{"F": {"ts_code": "001332.SZ", "name": "锡装股份", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "能源及重型设备", "ind": "专用设备", "fin_source": "tushare", "market": "主板", "list_date": "20220920", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 27.29, "pe_ttm": 20.8596, "pb": 1.6137, "dv_ttm": 2.0939, "total_mv": 422138.094, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [38.0, 36.9, 31.2, 23.2, 32.2, 36.5], "rev_series": [8.4, 10.1, 11.7, 12.5, 15.3, 11.8], "np_series": [1.9, 2.3, 2.3, 1.7, 2.6, 2.3], "roe_series": [25.6, 24.9, 14.8, 7.6, 11.1, 9.2], "period": "20260630", "rev_ttm": 12.2, "np_ttm": 2.0, "ocf_ttm": 1.8, "fcf_ttm": 1.3, "fcf_yield": 3.1, "ocf_yield": 4.2, "gm_median": 32.2, "gm_std": 5.0, "gm_stab": 0.85, "gm_chg_2022": -6.8, "npm_median": 19.2, "roe_median": 11.1, "commodity": false, "hard_ratio": 14.0, "fix_assets": 4.9, "goodwill_ratio": 0.0, "pb_calc": 1.61, "capex_dep": 1.08, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 25.4, "debt_mv": null, "payout": 38.8, "div_years": 4, "rev_cagr3": 0.3, "np_cagr3": -0.5, "rev_yoy": 6.3, "np_yoy": -20.3, "np_vol": 28.4, "loss_years": 0, "far_share": 76.0, "earn_yield": 4.8, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["换热容器", 24.0], ["换热压力容器", 24.0], ["储存容器", 6.0]], "ret_prev_year": 65.6, "ret_prev2_year": 10.0, "ret_ytd": -31.4, "ret_pivot": 53.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -13.3, "ret_60": -40.8, "ret_120": -36.3, "ret_250": -0.6, "mdd_250": -48.6, "vol_250": 56.3, "pos_52w": 51.5}, "S": {"duration": 41, "pricing": 50, "hard": 22, "bondness": 49}, "label": "中性", "tags": [], "text": {"像什么": ["PE 20.9 倍、股息率 2.1%、毛利率近 5 年中位 32.2%、固定资产占比 14%、资产负债率 25%: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 32.2%),硬资产占比 14%。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 3.1%(经营现金流/市值 4.2%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 32.2%,稳定度 85%,2020→2022 成本通胀期毛利率变化 -6.8 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 14%,资本开支/折旧 1.08 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 20.9 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?"]], "价格行为": "近一年 -1%,最大回撤 -49%,年化波动 56%,现价在 52 周高点的 52%;近 20 / 60 / 120 日 -13% / -41% / -36%。", "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%。", "锡装股份:PE 比行业中位低 21.4倍;股息率 比行业中位高 1.0个百分点;毛利率 比行业中位高 5.9个百分点;固定资产占比 比行业中位低 4.0个百分点。"]}}