{"F": {"ts_code": "688330.SH", "name": "宏力达", "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": "20201015", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 36.78, "pe_ttm": 6.2064, "pb": 1.1162, "dv_ttm": 1.2444, "total_mv": 514920.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [54.1, 52.0, 50.2, 44.6, 45.7, 52.2], "rev_series": [9.1, 11.3, 10.7, 9.9, 9.8, 6.5], "np_series": [3.2, 4.1, 3.2, 1.9, 2.2, 6.4], "roe_series": [17.4, 13.0, 9.3, 5.4, 6.0, 15.7], "period": "20260630", "rev_ttm": 6.6, "np_ttm": 8.3, "ocf_ttm": 7.1, "fcf_ttm": 6.7, "fcf_yield": 13.0, "ocf_yield": 13.9, "gm_median": 50.2, "gm_std": 3.2, "gm_stab": 0.94, "gm_chg_2022": -3.9, "npm_median": 29.7, "roe_median": 9.3, "commodity": false, "hard_ratio": 6.9, "fix_assets": 3.8, "goodwill_ratio": 5.4, "pb_calc": 1.12, "capex_dep": 2.22, "interest_debt": 1.7, "debt_ebitda": 1.1, "debt_ratio": 14.2, "debt_mv": 3.3, "payout": 21.2, "div_years": 5, "rev_cagr3": -15.3, "np_cagr3": 26.0, "rev_yoy": 2.8, "np_yoy": 194.7, "np_vol": 80.2, "loss_years": 0, "far_share": 19.0, "earn_yield": 16.1, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 41.0], ["微电网业务", 23.0], ["配电网智能设备", 18.0], ["智能配电网产品", 18.0]], "ret_prev_year": 40.2, "ret_prev2_year": -6.7, "ret_ytd": 3.1, "ret_pivot": 92.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 10.7, "ret_60": 3.5, "ret_120": -28.9, "ret_250": 32.4, "mdd_250": -44.7, "vol_250": 58.4, "pos_52w": 65.7}, "S": {"duration": 14, "pricing": 63, "hard": 11, "bondness": 38}, "label": "轻资产现金牛", "tags": ["资本开支扩张期"], "text": {"像什么": ["固定资产占比 7%,毛利率近 5 年中位 50.2%,自由现金流/市值 13.0%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 50.2%),硬资产占比 7%。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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 13.0%(经营现金流/市值 13.9%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 50.2%,稳定度 94%,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 7%,资本开支/折旧 2.22 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 6.2 倍 粗算,约 19%(1 − 5/PE)。<40%,估值靠当期。"]], "价格行为": "近一年 32%,最大回撤 -45%,年化波动 58%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 11% / 4% / -29%。", "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%。", "宏力达:PE 比行业中位低 37.3倍;股息率 比行业中位高 0.2个百分点;毛利率 比行业中位高 26.7个百分点;固定资产占比 比行业中位低 8.0个百分点。"]}}