{"F": {"ts_code": "603551.SH", "name": "奥普科技", "mkt": "CN", "ccy": "元", "sw1": "家用电器", "sw2": "厨卫电器", "sw3": "卫浴电器", "ind": "厨卫电器", "fin_source": "tushare", "market": "主板", "list_date": "20200115", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 9.57, "pe_ttm": 13.5542, "pb": 2.8716, "dv_ttm": 8.8571, "total_mv": 368142.2052, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [44.8, 41.0, 44.4, 47.5, 46.6, 45.7], "rev_series": [15.9, 20.6, 18.8, 20.0, 18.7, 18.7], "np_series": [1.9, 0.3, 2.4, 3.1, 3.0, 3.0], "roe_series": [12.7, 1.8, 15.3, 19.7, 19.6, 21.0], "period": "20260630", "rev_ttm": 19.1, "np_ttm": 2.7, "ocf_ttm": 3.2, "fcf_ttm": 2.8, "fcf_yield": 7.7, "ocf_yield": 8.8, "gm_median": 45.7, "gm_std": 2.3, "gm_stab": 0.95, "gm_chg_2022": -0.4, "npm_median": 15.6, "roe_median": 19.6, "commodity": false, "hard_ratio": 20.9, "fix_assets": 4.3, "goodwill_ratio": 0.0, "pb_calc": 2.87, "capex_dep": 0.9, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 35.5, "debt_mv": 0.1, "payout": 109.0, "div_years": 5, "rev_cagr3": -0.1, "np_cagr3": 7.4, "rev_yoy": 4.0, "np_yoy": -19.3, "np_vol": 277.7, "loss_years": 0, "far_share": 63.0, "earn_yield": 7.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 49.0], ["电器", 41.0], ["材料", 8.0], ["其他收入", 1.0]], "ret_prev_year": 19.0, "ret_prev2_year": 14.7, "ret_ytd": -13.3, "ret_pivot": 26.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.7, "ret_60": -4.7, "ret_120": -23.3, "ret_250": -16.2, "mdd_250": -30.8, "vol_250": 31.6, "pos_52w": 76.7}, "S": {"duration": 29, "pricing": 63, "hard": 33, "bondness": 85}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 109%、股息率 8.9%、营收 3 年复合 -0.1%、有息负债/EBITDA 0.0 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 45.7%),硬资产占比 21%。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": "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 7.7%(经营现金流/市值 8.8%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 45.7%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -0.4 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 21%,资本开支/折旧 0.90 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.6 倍 粗算,约 63%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -16%,最大回撤 -31%,年化波动 32%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 3% / -5% / -23%。", "行业对照": ["同申万二级「厨卫电器」9 家中位:PE 16.5 / 股息率 3.9% / 毛利率 44.7% / 固定资产占比 21% / 分红率 79%。", "奥普科技:PE 比行业中位低 2.9倍;股息率 比行业中位高 5.0个百分点;毛利率 比行业中位高 1.0个百分点;固定资产占比 与行业中位持平。"]}}