{"F": {"ts_code": "603219.SH", "name": "富佳股份", "mkt": "CN", "ccy": "元", "sw1": "家用电器", "sw2": "小家电", "sw3": "清洁小家电", "ind": "小家电", "fin_source": "tushare", "market": "主板", "list_date": "20211122", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 13.02, "pe_ttm": 117.7833, "pb": 4.5656, "dv_ttm": 0.3832, "total_mv": 730942.8, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [19.3, 16.8, 20.1, 20.2, 15.9, 14.1], "rev_series": [20.9, 26.0, 27.4, 26.9, 27.0, 32.0], "np_series": [1.7, 2.3, 3.5, 2.6, 1.8, 1.1], "roe_series": [26.0, 22.8, 24.8, 16.9, 11.4, 6.7], "period": "20260630", "rev_ttm": 31.1, "np_ttm": 0.6, "ocf_ttm": 3.6, "fcf_ttm": 1.8, "fcf_yield": 2.4, "ocf_yield": 4.9, "gm_median": 16.8, "gm_std": 2.4, "gm_stab": 0.86, "gm_chg_2022": 0.8, "npm_median": 9.0, "roe_median": 16.9, "commodity": false, "hard_ratio": 24.4, "fix_assets": 7.2, "goodwill_ratio": 0.4, "pb_calc": 4.57, "capex_dep": 2.75, "interest_debt": 1.8, "debt_ebitda": 0.9, "debt_ratio": 45.7, "debt_mv": 2.4, "payout": 63.8, "div_years": 5, "rev_cagr3": 5.2, "np_cagr3": -32.4, "rev_yoy": -5.8, "np_yoy": -59.7, "np_vol": 37.0, "loss_years": 0, "far_share": 96.0, "earn_yield": 0.8, "consensus_n": 2, "fwd_pe": 45.7, "fwd_pe2": 34.3, "fwd_g1": 158.0, "fwd_g2": 33.0, "peg": 1.38, "consensus_disp": null, "mainbz": [["产品", 34.0], ["清洁类小家电产品", 28.0], ["清洁类小家电业务", 28.0], ["高效电机", 3.0]], "ret_prev_year": 20.6, "ret_prev2_year": 7.0, "ret_ytd": -22.5, "ret_pivot": 10.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -11.7, "ret_60": -12.1, "ret_120": -22.5, "ret_250": -37.5, "mdd_250": -46.3, "vol_250": 46.9, "pos_52w": 58.0}, "S": {"duration": 95, "pricing": 47, "hard": 39, "bondness": 42}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 117.8 倍、股息率 0.4%、毛利率近 5 年中位 16.8%、固定资产占比 24%、有息负债/EBITDA 0.9 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 24%,毛利率近 5 年中位 16.8%。", "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 2.4%(经营现金流/市值 4.9%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.8%,稳定度 86%,2020→2022 成本通胀期毛利率变化 0.8 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 24%,资本开支/折旧 2.75 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 117.8 倍 粗算,约 96%(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 -38%,最大回撤 -46%,年化波动 47%,现价在 52 周高点的 58%;近 20 / 60 / 120 日 -12% / -12% / -22%。", "行业对照": ["同申万二级「小家电」23 家中位:PE 50.5 / 股息率 1.8% / 毛利率 27.6% / 固定资产占比 22% / 分红率 50%。", "富佳股份:PE 比行业中位高 67.3倍;股息率 比行业中位低 1.4个百分点;毛利率 比行业中位低 10.8个百分点;固定资产占比 比行业中位高 2.7个百分点。"]}}