{"F": {"ts_code": "001395.SZ", "name": "亚联机械", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "其他专用设备", "ind": "专用设备", "fin_source": "tushare", "market": "主板", "list_date": "20250127", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 29.83, "pe_ttm": 13.7497, "pb": 2.6659, "dv_ttm": 2.5787, "total_mv": 338307.996, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [36.4, 32.3, 32.3, 29.1, 32.5, 37.4], "rev_series": [null, null, 4.8, 6.5, 8.6, 8.0], "np_series": [null, null, 0.9, 1.0, 1.5, 1.9], "roe_series": [20.6, 23.6, 19.6, 19.9, 24.8, 19.7], "period": "20260630", "rev_ttm": 9.4, "np_ttm": 2.5, "ocf_ttm": 1.4, "fcf_ttm": 1.0, "fcf_yield": 3.0, "ocf_yield": 4.0, "gm_median": 32.3, "gm_std": 2.7, "gm_stab": 0.92, "gm_chg_2022": -4.1, "npm_median": 17.9, "roe_median": 19.9, "commodity": false, "hard_ratio": 10.5, "fix_assets": 2.3, "goodwill_ratio": 0.0, "pb_calc": 2.67, "capex_dep": 1.66, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 41.8, "debt_mv": 0.1, "payout": 36.0, "div_years": 2, "rev_cagr3": 18.6, "np_cagr3": 28.9, "rev_yoy": 36.9, "np_yoy": 60.0, "np_vol": 14.8, "loss_years": 0, "far_share": 64.0, "earn_yield": 7.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["生产线", 83.0], ["其他业务", 8.0], ["钢带", 5.0], ["改造项目", 5.0]], "ret_prev_year": null, "ret_prev2_year": null, "ret_ytd": -8.6, "ret_pivot": null, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.0, "ret_60": 8.6, "ret_120": -7.0, "ret_250": -32.5, "mdd_250": -47.3, "vol_250": 38.3, "pos_52w": 67.5}, "S": {"duration": 29, "pricing": 53, "hard": 17, "bondness": 29}, "label": "中性", "tags": [], "text": {"像什么": ["PE 13.7 倍、股息率 2.6%、毛利率近 5 年中位 32.3%、固定资产占比 10%、有息负债/EBITDA 0.0 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 32.3%),硬资产占比 10%。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 3.0%(经营现金流/市值 4.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 32.3%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -4.1 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 10%,资本开支/折旧 1.66 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.7 倍 粗算,约 64%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -32%,最大回撤 -47%,年化波动 38%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 2% / 9% / -7%。", "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%。", "亚联机械:PE 比行业中位低 28.6倍;股息率 比行业中位高 1.5个百分点;毛利率 比行业中位高 6.0个百分点;固定资产占比 比行业中位低 7.5个百分点。"]}}