{"F": {"ts_code": "000880.SZ", "name": "潍柴重机", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "其他通用设备", "ind": "通用设备", "fin_source": "tushare", "market": "主板", "list_date": "19980402", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 24.3, "pe_ttm": 39.3153, "pb": 5.0679, "dv_ttm": 0.7419, "total_mv": 1127152.584, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [16.3, 13.7, 13.3, 12.1, 11.3, 10.1], "rev_series": [33.1, 34.1, 34.5, 37.6, 40.0, 61.2], "np_series": [1.1, 1.4, 1.4, 1.7, 1.8, 2.4], "roe_series": [7.3, 8.4, 8.0, 8.8, 9.2, 11.5], "period": "20260630", "rev_ttm": 76.5, "np_ttm": 2.7, "ocf_ttm": 7.4, "fcf_ttm": 7.1, "fcf_yield": 6.3, "ocf_yield": 6.6, "gm_median": 12.1, "gm_std": 1.3, "gm_stab": 0.89, "gm_chg_2022": -3.1, "npm_median": 4.1, "roe_median": 8.8, "commodity": false, "hard_ratio": 12.2, "fix_assets": 10.9, "goodwill_ratio": 0.6, "pb_calc": 5.07, "capex_dep": 0.28, "interest_debt": 0.9, "debt_ebitda": 0.3, "debt_ratio": 75.2, "debt_mv": 0.8, "payout": 36.0, "div_years": 5, "rev_cagr3": 21.0, "np_cagr3": 19.5, "rev_yoy": 52.7, "np_yoy": 36.5, "np_vol": 21.8, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["发电机组", 28.0], ["发动机", 12.0], ["配件及加工劳务", 5.0]], "ret_prev_year": 126.1, "ret_prev2_year": 68.5, "ret_ytd": -10.7, "ret_pivot": 323.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.0, "ret_60": 1.7, "ret_120": -16.6, "ret_250": -34.3, "mdd_250": -47.5, "vol_250": 54.3, "pos_52w": 63.7}, "S": {"duration": 63, "pricing": 42, "hard": 20, "bondness": 18}, "label": "中性", "tags": [], "text": {"像什么": ["PE 39.3 倍、股息率 0.7%、毛利率近 5 年中位 12.1%、固定资产占比 12%、有息负债/EBITDA 0.3 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 12%,毛利率近 5 年中位 12.1%。", "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 6.3%(经营现金流/市值 6.6%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 12.1%,稳定度 89%,2020→2022 成本通胀期毛利率变化 -3.1 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 12%,资本开支/折旧 0.28 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 39.3 倍 粗算,约 87%(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 -34%,最大回撤 -48%,年化波动 54%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 6% / 2% / -17%。", "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%。", "潍柴重机:PE 比行业中位低 11.3倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位低 16.4个百分点;固定资产占比 比行业中位低 8.6个百分点。"]}}