{"F": {"ts_code": "600690.SH", "name": "海尔智家", "mkt": "CN", "ccy": "元", "sw1": "家用电器", "sw2": "白色家电", "sw3": "冰洗", "ind": "白色家电", "fin_source": "tushare", "market": "主板", "list_date": "19931119", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 22.0, "pe_ttm": 11.475, "pb": 1.7102, "dv_ttm": 5.2445, "total_mv": 20466794.04, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [29.7, 31.2, 31.3, 31.5, 27.8, 26.7], "rev_series": [2097.3, 2275.6, 2435.1, 2614.3, 2859.8, 3023.5], "np_series": [88.8, 130.7, 147.1, 166.0, 187.4, 195.5], "roe_series": [15.5, 17.8, 17.0, 16.9, 17.4, 17.0], "period": "20260630", "rev_ttm": 2979.7, "np_ttm": 178.4, "ocf_ttm": 246.2, "fcf_ttm": 151.6, "fcf_yield": 7.4, "ocf_yield": 12.0, "gm_median": 31.2, "gm_std": 2.1, "gm_stab": 0.93, "gm_chg_2022": 1.6, "npm_median": 6.4, "roe_median": 17.0, "commodity": false, "hard_ratio": 14.5, "fix_assets": 453.8, "goodwill_ratio": 8.4, "pb_calc": 1.71, "capex_dep": 1.76, "interest_debt": 470.5, "debt_ebitda": 1.5, "debt_ratio": 58.5, "debt_mv": 23.0, "payout": 89.5, "div_years": 5, "rev_cagr3": 7.5, "np_cagr3": 9.9, "rev_yoy": -2.8, "np_yoy": -14.3, "np_vol": 14.9, "loss_years": 0, "far_share": 56.0, "earn_yield": 8.7, "consensus_n": 28, "fwd_pe": 10.4, "fwd_pe2": 9.6, "fwd_g1": 10.0, "fwd_g2": 8.0, "peg": 1.3, "consensus_disp": null, "mainbz": [["产品", 47.0], ["智慧生活电器", 28.0], ["智慧暖通方案", 14.0], ["渠道综合服务及其他", 5.0]], "ret_prev_year": -4.3, "ret_prev2_year": 45.8, "ret_ytd": -12.7, "ret_pivot": -13.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.6, "ret_60": 8.8, "ret_120": -9.0, "ret_250": -12.1, "mdd_250": -31.8, "vol_250": 22.5, "pos_52w": 81.4}, "S": {"duration": 25, "pricing": 57, "hard": 23, "bondness": 78}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 90%、股息率 5.2%、营收 3 年复合 7.5%、有息负债/EBITDA 1.5 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 31.2%),硬资产占比 14%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "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 12.0%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 31.2%,稳定度 93%,2020→2022 成本通胀期毛利率变化 1.6 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 14%,资本开支/折旧 1.76 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 11.5 倍 粗算,约 56%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -12%,最大回撤 -32%,年化波动 22%,现价在 52 周高点的 81%;近 20 / 60 / 120 日 5% / 9% / -9%。", "行业对照": ["同申万二级「白色家电」11 家中位:PE 13.9 / 股息率 4.4% / 毛利率 20.8% / 固定资产占比 14% / 分红率 49%。", "海尔智家:PE 比行业中位低 2.4倍;股息率 比行业中位高 0.8个百分点;毛利率 比行业中位高 10.4个百分点;固定资产占比 与行业中位持平。"]}}