{"F": {"ts_code": "603063.SH", "name": "禾望电气", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "风电设备", "sw3": "风电零部件", "ind": "风电设备", "fin_source": "tushare", "market": "主板", "list_date": "20170728", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 30.94, "pe_ttm": 32.2913, "pb": 2.6303, "dv_ttm": 0.4145, "total_mv": 1436059.0608, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [35.9, 35.4, 30.3, 35.8, 37.9, 38.0], "rev_series": [23.4, 21.0, 28.1, 37.5, 37.3, 41.7], "np_series": [2.7, 2.8, 2.7, 5.0, 4.4, 5.3], "roe_series": [10.1, 9.4, 8.1, 13.7, 10.7, 11.2], "period": "20260630", "rev_ttm": 40.1, "np_ttm": 4.4, "ocf_ttm": 7.7, "fcf_ttm": 7.2, "fcf_yield": 5.0, "ocf_yield": 5.4, "gm_median": 35.8, "gm_std": 2.8, "gm_stab": 0.92, "gm_chg_2022": -5.6, "npm_median": 13.0, "roe_median": 10.7, "commodity": false, "hard_ratio": 17.8, "fix_assets": 16.9, "goodwill_ratio": 0.0, "pb_calc": 2.63, "capex_dep": 0.48, "interest_debt": 14.5, "debt_ebitda": 2.0, "debt_ratio": 41.2, "debt_mv": 10.1, "payout": 12.0, "div_years": 5, "rev_cagr3": 14.1, "np_cagr3": 25.8, "rev_yoy": -8.4, "np_yoy": -35.6, "np_vol": 36.1, "loss_years": 0, "far_share": 85.0, "earn_yield": 3.1, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["新能源电控业务", 64.0], ["工程传动业务", 14.0], ["传动系统", 14.0], ["其他主营业务", 3.0]], "ret_prev_year": 67.1, "ret_prev2_year": -19.7, "ret_ytd": -6.1, "ret_pivot": 183.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.2, "ret_60": -38.0, "ret_120": -3.5, "ret_250": -12.9, "mdd_250": -56.9, "vol_250": 60.6, "pos_52w": 49.2}, "S": {"duration": 55, "pricing": 54, "hard": 28, "bondness": 19}, "label": "中性", "tags": [], "text": {"像什么": ["PE 32.3 倍、股息率 0.4%、毛利率近 5 年中位 35.8%、固定资产占比 18%、有息负债/EBITDA 2.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 35.8%),硬资产占比 18%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 5.0%(经营现金流/市值 5.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 35.8%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -5.6 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 0.48 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 32.3 倍 粗算,约 85%(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 -13%,最大回撤 -57%,年化波动 61%,现价在 52 周高点的 49%;近 20 / 60 / 120 日 -6% / -38% / -4%。", "行业对照": ["同申万二级「风电设备」31 家中位:PE 32.3 / 股息率 0.9% / 毛利率 17.3% / 固定资产占比 28% / 分红率 32%。", "禾望电气:PE 与行业中位持平;股息率 比行业中位低 0.5个百分点;毛利率 比行业中位高 18.5个百分点;固定资产占比 比行业中位低 10.5个百分点。"]}}