低 28.7倍;股息率 比行业中位高 4.2个百分点;毛利率 比行业中位高 19.6个百分点;固定资产占比 比行业中位低 4.3个百分点。"]}}