{"F": {"ts_code": "002073.SZ", "name": "软控股份", "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": "20061018", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 5.85, "pe_ttm": 15.254, "pb": 0.9281, "dv_ttm": 0.3418, "total_mv": 599338.2915, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [21.2, 15.5, 20.2, 26.0, 23.4, 22.1], "rev_series": [30.8, 54.5, 57.4, 56.5, 71.8, 83.2], "np_series": [1.0, 1.4, 2.0, 3.3, 5.1, 4.0], "roe_series": [2.2, 3.3, 4.4, 6.6, 9.0, 6.6], "period": "20260630", "rev_ttm": 88.3, "np_ttm": 3.9, "ocf_ttm": 3.7, "fcf_ttm": 1.0, "fcf_yield": 1.7, "ocf_yield": 6.2, "gm_median": 22.1, "gm_std": 3.5, "gm_stab": 0.84, "gm_chg_2022": -1.0, "npm_median": 5.7, "roe_median": 6.6, "commodity": false, "hard_ratio": 13.4, "fix_assets": 28.4, "goodwill_ratio": 0.0, "pb_calc": 0.93, "capex_dep": 0.9, "interest_debt": 16.6, "debt_ebitda": 2.1, "debt_ratio": 67.6, "debt_mv": 27.7, "payout": 20.0, "div_years": 4, "rev_cagr3": 13.2, "np_cagr3": 25.8, "rev_yoy": 13.1, "np_yoy": -7.0, "np_vol": 29.8, "loss_years": 0, "far_share": 67.0, "earn_yield": 6.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["橡胶装备系统", 40.0], ["橡胶装备(不含配料)", 40.0], ["橡胶新材料", 19.0], ["其他主营业务", 1.0]], "ret_prev_year": 0.5, "ret_prev2_year": 28.4, "ret_ytd": -28.0, "ret_pivot": -10.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.1, "ret_60": 9.3, "ret_120": -24.7, "ret_250": -33.0, "mdd_250": -45.2, "vol_250": 31.0, "pos_52w": 63.0}, "S": {"duration": 32, "pricing": 47, "hard": 21, "bondness": 22}, "label": "中性", "tags": [], "text": {"像什么": ["PE 15.3 倍、股息率 0.3%、毛利率近 5 年中位 22.1%、固定资产占比 13%、有息负债/EBITDA 2.1 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 13%,毛利率近 5 年中位 22.1%。", "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 1.7%(经营现金流/市值 6.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 22.1%,稳定度 84%,2020→2022 成本通胀期毛利率变化 -1.0 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 13%,资本开支/折旧 0.90 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.3 倍 粗算,约 67%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -33%,最大回撤 -45%,年化波动 31%,现价在 52 周高点的 63%;近 20 / 60 / 120 日 4% / 9% / -25%。", "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%。", "软控股份:PE 比行业中位低 27.0倍;股息率 比行业中位低 0.8个百分点;毛利率 比行业中位低 4.2个百分点;固定资产占比 比行业中位低 4.6个百分点。"]}}