{"F": {"ts_code": "920081.BJ", "name": "欧伦电气", "mkt": "CN", "ccy": "元", "sw1": "家用电器", "sw2": "小家电", "sw3": "清洁小家电", "ind": "小家电", "fin_source": "tushare", "market": "北交所", "list_date": "20260710", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 43.36, "pe_ttm": 12.8486, "pb": 3.0072, "dv_ttm": null, "total_mv": 314793.6, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [22.2, 24.2, 27.1, 26.1], "rev_series": [9.7, 12.3, 16.2, 20.4], "np_series": [0.9, 1.4, 2.1, 2.3], "roe_series": [27.9, 34.8, 36.0, 29.7], "period": "20260630", "rev_ttm": 23.2, "np_ttm": 2.5, "ocf_ttm": 0.8, "fcf_ttm": 0.4, "fcf_yield": 1.1, "ocf_yield": 2.7, "gm_median": 25.1, "gm_std": 1.9, "gm_stab": 0.93, "gm_chg_2022": null, "npm_median": 11.4, "roe_median": 32.2, "commodity": false, "hard_ratio": 19.1, "fix_assets": 4.7, "goodwill_ratio": 0.0, "pb_calc": 3.01, "capex_dep": 1.06, "interest_debt": 0.8, "debt_ebitda": 0.3, "debt_ratio": 57.1, "debt_mv": 2.5, "payout": null, "div_years": 0, "rev_cagr3": 28.0, "np_cagr3": 35.9, "rev_yoy": 22.7, "np_yoy": 8.6, "np_vol": 18.1, "loss_years": 0, "far_share": 61.0, "earn_yield": 7.8, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["移动空调", 64.0], ["除湿机", 25.0], ["车载冰箱", 7.0], ["空气源热泵", 2.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": null, "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": 27, "pricing": 53, "hard": 31, "bondness": 1}, "label": "中性", "tags": [], "text": {"像什么": ["PE 12.8 倍、股息率 —、毛利率近 5 年中位 25.1%、固定资产占比 19%、有息负债/EBITDA 0.3 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 19%,毛利率近 5 年中位 25.1%。", "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 1.1%(经营现金流/市值 2.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.1%,稳定度 93%。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 19%,资本开支/折旧 1.06 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.8 倍 粗算,约 61%(1 − 5/PE)。中等。"]], "行业对照": ["同申万二级「小家电」23 家中位:PE 50.5 / 股息率 1.8% / 毛利率 27.6% / 固定资产占比 22% / 分红率 50%。", "欧伦电气:PE 比行业中位低 37.7倍;股息率 ;毛利率 比行业中位低 2.5个百分点;固定资产占比 比行业中位低 2.6个百分点。"]}}