{"F": {"ts_code": "001266.SZ", "name": "宏英智能", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "自动化设备", "sw3": "工控设备", "ind": "自动化设备", "fin_source": "tushare", "market": "主板", "list_date": "20220228", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 33.52, "pe_ttm": 81.5144, "pb": 3.6059, "dv_ttm": 0.8778, "total_mv": 347440.1632, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [48.0, 45.7, 38.3, 27.7, 23.3, 27.5], "rev_series": [4.0, 5.0, 4.1, 4.0, 7.7, 5.4], "np_series": [1.2, 1.3, 0.7, -0.1, 0.2, 0.2], "roe_series": [59.7, 39.1, 10.0, -0.9, 1.7, 1.6], "period": "20260630", "rev_ttm": 9.1, "np_ttm": 0.4, "ocf_ttm": 1.8, "fcf_ttm": 0.2, "fcf_yield": 0.7, "ocf_yield": 5.3, "gm_median": 27.7, "gm_std": 8.3, "gm_stab": 0.7, "gm_chg_2022": -9.7, "npm_median": 2.2, "roe_median": 1.7, "commodity": false, "hard_ratio": 23.1, "fix_assets": 4.2, "goodwill_ratio": 0.0, "pb_calc": 3.61, "capex_dep": 6.63, "interest_debt": 1.7, "debt_ebitda": 2.3, "debt_ratio": 47.4, "debt_mv": 4.8, "payout": 188.6, "div_years": 5, "rev_cagr3": 9.6, "np_cagr3": -40.2, "rev_yoy": 114.5, "np_yoy": 178.3, "np_vol": 133.4, "loss_years": 1, "far_share": 94.0, "earn_yield": 1.2, "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], ["光储充系统产品及服务", 30.0], ["智能电控产品", 15.0], ["数字能源管理及智慧运维", 2.0]], "ret_prev_year": 73.2, "ret_prev2_year": -20.8, "ret_ytd": -14.2, "ret_pivot": 87.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.1, "ret_60": -26.4, "ret_120": -3.6, "ret_250": 14.0, "mdd_250": -47.7, "vol_250": 59.9, "pos_52w": 60.7}, "S": {"duration": 87, "pricing": 42, "hard": 37, "bondness": 58}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 81.5 倍、股息率 0.9%、毛利率近 5 年中位 27.7%、固定资产占比 23%、有息负债/EBITDA 2.3 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 23%,毛利率近 5 年中位 27.7%。", "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 0.7%(经营现金流/市值 5.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.7%,稳定度 70%,2020→2022 成本通胀期毛利率变化 -9.7 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 23%,资本开支/折旧 6.63 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 81.5 倍 粗算,约 94%(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 14%,最大回撤 -48%,年化波动 60%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 -3% / -26% / -4%。", "行业对照": ["同申万二级「自动化设备」93 家中位:PE 77.4 / 股息率 0.7% / 毛利率 33.9% / 固定资产占比 14% / 分红率 42%。", "宏英智能:PE 比行业中位高 4.1倍;股息率 比行业中位高 0.2个百分点;毛利率 比行业中位低 6.2个百分点;固定资产占比 比行业中位高 9.3个百分点。"]}}