{"F": {"ts_code": "603868.SH", "name": "飞科电器", "mkt": "CN", "ccy": "元", "sw1": "家用电器", "sw2": "小家电", "sw3": "个护小家电", "ind": "小家电", "fin_source": "tushare", "market": "主板", "list_date": "20160418", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 31.69, "pe_ttm": 25.0779, "pb": 3.9801, "dv_ttm": 1.5778, "total_mv": 1380416.4, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [41.2, 47.0, 53.6, 57.1, 54.6, 56.7], "rev_series": [35.7, 40.1, 46.3, 50.6, 41.5, 38.6], "np_series": [6.4, 6.4, 8.2, 10.2, 4.6, 5.1], "roe_series": [23.4, 21.8, 25.4, 29.1, 13.9, 16.1], "period": "20260630", "rev_ttm": 37.6, "np_ttm": 5.5, "ocf_ttm": 9.2, "fcf_ttm": 8.7, "fcf_yield": 6.3, "ocf_yield": 6.6, "gm_median": 54.6, "gm_std": 3.6, "gm_stab": 0.93, "gm_chg_2022": 12.4, "npm_median": 15.9, "roe_median": 21.8, "commodity": false, "hard_ratio": 24.7, "fix_assets": 10.3, "goodwill_ratio": 0.0, "pb_calc": 3.98, "capex_dep": 0.42, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 16.8, "debt_mv": 0.0, "payout": 47.6, "div_years": 5, "rev_cagr3": -5.9, "np_cagr3": -14.6, "rev_yoy": -4.6, "np_yoy": 11.9, "np_vol": 30.1, "loss_years": 0, "far_share": 80.0, "earn_yield": 4.0, "consensus_n": 7, "fwd_pe": 22.6, "fwd_pe2": 20.4, "fwd_g1": 11.0, "fwd_g2": 10.0, "peg": 2.26, "consensus_disp": null, "mainbz": [["产品", 49.0], ["电动剃须刀", 34.0], ["电吹风", 9.0], ["电动理发器", 2.0]], "ret_prev_year": 5.6, "ret_prev2_year": -14.2, "ret_ytd": -25.9, "ret_pivot": -4.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.3, "ret_60": -7.0, "ret_120": -13.2, "ret_250": -18.5, "mdd_250": -32.1, "vol_250": 30.3, "pos_52w": 74.1}, "S": {"duration": 47, "pricing": 71, "hard": 40, "bondness": 46}, "label": "定价权·品牌", "tags": [], "text": {"像什么": ["没有硬资产(固定资产占比 25%)但有定价权:毛利率近 5 年中位 54.6%,稳定度 93%、ROE 近 5 年中位 21.8%。", "自由现金流/市值 6.3%,分红率 48%,分子跟得上通胀。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 54.6%),硬资产占比 25%。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": "分子跟得上通胀、久期不长,加息期抗跌;放水期弹性不如科技。属船票一侧的'非债券'部分。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 6.3%(经营现金流/市值 6.6%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 54.6%,稳定度 93%,2020→2022 成本通胀期毛利率变化 12.4 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 25%,资本开支/折旧 0.42 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 25.1 倍 粗算,约 80%(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 -18%,最大回撤 -32%,年化波动 30%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 2% / -7% / -13%。", "行业对照": ["同申万二级「小家电」23 家中位:PE 50.5 / 股息率 1.8% / 毛利率 27.6% / 固定资产占比 22% / 分红率 50%。", "飞科电器:PE 比行业中位低 25.4倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位高 27.0个百分点;固定资产占比 比行业中位高 3.0个百分点。"]}}