{"F": {"ts_code": "002026.SZ", "name": "山东威达", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "金属制品", "ind": "通用设备", "fin_source": "tushare", "market": "主板", "list_date": "20040727", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.44, "pe_ttm": 23.5534, "pb": 1.2942, "dv_ttm": 0.61, "total_mv": 503968.4936, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.9, 21.7, 19.9, 19.0, 25.9, 23.9], "rev_series": [21.7, 33.1, 24.7, 23.7, 22.2, 19.2], "np_series": [2.5, 3.8, 2.1, 1.7, 3.0, 2.5], "roe_series": [10.4, 13.3, 6.5, 5.0, 8.5, 6.8], "period": "20260630", "rev_ttm": 20.3, "np_ttm": 2.1, "ocf_ttm": 1.5, "fcf_ttm": 1.2, "fcf_yield": 2.3, "ocf_yield": 3.0, "gm_median": 21.7, "gm_std": 2.6, "gm_stab": 0.88, "gm_chg_2022": -5.1, "npm_median": 12.0, "roe_median": 6.8, "commodity": false, "hard_ratio": 16.6, "fix_assets": 9.0, "goodwill_ratio": 0.1, "pb_calc": 1.29, "capex_dep": 0.4, "interest_debt": 4.6, "debt_ebitda": 1.6, "debt_ratio": 27.4, "debt_mv": 9.1, "payout": 20.9, "div_years": 5, "rev_cagr3": -8.0, "np_cagr3": 6.9, "rev_yoy": 11.4, "np_yoy": -24.2, "np_vol": 46.8, "loss_years": 0, "far_share": 79.0, "earn_yield": 4.2, "consensus_n": 2, "fwd_pe": 17.5, "fwd_pe2": 15.2, "fwd_g1": 35.0, "fwd_g2": 15.0, "peg": 1.17, "consensus_disp": null, "mainbz": [["产品", 41.0], ["电动工具配件", 22.0], ["新能源行业产品", 12.0], ["新能源系列产品", 12.0]], "ret_prev_year": 55.1, "ret_prev2_year": -1.3, "ret_ytd": -23.9, "ret_pivot": 55.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 10.0, "ret_60": -3.7, "ret_120": -17.3, "ret_250": -18.2, "mdd_250": -45.5, "vol_250": 41.3, "pos_52w": 67.7}, "S": {"duration": 45, "pricing": 45, "hard": 27, "bondness": 36}, "label": "中性", "tags": [], "text": {"像什么": ["PE 23.6 倍、股息率 0.6%、毛利率近 5 年中位 21.7%、固定资产占比 17%、有息负债/EBITDA 1.6 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 17%,毛利率近 5 年中位 21.7%。", "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 2.3%(经营现金流/市值 3.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 21.7%,稳定度 88%,2020→2022 成本通胀期毛利率变化 -5.1 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 17%,资本开支/折旧 0.40 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 23.6 倍 粗算,约 79%(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 -18%,最大回撤 -46%,年化波动 41%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 10% / -4% / -17%。", "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%。", "山东威达:PE 比行业中位低 27.0倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位低 6.8个百分点;固定资产占比 比行业中位低 4.2个百分点。"]}}