{"F": {"ts_code": "601877.SH", "name": "正泰电器", "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": "20100121", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 25.87, "pe_ttm": 10.9638, "pb": 1.2083, "dv_ttm": 2.2968, "total_mv": 5559382.803, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [27.8, 24.7, 23.1, 22.0, 23.5, 26.0], "rev_series": [332.5, 388.6, 459.7, 572.5, 645.2, 591.4], "np_series": [64.3, 34.0, 40.2, 36.9, 38.7, 45.0], "roe_series": [23.7, 11.0, 11.8, 9.8, 9.5, 10.4], "period": "20260630", "rev_ttm": 675.9, "np_ttm": 50.8, "ocf_ttm": 291.4, "fcf_ttm": 278.7, "fcf_yield": 50.1, "ocf_yield": 52.4, "gm_median": 23.5, "gm_std": 1.4, "gm_stab": 0.94, "gm_chg_2022": -4.6, "npm_median": 9.7, "roe_median": 10.4, "commodity": false, "hard_ratio": 18.4, "fix_assets": 290.7, "goodwill_ratio": 0.3, "pb_calc": 1.21, "capex_dep": 0.49, "interest_debt": 490.9, "debt_ebitda": 3.9, "debt_ratio": 64.7, "debt_mv": 88.3, "payout": 31.8, "div_years": 5, "rev_cagr3": 8.8, "np_cagr3": 3.8, "rev_yoy": 28.5, "np_yoy": 22.2, "np_vol": 24.1, "loss_years": 0, "far_share": 54.0, "earn_yield": 9.1, "consensus_n": 7, "fwd_pe": 10.3, "fwd_pe2": 8.9, "fwd_g1": 7.0, "fwd_g2": 15.0, "peg": 0.69, "consensus_disp": null, "mainbz": [["光伏电站工程承包", 46.0], ["电站运营", 13.0], ["终端电器", 11.0], ["配电电器", 8.0]], "ret_prev_year": 22.9, "ret_prev2_year": 12.4, "ret_ytd": -5.2, "ret_pivot": 50.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.1, "ret_60": -3.1, "ret_120": -31.4, "ret_250": 7.2, "mdd_250": -42.0, "vol_250": 41.9, "pos_52w": 63.8}, "S": {"duration": 24, "pricing": 49, "hard": 29, "bondness": 48}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 11.0 倍、股息率 2.3%、毛利率近 5 年中位 23.5%、固定资产占比 18%、有息负债/EBITDA 3.9 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 18%,毛利率近 5 年中位 23.5%。", "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 50.1%(经营现金流/市值 52.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.5%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -4.6 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 18%,资本开支/折旧 0.49 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 11.0 倍 粗算,约 54%(1 − 5/PE)。中等。"]], "价格行为": "近一年 7%,最大回撤 -42%,年化波动 42%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 2% / -3% / -31%。", "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%。", "正泰电器:PE 比行业中位低 32.5倍;股息率 比行业中位高 1.3个百分点;毛利率 与行业中位持平;固定资产占比 比行业中位高 3.5个百分点。"]}}