{"F": {"ts_code": "603070.SH", "name": "万控智造", "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": "20220310", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.81, "pe_ttm": 181.5103, "pb": 2.2225, "dv_ttm": 0.6774, "total_mv": 473581.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [33.2, 25.3, 26.4, 24.8, 22.0, 20.6], "rev_series": [16.9, 21.6, 22.2, 22.9, 20.3, 18.9], "np_series": [1.8, 1.9, 2.1, 1.7, 1.0, 0.9], "roe_series": [17.3, 15.8, 12.6, 8.7, 4.6, 4.1], "period": "20260630", "rev_ttm": 17.7, "np_ttm": 0.3, "ocf_ttm": 2.6, "fcf_ttm": 2.2, "fcf_yield": 4.5, "ocf_yield": 5.5, "gm_median": 24.8, "gm_std": 2.2, "gm_stab": 0.91, "gm_chg_2022": -6.8, "npm_median": 7.5, "roe_median": 8.7, "commodity": false, "hard_ratio": 20.9, "fix_assets": 6.6, "goodwill_ratio": 0.0, "pb_calc": 2.22, "capex_dep": 0.46, "interest_debt": 2.2, "debt_ebitda": 1.8, "debt_ratio": 32.3, "debt_mv": 4.7, "payout": 34.1, "div_years": 5, "rev_cagr3": -5.3, "np_cagr3": -24.2, "rev_yoy": -12.6, "np_yoy": -142.3, "np_vol": 19.4, "loss_years": 0, "far_share": 97.0, "earn_yield": 0.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["电气机柜", 63.0], ["气体绝缘开关设备", 30.0], ["其他业务", 3.0], ["其他主营业务", 2.0]], "ret_prev_year": -0.9, "ret_prev2_year": -17.5, "ret_ytd": -8.3, "ret_pivot": 17.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.6, "ret_60": -17.5, "ret_120": -25.8, "ret_250": -19.4, "mdd_250": -42.9, "vol_250": 45.0, "pos_52w": 65.1}, "S": {"duration": 99, "pricing": 48, "hard": 33, "bondness": 41}, "label": "中性", "tags": [], "text": {"像什么": ["PE 181.5 倍、股息率 0.7%、毛利率近 5 年中位 24.8%、固定资产占比 21%、有息负债/EBITDA 1.8 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 21%,毛利率近 5 年中位 24.8%。", "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 4.5%(经营现金流/市值 5.5%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 24.8%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -6.8 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 21%,资本开支/折旧 0.46 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 181.5 倍 粗算,约 97%(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 -19%,最大回撤 -43%,年化波动 45%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 3% / -18% / -26%。", "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%。", "万控智造:PE 比行业中位高 138.0倍;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位高 1.3个百分点;固定资产占比 比行业中位高 6.0个百分点。"]}}