{"F": {"ts_code": "000777.SZ", "name": "中核科技", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "金属制品", "ind": "通用设备", "fin_source": "tushare", "market": "主板", "list_date": "19970710", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 16.99, "pe_ttm": 41.9275, "pb": 2.5782, "dv_ttm": 0.7828, "total_mv": 651426.5024, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [21.7, 18.4, 20.4, 21.2, 21.0, 21.4], "rev_series": [11.7, 15.6, 15.0, 18.1, 18.4, 17.3], "np_series": [1.0, 1.2, 1.7, 2.2, 2.3, 1.7], "roe_series": [6.9, 7.5, 9.9, 11.7, 11.0, 7.3], "period": "20260630", "rev_ttm": 15.1, "np_ttm": 1.6, "ocf_ttm": 0.1, "fcf_ttm": -0.2, "fcf_yield": -0.4, "ocf_yield": 0.2, "gm_median": 21.0, "gm_std": 1.1, "gm_stab": 0.95, "gm_chg_2022": -1.4, "npm_median": 11.5, "roe_median": 9.9, "commodity": false, "hard_ratio": 6.1, "fix_assets": 2.4, "goodwill_ratio": 0.0, "pb_calc": 2.58, "capex_dep": 2.19, "interest_debt": 3.0, "debt_ebitda": 2.6, "debt_ratio": 35.6, "debt_mv": 4.6, "payout": 32.2, "div_years": 5, "rev_cagr3": 4.9, "np_cagr3": -0.4, "rev_yoy": -30.9, "np_yoy": -18.9, "np_vol": 23.6, "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", 35.0], ["核电、核化工产品", 21.0], ["核工程阀门总成", 21.0], ["石油石化产品", 9.0]], "ret_prev_year": 44.9, "ret_prev2_year": 26.6, "ret_ytd": -34.0, "ret_pivot": 33.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.3, "ret_60": 6.9, "ret_120": -36.4, "ret_250": -21.6, "mdd_250": -48.3, "vol_250": 50.4, "pos_52w": 55.3}, "S": {"duration": 65, "pricing": 50, "hard": 10, "bondness": 39}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 41.9 倍、股息率 0.8%、毛利率近 5 年中位 21.0%、固定资产占比 6%、有息负债/EBITDA 2.6 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 6%,毛利率近 5 年中位 21.0%。", "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 -0.4%(经营现金流/市值 0.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 21.0%,稳定度 95%,2020→2022 成本通胀期毛利率变化 -1.4 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 6%,资本开支/折旧 2.19 倍。没有资产可言。"], ["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?"]], "价格行为": "近一年 -22%,最大回撤 -48%,年化波动 50%,现价在 52 周高点的 55%;近 20 / 60 / 120 日 -4% / 7% / -36%。", "行业对照": ["同申万二级「通用设备」248 家中位:PE 50.6 / 股息率 0.8% / 毛利率 28.5% / 固定资产占比 21% / 分红率 45%。", "中核科技:PE 比行业中位低 8.7倍;股息率 与行业中位持平;毛利率 比行业中位低 7.5个百分点;固定资产占比 比行业中位低 14.7个百分点。"]}}