{"F": {"ts_code": "603092.SH", "name": "德力佳", "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": "20251107", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 41.68, "pe_ttm": 19.7208, "pb": 2.9281, "dv_ttm": 1.4899, "total_mv": 1667200.4168, "trade_date": "20260904", "years": ["20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [29.2, 23.1, 23.7, 25.3, 25.4], "rev_series": [null, 31.1, 44.4, 37.2, 54.2], "np_series": [null, 5.4, 6.3, 5.3, 8.3], "roe_series": [28.3, 38.5, 32.1, 20.6, 19.7], "period": "20260630", "rev_ttm": 55.3, "np_ttm": 8.5, "ocf_ttm": 6.5, "fcf_ttm": 1.4, "fcf_yield": 0.8, "ocf_yield": 3.9, "gm_median": 25.3, "gm_std": 2.1, "gm_stab": 0.92, "gm_chg_2022": null, "npm_median": 15.3, "roe_median": 28.3, "commodity": false, "hard_ratio": 17.7, "fix_assets": 18.7, "goodwill_ratio": 0.0, "pb_calc": 2.93, "capex_dep": 2.49, "interest_debt": 4.1, "debt_ebitda": 0.3, "debt_ratio": 45.9, "debt_mv": 2.4, "payout": 27.3, "div_years": 1, "rev_cagr3": 20.4, "np_cagr3": 15.3, "rev_yoy": 4.5, "np_yoy": 4.6, "np_vol": 32.1, "loss_years": 0, "far_share": 75.0, "earn_yield": 5.1, "consensus_n": 3, "fwd_pe": 16.4, "fwd_pe2": 13.7, "fwd_g1": 20.0, "fwd_g2": 20.0, "peg": 0.82, "consensus_disp": null, "mainbz": [["风电主齿轮箱", 99.0], ["其他业务", 1.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": -32.6, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": -16.0, "ret_60": -25.1, "ret_120": -44.2, "ret_250": null, "mdd_250": -47.0, "vol_250": 44.9, "pos_52w": 53.6}, "S": {"duration": 39, "pricing": 52, "hard": 28, "bondness": 19}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 19.7 倍、股息率 1.5%、毛利率近 5 年中位 25.3%、固定资产占比 18%、有息负债/EBITDA 0.3 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 25.3%。", "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 0.8%(经营现金流/市值 3.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.3%,稳定度 92%。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 2.49 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 19.7 倍 粗算,约 75%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "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%。", "德力佳:PE 比行业中位低 12.6倍;股息率 比行业中位高 0.6个百分点;毛利率 比行业中位高 8.0个百分点;固定资产占比 比行业中位低 10.6个百分点。"]}}