{"F": {"ts_code": "603519.SH", "name": "立霸股份", "mkt": "CN", "ccy": "元", "sw1": "家用电器", "sw2": "家电零部件Ⅱ", "sw3": "家电零部件Ⅲ", "ind": "家电零部件Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20150319", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 15.6, "pe_ttm": 23.2327, "pb": 3.91, "dv_ttm": 6.3489, "total_mv": 415471.368, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [13.9, 12.5, 12.2, 12.1, 14.5, 15.7], "rev_series": [13.0, 15.9, 14.2, 15.2, 17.1, 16.9], "np_series": [1.0, 1.1, 5.6, 6.4, 1.6, 1.6], "roe_series": [12.8, 13.8, 53.5, 46.6, 11.4, 12.2], "period": "20260630", "rev_ttm": 16.9, "np_ttm": 1.8, "ocf_ttm": 1.6, "fcf_ttm": 1.5, "fcf_yield": 3.6, "ocf_yield": 3.8, "gm_median": 12.5, "gm_std": 1.4, "gm_stab": 0.89, "gm_chg_2022": -1.8, "npm_median": 9.3, "roe_median": 13.8, "commodity": false, "hard_ratio": 3.3, "fix_assets": 0.6, "goodwill_ratio": 0.0, "pb_calc": 3.91, "capex_dep": 0.57, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 36.9, "debt_mv": null, "payout": 166.7, "div_years": 5, "rev_cagr3": 6.0, "np_cagr3": -34.8, "rev_yoy": 0.0, "np_yoy": 29.1, "np_vol": 173.6, "loss_years": 0, "far_share": 78.0, "earn_yield": 4.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["家电用复合材料", 47.0], ["家电", 47.0], ["其他主营业务", 3.0], ["其他", 3.0]], "ret_prev_year": 12.3, "ret_prev2_year": -2.2, "ret_ytd": 41.4, "ret_pivot": 110.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.6, "ret_60": 36.8, "ret_120": 22.4, "ret_250": 26.9, "mdd_250": -20.2, "vol_250": 41.5, "pos_52w": 88.6}, "S": {"duration": 44, "pricing": 44, "hard": 5, "bondness": 82}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 167%、股息率 6.3%、营收 3 年复合 6.0%、资产负债率 37%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 3%,毛利率近 5 年中位 12.5%。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "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 3.8%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 12.5%,稳定度 89%,2020→2022 成本通胀期毛利率变化 -1.8 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 3%,资本开支/折旧 0.57 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 23.2 倍 粗算,约 78%(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 27%,最大回撤 -20%,年化波动 42%,现价在 52 周高点的 89%;近 20 / 60 / 120 日 -1% / 37% / 22%。", "行业对照": ["同申万二级「家电零部件Ⅱ」34 家中位:PE 50.3 / 股息率 1.0% / 毛利率 18.8% / 固定资产占比 21% / 分红率 39%。", "立霸股份:PE 比行业中位低 27.1倍;股息率 比行业中位高 5.3个百分点;毛利率 比行业中位低 6.3个百分点;固定资产占比 比行业中位低 17.3个百分点。"]}}