{"F": {"ts_code": "301155.SZ", "name": "海力风电", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "风电设备", "sw3": "风电零部件", "ind": "风电设备", "fin_source": "tushare", "market": "创业板", "list_date": "20211124", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 37.11, "pe_ttm": 166.9826, "pb": 1.4305, "dv_ttm": 0.4312, "total_mv": 806739.4854, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.5, 29.1, 14.7, 9.8, 7.7, 13.9], "rev_series": [39.3, 54.6, 16.3, 16.9, 13.5, 46.4], "np_series": [6.2, 11.1, 2.1, -0.9, 0.7, 3.5], "roe_series": [78.0, 34.6, 3.8, -1.6, 1.2, 6.2], "period": "20260630", "rev_ttm": 28.0, "np_ttm": 0.5, "ocf_ttm": 2.1, "fcf_ttm": -2.0, "fcf_yield": -2.5, "ocf_yield": 2.6, "gm_median": 13.9, "gm_std": 7.5, "gm_stab": 0.46, "gm_chg_2022": -9.7, "npm_median": 7.5, "roe_median": 3.8, "commodity": false, "hard_ratio": 26.0, "fix_assets": 24.9, "goodwill_ratio": 0.0, "pb_calc": 1.43, "capex_dep": 1.83, "interest_debt": 24.6, "debt_ebitda": 9.0, "debt_ratio": 38.7, "debt_mv": 30.5, "payout": 20.0, "div_years": 4, "rev_cagr3": 41.7, "np_cagr3": 19.2, "rev_yoy": -90.8, "np_yoy": -145.6, "np_vol": 201.5, "loss_years": 1, "far_share": 97.0, "earn_yield": 0.6, "consensus_n": 6, "fwd_pe": 16.6, "fwd_pe2": 9.1, "fwd_g1": 906.0, "fwd_g2": 82.0, "peg": 0.2, "consensus_disp": null, "mainbz": [["产品", 38.0], ["桩基业务", 24.0], ["桩基", 24.0], ["其他业务", 7.0]], "ret_prev_year": 52.2, "ret_prev2_year": -9.9, "ret_ytd": -54.1, "ret_pivot": 3.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -26.3, "ret_60": -19.7, "ret_120": -56.5, "ret_250": -51.3, "mdd_250": -62.8, "vol_250": 52.4, "pos_52w": 37.2}, "S": {"duration": 98, "pricing": 27, "hard": 42, "bondness": 25}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 167.0 倍、股息率 0.4%、毛利率近 5 年中位 13.9%、固定资产占比 26%、有息负债/EBITDA 9.0 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 26%,毛利率近 5 年中位 13.9%。", "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 -2.5%(经营现金流/市值 2.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 13.9%,稳定度 46%,2020→2022 成本通胀期毛利率变化 -9.7 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 26%,资本开支/折旧 1.83 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 167.0 倍 粗算,约 97%(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 -51%,最大回撤 -63%,年化波动 52%,现价在 52 周高点的 37%;近 20 / 60 / 120 日 -26% / -20% / -56%。", "行业对照": ["同申万二级「风电设备」31 家中位:PE 32.3 / 股息率 0.9% / 毛利率 17.3% / 固定资产占比 28% / 分红率 32%。", "海力风电:PE 比行业中位高 134.7倍;股息率 比行业中位低 0.5个百分点;毛利率 比行业中位低 3.4个百分点;固定资产占比 比行业中位低 2.3个百分点。"]}}