{"F": {"ts_code": "603050.SH", "name": "科林电气", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电网设备", "sw3": "电网自动化设备", "ind": "电网设备", "fin_source": "tushare", "market": "主板", "list_date": "20170414", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 18.5, "pe_ttm": 35.0703, "pb": 3.8997, "dv_ttm": 1.0722, "total_mv": 746140.52, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.9, 21.7, 23.1, 23.8, 21.6, 19.3], "rev_series": [17.5, 20.4, 26.2, 39.0, 41.0, 43.9], "np_series": [1.1, 0.9, 1.1, 3.0, 1.8, 2.6], "roe_series": [9.4, 7.1, 8.7, 20.4, 11.0, 14.6], "period": "20260630", "rev_ttm": 44.2, "np_ttm": 2.1, "ocf_ttm": 4.8, "fcf_ttm": 4.3, "fcf_yield": 5.7, "ocf_yield": 6.5, "gm_median": 21.7, "gm_std": 1.5, "gm_stab": 0.93, "gm_chg_2022": -1.8, "npm_median": 4.6, "roe_median": 11.0, "commodity": false, "hard_ratio": 13.1, "fix_assets": 6.8, "goodwill_ratio": 0.0, "pb_calc": 3.9, "capex_dep": 0.92, "interest_debt": 4.9, "debt_ebitda": 1.7, "debt_ratio": 63.1, "debt_mv": 6.6, "payout": 30.8, "div_years": 5, "rev_cagr3": 18.7, "np_cagr3": 31.1, "rev_yoy": 1.5, "np_yoy": -28.1, "np_vol": 70.4, "loss_years": 0, "far_share": 86.0, "earn_yield": 2.9, "consensus_n": 1, "fwd_pe": 24.3, "fwd_pe2": 18.7, "fwd_g1": 44.0, "fwd_g2": 30.0, "peg": 0.81, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 49.0], ["其他业务", 1.0]], "ret_prev_year": 30.9, "ret_prev2_year": 42.6, "ret_ytd": 3.8, "ret_pivot": 27.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.6, "ret_60": -3.9, "ret_120": -17.2, "ret_250": 13.9, "mdd_250": -32.8, "vol_250": 44.9, "pos_52w": 73.3}, "S": {"duration": 58, "pricing": 50, "hard": 21, "bondness": 24}, "label": "中性", "tags": [], "text": {"像什么": ["PE 35.1 倍、股息率 1.1%、毛利率近 5 年中位 21.7%、固定资产占比 13%、有息负债/EBITDA 1.7 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 21.7%。", "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 5.7%(经营现金流/市值 6.5%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 21.7%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -1.8 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 0.92 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 35.1 倍 粗算,约 86%(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 14%,最大回撤 -33%,年化波动 45%,现价在 52 周高点的 73%;近 20 / 60 / 120 日 3% / -4% / -17%。", "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%。", "科林电气:PE 比行业中位低 8.4倍;股息率 比行业中位高 0.1个百分点;毛利率 比行业中位低 1.8个百分点;固定资产占比 比行业中位低 1.8个百分点。"]}}