{"F": {"ts_code": "600983.SH", "name": "惠而浦", "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": "20040727", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 7.61, "pe_ttm": 12.1171, "pb": 2.2071, "dv_ttm": 8.8042, "total_mv": 583260.079, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [16.2, 9.6, 13.4, 16.3, 15.9, 18.3], "rev_series": [49.4, 49.3, 42.6, 40.0, 36.5, 45.0], "np_series": [-1.5, -5.9, 0.3, 0.8, 2.0, 5.2], "roe_series": [-4.1, -18.1, 0.9, 2.9, 7.8, 18.4], "period": "20260630", "rev_ttm": 42.2, "np_ttm": 4.8, "ocf_ttm": 3.2, "fcf_ttm": 1.3, "fcf_yield": 2.3, "ocf_yield": 5.4, "gm_median": 15.9, "gm_std": 3.0, "gm_stab": 0.81, "gm_chg_2022": -2.8, "npm_median": 2.0, "roe_median": 2.9, "commodity": false, "hard_ratio": 19.3, "fix_assets": 11.2, "goodwill_ratio": 0.0, "pb_calc": 2.21, "capex_dep": 1.48, "interest_debt": 0.3, "debt_ebitda": 0.1, "debt_ratio": 54.4, "debt_mv": 0.6, "payout": 111.5, "div_years": 3, "rev_cagr3": 1.8, "np_cagr3": 165.0, "rev_yoy": -12.5, "np_yoy": -17.8, "np_vol": 179.6, "loss_years": 1, "far_share": 59.0, "earn_yield": 8.3, "consensus_n": 3, "fwd_pe": 11.2, "fwd_pe2": 9.2, "fwd_g1": 8.0, "fwd_g2": 22.0, "peg": 0.51, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 48.0], ["其他业务", 2.0]], "ret_prev_year": 7.4, "ret_prev2_year": 5.5, "ret_ytd": -14.4, "ret_pivot": 28.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.4, "ret_60": -4.4, "ret_120": -30.6, "ret_250": -27.5, "mdd_250": -41.8, "vol_250": 34.1, "pos_52w": 63.9}, "S": {"duration": 26, "pricing": 42, "hard": 31, "bondness": 84}, "label": "现金流红利", "tags": ["股息率≥4%", "PEG<0.8"], "text": {"像什么": ["分红率 112%、股息率 8.8%、营收 3 年复合 1.8%、有息负债/EBITDA 0.1 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 19%,毛利率近 5 年中位 15.9%。", "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 2.3%(经营现金流/市值 5.4%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 15.9%,稳定度 81%,2020→2022 成本通胀期毛利率变化 -2.8 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 19%,资本开支/折旧 1.48 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.1 倍 粗算,约 59%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -28%,最大回撤 -42%,年化波动 34%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 -1% / -4% / -31%。", "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%。", "惠而浦:PE 比行业中位低 1.8倍;股息率 比行业中位高 4.4个百分点;毛利率 比行业中位低 4.9个百分点;固定资产占比 比行业中位高 4.8个百分点。"]}}