{"F": {"ts_code": "300827.SZ", "name": "上能电气", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "光伏设备", "sw3": "逆变器", "ind": "光伏设备", "fin_source": "tushare", "market": "创业板", "list_date": "20200410", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 24.04, "pe_ttm": 27.9619, "pb": 3.1197, "dv_ttm": 0.4967, "total_mv": 1338286.6064, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [25.7, 24.6, 17.3, 19.2, 22.9, 23.6], "rev_series": [10.0, 10.9, 23.4, 49.3, 47.7, 56.3], "np_series": [0.8, 0.6, 0.8, 2.9, 4.2, 4.6], "roe_series": [12.3, 6.8, 8.5, 20.5, 21.4, 14.5], "period": "20260630", "rev_ttm": 63.0, "np_ttm": 4.8, "ocf_ttm": 5.4, "fcf_ttm": -0.8, "fcf_yield": -0.6, "ocf_yield": 4.0, "gm_median": 22.9, "gm_std": 2.8, "gm_stab": 0.88, "gm_chg_2022": -8.5, "npm_median": 5.8, "roe_median": 14.5, "commodity": false, "hard_ratio": 10.3, "fix_assets": 12.5, "goodwill_ratio": 0.0, "pb_calc": 3.12, "capex_dep": 10.15, "interest_debt": 20.9, "debt_ebitda": 2.5, "debt_ratio": 64.6, "debt_mv": 15.6, "payout": 12.3, "div_years": 5, "rev_cagr3": 34.0, "np_cagr3": 78.3, "rev_yoy": 30.8, "np_yoy": 8.0, "np_vol": 96.3, "loss_years": 0, "far_share": 82.0, "earn_yield": 3.6, "consensus_n": 9, "fwd_pe": 20.4, "fwd_pe2": 15.3, "fwd_g1": 37.0, "fwd_g2": 33.0, "peg": 0.62, "consensus_disp": null, "mainbz": [["产品", 45.0], ["光伏逆变器", 35.0], ["储能双向变流器及系统集成产品", 9.0], ["储能双向变流器及储能系统集成产品", 9.0]], "ret_prev_year": 9.5, "ret_prev2_year": 46.0, "ret_ytd": -29.5, "ret_pivot": -0.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.0, "ret_60": -19.4, "ret_120": -39.7, "ret_250": -3.5, "mdd_250": -49.1, "vol_250": 64.0, "pos_52w": 52.7}, "S": {"duration": 50, "pricing": 46, "hard": 16, "bondness": 15}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 28.0 倍、股息率 0.5%、毛利率近 5 年中位 22.9%、固定资产占比 10%、有息负债/EBITDA 2.5 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 10%,毛利率近 5 年中位 22.9%。", "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 -0.6%(经营现金流/市值 4.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 22.9%,稳定度 88%,2020→2022 成本通胀期毛利率变化 -8.5 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 10%,资本开支/折旧 10.15 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 28.0 倍 粗算,约 82%(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 -4%,最大回撤 -49%,年化波动 64%,现价在 52 周高点的 53%;近 20 / 60 / 120 日 -6% / -19% / -40%。", "行业对照": ["同申万二级「光伏设备」73 家中位:PE 41.0 / 股息率 0.5% / 毛利率 17.8% / 固定资产占比 23% / 分红率 29%。", "上能电气:PE 比行业中位低 13.0倍;股息率 与行业中位持平;毛利率 比行业中位高 5.1个百分点;固定资产占比 比行业中位低 12.3个百分点。"]}}