{"F": {"ts_code": "605268.SH", "name": "王力安防", "mkt": "CN", "ccy": "元", "sw1": "轻工制造", "sw2": "家居用品", "sw3": "定制家居", "ind": "家居用品", "fin_source": "tushare", "market": "主板", "list_date": "20210224", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 9.65, "pe_ttm": 33.4659, "pb": 2.4071, "dv_ttm": 2.5907, "total_mv": 425130.75, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [31.8, 24.5, 24.5, 26.7, 26.6, 27.2], "rev_series": [21.1, 26.4, 22.0, 30.4, 31.2, 32.3], "np_series": [2.4, 1.4, -0.4, 0.5, 1.4, 1.3], "roe_series": [24.5, 9.7, -2.5, 3.3, 8.5, 7.5], "period": "20260630", "rev_ttm": 32.0, "np_ttm": 1.3, "ocf_ttm": 4.8, "fcf_ttm": 3.3, "fcf_yield": 7.7, "ocf_yield": 11.2, "gm_median": 26.6, "gm_std": 1.2, "gm_stab": 0.96, "gm_chg_2022": -7.4, "npm_median": 3.8, "roe_median": 7.5, "commodity": false, "hard_ratio": 34.9, "fix_assets": 14.6, "goodwill_ratio": 0.0, "pb_calc": 2.41, "capex_dep": 1.19, "interest_debt": 4.3, "debt_ebitda": 1.4, "debt_ratio": 57.2, "debt_mv": 10.1, "payout": 86.2, "div_years": 5, "rev_cagr3": 13.6, "np_cagr3": null, "rev_yoy": -2.6, "np_yoy": 2.0, "np_vol": 131.7, "loss_years": 1, "far_share": 85.0, "earn_yield": 3.0, "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], ["钢质安全门", 29.0], ["其他门", 16.0], ["其他业务", 2.0]], "ret_prev_year": 31.1, "ret_prev2_year": -11.6, "ret_ytd": -7.4, "ret_pivot": 45.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.6, "ret_60": 1.0, "ret_120": -27.2, "ret_250": -3.8, "mdd_250": -48.7, "vol_250": 42.9, "pos_52w": 58.1}, "S": {"duration": 57, "pricing": 51, "hard": 56, "bondness": 56}, "label": "中性", "tags": [], "text": {"像什么": ["PE 33.5 倍、股息率 2.6%、毛利率近 5 年中位 26.6%、固定资产占比 35%、有息负债/EBITDA 1.4 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 35%),没有定价权:毛利率近 5 年中位 26.6%,稳定度 96%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 7.7%(经营现金流/市值 11.2%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.6%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -7.4 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 35%,资本开支/折旧 1.19 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 33.5 倍 粗算,约 85%(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 -4%,最大回撤 -49%,年化波动 43%,现价在 52 周高点的 58%;近 20 / 60 / 120 日 7% / 1% / -27%。", "行业对照": ["同申万二级「家居用品」77 家中位:PE 28.3 / 股息率 1.7% / 毛利率 28.3% / 固定资产占比 32% / 分红率 50%。", "王力安防:PE 比行业中位高 5.2倍;股息率 比行业中位高 0.9个百分点;毛利率 比行业中位低 1.7个百分点;固定资产占比 比行业中位高 3.3个百分点。"]}}