{"F": {"ts_code": "603861.SH", "name": "白云电器", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电网设备", "sw3": "配电设备", "ind": "电网设备", "fin_source": "tushare", "market": "主板", "list_date": "20160322", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.69, "pe_ttm": 30.133, "pb": 1.5787, "dv_ttm": 1.0671, "total_mv": 631877.232, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [21.3, 18.1, 16.9, 18.1, 18.5, 19.3], "rev_series": [30.3, 35.1, 34.7, 43.3, 49.9, 49.3], "np_series": [0.9, 0.6, 0.4, 1.1, 2.0, 2.0], "roe_series": [3.6, 2.1, 1.3, 3.9, 6.2, 5.5], "period": "20260630", "rev_ttm": 49.3, "np_ttm": 2.1, "ocf_ttm": -1.7, "fcf_ttm": -2.6, "fcf_yield": -4.1, "ocf_yield": -2.7, "gm_median": 18.1, "gm_std": 0.8, "gm_stab": 0.96, "gm_chg_2022": -4.4, "npm_median": 2.5, "roe_median": 3.9, "commodity": false, "hard_ratio": 17.1, "fix_assets": 19.1, "goodwill_ratio": 0.0, "pb_calc": 1.58, "capex_dep": 0.83, "interest_debt": 28.6, "debt_ebitda": 7.0, "debt_ratio": 62.1, "debt_mv": 45.3, "payout": 33.6, "div_years": 5, "rev_cagr3": 12.5, "np_cagr3": 78.9, "rev_yoy": -0.1, "np_yoy": 6.8, "np_vol": 92.8, "loss_years": 0, "far_share": 83.0, "earn_yield": 3.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 48.0], ["成套开关设备", 28.0], ["变压器", 9.0], ["电力电容器", 6.0]], "ret_prev_year": 37.8, "ret_prev2_year": -7.3, "ret_ytd": -3.3, "ret_pivot": 58.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.7, "ret_60": -20.0, "ret_120": -36.9, "ret_250": 16.7, "mdd_250": -49.4, "vol_250": 59.5, "pos_52w": 55.2}, "S": {"duration": 53, "pricing": 47, "hard": 27, "bondness": 41}, "label": "中性", "tags": [], "text": {"像什么": ["PE 30.1 倍、股息率 1.1%、毛利率近 5 年中位 18.1%、固定资产占比 17%、有息负债/EBITDA 7.0 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 17%,毛利率近 5 年中位 18.1%。", "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 -4.1%(经营现金流/市值 -2.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 18.1%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -4.4 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 17%,资本开支/折旧 0.83 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 30.1 倍 粗算,约 83%(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 17%,最大回撤 -49%,年化波动 60%,现价在 52 周高点的 55%;近 20 / 60 / 120 日 -5% / -20% / -37%。", "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%。", "白云电器:PE 比行业中位低 13.4倍;股息率 比行业中位高 0.1个百分点;毛利率 比行业中位低 5.4个百分点;固定资产占比 比行业中位高 2.2个百分点。"]}}