{"F": {"ts_code": "002282.SZ", "name": "博深股份", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "磨具磨料", "ind": "通用设备", "fin_source": "tushare", "market": "主板", "list_date": "20090821", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.16, "pe_ttm": 23.6714, "pb": 0.9037, "dv_ttm": 2.4351, "total_mv": 324532.3928, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [28.9, 27.1, 20.8, 26.1, 27.2, 27.6], "rev_series": [12.9, 15.8, 14.5, 16.1, 16.8, 16.9], "np_series": [1.3, 2.3, 1.4, 1.3, 1.9, 1.5], "roe_series": [5.4, 7.4, 4.1, 3.7, 5.5, 4.3], "period": "20260630", "rev_ttm": 16.3, "np_ttm": 1.4, "ocf_ttm": 2.8, "fcf_ttm": 2.5, "fcf_yield": 7.6, "ocf_yield": 8.6, "gm_median": 27.1, "gm_std": 2.5, "gm_stab": 0.91, "gm_chg_2022": -8.1, "npm_median": 9.9, "roe_median": 4.3, "commodity": false, "hard_ratio": 12.5, "fix_assets": 5.0, "goodwill_ratio": 28.4, "pb_calc": 0.9, "capex_dep": 0.47, "interest_debt": 0.1, "debt_ebitda": 0.0, "debt_ratio": 9.7, "debt_mv": 0.2, "payout": 55.6, "div_years": 5, "rev_cagr3": 5.2, "np_cagr3": 3.1, "rev_yoy": -7.9, "np_yoy": -18.0, "np_vol": 41.5, "loss_years": 0, "far_share": 79.0, "earn_yield": 4.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 49.0], ["布基涂附磨具", 20.0], ["金刚石工具", 10.0], ["纸基涂附磨具", 8.0]], "ret_prev_year": 2.0, "ret_prev2_year": -7.0, "ret_ytd": -14.4, "ret_pivot": 12.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 5.5, "ret_60": 1.7, "ret_120": -19.9, "ret_250": -20.3, "mdd_250": -29.8, "vol_250": 24.2, "pos_52w": 78.5}, "S": {"duration": 45, "pricing": 49, "hard": 20, "bondness": 49}, "label": "中性", "tags": ["商誉占比高"], "text": {"像什么": ["PE 23.7 倍、股息率 2.4%、毛利率近 5 年中位 27.1%、固定资产占比 12%、有息负债/EBITDA 0.0 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 12%,毛利率近 5 年中位 27.1%。", "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 7.6%(经营现金流/市值 8.6%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.1%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -8.1 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 12%,资本开支/折旧 0.47 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 23.7 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 -20%,最大回撤 -30%,年化波动 24%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 6% / 2% / -20%。", "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%。", "博深股份:PE 比行业中位低 26.9倍;股息率 比行业中位高 1.6个百分点;毛利率 比行业中位低 1.4个百分点;固定资产占比 比行业中位低 8.3个百分点。"]}}