{"F": {"ts_code": "688676.SH", "name": "金盘科技", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电网设备", "sw3": "输变电设备", "ind": "电网设备", "fin_source": "tushare", "market": "科创板", "list_date": "20210309", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 68.5, "pe_ttm": 45.1711, "pb": 6.1728, "dv_ttm": 0.9912, "total_mv": 3149531.2778, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [26.8, 23.5, 20.3, 22.8, 24.3, 25.9], "rev_series": [24.2, 33.0, 47.5, 66.7, 69.0, 72.9], "np_series": [2.3, 2.3, 2.8, 5.0, 5.7, 6.6], "roe_series": [12.5, 10.6, 10.6, 16.4, 14.8, 13.6], "period": "20260630", "rev_ttm": 77.0, "np_ttm": 7.0, "ocf_ttm": 3.4, "fcf_ttm": -0.4, "fcf_yield": -0.1, "ocf_yield": 1.1, "gm_median": 23.5, "gm_std": 1.8, "gm_stab": 0.92, "gm_chg_2022": -6.5, "npm_median": 7.5, "roe_median": 13.6, "commodity": false, "hard_ratio": 16.2, "fix_assets": 20.6, "goodwill_ratio": 0.0, "pb_calc": 5.95, "capex_dep": 1.69, "interest_debt": 36.2, "debt_ebitda": 3.3, "debt_ratio": 58.4, "debt_mv": 11.5, "payout": 76.3, "div_years": 5, "rev_cagr3": 15.4, "np_cagr3": 32.5, "rev_yoy": 12.7, "np_yoy": 14.2, "np_vol": 26.9, "loss_years": 0, "far_share": 89.0, "earn_yield": 2.2, "consensus_n": 19, "fwd_pe": 35.4, "fwd_pe2": 24.9, "fwd_g1": 28.0, "fwd_g2": 42.0, "peg": 0.84, "consensus_disp": null, "mainbz": [["电气设备系列产品", 87.0], ["储能系列", 6.0], ["其他主营业务", 3.0], ["其他", 3.0]], "ret_prev_year": 122.8, "ret_prev2_year": 17.7, "ret_ytd": -23.6, "ret_pivot": 147.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.2, "ret_60": -15.1, "ret_120": -26.6, "ret_250": 23.4, "mdd_250": -42.9, "vol_250": 75.8, "pos_52w": 64.9}, "S": {"duration": 68, "pricing": 48, "hard": 26, "bondness": 47}, "label": "中性", "tags": [], "text": {"像什么": ["PE 45.2 倍、股息率 1.0%、毛利率近 5 年中位 23.5%、固定资产占比 16%、有息负债/EBITDA 3.3 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 16%,毛利率近 5 年中位 23.5%。", "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 -0.1%(经营现金流/市值 1.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.5%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -6.5 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 16%,资本开支/折旧 1.69 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 45.2 倍 粗算,约 89%(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 23%,最大回撤 -43%,年化波动 76%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 -1% / -15% / -27%。", "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%。", "金盘科技:PE 比行业中位高 1.7倍;股息率 与行业中位持平;毛利率 与行业中位持平;固定资产占比 比行业中位高 1.3个百分点。"]}}