{"F": {"ts_code": "600580.SH", "name": "卧龙电驱", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电机Ⅱ", "sw3": "电机Ⅲ", "ind": "电机Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20020606", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 28.64, "pe_ttm": 47.5668, "pb": 4.1031, "dv_ttm": 0.6282, "total_mv": 4473904.52, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.5, 23.1, 24.8, 25.2, 24.0, 25.4], "rev_series": [125.7, 140.0, 142.7, 155.7, 162.5, 154.5], "np_series": [8.7, 9.9, 8.0, 5.3, 7.9, 11.3], "roe_series": [11.9, 12.5, 9.3, 5.8, 8.2, 10.7], "period": "20260630", "rev_ttm": 148.9, "np_ttm": 9.4, "ocf_ttm": 15.0, "fcf_ttm": 6.9, "fcf_yield": 1.5, "ocf_yield": 3.3, "gm_median": 24.8, "gm_std": 0.8, "gm_stab": 0.97, "gm_chg_2022": 0.4, "npm_median": 5.9, "roe_median": 9.3, "commodity": false, "hard_ratio": 18.5, "fix_assets": 46.6, "goodwill_ratio": 5.7, "pb_calc": 4.1, "capex_dep": 1.81, "interest_debt": 64.0, "debt_ebitda": 3.4, "debt_ratio": 54.7, "debt_mv": 14.3, "payout": 24.9, "div_years": 5, "rev_cagr3": 2.7, "np_cagr3": 12.1, "rev_yoy": -7.0, "np_yoy": -34.5, "np_vol": 32.8, "loss_years": 0, "far_share": 89.0, "earn_yield": 2.1, "consensus_n": 5, "fwd_pe": 36.2, "fwd_pe2": 32.1, "fwd_g1": 32.0, "fwd_g2": 13.0, "peg": 2.78, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 49.0], ["其他业务", 1.0]], "ret_prev_year": 248.9, "ret_prev2_year": 49.4, "ret_ytd": -41.5, "ret_pivot": 252.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -21.8, "ret_60": -17.8, "ret_120": -28.9, "ret_250": -14.8, "mdd_250": -50.5, "vol_250": 55.8, "pos_52w": 50.7}, "S": {"duration": 70, "pricing": 54, "hard": 30, "bondness": 40}, "label": "中性", "tags": [], "text": {"像什么": ["PE 47.6 倍、股息率 0.6%、毛利率近 5 年中位 24.8%、固定资产占比 18%、有息负债/EBITDA 3.4 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 18%,毛利率近 5 年中位 24.8%。", "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 1.5%(经营现金流/市值 3.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 24.8%,稳定度 97%,2020→2022 成本通胀期毛利率变化 0.4 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 18%,资本开支/折旧 1.81 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 47.6 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 -15%,最大回撤 -50%,年化波动 56%,现价在 52 周高点的 51%;近 20 / 60 / 120 日 -22% / -18% / -29%。", "行业对照": ["同申万二级「电机Ⅱ」28 家中位:PE 46.1 / 股息率 0.6% / 毛利率 20.8% / 固定资产占比 20% / 分红率 38%。", "卧龙电驱:PE 比行业中位高 1.5倍;股息率 与行业中位持平;毛利率 比行业中位高 4.0个百分点;固定资产占比 比行业中位低 1.3个百分点。"]}}