{"F": {"ts_code": "920118.BJ", "name": "太湖远大", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电网设备", "sw3": "线缆部件及其他", "ind": "电网设备", "fin_source": "tushare", "market": "北交所", "list_date": "20240822", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 21.94, "pe_ttm": 19.9509, "pb": 1.8981, "dv_ttm": 1.3674, "total_mv": 113453.934, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [11.8, 10.7, 10.4, 10.8, 9.1, 6.8], "rev_series": [null, null, 13.9, 15.2, 15.9, 15.9], "np_series": [null, null, 0.6, 0.8, 0.7, 0.3], "roe_series": [17.7, 19.6, 21.3, 21.1, 14.0, 4.4], "period": "20260630", "rev_ttm": 17.1, "np_ttm": 0.6, "ocf_ttm": -2.0, "fcf_ttm": -2.0, "fcf_yield": -18.0, "ocf_yield": -17.2, "gm_median": 10.4, "gm_std": 1.5, "gm_stab": 0.85, "gm_chg_2022": -1.4, "npm_median": 4.4, "roe_median": 19.6, "commodity": false, "hard_ratio": 19.9, "fix_assets": 2.6, "goodwill_ratio": 0.0, "pb_calc": 1.9, "capex_dep": 0.32, "interest_debt": 3.3, "debt_ebitda": 3.2, "debt_ratio": 53.9, "debt_mv": 29.5, "payout": 62.3, "div_years": 2, "rev_cagr3": 4.6, "np_cagr3": -25.0, "rev_yoy": 15.8, "np_yoy": 226.4, "np_vol": 35.9, "loss_years": 0, "far_share": 75.0, "earn_yield": 5.0, "consensus_n": 4, "fwd_pe": 16.9, "fwd_pe2": 13.5, "fwd_g1": 18.0, "fwd_g2": 25.0, "peg": 0.68, "consensus_disp": null, "mainbz": [["硅烷交联聚乙烯电缆料", 23.0], ["硅烷交联", 23.0], ["化学交联聚乙烯电缆料", 17.0], ["化学交联", 17.0]], "ret_prev_year": -4.4, "ret_prev2_year": null, "ret_ytd": -1.1, "ret_pivot": 43.1, "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": 39, "pricing": 41, "hard": 32, "bondness": 55}, "label": "中性", "tags": ["PEG<0.8"], "text": {"像什么": ["PE 20.0 倍、股息率 1.4%、毛利率近 5 年中位 10.4%、固定资产占比 20%、有息负债/EBITDA 3.2 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 20%,毛利率近 5 年中位 10.4%。", "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 -18.0%(经营现金流/市值 -17.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 10.4%,稳定度 85%,2020→2022 成本通胀期毛利率变化 -1.4 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 20%,资本开支/折旧 0.32 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 20.0 倍 粗算,约 75%(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「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%。", "太湖远大:PE 比行业中位低 23.5倍;股息率 比行业中位高 0.4个百分点;毛利率 比行业中位低 13.1个百分点;固定资产占比 比行业中位高 5.0个百分点。"]}}