{"F": {"ts_code": "603350.SH", "name": "安乃达", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电机Ⅱ", "sw3": "电机Ⅲ", "ind": "电机Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20240703", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 28.26, "pe_ttm": 38.0499, "pb": 2.4355, "dv_ttm": 2.1224, "total_mv": 329212.044, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [19.9, 20.6, 21.3, 20.3, 17.6, 15.5], "rev_series": [null, null, 14.0, 14.3, 15.3, 20.0], "np_series": [null, null, 1.5, 1.5, 1.1, 1.2], "roe_series": [34.9, 37.8, 30.1, 22.6, 10.6, 8.6], "period": "20260630", "rev_ttm": 19.8, "np_ttm": 0.9, "ocf_ttm": 1.2, "fcf_ttm": 0.3, "fcf_yield": 0.9, "ocf_yield": 3.6, "gm_median": 20.3, "gm_std": 2.2, "gm_stab": 0.89, "gm_chg_2022": 1.4, "npm_median": 10.3, "roe_median": 22.6, "commodity": false, "hard_ratio": 6.7, "fix_assets": 1.7, "goodwill_ratio": 0.2, "pb_calc": 2.44, "capex_dep": 4.39, "interest_debt": 0.8, "debt_ebitda": 0.6, "debt_ratio": 47.2, "debt_mv": 2.4, "payout": 74.3, "div_years": 2, "rev_cagr3": 12.8, "np_cagr3": -8.6, "rev_yoy": -2.3, "np_yoy": -37.8, "np_vol": 30.2, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.6, "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], ["轮毂电机", 40.0], ["中置电机", 5.0], ["控制器及其他", 4.0]], "ret_prev_year": 8.1, "ret_prev2_year": null, "ret_ytd": -25.2, "ret_pivot": 17.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.6, "ret_60": -4.4, "ret_120": -20.7, "ret_250": -30.9, "mdd_250": -42.3, "vol_250": 31.3, "pos_52w": 62.8}, "S": {"duration": 61, "pricing": 50, "hard": 11, "bondness": 48}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 38.0 倍、股息率 2.1%、毛利率近 5 年中位 20.3%、固定资产占比 7%、有息负债/EBITDA 0.6 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 7%,毛利率近 5 年中位 20.3%。", "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 0.9%(经营现金流/市值 3.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.3%,稳定度 89%,2020→2022 成本通胀期毛利率变化 1.4 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 7%,资本开支/折旧 4.39 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 38.0 倍 粗算,约 87%(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 -31%,最大回撤 -42%,年化波动 31%,现价在 52 周高点的 63%;近 20 / 60 / 120 日 2% / -4% / -21%。", "行业对照": ["同申万二级「电机Ⅱ」28 家中位:PE 46.1 / 股息率 0.6% / 毛利率 20.8% / 固定资产占比 20% / 分红率 38%。", "安乃达:PE 比行业中位低 8.1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 0.5个百分点;固定资产占比 比行业中位低 13.1个百分点。"]}}