{"F": {"ts_code": "300403.SZ", "name": "汉宇集团", "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": "创业板", "list_date": "20141030", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 9.19, "pe_ttm": 26.6476, "pb": 2.4711, "dv_ttm": 2.0675, "total_mv": 554157.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [38.3, 30.9, 30.9, 34.2, 34.0, 33.1], "rev_series": [9.4, 11.3, 10.6, 10.9, 11.4, 11.7], "np_series": [2.0, 2.3, 2.0, 2.4, 2.3, 2.4], "roe_series": [14.2, 14.5, 11.6, 12.9, 11.8, 11.2], "period": "20260630", "rev_ttm": 11.8, "np_ttm": 2.1, "ocf_ttm": 2.1, "fcf_ttm": 1.5, "fcf_yield": 2.7, "ocf_yield": 3.8, "gm_median": 33.1, "gm_std": 1.4, "gm_stab": 0.96, "gm_chg_2022": -7.4, "npm_median": 20.3, "roe_median": 11.8, "commodity": false, "hard_ratio": 37.6, "fix_assets": 9.8, "goodwill_ratio": 0.0, "pb_calc": 2.47, "capex_dep": 0.9, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 14.2, "debt_mv": null, "payout": 46.4, "div_years": 5, "rev_cagr3": 3.5, "np_cagr3": 5.0, "rev_yoy": 0.4, "np_yoy": -24.0, "np_vol": 11.1, "loss_years": 0, "far_share": 81.0, "earn_yield": 3.8, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["标准排水泵", 39.0], ["排水及循环泵", 39.0], ["其他业务", 8.0], ["合计特别调整", 7.0]], "ret_prev_year": 47.2, "ret_prev2_year": 18.1, "ret_ytd": -35.4, "ret_pivot": 53.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.6, "ret_60": -7.7, "ret_120": -26.4, "ret_250": -43.8, "mdd_250": -52.5, "vol_250": 50.9, "pos_52w": 52.0}, "S": {"duration": 49, "pricing": 54, "hard": 60, "bondness": 48}, "label": "钱的替代品", "tags": [], "text": {"像什么": ["硬资产:固定资产 + 在建 10 亿,占总资产 38%,重置成本随通胀上升。", "定价权:毛利率近 5 年中位 33.1%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -7.4 个百分点。", "当期现金流:自由现金流/市值 2.7%,股息率 2.1%,估值里 5 年后的故事约占 81%。"], "为什么(不)算钱的替代品": "两个条件都占:硬资产(占比 38%)和定价权(毛利率 33.1% 且稳定)。", "加息期怎么走": "信用体制切换时一阶受益,但它是切换的 β:2025 随黄金跑过一轮的,2026 随黄金退潮。加仓看 dollar-credit 面板信号,不预判。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 2.7%(经营现金流/市值 3.8%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 33.1%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -7.4 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 38%,资本开支/折旧 0.90 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 26.6 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 -44%,最大回撤 -52%,年化波动 51%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 -4% / -8% / -26%。 钱的替代品是体制切换的 β:过去一年没动,若信号亮起弹性在这。", "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%。", "汉宇集团:PE 比行业中位低 23.7倍;股息率 比行业中位高 1.1个百分点;毛利率 比行业中位高 14.3个百分点;固定资产占比 比行业中位高 17.0个百分点。"]}}