{"F": {"ts_code": "301135.SZ", "name": "瑞德智能", "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": "20220412", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 17.18, "pe_ttm": 277.1579, "pb": 1.8526, "dv_ttm": 1.316, "total_mv": 222977.3302, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [22.3, 19.4, 18.9, 19.8, 19.0, 17.5], "rev_series": [10.9, 13.2, 10.3, 10.7, 12.6, 14.3], "np_series": [0.7, 0.8, 0.4, 0.4, 0.4, 0.3], "roe_series": [17.5, 15.7, 4.9, 3.2, 3.0, 2.2], "period": "20260630", "rev_ttm": 15.4, "np_ttm": 0.1, "ocf_ttm": -0.5, "fcf_ttm": -1.4, "fcf_yield": -6.3, "ocf_yield": -2.1, "gm_median": 19.0, "gm_std": 0.8, "gm_stab": 0.96, "gm_chg_2022": -3.4, "npm_median": 3.8, "roe_median": 3.2, "commodity": false, "hard_ratio": 21.1, "fix_assets": 4.7, "goodwill_ratio": 0.0, "pb_calc": 1.85, "capex_dep": 2.85, "interest_debt": 2.7, "debt_ebitda": 4.6, "debt_ratio": 46.1, "debt_mv": 12.3, "payout": 81.1, "div_years": 5, "rev_cagr3": 11.5, "np_cagr3": -15.1, "rev_yoy": 15.1, "np_yoy": -118.6, "np_vol": 19.3, "loss_years": 0, "far_share": 98.0, "earn_yield": 0.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 35.0], ["家电智能控制器", 25.0], ["家电", 25.0], ["汽车电子智能控制器", 4.0]], "ret_prev_year": 22.6, "ret_prev2_year": -5.2, "ret_ytd": -19.7, "ret_pivot": 27.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.7, "ret_60": 0.9, "ret_120": -24.6, "ret_250": -27.9, "mdd_250": -44.4, "vol_250": 38.5, "pos_52w": 68.2}, "S": {"duration": 100, "pricing": 48, "hard": 34, "bondness": 59}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 277.2 倍、股息率 1.3%、毛利率近 5 年中位 19.0%、固定资产占比 21%、有息负债/EBITDA 4.6 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 21%,毛利率近 5 年中位 19.0%。", "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 -6.3%(经营现金流/市值 -2.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 19.0%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -3.4 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 21%,资本开支/折旧 2.85 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 277.2 倍 粗算,约 98%(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 -28%,最大回撤 -44%,年化波动 38%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 6% / 1% / -25%。", "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%。", "瑞德智能:PE 比行业中位高 226.9倍;股息率 比行业中位高 0.3个百分点;毛利率 比行业中位高 0.2个百分点;固定资产占比 比行业中位高 0.5个百分点。"]}}