{"F": {"ts_code": "600051.SH", "name": "宁波联合", "mkt": "CN", "ccy": "元", "sw1": "综合", "sw2": "综合Ⅱ", "sw3": "综合Ⅲ", "ind": "综合Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "19970410", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.29, "pe_ttm": 28.8974, "pb": 0.5727, "dv_ttm": 0.9539, "total_mv": 195543.52, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [26.5, 19.1, 11.0, 14.6, 10.2, 11.4], "rev_series": [49.1, 37.3, 26.6, 17.6, 17.9, 12.7], "np_series": [3.4, 2.5, 1.5, 1.1, 0.8, 0.8], "roe_series": [12.3, 8.2, 4.7, 3.2, 2.4, 2.5], "period": "20260630", "rev_ttm": 9.6, "np_ttm": 0.7, "ocf_ttm": 2.1, "fcf_ttm": 1.9, "fcf_yield": 9.5, "ocf_yield": 10.8, "gm_median": 11.4, "gm_std": 3.3, "gm_stab": 0.71, "gm_chg_2022": -15.5, "npm_median": 4.8, "roe_median": 3.2, "commodity": false, "hard_ratio": 5.3, "fix_assets": 2.4, "goodwill_ratio": 0.0, "pb_calc": 0.57, "capex_dep": 0.27, "interest_debt": 2.4, "debt_ebitda": 2.0, "debt_ratio": 20.2, "debt_mv": 12.3, "payout": 35.3, "div_years": 5, "rev_cagr3": -21.9, "np_cagr3": -17.4, "rev_yoy": -52.2, "np_yoy": -47.7, "np_vol": 14.6, "loss_years": 0, "far_share": 83.0, "earn_yield": 3.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 43.0], ["电、热及其安装", 28.0], ["房地产业", 7.0], ["商品房", 7.0]], "ret_prev_year": 17.6, "ret_prev2_year": -8.1, "ret_ytd": -15.9, "ret_pivot": 23.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.5, "ret_60": 1.1, "ret_120": -22.8, "ret_250": -19.0, "mdd_250": -32.4, "vol_250": 27.9, "pos_52w": 76.6}, "S": {"duration": 51, "pricing": 34, "hard": 8, "bondness": 44}, "label": "中性", "tags": [], "text": {"像什么": ["PE 28.9 倍、股息率 1.0%、毛利率近 5 年中位 11.4%、固定资产占比 5%、有息负债/EBITDA 2.0 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 5%,毛利率近 5 年中位 11.4%。", "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 9.5%(经营现金流/市值 10.8%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 11.4%,稳定度 71%,2020→2022 成本通胀期毛利率变化 -15.5 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 5%,资本开支/折旧 0.27 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 28.9 倍 粗算,约 83%(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 -19%,最大回撤 -32%,年化波动 28%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 4% / 1% / -23%。", "行业对照": ["同申万二级「综合Ⅱ」20 家中位:PE 46.7 / 股息率 0.9% / 毛利率 15.5% / 固定资产占比 12% / 分红率 35%。", "宁波联合:PE 比行业中位低 17.8倍;股息率 比行业中位高 0.1个百分点;毛利率 比行业中位低 4.1个百分点;固定资产占比 比行业中位低 7.1个百分点。"]}}