{"F": {"ts_code": "600482.SH", "name": "中国动力", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "其他电源设备Ⅱ", "sw3": "其他电源设备Ⅲ", "ind": "其他电源设备Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20040714", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 32.98, "pe_ttm": 44.1662, "pb": 1.8165, "dv_ttm": 0.8608, "total_mv": 7480676.6272, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [12.6, 11.9, 12.8, 13.3, 14.8, 16.9], "rev_series": [270.1, 282.1, 383.0, 451.0, 517.0, 578.0], "np_series": [5.4, 6.1, 3.3, 7.8, 13.9, 13.0], "roe_series": [1.7, 1.7, 0.9, 2.2, 3.7, 3.3], "period": "20260630", "rev_ttm": 609.9, "np_ttm": 16.9, "ocf_ttm": 131.2, "fcf_ttm": 119.5, "fcf_yield": 16.0, "ocf_yield": 17.5, "gm_median": 13.3, "gm_std": 1.8, "gm_stab": 0.87, "gm_chg_2022": 0.2, "npm_median": 2.3, "roe_median": 2.2, "commodity": false, "hard_ratio": 13.5, "fix_assets": 168.4, "goodwill_ratio": 0.0, "pb_calc": 1.82, "capex_dep": 0.93, "interest_debt": 51.4, "debt_ebitda": 0.9, "debt_ratio": 55.5, "debt_mv": 6.9, "payout": 49.0, "div_years": 5, "rev_cagr3": 14.7, "np_cagr3": 57.5, "rev_yoy": 11.5, "np_yoy": 42.7, "np_vol": 63.8, "loss_years": 0, "far_share": 89.0, "earn_yield": 2.3, "consensus_n": 12, "fwd_pe": 24.8, "fwd_pe2": 17.2, "fwd_g1": 78.0, "fwd_g2": 44.0, "peg": 0.56, "consensus_disp": null, "mainbz": [["产品", 50.0], ["柴油机动力", 27.0], ["贵金属", 6.0], ["化学动力", 5.0]], "ret_prev_year": -14.6, "ret_prev2_year": 37.9, "ret_ytd": 60.9, "ret_pivot": 62.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.1, "ret_60": 5.8, "ret_120": 1.0, "ret_250": 39.7, "mdd_250": -36.4, "vol_250": 51.4, "pos_52w": 78.4}, "S": {"duration": 67, "pricing": 45, "hard": 22, "bondness": 30}, "label": "成长兑现", "tags": ["PEG<0.8"], "text": {"像什么": ["盈利在追估值:最新净利润同比 43%,PE TTM 44.2 倍 但前瞻 PE 24.8 倍,PEG 0.56。", "自由现金流 119.5 亿(正),次年预期增速 44%(12 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 14%,毛利率近 5 年中位 13.3%。", "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 16.0%(经营现金流/市值 17.5%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 13.3%,稳定度 87%,2020→2022 成本通胀期毛利率变化 0.2 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 14%,资本开支/折旧 0.93 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 44.2 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 40%,最大回撤 -36%,年化波动 51%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 9% / 6% / 1%。 长久期资产波动大是常态;", "行业对照": ["同申万二级「其他电源设备Ⅱ」33 家中位:PE 69.0 / 股息率 0.6% / 毛利率 25.3% / 固定资产占比 16% / 分红率 34%。", "中国动力:PE 比行业中位低 24.8倍;股息率 比行业中位高 0.3个百分点;毛利率 比行业中位低 12.0个百分点;固定资产占比 比行业中位低 2.6个百分点。"]}}