{"F": {"ts_code": "001237.SZ", "name": "惠康科技", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "制冷空调设备", "ind": "通用设备", "fin_source": "tushare", "market": "主板", "list_date": "20260522", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 51.05, "pe_ttm": 20.5578, "pb": 2.224, "dv_ttm": null, "total_mv": 757333.897, "trade_date": "20260904", "years": ["20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [21.4, 24.8, 22.7, 23.5], "rev_series": [19.3, 24.9, 32.0, 28.8], "np_series": [2.0, 3.4, 4.5, 3.9], "roe_series": [47.3, 63.3, 54.4, 32.3], "period": "20260630", "rev_ttm": 30.2, "np_ttm": 3.7, "ocf_ttm": 3.3, "fcf_ttm": 1.5, "fcf_yield": 1.9, "ocf_yield": 4.4, "gm_median": 23.1, "gm_std": 1.2, "gm_stab": 0.95, "gm_chg_2022": null, "npm_median": 13.6, "roe_median": 50.8, "commodity": false, "hard_ratio": 7.5, "fix_assets": 3.9, "goodwill_ratio": 0.0, "pb_calc": 2.22, "capex_dep": 6.63, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 35.5, "debt_mv": 0.0, "payout": null, "div_years": 0, "rev_cagr3": 14.2, "np_cagr3": 25.7, "rev_yoy": 10.5, "np_yoy": -11.1, "np_vol": 34.6, "loss_years": 0, "far_share": 76.0, "earn_yield": 4.9, "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], ["制冰机", 39.0], ["酒柜", 5.0], ["冰箱", 3.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": null, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": -7.0, "ret_60": -16.2, "ret_120": null, "ret_250": null, "mdd_250": -54.3, "vol_250": 64.0, "pos_52w": 45.7}, "S": {"duration": 40, "pricing": 52, "hard": 12, "bondness": 6}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 20.6 倍、股息率 —、毛利率近 5 年中位 23.1%、固定资产占比 8%、有息负债/EBITDA 0.0 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 8%,毛利率近 5 年中位 23.1%。", "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 1.9%(经营现金流/市值 4.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.1%,稳定度 95%。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 8%,资本开支/折旧 6.63 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 20.6 倍 粗算,约 76%(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「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%。", "惠康科技:PE 比行业中位低 30.0倍;股息率 ;毛利率 比行业中位低 5.4个百分点;固定资产占比 比行业中位低 13.3个百分点。"]}}