{"F": {"ts_code": "301168.SZ", "name": "通灵股份", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "光伏设备", "sw3": "光伏电池组件", "ind": "光伏设备", "fin_source": "tushare", "market": "创业板", "list_date": "20211210", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 39.5, "pe_ttm": null, "pb": 2.2322, "dv_ttm": 0.0552, "total_mv": 474000.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [23.4, 15.4, 15.7, 22.9, 15.4, 14.2], "rev_series": [8.4, 11.3, 12.5, 15.4, 15.9, 13.5], "np_series": [1.0, 0.8, 1.2, 1.6, 0.7, 0.3], "roe_series": [14.8, 6.3, 6.1, 8.2, 3.4, 1.2], "period": "20260630", "rev_ttm": 11.2, "np_ttm": -0.0, "ocf_ttm": -1.8, "fcf_ttm": -3.0, "fcf_yield": -6.3, "ocf_yield": -3.7, "gm_median": 15.4, "gm_std": 3.1, "gm_stab": 0.8, "gm_chg_2022": -7.7, "npm_median": 7.0, "roe_median": 6.1, "commodity": false, "hard_ratio": 23.3, "fix_assets": 8.0, "goodwill_ratio": 0.1, "pb_calc": 2.23, "capex_dep": 1.93, "interest_debt": 7.6, "debt_ebitda": 8.4, "debt_ratio": 35.0, "debt_mv": 16.1, "payout": 12.3, "div_years": 5, "rev_cagr3": 2.6, "np_cagr3": -39.5, "rev_yoy": -29.8, "np_yoy": -90.2, "np_vol": 46.8, "loss_years": 0, "far_share": 100, "earn_yield": null, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 41.0], ["二极管接线盒", 14.0], ["光伏互联连接线束", 12.0], ["光伏互联线束", 12.0]], "ret_prev_year": 74.5, "ret_prev2_year": -41.6, "ret_ytd": -15.4, "ret_pivot": 69.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -10.0, "ret_60": -7.1, "ret_120": -1.9, "ret_250": -10.1, "mdd_250": -23.8, "vol_250": 42.1, "pos_52w": 79.2}, "S": {"duration": 100, "pricing": 39, "hard": 37, "bondness": 37}, "label": "中性", "tags": [], "text": {"像什么": ["PE —、股息率 0.1%、毛利率近 5 年中位 15.4%、固定资产占比 23%、有息负债/EBITDA 8.4 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 23%,毛利率近 5 年中位 15.4%。", "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 -3.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 15.4%,稳定度 80%,2020→2022 成本通胀期毛利率变化 -7.7 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 23%,资本开支/折旧 1.93 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 -10%,最大回撤 -24%,年化波动 42%,现价在 52 周高点的 79%;近 20 / 60 / 120 日 -10% / -7% / -2%。", "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%。", "通灵股份:PE ;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位低 2.4个百分点;固定资产占比 比行业中位高 0.7个百分点。"]}}