{"F": {"ts_code": "920110.BJ", "name": "雷特科技", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "其他电源设备Ⅱ", "sw3": "其他电源设备Ⅲ", "ind": "其他电源设备Ⅱ", "fin_source": "tushare", "market": "北交所", "list_date": "20221206", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 27.2, "pe_ttm": 26.8845, "pb": 2.9178, "dv_ttm": 1.8382, "total_mv": 106080.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [49.8, 49.3, 46.5, 45.0, 46.3, 48.8], "rev_series": [1.0, 1.5, 1.7, 1.8, 2.0, 2.0], "np_series": [0.2, 0.4, 0.4, 0.3, 0.4, 0.5], "roe_series": [13.3, 25.5, 15.7, 10.4, 12.6, 12.3], "period": "20260630", "rev_ttm": 2.1, "np_ttm": 0.4, "ocf_ttm": 0.5, "fcf_ttm": 0.4, "fcf_yield": 4.0, "ocf_yield": 4.4, "gm_median": 46.5, "gm_std": 1.6, "gm_stab": 0.97, "gm_chg_2022": -3.3, "npm_median": 22.5, "roe_median": 12.6, "commodity": false, "hard_ratio": 26.8, "fix_assets": 1.1, "goodwill_ratio": 0.0, "pb_calc": 2.92, "capex_dep": 0.41, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 8.4, "debt_mv": null, "payout": 87.0, "div_years": 4, "rev_cagr3": 5.3, "np_cagr3": 4.9, "rev_yoy": 4.2, "np_yoy": -28.4, "np_vol": 46.6, "loss_years": 0, "far_share": 81.0, "earn_yield": 3.7, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["智能电源", 49.0], ["智能家居", 14.0], ["其他主营业务", 14.0], ["控制器", 12.0]], "ret_prev_year": 12.1, "ret_prev2_year": 52.7, "ret_ytd": -22.5, "ret_pivot": 90.8, "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": 49, "pricing": 62, "hard": 43, "bondness": 59}, "label": "中性", "tags": [], "text": {"像什么": ["PE 26.9 倍、股息率 1.8%、毛利率近 5 年中位 46.5%、固定资产占比 27%、资产负债率 8%: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 46.5%),硬资产占比 27%。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 4.0%(经营现金流/市值 4.4%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 46.5%,稳定度 97%,2020→2022 成本通胀期毛利率变化 -3.3 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 27%,资本开支/折旧 0.41 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 26.9 倍 粗算,约 81%(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「其他电源设备Ⅱ」33 家中位:PE 69.0 / 股息率 0.6% / 毛利率 25.3% / 固定资产占比 16% / 分红率 34%。", "雷特科技:PE 比行业中位低 42.1倍;股息率 比行业中位高 1.2个百分点;毛利率 比行业中位高 21.2个百分点;固定资产占比 比行业中位高 10.7个百分点。"]}}