{"F": {"ts_code": "603486.SH", "name": "科沃斯", "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": "20180528", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 52.22, "pe_ttm": 14.9283, "pb": 3.0057, "dv_ttm": 1.7594, "total_mv": 3025524.971, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [42.9, 51.4, 51.6, 47.5, 46.5, 48.8], "rev_series": [72.3, 130.9, 153.2, 155.0, 165.4, 190.4], "np_series": [6.4, 20.1, 17.0, 6.1, 8.1, 17.6], "roe_series": [23.0, 49.1, 29.5, 9.4, 11.7, 21.7], "period": "20260630", "rev_ttm": 207.0, "np_ttm": 20.3, "ocf_ttm": 21.4, "fcf_ttm": 11.3, "fcf_yield": 3.7, "ocf_yield": 7.1, "gm_median": 48.8, "gm_std": 2.0, "gm_stab": 0.96, "gm_chg_2022": 8.8, "npm_median": 9.2, "roe_median": 21.7, "commodity": false, "hard_ratio": 15.4, "fix_assets": 30.1, "goodwill_ratio": 0.0, "pb_calc": 2.97, "capex_dep": 2.62, "interest_debt": 10.8, "debt_ebitda": 0.5, "debt_ratio": 48.0, "debt_mv": 3.6, "payout": 29.7, "div_years": 5, "rev_cagr3": 7.5, "np_cagr3": 1.2, "rev_yoy": 19.2, "np_yoy": 27.4, "np_vol": 98.8, "loss_years": 0, "far_share": 67.0, "earn_yield": 6.7, "consensus_n": 24, "fwd_pe": 14.1, "fwd_pe2": 12.0, "fwd_g1": 6.0, "fwd_g2": 18.0, "peg": 0.78, "consensus_disp": null, "mainbz": [["服务机器人", 43.0], ["生活电器产品", 28.0], ["智能生活电器", 28.0], ["其他产品", 1.0]], "ret_prev_year": 74.8, "ret_prev2_year": 14.7, "ret_ytd": -34.5, "ret_pivot": 28.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -9.8, "ret_60": -4.6, "ret_120": -16.8, "ret_250": -45.3, "mdd_250": -54.5, "vol_250": 41.0, "pos_52w": 49.0}, "S": {"duration": 31, "pricing": 69, "hard": 25, "bondness": 35}, "label": "成长兑现", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["盈利在追估值:最新净利润同比 27%,PE TTM 14.9 倍 但前瞻 PE 14.1 倍,PEG 0.78。", "自由现金流 11.3 亿(正),次年预期增速 18%(24 篇研报),风险在增速假设能否延续。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 48.8%),硬资产占比 15%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "加息期怎么走": "估值不靠远期故事,加息期比纯久期抗跌;风险在订单与增速,盯业绩不盯利率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 3.7%(经营现金流/市值 7.1%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 48.8%,稳定度 96%,2020→2022 成本通胀期毛利率变化 8.8 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 15%,资本开支/折旧 2.62 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 14.9 倍 粗算,约 67%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -45%,最大回撤 -54%,年化波动 41%,现价在 52 周高点的 49%;近 20 / 60 / 120 日 -10% / -5% / -17%。 长久期资产波动大是常态;离高点已远,拥挤已部分释放。", "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%。", "科沃斯:PE 比行业中位低 35.6倍;股息率 与行业中位持平;毛利率 比行业中位高 21.2个百分点;固定资产占比 比行业中位低 6.3个百分点。"]}}