{"F": {"ts_code": "600875.SH", "name": "东方电气", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "其他电源设备Ⅱ", "sw3": "综合电力设备商", "ind": "其他电源设备Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "19951010", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 25.07, "pe_ttm": 18.7067, "pb": 1.88, "dv_ttm": 2.1141, "total_mv": 8670109.2721, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [20.4, 17.3, 16.5, 17.3, 14.2, 15.9], "rev_series": [362.4, 467.6, 541.8, 595.7, 685.9, 775.8], "np_series": [18.6, 22.9, 28.5, 35.5, 29.2, 38.3], "roe_series": [6.2, 7.2, 8.5, 9.8, 7.7, 9.1], "period": "20260630", "rev_ttm": 780.8, "np_ttm": 46.3, "ocf_ttm": 8.5, "fcf_ttm": -35.7, "fcf_yield": -4.1, "ocf_yield": 1.0, "gm_median": 16.5, "gm_std": 1.2, "gm_stab": 0.93, "gm_chg_2022": -3.9, "npm_median": 5.2, "roe_median": 8.5, "commodity": false, "hard_ratio": 4.9, "fix_assets": 80.5, "goodwill_ratio": 0.0, "pb_calc": 1.88, "capex_dep": 4.89, "interest_debt": 134.5, "debt_ebitda": 2.1, "debt_ratio": 70.2, "debt_mv": 15.5, "payout": 42.9, "div_years": 5, "rev_cagr3": 12.7, "np_cagr3": 10.3, "rev_yoy": 1.3, "np_yoy": 42.1, "np_vol": 17.6, "loss_years": 0, "far_share": 73.0, "earn_yield": 5.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 26.0], ["能源装备制造", 20.0], ["能源装备制造：煤电", 10.0], ["煤电", 10.0]], "ret_prev_year": 58.8, "ret_prev2_year": 13.2, "ret_ytd": 5.6, "ret_pivot": 113.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.5, "ret_60": -13.4, "ret_120": -33.8, "ret_250": 24.6, "mdd_250": -44.3, "vol_250": 56.0, "pos_52w": 57.4}, "S": {"duration": 37, "pricing": 45, "hard": 8, "bondness": 41}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 18.7 倍、股息率 2.1%、毛利率近 5 年中位 16.5%、固定资产占比 5%、有息负债/EBITDA 2.1 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 5%,毛利率近 5 年中位 16.5%。", "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 -4.1%(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 16.5%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -3.9 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 5%,资本开支/折旧 4.89 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 18.7 倍 粗算,约 73%(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 25%,最大回撤 -44%,年化波动 56%,现价在 52 周高点的 57%;近 20 / 60 / 120 日 -8% / -13% / -34%。", "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%。", "东方电气:PE 比行业中位低 50.3倍;股息率 比行业中位高 1.5个百分点;毛利率 比行业中位低 8.8个百分点;固定资产占比 比行业中位低 11.2个百分点。"]}}