{"F": {"ts_code": "301179.SZ", "name": "泽宇智能", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电网设备", "sw3": "电网自动化设备", "ind": "电网设备", "fin_source": "tushare", "market": "创业板", "list_date": "20211208", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 19.97, "pe_ttm": 46.5858, "pb": 3.2361, "dv_ttm": 0.9473, "total_mv": 807601.7775, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [41.9, 42.7, 41.9, 39.1, 30.5, 25.9], "rev_series": [5.8, 7.0, 8.6, 10.6, 13.5, 12.0], "np_series": [1.6, 1.9, 2.3, 2.6, 2.2, 1.5], "roe_series": [37.6, 15.0, 10.8, 11.2, 9.1, 6.1], "period": "20260630", "rev_ttm": 12.5, "np_ttm": 1.7, "ocf_ttm": 1.7, "fcf_ttm": 1.4, "fcf_yield": 1.8, "ocf_yield": 2.1, "gm_median": 39.1, "gm_std": 6.7, "gm_stab": 0.83, "gm_chg_2022": 0.0, "npm_median": 23.2, "roe_median": 10.8, "commodity": false, "hard_ratio": 6.6, "fix_assets": 2.2, "goodwill_ratio": 0.0, "pb_calc": 3.24, "capex_dep": 1.42, "interest_debt": 2.0, "debt_ebitda": 1.4, "debt_ratio": 26.7, "debt_mv": 2.5, "payout": 51.4, "div_years": 5, "rev_cagr3": 11.6, "np_cagr3": -13.0, "rev_yoy": 13.5, "np_yoy": 68.1, "np_vol": 21.2, "loss_years": 0, "far_share": 89.0, "earn_yield": 2.1, "consensus_n": 5, "fwd_pe": 32.2, "fwd_pe2": 24.5, "fwd_g1": 45.0, "fwd_g2": 31.0, "peg": 1.04, "consensus_disp": null, "mainbz": [["系统集成设备", 42.0], ["系统集成", 42.0], ["施工及运维", 15.0], ["电力设计", 2.0]], "ret_prev_year": 3.5, "ret_prev2_year": 3.9, "ret_ytd": 27.8, "ret_pivot": 72.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.6, "ret_60": 0.4, "ret_120": -12.9, "ret_250": 14.0, "mdd_250": -37.5, "vol_250": 53.6, "pos_52w": 70.6}, "S": {"duration": 69, "pricing": 56, "hard": 11, "bondness": 36}, "label": "成长兑现", "tags": [], "text": {"像什么": ["盈利在追估值:最新净利润同比 68%,PE TTM 46.6 倍 但前瞻 PE 32.2 倍,PEG 1.04。", "自由现金流 1.4 亿(正),次年预期增速 31%(5 篇研报),风险在增速假设能否延续。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 7%,毛利率近 5 年中位 39.1%。", "加息期怎么走": "估值不靠远期故事,加息期比纯久期抗跌;风险在订单与增速,盯业绩不盯利率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 1.8%(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 39.1%,稳定度 83%,2020→2022 成本通胀期毛利率变化 0.0 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 7%,资本开支/折旧 1.42 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 46.6 倍 粗算,约 89%(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 14%,最大回撤 -38%,年化波动 54%,现价在 52 周高点的 71%;近 20 / 60 / 120 日 1% / 0% / -13%。 长久期资产波动大是常态;", "行业对照": ["同申万二级「电网设备」141 家中位:PE 43.5 / 股息率 1.0% / 毛利率 23.5% / 固定资产占比 15% / 分红率 40%。", "泽宇智能:PE 比行业中位高 3.1倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位高 15.6个百分点;固定资产占比 比行业中位低 8.3个百分点。"]}}