{"F": {"ts_code": "688681.SH", "name": "科汇股份", "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": "20210616", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 16.07, "pe_ttm": 37.7068, "pb": 2.7492, "dv_ttm": 1.1911, "total_mv": 168204.69, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [54.2, 47.0, 40.7, 47.9, 43.3, 42.7], "rev_series": [3.3, 3.7, 3.1, 3.4, 4.2, 5.1], "np_series": [0.6, 0.5, -0.1, 0.1, 0.3, 0.5], "roe_series": [17.5, 11.8, -1.3, 2.2, 5.3, 7.9], "period": "20260630", "rev_ttm": 5.3, "np_ttm": 0.4, "ocf_ttm": 0.8, "fcf_ttm": 0.3, "fcf_yield": 1.6, "ocf_yield": 4.7, "gm_median": 43.3, "gm_std": 2.7, "gm_stab": 0.94, "gm_chg_2022": -13.6, "npm_median": 7.2, "roe_median": 5.3, "commodity": false, "hard_ratio": 16.0, "fix_assets": 1.4, "goodwill_ratio": 0.0, "pb_calc": 2.75, "capex_dep": 2.83, "interest_debt": 0.1, "debt_ebitda": 0.2, "debt_ratio": 30.1, "debt_mv": 0.8, "payout": 51.7, "div_years": 5, "rev_cagr3": 17.7, "np_cagr3": null, "rev_yoy": 12.6, "np_yoy": -14.1, "np_vol": 129.9, "loss_years": 1, "far_share": 87.0, "earn_yield": 2.7, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 44.0], ["磁阻电机驱动系统", 20.0], ["输电线路故障行波测距产品", 5.0], ["电力系统同步时钟", 5.0]], "ret_prev_year": 66.0, "ret_prev2_year": -30.2, "ret_ytd": -7.6, "ret_pivot": 85.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.4, "ret_60": 5.9, "ret_120": -22.8, "ret_250": -3.3, "mdd_250": -36.6, "vol_250": 35.1, "pos_52w": 75.1}, "S": {"duration": 61, "pricing": 58, "hard": 26, "bondness": 28}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 37.7 倍、股息率 1.2%、毛利率近 5 年中位 43.3%、固定资产占比 16%、有息负债/EBITDA 0.2 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 43.3%),硬资产占比 16%。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": "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 1.6%(经营现金流/市值 4.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 43.3%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -13.6 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 16%,资本开支/折旧 2.83 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 37.7 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 -3%,最大回撤 -37%,年化波动 35%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 -1% / 6% / -23%。", "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%。", "科汇股份:PE 比行业中位低 5.8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 19.8个百分点;固定资产占比 比行业中位高 1.1个百分点。"]}}