{"F": {"ts_code": "920007.BJ", "name": "酉立智能", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "光伏设备", "sw3": "光伏辅材", "ind": "光伏设备", "fin_source": "tushare", "market": "北交所", "list_date": "20250808", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 34.55, "pe_ttm": 28.2542, "pb": 2.3672, "dv_ttm": 3.4757, "total_mv": 153859.6148, "trade_date": "20260904", "years": ["20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [7.8, 19.0, 18.5, 18.4, 15.2], "rev_series": [3.8, 4.3, 6.6, 7.3, 10.3], "np_series": [0.1, 0.4, 0.8, 0.9, 0.9], "roe_series": [16.5, 38.1, 46.4, 35.8, 19.7], "period": "20260630", "rev_ttm": 10.7, "np_ttm": 0.5, "ocf_ttm": 1.3, "fcf_ttm": 0.3, "fcf_yield": 2.0, "ocf_yield": 8.3, "gm_median": 18.4, "gm_std": 4.2, "gm_stab": 0.77, "gm_chg_2022": null, "npm_median": 9.7, "roe_median": 35.8, "commodity": false, "hard_ratio": 5.7, "fix_assets": 0.6, "goodwill_ratio": 0.0, "pb_calc": 2.37, "capex_dep": 10.21, "interest_debt": 0.4, "debt_ebitda": 0.3, "debt_ratio": 40.9, "debt_mv": 2.5, "payout": 49.8, "div_years": 1, "rev_cagr3": 33.6, "np_cagr3": 29.4, "rev_yoy": 8.3, "np_yoy": -63.8, "np_vol": 72.9, "loss_years": 0, "far_share": 82.0, "earn_yield": 3.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["光伏支架核心零部件", 98.0], ["其他业务", 2.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": -49.6, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": null, "ret_60": null, "ret_120": null, "ret_250": null, "mdd_250": null, "vol_250": null, "pos_52w": null}, "S": {"duration": 51, "pricing": 44, "hard": 9, "bondness": 39}, "label": "现金流红利", "tags": ["资本开支扩张期"], "text": {"像什么": ["分红率 50%、股息率 3.5%、营收 3 年复合 33.6%、有息负债/EBITDA 0.3 倍:红利底仓,但不靠杠杆。"], "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 18.4%。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 2.0%(经营现金流/市值 8.3%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 18.4%,稳定度 77%。不能。"], ["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 10.21 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 28.3 倍 粗算,约 82%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "行业对照": ["同申万二级「光伏设备」73 家中位:PE 41.0 / 股息率 0.5% / 毛利率 17.8% / 固定资产占比 23% / 分红率 29%。", "酉立智能:PE 比行业中位低 12.7倍;股息率 比行业中位高 3.0个百分点;毛利率 比行业中位高 0.6个百分点;固定资产占比 比行业中位低 16.9个百分点。"]}}