{"F": {"ts_code": "920556.BJ", "name": "雅达股份", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电网设备", "sw3": "电工仪器仪表", "ind": "电网设备", "fin_source": "tushare", "market": "北交所", "list_date": "20230317", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 7.06, "pe_ttm": 60.2309, "pb": 2.1704, "dv_ttm": 1.1331, "total_mv": 113412.6039, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [38.0, 37.3, 33.3, 34.8, 31.0, 32.0], "rev_series": [2.9, 3.2, 3.1, 3.1, 3.2, 3.2], "np_series": [0.7, 0.5, 0.4, 0.4, 0.3, 0.2], "roe_series": [21.4, 13.4, 11.6, 8.5, 4.8, 4.5], "period": "20260630", "rev_ttm": 3.4, "np_ttm": 0.2, "ocf_ttm": 0.4, "fcf_ttm": 0.0, "fcf_yield": 0.0, "ocf_yield": 3.9, "gm_median": 33.3, "gm_std": 2.2, "gm_stab": 0.93, "gm_chg_2022": -4.7, "npm_median": 11.8, "roe_median": 8.5, "commodity": false, "hard_ratio": 20.3, "fix_assets": 1.4, "goodwill_ratio": 0.0, "pb_calc": 2.17, "capex_dep": 3.21, "interest_debt": 0.1, "debt_ebitda": 0.2, "debt_ratio": 22.9, "debt_mv": 0.7, "payout": 62.5, "div_years": 4, "rev_cagr3": 1.2, "np_cagr3": -18.5, "rev_yoy": 11.9, "np_yoy": -26.6, "np_vol": 13.3, "loss_years": 0, "far_share": 92.0, "earn_yield": 1.7, "consensus_n": 2, "fwd_pe": 34.4, "fwd_pe2": 28.8, "fwd_g1": 75.0, "fwd_g2": 20.0, "peg": 1.72, "consensus_disp": null, "mainbz": [["产品", 34.0], ["电力监控产品", 31.0], ["电力测控产品", 31.0], ["其他收入", 2.0]], "ret_prev_year": 33.1, "ret_prev2_year": 24.8, "ret_ytd": -29.1, "ret_pivot": 85.0, "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": 78, "pricing": 53, "hard": 32, "bondness": 48}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 60.2 倍、股息率 1.1%、毛利率近 5 年中位 33.3%、固定资产占比 20%、有息负债/EBITDA 0.2 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 33.3%),硬资产占比 20%。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 0.0%(经营现金流/市值 3.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 33.3%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -4.7 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 20%,资本开支/折旧 3.21 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 60.2 倍 粗算,约 92%(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%。", "雅达股份:PE 比行业中位高 16.7倍;股息率 比行业中位高 0.1个百分点;毛利率 比行业中位高 9.8个百分点;固定资产占比 比行业中位高 5.4个百分点。"]}}