{"F": {"ts_code": "688248.SH", "name": "南网科技", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电网设备", "sw3": "电网自动化设备", "ind": "电网设备", "fin_source": "tushare", "market": "科创板", "list_date": "20211222", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 42.69, "pe_ttm": 59.8966, "pb": 7.2732, "dv_ttm": 0.7309, "total_mv": 2410704.3, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [27.1, 30.1, 29.7, 29.0, 30.8, 29.8], "rev_series": [11.1, 13.9, 17.9, 25.4, 30.1, 36.8], "np_series": [0.9, 1.4, 2.1, 2.8, 3.7, 4.2], "roe_series": [9.4, 7.5, 8.2, 10.4, 12.6, 13.5], "period": "20260630", "rev_ttm": 35.6, "np_ttm": 4.0, "ocf_ttm": 6.0, "fcf_ttm": 4.7, "fcf_yield": 1.9, "ocf_yield": 2.5, "gm_median": 29.8, "gm_std": 0.6, "gm_stab": 0.98, "gm_chg_2022": 2.6, "npm_median": 11.5, "roe_median": 10.4, "commodity": false, "hard_ratio": 5.5, "fix_assets": 2.9, "goodwill_ratio": 0.4, "pb_calc": 7.27, "capex_dep": 1.81, "interest_debt": 0.8, "debt_ebitda": 0.1, "debt_ratio": 35.1, "debt_mv": 0.3, "payout": 41.5, "div_years": 5, "rev_cagr3": 27.2, "np_cagr3": 26.9, "rev_yoy": -9.2, "np_yoy": -10.5, "np_vol": 16.2, "loss_years": 0, "far_share": 92.0, "earn_yield": 1.7, "consensus_n": 9, "fwd_pe": 44.3, "fwd_pe2": 35.7, "fwd_g1": 35.0, "fwd_g2": 24.0, "peg": 1.85, "consensus_disp": null, "mainbz": [["产品", 49.0], ["试验检测及调试服务", 20.0], ["智能配用电设备", 11.0], ["储能系统技术服务", 8.0]], "ret_prev_year": 40.8, "ret_prev2_year": 30.7, "ret_ytd": -4.2, "ret_pivot": 65.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": -12.1, "ret_60": -9.8, "ret_120": -39.0, "ret_250": 18.6, "mdd_250": -45.5, "vol_250": 62.5, "pos_52w": 61.0}, "S": {"duration": 78, "pricing": 59, "hard": 9, "bondness": 19}, "label": "中性", "tags": [], "text": {"像什么": ["PE 59.9 倍、股息率 0.7%、毛利率近 5 年中位 29.8%、固定资产占比 6%、有息负债/EBITDA 0.1 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 6%,毛利率近 5 年中位 29.8%。", "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 1.9%(经营现金流/市值 2.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.8%,稳定度 98%,2020→2022 成本通胀期毛利率变化 2.6 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 6%,资本开支/折旧 1.81 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 59.9 倍 粗算,约 92%(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 19%,最大回撤 -46%,年化波动 62%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 -12% / -10% / -39%。", "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%。", "南网科技:PE 比行业中位高 16.4倍;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位高 6.3个百分点;固定资产占比 比行业中位低 9.4个百分点。"]}}