{"F": {"ts_code": "600839.SH", "name": "四川长虹", "mkt": "CN", "ccy": "元", "sw1": "家用电器", "sw2": "黑色家电", "sw3": "彩电", "ind": "黑色家电", "fin_source": "tushare", "market": "主板", "list_date": "19940311", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.95, "pe_ttm": 15.0336, "pb": 1.9296, "dv_ttm": 0.8579, "total_mv": 3208289.719, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [10.2, 10.0, 11.6, 11.5, 10.0, 9.4], "rev_series": [944.5, 996.3, 924.8, 974.6, 1036.9, 1088.2], "np_series": [0.5, 2.8, 4.7, 6.9, 7.0, 9.9], "roe_series": [0.3, 2.2, 3.5, 4.9, 4.9, 6.6], "period": "20260630", "rev_ttm": 1103.9, "np_ttm": 21.3, "ocf_ttm": -3.1, "fcf_ttm": -14.8, "fcf_yield": -4.6, "ocf_yield": -1.0, "gm_median": 10.0, "gm_std": 0.9, "gm_stab": 0.91, "gm_chg_2022": 1.4, "npm_median": 1.7, "roe_median": 4.9, "commodity": false, "hard_ratio": 7.4, "fix_assets": 79.2, "goodwill_ratio": 0.1, "pb_calc": 1.93, "capex_dep": 1.21, "interest_debt": 184.7, "debt_ebitda": 8.6, "debt_ratio": 74.5, "debt_mv": 57.6, "payout": 46.8, "div_years": 4, "rev_cagr3": 5.6, "np_cagr3": 28.3, "rev_yoy": 2.8, "np_yoy": 228.6, "np_vol": 196.6, "loss_years": 0, "far_share": 67.0, "earn_yield": 6.7, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 36.0], ["IT产品", 15.0], ["ICT产品与服务", 15.0], ["空调", 6.0]], "ret_prev_year": -5.2, "ret_prev2_year": 86.0, "ret_ytd": -23.1, "ret_pivot": 43.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.5, "ret_60": 5.1, "ret_120": -27.8, "ret_250": -41.8, "mdd_250": -48.2, "vol_250": 36.3, "pos_52w": 57.1}, "S": {"duration": 31, "pricing": 45, "hard": 12, "bondness": 51}, "label": "中性", "tags": [], "text": {"像什么": ["PE 15.0 倍、股息率 0.9%、毛利率近 5 年中位 10.0%、固定资产占比 7%、有息负债/EBITDA 8.6 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 7%,毛利率近 5 年中位 10.0%。", "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 -4.6%(经营现金流/市值 -1.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 10.0%,稳定度 91%,2020→2022 成本通胀期毛利率变化 1.4 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 7%,资本开支/折旧 1.21 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.0 倍 粗算,约 67%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -42%,最大回撤 -48%,年化波动 36%,现价在 52 周高点的 57%;近 20 / 60 / 120 日 2% / 5% / -28%。", "行业对照": ["同申万二级「黑色家电」9 家中位:PE 38.9 / 股息率 0.9% / 毛利率 16.7% / 固定资产占比 18% / 分红率 51%。", "四川长虹:PE 比行业中位低 23.9倍;股息率 与行业中位持平;毛利率 比行业中位低 6.7个百分点;固定资产占比 比行业中位低 10.4个百分点。"]}}