{"F": {"ts_code": "603489.SH", "name": "八方股份", "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": "20191111", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 28.14, "pe_ttm": 37.1081, "pb": 2.3613, "dv_ttm": 0.533, "total_mv": 660215.052, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [43.3, 34.3, 31.2, 28.9, 24.5, 24.9], "rev_series": [14.0, 26.5, 28.5, 16.5, 13.6, 13.4], "np_series": [4.0, 6.1, 5.1, 1.3, 0.6, 1.0], "roe_series": [18.8, 24.4, 18.5, 4.6, 2.4, 3.8], "period": "20260630", "rev_ttm": 15.5, "np_ttm": 1.8, "ocf_ttm": 0.5, "fcf_ttm": 0.2, "fcf_yield": 0.3, "ocf_yield": 0.8, "gm_median": 28.9, "gm_std": 3.7, "gm_stab": 0.87, "gm_chg_2022": -12.1, "npm_median": 7.8, "roe_median": 4.6, "commodity": false, "hard_ratio": 21.5, "fix_assets": 7.2, "goodwill_ratio": 0.0, "pb_calc": 2.36, "capex_dep": 0.55, "interest_debt": 0.1, "debt_ebitda": 0.0, "debt_ratio": 16.6, "debt_mv": 0.1, "payout": 37.0, "div_years": 5, "rev_cagr3": -22.3, "np_cagr3": -41.4, "rev_yoy": 33.8, "np_yoy": 233.3, "np_vol": 53.9, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.7, "consensus_n": 4, "fwd_pe": 36.9, "fwd_pe2": 29.1, "fwd_g1": 1.0, "fwd_g2": 27.0, "peg": 1.37, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 50.0], ["其他业务", 0.0]], "ret_prev_year": 29.1, "ret_prev2_year": -38.4, "ret_ytd": -7.5, "ret_pivot": 78.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.8, "ret_60": -9.9, "ret_120": -14.7, "ret_250": -3.1, "mdd_250": -40.9, "vol_250": 44.0, "pos_52w": 70.5}, "S": {"duration": 60, "pricing": 49, "hard": 34, "bondness": 36}, "label": "中性", "tags": [], "text": {"像什么": ["PE 37.1 倍、股息率 0.5%、毛利率近 5 年中位 28.9%、固定资产占比 22%、有息负债/EBITDA 0.0 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 22%,毛利率近 5 年中位 28.9%。", "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 0.3%(经营现金流/市值 0.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 28.9%,稳定度 87%,2020→2022 成本通胀期毛利率变化 -12.1 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 22%,资本开支/折旧 0.55 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 37.1 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 -3%,最大回撤 -41%,年化波动 44%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 5% / -10% / -15%。", "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%。", "八方股份:PE 比行业中位低 9.0倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位高 8.1个百分点;固定资产占比 比行业中位高 1.7个百分点。"]}}