{"F": {"ts_code": "603577.SH", "name": "汇金通", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电网设备", "sw3": "线缆部件及其他", "ind": "电网设备", "fin_source": "tushare", "market": "主板", "list_date": "20161222", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.28, "pe_ttm": 44.3026, "pb": 1.7638, "dv_ttm": 0.5914, "total_mv": 348634.9948, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [17.9, 12.5, 12.6, 11.2, 14.1, 13.3], "rev_series": [19.4, 25.0, 36.1, 40.9, 46.2, 41.8], "np_series": [1.1, 0.7, 0.4, 0.3, 1.5, 1.0], "roe_series": [8.2, 4.3, 2.3, 1.5, 8.4, 5.4], "period": "20260630", "rev_ttm": 38.3, "np_ttm": 0.8, "ocf_ttm": 1.6, "fcf_ttm": 1.5, "fcf_yield": 4.4, "ocf_yield": 4.7, "gm_median": 12.6, "gm_std": 1.0, "gm_stab": 0.92, "gm_chg_2022": -5.2, "npm_median": 2.6, "roe_median": 4.3, "commodity": false, "hard_ratio": 15.3, "fix_assets": 9.8, "goodwill_ratio": 1.8, "pb_calc": 1.76, "capex_dep": 0.1, "interest_debt": 32.7, "debt_ebitda": 10.9, "debt_ratio": 67.8, "debt_mv": 93.8, "payout": 25.0, "div_years": 4, "rev_cagr3": 5.0, "np_cagr3": 36.9, "rev_yoy": -17.4, "np_yoy": -39.6, "np_vol": 211.3, "loss_years": 0, "far_share": 89.0, "earn_yield": 2.3, "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], ["主营业务", 47.0], ["其他业务", 3.0]], "ret_prev_year": 33.4, "ret_prev2_year": -23.1, "ret_ytd": -1.7, "ret_pivot": 55.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.8, "ret_60": 11.3, "ret_120": -8.6, "ret_250": 3.4, "mdd_250": -29.0, "vol_250": 41.8, "pos_52w": 86.3}, "S": {"duration": 67, "pricing": 42, "hard": 24, "bondness": 42}, "label": "中性", "tags": [], "text": {"像什么": ["PE 44.3 倍、股息率 0.6%、毛利率近 5 年中位 12.6%、固定资产占比 15%、有息负债/EBITDA 10.9 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 15%,毛利率近 5 年中位 12.6%。", "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 4.4%(经营现金流/市值 4.7%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 12.6%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -5.2 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 15%,资本开支/折旧 0.10 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 44.3 倍 粗算,约 89%(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 -29%,年化波动 42%,现价在 52 周高点的 86%;近 20 / 60 / 120 日 4% / 11% / -9%。", "行业对照": ["同申万二级「电网设备」141 家中位:PE 43.5 / 股息率 1.0% / 毛利率 23.5% / 固定资产占比 15% / 分红率 40%。", "汇金通:PE 比行业中位高 0.8倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位低 10.9个百分点;固定资产占比 比行业中位高 0.4个百分点。"]}}