{"F": {"ts_code": "600577.SH", "name": "精达股份", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电网设备", "sw3": "线缆部件及其他", "ind": "电网设备", "fin_source": "tushare", "market": "主板", "list_date": "20020911", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 7.98, "pe_ttm": 28.8379, "pb": 2.8195, "dv_ttm": 1.0867, "total_mv": 1780987.8114, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [8.8, 7.6, 5.7, 6.1, 5.8, 5.7], "rev_series": [124.5, 183.3, 175.4, 179.1, 223.2, 246.7], "np_series": [4.2, 5.5, 3.8, 4.3, 5.6, 6.0], "roe_series": [11.4, 13.3, 8.0, 8.3, 10.2, 10.1], "period": "20260630", "rev_ttm": 281.2, "np_ttm": 6.2, "ocf_ttm": 14.1, "fcf_ttm": 13.2, "fcf_yield": 7.4, "ocf_yield": 7.9, "gm_median": 5.8, "gm_std": 0.7, "gm_stab": 0.88, "gm_chg_2022": -3.1, "npm_median": 2.5, "roe_median": 10.1, "commodity": false, "hard_ratio": 10.0, "fix_assets": 16.7, "goodwill_ratio": 0.6, "pb_calc": 2.8, "capex_dep": 0.49, "interest_debt": 44.6, "debt_ebitda": 3.9, "debt_ratio": 61.1, "debt_mv": 25.1, "payout": 33.3, "div_years": 5, "rev_cagr3": 12.0, "np_cagr3": 16.3, "rev_yoy": 29.1, "np_yoy": 6.0, "np_vol": 22.7, "loss_years": 0, "far_share": 83.0, "earn_yield": 3.5, "consensus_n": 1, "fwd_pe": 22.8, "fwd_pe2": 19.9, "fwd_g1": 26.0, "fwd_g2": 14.0, "peg": 1.63, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 48.0], ["其他业务", 2.0]], "ret_prev_year": 73.0, "ret_prev2_year": 86.7, "ret_ytd": -35.5, "ret_pivot": 100.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.4, "ret_60": -26.5, "ret_120": -45.9, "ret_250": -6.3, "mdd_250": -56.5, "vol_250": 54.2, "pos_52w": 49.8}, "S": {"duration": 51, "pricing": 39, "hard": 16, "bondness": 38}, "label": "中性", "tags": [], "text": {"像什么": ["PE 28.8 倍、股息率 1.1%、毛利率近 5 年中位 5.8%、固定资产占比 10%、有息负债/EBITDA 3.9 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 10%,毛利率近 5 年中位 5.8%。", "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 7.4%(经营现金流/市值 7.9%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 5.8%,稳定度 88%,2020→2022 成本通胀期毛利率变化 -3.1 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 10%,资本开支/折旧 0.49 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 28.8 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 -6%,最大回撤 -56%,年化波动 54%,现价在 52 周高点的 50%;近 20 / 60 / 120 日 -3% / -26% / -46%。", "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%。", "精达股份:PE 比行业中位低 14.7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 17.7个百分点;固定资产占比 比行业中位低 4.9个百分点。"]}}