{"F": {"ts_code": "601567.SH", "name": "三星电气", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电网设备", "sw3": "配电设备", "ind": "电网设备", "fin_source": "tushare", "market": "主板", "list_date": "20110615", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 13.39, "pe_ttm": 31.8867, "pb": 1.6044, "dv_ttm": 4.6857, "total_mv": 1881575.3866, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [28.7, 25.4, 28.9, 34.0, 34.7, 28.0], "rev_series": [70.9, 70.2, 91.0, 114.6, 146.0, 143.6], "np_series": [9.6, 6.9, 9.5, 19.0, 22.6, 12.7], "roe_series": [11.5, 7.9, 10.3, 18.6, 19.6, 10.8], "period": "20260630", "rev_ttm": 136.5, "np_ttm": 5.9, "ocf_ttm": 19.7, "fcf_ttm": 12.4, "fcf_yield": 6.6, "ocf_yield": 10.5, "gm_median": 28.9, "gm_std": 3.6, "gm_stab": 0.88, "gm_chg_2022": 0.1, "npm_median": 10.6, "roe_median": 10.8, "commodity": false, "hard_ratio": 11.1, "fix_assets": 26.0, "goodwill_ratio": 5.1, "pb_calc": 1.6, "capex_dep": 2.08, "interest_debt": 36.1, "debt_ebitda": 2.5, "debt_ratio": 49.0, "debt_mv": 19.2, "payout": 70.0, "div_years": 5, "rev_cagr3": 16.4, "np_cagr3": 10.3, "rev_yoy": -8.9, "np_yoy": -55.6, "np_vol": 51.2, "loss_years": 0, "far_share": 84.0, "earn_yield": 3.1, "consensus_n": 6, "fwd_pe": 13.6, "fwd_pe2": 10.9, "fwd_g1": 135.0, "fwd_g2": 25.0, "peg": 0.54, "consensus_disp": null, "mainbz": [["产品", 50.0], ["电力板块收入", 39.0], ["医疗服务收入", 10.0], ["其他业务", 1.0]], "ret_prev_year": -21.8, "ret_prev2_year": 59.5, "ret_ytd": -41.5, "ret_pivot": -56.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -15.7, "ret_60": -4.1, "ret_120": -55.8, "ret_250": -41.0, "mdd_250": -59.1, "vol_250": 46.6, "pos_52w": 40.9}, "S": {"duration": 55, "pricing": 53, "hard": 18, "bondness": 64}, "label": "现金流红利", "tags": ["资本开支扩张期", "股息率≥4%", "PEG<0.8"], "text": {"像什么": ["分红率 70%、股息率 4.7%、营收 3 年复合 16.4%、有息负债/EBITDA 2.5 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 11%,毛利率近 5 年中位 28.9%。", "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 6.6%(经营现金流/市值 10.5%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 28.9%,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 11%,资本开支/折旧 2.08 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 31.9 倍 粗算,约 84%(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 -41%,最大回撤 -59%,年化波动 47%,现价在 52 周高点的 41%;近 20 / 60 / 120 日 -16% / -4% / -56%。", "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%。", "三星电气:PE 比行业中位低 11.6倍;股息率 比行业中位高 3.7个百分点;毛利率 比行业中位高 5.4个百分点;固定资产占比 比行业中位低 3.8个百分点。"]}}