{"F": {"ts_code": "000425.SZ", "name": "徐工机械", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "工程机械", "sw3": "工程机械整机", "ind": "工程机械", "fin_source": "tushare", "market": "主板", "list_date": "19960828", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 8.14, "pe_ttm": 15.4359, "pb": 1.4767, "dv_ttm": 2.4434, "total_mv": 9532925.347, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [17.1, 16.2, 20.2, 22.4, 22.5, 22.6], "rev_series": [739.7, 843.3, 938.2, 928.5, 916.6, 1008.2], "np_series": [37.3, 56.1, 43.1, 53.3, 59.8, 65.7], "roe_series": [11.2, 16.0, 9.6, 9.7, 10.4, 11.0], "period": "20260630", "rev_ttm": 1072.6, "np_ttm": 61.8, "ocf_ttm": 145.8, "fcf_ttm": 68.8, "fcf_yield": 7.2, "ocf_yield": 15.3, "gm_median": 22.4, "gm_std": 2.4, "gm_stab": 0.89, "gm_chg_2022": 3.1, "npm_median": 6.5, "roe_median": 10.4, "commodity": false, "hard_ratio": 14.0, "fix_assets": 250.8, "goodwill_ratio": 0.0, "pb_calc": 1.48, "capex_dep": 2.42, "interest_debt": 426.7, "debt_ebitda": 3.1, "debt_ratio": 63.1, "debt_mv": 44.8, "payout": 35.3, "div_years": 4, "rev_cagr3": 2.4, "np_cagr3": 15.1, "rev_yoy": 11.7, "np_yoy": -9.1, "np_vol": 32.1, "loss_years": 0, "far_share": 68.0, "earn_yield": 6.5, "consensus_n": 25, "fwd_pe": 11.9, "fwd_pe2": 9.2, "fwd_g1": 30.0, "fwd_g2": 29.0, "peg": 0.41, "consensus_disp": null, "mainbz": [["产品", 49.0], ["土方机械", 17.0], ["其他工程机械、备件及其他", 13.0], ["起重机械", 10.0]], "ret_prev_year": 50.7, "ret_prev2_year": 54.1, "ret_ytd": -28.5, "ret_pivot": 30.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.9, "ret_60": -5.9, "ret_120": -26.7, "ret_250": -8.3, "mdd_250": -36.7, "vol_250": 41.3, "pos_52w": 65.3}, "S": {"duration": 32, "pricing": 52, "hard": 22, "bondness": 54}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 15.4 倍、股息率 2.4%、毛利率近 5 年中位 22.4%、固定资产占比 14%、有息负债/EBITDA 3.1 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 14%,毛利率近 5 年中位 22.4%。", "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 7.2%(经营现金流/市值 15.3%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 22.4%,稳定度 89%,2020→2022 成本通胀期毛利率变化 3.1 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 14%,资本开支/折旧 2.42 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.4 倍 粗算,约 68%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -8%,最大回撤 -37%,年化波动 41%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 -2% / -6% / -27%。", "行业对照": ["同申万二级「工程机械」35 家中位:PE 28.3 / 股息率 1.0% / 毛利率 26.1% / 固定资产占比 17% / 分红率 33%。", "徐工机械:PE 比行业中位低 12.9倍;股息率 比行业中位高 1.4个百分点;毛利率 比行业中位低 3.7个百分点;固定资产占比 比行业中位低 3.2个百分点。"]}}