{"F": {"ts_code": "002420.SZ", "name": "毅昌科技", "mkt": "CN", "ccy": "元", "sw1": "综合", "sw2": "综合Ⅱ", "sw3": "综合Ⅲ", "ind": "综合Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20100601", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 6.15, "pe_ttm": 12.705, "pb": 3.0287, "dv_ttm": null, "total_mv": 252728.715, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [11.5, 10.4, 11.6, 9.2, 11.4, 12.4], "rev_series": [30.6, 37.4, 27.1, 22.6, 26.8, 29.7], "np_series": [0.7, 0.7, 0.4, -2.1, 0.9, 1.9], "roe_series": [12.3, 12.3, 6.3, -36.7, 18.5, 29.0], "period": "20260630", "rev_ttm": 28.8, "np_ttm": 2.0, "ocf_ttm": 0.2, "fcf_ttm": -0.1, "fcf_yield": -0.5, "ocf_yield": 0.7, "gm_median": 11.4, "gm_std": 1.1, "gm_stab": 0.9, "gm_chg_2022": 0.1, "npm_median": 2.1, "roe_median": 12.3, "commodity": false, "hard_ratio": 17.4, "fix_assets": 4.3, "goodwill_ratio": 1.0, "pb_calc": 3.03, "capex_dep": 0.47, "interest_debt": 4.2, "debt_ebitda": 2.0, "debt_ratio": 64.0, "debt_mv": 16.7, "payout": null, "div_years": 0, "rev_cagr3": 3.1, "np_cagr3": 65.8, "rev_yoy": -6.8, "np_yoy": 21.8, "np_vol": 272.1, "loss_years": 1, "far_share": 61.0, "earn_yield": 7.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["零部件", 82.0], ["其他主营业务", 9.0], ["其他", 9.0]], "ret_prev_year": 45.6, "ret_prev2_year": -15.4, "ret_ytd": -20.0, "ret_pivot": 20.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.2, "ret_60": 11.0, "ret_120": -22.7, "ret_250": -11.4, "mdd_250": -44.8, "vol_250": 42.2, "pos_52w": 70.3}, "S": {"duration": 27, "pricing": 45, "hard": 28, "bondness": 23}, "label": "中性", "tags": [], "text": {"像什么": ["PE 12.7 倍、股息率 —、毛利率近 5 年中位 11.4%、固定资产占比 17%、有息负债/EBITDA 2.0 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 17%,毛利率近 5 年中位 11.4%。", "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 -0.5%(经营现金流/市值 0.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 11.4%,稳定度 90%,2020→2022 成本通胀期毛利率变化 0.1 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 17%,资本开支/折旧 0.47 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.7 倍 粗算,约 61%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -11%,最大回撤 -45%,年化波动 42%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 9% / 11% / -23%。", "行业对照": ["同申万二级「综合Ⅱ」20 家中位:PE 46.7 / 股息率 0.9% / 毛利率 15.5% / 固定资产占比 12% / 分红率 35%。", "毅昌科技:PE 比行业中位低 34.0倍;股息率 ;毛利率 比行业中位低 4.1个百分点;固定资产占比 比行业中位高 5.0个百分点。"]}}