{"F": {"ts_code": "002523.SZ", "name": "天桥起重", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "能源及重型设备", "ind": "专用设备", "fin_source": "tushare", "market": "主板", "list_date": "20101210", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 3.61, "pe_ttm": 36.1386, "pb": 2.0086, "dv_ttm": 0.554, "total_mv": 511407.3288, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [22.7, 23.5, 22.3, 23.9, 25.1, 23.3], "rev_series": [15.0, 17.7, 15.9, 17.3, 18.5, 20.7], "np_series": [0.6, 0.6, 0.4, 0.4, 0.5, 1.2], "roe_series": [2.7, 2.7, 1.7, 1.6, 2.2, 4.9], "period": "20260630", "rev_ttm": 20.9, "np_ttm": 1.4, "ocf_ttm": 4.5, "fcf_ttm": 4.3, "fcf_yield": 8.5, "ocf_yield": 8.9, "gm_median": 23.5, "gm_std": 0.9, "gm_stab": 0.96, "gm_chg_2022": -0.5, "npm_median": 2.3, "roe_median": 2.2, "commodity": false, "hard_ratio": 7.3, "fix_assets": 3.6, "goodwill_ratio": 2.3, "pb_calc": 2.01, "capex_dep": 0.71, "interest_debt": 0.2, "debt_ebitda": 0.1, "debt_ratio": 46.9, "debt_mv": 0.4, "payout": 40.5, "div_years": 5, "rev_cagr3": 9.3, "np_cagr3": 43.1, "rev_yoy": 1.9, "np_yoy": 50.4, "np_vol": 55.5, "loss_years": 0, "far_share": 86.0, "earn_yield": 2.8, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["物料搬运装备及配件", 47.0], ["物料搬运装备", 47.0], ["配件及其他", 6.0]], "ret_prev_year": 32.0, "ret_prev2_year": 18.5, "ret_ytd": -15.5, "ret_pivot": 60.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 10.1, "ret_60": 11.1, "ret_120": -16.8, "ret_250": -8.4, "mdd_250": -41.6, "vol_250": 37.5, "pos_52w": 73.7}, "S": {"duration": 59, "pricing": 52, "hard": 12, "bondness": 28}, "label": "中性", "tags": [], "text": {"像什么": ["PE 36.1 倍、股息率 0.6%、毛利率近 5 年中位 23.5%、固定资产占比 7%、有息负债/EBITDA 0.1 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 7%,毛利率近 5 年中位 23.5%。", "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 8.5%(经营现金流/市值 8.9%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.5%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -0.5 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 7%,资本开支/折旧 0.71 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 36.1 倍 粗算,约 86%(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 -8%,最大回撤 -42%,年化波动 38%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 10% / 11% / -17%。", "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%。", "天桥起重:PE 比行业中位低 6.2倍;股息率 比行业中位低 0.5个百分点;毛利率 比行业中位低 2.8个百分点;固定资产占比 比行业中位低 10.7个百分点。"]}}