{"F": {"ts_code": "920222.BJ", "name": "益坤电气", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电网设备", "sw3": "输变电设备", "ind": "电网设备", "fin_source": "tushare", "market": "北交所", "list_date": "20260630", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 28.94, "pe_ttm": 41.9038, "pb": 5.2482, "dv_ttm": null, "total_mv": 247862.7074, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [36.7, 25.4, 25.8, 32.6, 33.7, 32.2], "rev_series": [null, null, 2.4, 2.8, 3.4, 3.7], "np_series": [null, null, 0.2, 0.4, 0.5, 0.6], "roe_series": [30.8, 14.2, 7.7, 17.2, 19.6, 18.5], "period": "20260630", "rev_ttm": 3.9, "np_ttm": 0.6, "ocf_ttm": 0.7, "fcf_ttm": 0.7, "fcf_yield": 2.6, "ocf_yield": 3.0, "gm_median": 32.2, "gm_std": 3.6, "gm_stab": 0.89, "gm_chg_2022": -10.9, "npm_median": 14.7, "roe_median": 17.2, "commodity": false, "hard_ratio": 23.5, "fix_assets": 1.4, "goodwill_ratio": 0.0, "pb_calc": 5.25, "capex_dep": 0.94, "interest_debt": 0.1, "debt_ebitda": 0.1, "debt_ratio": 22.7, "debt_mv": 0.4, "payout": null, "div_years": 0, "rev_cagr3": 16.2, "np_cagr3": 49.0, "rev_yoy": 7.3, "np_yoy": 0.3, "np_vol": 63.5, "loss_years": 0, "far_share": 88.0, "earn_yield": 2.4, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 37.0], ["避雷器销售", 17.0], ["避雷器", 17.0], ["配件", 8.0]], "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": 65, "pricing": 51, "hard": 38, "bondness": 4}, "label": "中性", "tags": [], "text": {"像什么": ["PE 41.9 倍、股息率 —、毛利率近 5 年中位 32.2%、固定资产占比 24%、有息负债/EBITDA 0.1 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 32.2%),硬资产占比 24%。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 2.6%(经营现金流/市值 3.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 32.2%,稳定度 89%,2020→2022 成本通胀期毛利率变化 -10.9 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 24%,资本开支/折旧 0.94 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 41.9 倍 粗算,约 88%(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%。", "益坤电气:PE 比行业中位低 1.6倍;股息率 ;毛利率 比行业中位高 8.7个百分点;固定资产占比 比行业中位高 8.6个百分点。"]}}