{"F": {"ts_code": "001256.SZ", "name": "炜冈科技", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "印刷包装机械", "ind": "专用设备", "fin_source": "tushare", "market": "主板", "list_date": "20221205", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 22.36, "pe_ttm": 13.1269, "pb": 2.2884, "dv_ttm": 1.3346, "total_mv": 318881.7736, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [34.9, 32.3, 33.8, 32.7, 32.7, 32.9], "rev_series": [3.8, 4.5, 3.9, 4.2, 4.9, 5.4], "np_series": [1.0, 1.0, 0.8, 0.8, 0.9, 1.3], "roe_series": [26.6, 20.9, 10.2, 7.7, 8.0, 11.0], "period": "20260630", "rev_ttm": 5.8, "np_ttm": 2.4, "ocf_ttm": 0.9, "fcf_ttm": 0.7, "fcf_yield": 2.1, "ocf_yield": 2.8, "gm_median": 32.7, "gm_std": 0.5, "gm_stab": 0.99, "gm_chg_2022": -1.1, "npm_median": 20.8, "roe_median": 10.2, "commodity": false, "hard_ratio": 15.9, "fix_assets": 2.8, "goodwill_ratio": 0.0, "pb_calc": 2.29, "capex_dep": 1.01, "interest_debt": 0.9, "debt_ebitda": 0.7, "debt_ratio": 20.8, "debt_mv": 2.9, "payout": 31.9, "div_years": 4, "rev_cagr3": 11.2, "np_cagr3": 18.0, "rev_yoy": 19.1, "np_yoy": 215.0, "np_vol": 21.8, "loss_years": 0, "far_share": 62.0, "earn_yield": 7.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 40.0], ["间歇式PS版商标印刷机(胶印)", 19.0], ["胶印机", 19.0], ["机组式柔性版印刷机", 16.0]], "ret_prev_year": 43.1, "ret_prev2_year": -13.5, "ret_ytd": 1.5, "ret_pivot": 70.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -19.8, "ret_60": -2.5, "ret_120": 0.1, "ret_250": -7.8, "mdd_250": -29.6, "vol_250": 41.9, "pos_52w": 74.5}, "S": {"duration": 28, "pricing": 58, "hard": 25, "bondness": 30}, "label": "中性", "tags": [], "text": {"像什么": ["PE 13.1 倍、股息率 1.3%、毛利率近 5 年中位 32.7%、固定资产占比 16%、有息负债/EBITDA 0.7 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 32.7%),硬资产占比 16%。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 2.1%(经营现金流/市值 2.8%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 32.7%,稳定度 99%,2020→2022 成本通胀期毛利率变化 -1.1 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 16%,资本开支/折旧 1.01 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.1 倍 粗算,约 62%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -8%,最大回撤 -30%,年化波动 42%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 -20% / -2% / 0%。", "行业对照": ["同申万二级「专用设备」205 家中位:PE 42.3 / 股息率 1.1% / 毛利率 26.3% / 固定资产占比 18% / 分红率 44%。", "炜冈科技:PE 比行业中位低 29.2倍;股息率 比行业中位高 0.2个百分点;毛利率 比行业中位高 6.4个百分点;固定资产占比 比行业中位低 2.1个百分点。"]}}