{"F": {"ts_code": "001696.SZ", "name": "宗申动力", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "其他通用设备", "ind": "通用设备", "fin_source": "tushare", "market": "主板", "list_date": "19970306", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 16.44, "pe_ttm": 32.5421, "pb": 3.4006, "dv_ttm": 1.2165, "total_mv": 1882424.2236, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [16.0, 11.4, 12.8, 14.6, 13.6, 13.6], "rev_series": [76.3, 91.8, 80.0, 80.0, 103.8, 123.1], "np_series": [5.9, 4.8, 3.9, 3.6, 4.6, 6.7], "roe_series": [13.4, 10.5, 8.3, 7.6, 9.4, 12.8], "period": "20260630", "rev_ttm": 122.2, "np_ttm": 5.8, "ocf_ttm": 16.0, "fcf_ttm": 12.2, "fcf_yield": 6.5, "ocf_yield": 8.5, "gm_median": 13.6, "gm_std": 1.1, "gm_stab": 0.92, "gm_chg_2022": -3.3, "npm_median": 5.1, "roe_median": 9.4, "commodity": false, "hard_ratio": 14.9, "fix_assets": 19.7, "goodwill_ratio": 8.2, "pb_calc": 3.4, "capex_dep": 2.11, "interest_debt": 28.9, "debt_ebitda": 2.6, "debt_ratio": 54.9, "debt_mv": 15.3, "payout": 49.6, "div_years": 5, "rev_cagr3": 15.4, "np_cagr3": 19.5, "rev_yoy": -1.4, "np_yoy": -17.2, "np_vol": 25.5, "loss_years": 0, "far_share": 85.0, "earn_yield": 3.1, "consensus_n": 2, "fwd_pe": 21.4, "fwd_pe2": 16.4, "fwd_g1": 52.0, "fwd_g2": 30.0, "peg": 0.71, "consensus_disp": null, "mainbz": [["产品", 40.0], ["通用机械", 18.0], ["通机产品", 18.0], ["发动机产品", 15.0]], "ret_prev_year": -12.3, "ret_prev2_year": 309.7, "ret_ytd": -23.5, "ret_pivot": 46.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.4, "ret_60": -20.8, "ret_120": -25.2, "ret_250": -36.5, "mdd_250": -48.4, "vol_250": 51.3, "pos_52w": 61.4}, "S": {"duration": 56, "pricing": 44, "hard": 24, "bondness": 37}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 32.5 倍、股息率 1.2%、毛利率近 5 年中位 13.6%、固定资产占比 15%、有息负债/EBITDA 2.6 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 15%,毛利率近 5 年中位 13.6%。", "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 6.5%(经营现金流/市值 8.5%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 13.6%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -3.3 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 15%,资本开支/折旧 2.11 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 32.5 倍 粗算,约 85%(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 -36%,最大回撤 -48%,年化波动 51%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 3% / -21% / -25%。", "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%。", "宗申动力:PE 比行业中位低 18.1倍;股息率 比行业中位高 0.4个百分点;毛利率 比行业中位低 14.9个百分点;固定资产占比 比行业中位低 5.9个百分点。"]}}