{"F": {"ts_code": "605365.SH", "name": "立达信", "mkt": "CN", "ccy": "元", "sw1": "家用电器", "sw2": "照明设备Ⅱ", "sw3": "照明设备Ⅲ", "ind": "照明设备Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20210720", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 15.84, "pe_ttm": 38.0124, "pb": 2.1311, "dv_ttm": 1.3248, "total_mv": 795188.4336, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.0, 22.8, 26.1, 29.8, 29.1, 26.0], "rev_series": [54.2, 64.8, 75.6, 66.8, 68.1, 68.7], "np_series": [4.5, 3.0, 4.9, 3.1, 4.2, 2.1], "roe_series": [27.9, 12.8, 15.9, 9.2, 11.4, 5.5], "period": "20260630", "rev_ttm": 69.0, "np_ttm": 2.1, "ocf_ttm": 0.9, "fcf_ttm": -4.4, "fcf_yield": -5.6, "ocf_yield": 1.2, "gm_median": 26.1, "gm_std": 2.5, "gm_stab": 0.9, "gm_chg_2022": -3.9, "npm_median": 4.7, "roe_median": 11.4, "commodity": false, "hard_ratio": 26.2, "fix_assets": 16.8, "goodwill_ratio": 0.0, "pb_calc": 2.13, "capex_dep": 3.98, "interest_debt": 6.4, "debt_ebitda": 1.1, "debt_ratio": 41.7, "debt_mv": 8.1, "payout": 50.5, "div_years": 5, "rev_cagr3": -3.1, "np_cagr3": -25.0, "rev_yoy": 1.0, "np_yoy": 0.9, "np_vol": 44.8, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.6, "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", 49.0], ["其他业务", 1.0]], "ret_prev_year": 74.2, "ret_prev2_year": -14.7, "ret_ytd": -39.7, "ret_pivot": 23.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 14.9, "ret_60": 2.6, "ret_120": -21.3, "ret_250": 0.3, "mdd_250": -61.6, "vol_250": 58.4, "pos_52w": 49.8}, "S": {"duration": 61, "pricing": 49, "hard": 42, "bondness": 49}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 38.0 倍、股息率 1.3%、毛利率近 5 年中位 26.1%、固定资产占比 26%、有息负债/EBITDA 1.1 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 26%,毛利率近 5 年中位 26.1%。", "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 -5.6%(经营现金流/市值 1.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.1%,稳定度 90%,2020→2022 成本通胀期毛利率变化 -3.9 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 26%,资本开支/折旧 3.98 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 38.0 倍 粗算,约 87%(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 0%,最大回撤 -62%,年化波动 58%,现价在 52 周高点的 50%;近 20 / 60 / 120 日 15% / 3% / -21%。", "行业对照": ["同申万二级「照明设备Ⅱ」14 家中位:PE 61.2 / 股息率 1.3% / 毛利率 25.2% / 固定资产占比 17% / 分红率 71%。", "立达信:PE 比行业中位低 23.2倍;股息率 与行业中位持平;毛利率 比行业中位高 0.9个百分点;固定资产占比 比行业中位高 9.1个百分点。"]}}