{"F": {"ts_code": "603312.SH", "name": "西典新能", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电网设备", "sw3": "输变电设备", "ind": "电网设备", "fin_source": "tushare", "market": "主板", "list_date": "20240111", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 31.99, "pe_ttm": 24.8937, "pb": 2.8297, "dv_ttm": 2.4577, "total_mv": 511838.4005, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [23.6, 19.3, 17.8, 18.4, 17.4, 15.7], "rev_series": [null, null, 15.9, 18.4, 21.6, 27.8], "np_series": [null, null, 1.5, 2.0, 2.3, 2.6], "roe_series": [21.6, 40.4, 42.8, 36.6, 19.6, 15.1], "period": "20260630", "rev_ttm": 25.8, "np_ttm": 2.1, "ocf_ttm": 3.9, "fcf_ttm": 1.8, "fcf_yield": 3.6, "ocf_yield": 7.7, "gm_median": 17.8, "gm_std": 1.2, "gm_stab": 0.93, "gm_chg_2022": -5.8, "npm_median": 9.8, "roe_median": 36.6, "commodity": false, "hard_ratio": 20.6, "fix_assets": 5.5, "goodwill_ratio": 0.0, "pb_calc": 2.83, "capex_dep": 4.45, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 31.8, "debt_mv": null, "payout": 49.4, "div_years": 3, "rev_cagr3": 20.4, "np_cagr3": 19.1, "rev_yoy": -14.5, "np_yoy": -39.7, "np_vol": 93.2, "loss_years": 0, "far_share": 80.0, "earn_yield": 4.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 49.0], ["其他业务", 1.0]], "ret_prev_year": 51.1, "ret_prev2_year": null, "ret_ytd": -31.1, "ret_pivot": 21.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.8, "ret_60": -3.8, "ret_120": -34.1, "ret_250": -28.0, "mdd_250": -51.4, "vol_250": 44.3, "pos_52w": 52.1}, "S": {"duration": 46, "pricing": 45, "hard": 33, "bondness": 35}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 24.9 倍、股息率 2.5%、毛利率近 5 年中位 17.8%、固定资产占比 21%、资产负债率 32%: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 17.8%。", "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 3.6%(经营现金流/市值 7.7%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 17.8%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -5.8 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 21%,资本开支/折旧 4.45 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 24.9 倍 粗算,约 80%(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 -28%,最大回撤 -51%,年化波动 44%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 1% / -4% / -34%。", "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%。", "西典新能:PE 比行业中位低 18.6倍;股息率 比行业中位高 1.5个百分点;毛利率 比行业中位低 5.7个百分点;固定资产占比 比行业中位高 5.7个百分点。"]}}