{"F": {"ts_code": "002158.SZ", "name": "汉钟精机", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "制冷空调设备", "ind": "通用设备", "fin_source": "tushare", "market": "主板", "list_date": "20070817", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 27.36, "pe_ttm": 29.7493, "pb": 3.3547, "dv_ttm": 1.6447, "total_mv": 1463005.1376, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [36.0, 34.8, 35.8, 40.3, 38.3, 34.1], "rev_series": [22.7, 29.8, 32.7, 38.5, 36.7, 29.3], "np_series": [3.6, 4.9, 6.4, 8.7, 8.6, 4.7], "roe_series": [16.8, 19.9, 22.7, 25.6, 21.8, 10.9], "period": "20260630", "rev_ttm": 29.4, "np_ttm": 4.9, "ocf_ttm": 7.2, "fcf_ttm": 6.5, "fcf_yield": 4.5, "ocf_yield": 4.9, "gm_median": 35.8, "gm_std": 2.3, "gm_stab": 0.94, "gm_chg_2022": -0.2, "npm_median": 19.8, "roe_median": 21.8, "commodity": false, "hard_ratio": 17.4, "fix_assets": 10.8, "goodwill_ratio": 0.0, "pb_calc": 3.35, "capex_dep": 0.59, "interest_debt": 5.9, "debt_ebitda": 0.9, "debt_ratio": 29.5, "debt_mv": 4.0, "payout": 36.0, "div_years": 5, "rev_cagr3": -3.6, "np_cagr3": -10.1, "rev_yoy": 0.9, "np_yoy": 9.0, "np_vol": 31.2, "loss_years": 0, "far_share": 83.0, "earn_yield": 3.4, "consensus_n": 9, "fwd_pe": 24.2, "fwd_pe2": 19.9, "fwd_g1": 23.0, "fwd_g2": 21.0, "peg": 1.15, "consensus_disp": null, "mainbz": [["产品", 36.0], ["压缩机(组)", 26.0], ["压缩机", 26.0], ["真空产品", 7.0]], "ret_prev_year": 40.5, "ret_prev2_year": -15.3, "ret_ytd": 11.3, "ret_pivot": 85.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.6, "ret_60": 1.2, "ret_120": 14.6, "ret_250": 19.2, "mdd_250": -35.5, "vol_250": 62.5, "pos_52w": 73.8}, "S": {"duration": 52, "pricing": 58, "hard": 28, "bondness": 45}, "label": "中性", "tags": [], "text": {"像什么": ["PE 29.7 倍、股息率 1.6%、毛利率近 5 年中位 35.8%、固定资产占比 17%、有息负债/EBITDA 0.9 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 35.8%),硬资产占比 17%。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 4.5%(经营现金流/市值 4.9%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 35.8%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -0.2 个百分点。能。"], ["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 0.59 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 29.7 倍 粗算,约 83%(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 19%,最大回撤 -36%,年化波动 62%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 -3% / 1% / 15%。", "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%。", "汉钟精机:PE 比行业中位低 20.9倍;股息率 比行业中位高 0.8个百分点;毛利率 比行业中位高 7.3个百分点;固定资产占比 比行业中位低 3.4个百分点。"]}}