{"F": {"ts_code": "601179.SH", "name": "中国西电", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电网设备", "sw3": "输变电设备", "ind": "电网设备", "fin_source": "tushare", "market": "主板", "list_date": "20100128", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 12.6, "pe_ttm": 47.5051, "pb": 2.7569, "dv_ttm": 0.8016, "total_mv": 6458611.824, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [16.5, 21.7, 16.4, 17.8, 20.7, 22.7], "rev_series": [158.0, 141.8, 180.1, 208.5, 221.7, 237.6], "np_series": [2.4, 5.4, 6.1, 8.9, 10.5, 12.7], "roe_series": [1.2, 2.7, 2.9, 4.1, 4.8, 5.6], "period": "20260630", "rev_ttm": 246.7, "np_ttm": 13.6, "ocf_ttm": 24.7, "fcf_ttm": 13.8, "fcf_yield": 2.1, "ocf_yield": 3.8, "gm_median": 20.7, "gm_std": 2.4, "gm_stab": 0.88, "gm_chg_2022": -0.1, "npm_median": 4.9, "roe_median": 4.1, "commodity": false, "hard_ratio": 13.2, "fix_assets": 64.4, "goodwill_ratio": 0.0, "pb_calc": 2.76, "capex_dep": 2.52, "interest_debt": 11.5, "debt_ebitda": 0.4, "debt_ratio": 45.6, "debt_mv": 1.8, "payout": 39.5, "div_years": 5, "rev_cagr3": 9.7, "np_cagr3": 27.5, "rev_yoy": 8.1, "np_yoy": 15.0, "np_vol": 41.2, "loss_years": 0, "far_share": 89.0, "earn_yield": 2.1, "consensus_n": 12, "fwd_pe": 41.6, "fwd_pe2": 33.7, "fwd_g1": 14.0, "fwd_g2": 24.0, "peg": 1.73, "consensus_disp": null, "mainbz": [["变压器", 40.0], ["开关", 37.0], ["电力电子器件", 17.0], ["研发及检测板块", 3.0]], "ret_prev_year": 21.6, "ret_prev2_year": 59.0, "ret_ytd": 39.3, "ret_pivot": 81.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -10.4, "ret_60": -6.0, "ret_120": -28.4, "ret_250": 88.7, "mdd_250": -42.1, "vol_250": 58.8, "pos_52w": 62.6}, "S": {"duration": 70, "pricing": 49, "hard": 21, "bondness": 30}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 47.5 倍、股息率 0.8%、毛利率近 5 年中位 20.7%、固定资产占比 13%、有息负债/EBITDA 0.4 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 13%,毛利率近 5 年中位 20.7%。", "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 2.1%(经营现金流/市值 3.8%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.7%,稳定度 88%,2020→2022 成本通胀期毛利率变化 -0.1 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 13%,资本开支/折旧 2.52 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 47.5 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 89%,最大回撤 -42%,年化波动 59%,现价在 52 周高点的 63%;近 20 / 60 / 120 日 -10% / -6% / -28%。", "行业对照": ["同申万二级「电网设备」141 家中位:PE 43.5 / 股息率 1.0% / 毛利率 23.5% / 固定资产占比 15% / 分红率 40%。", "中国西电:PE 比行业中位高 4.0倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位低 2.8个百分点;固定资产占比 比行业中位低 1.7个百分点。"]}}