{"F": {"ts_code": "002593.SZ", "name": "日上集团", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "专业工程", "sw3": "钢结构", "ind": "专业工程", "fin_source": "tushare", "market": "主板", "list_date": "20110628", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.59, "pe_ttm": 23.9403, "pb": 1.4862, "dv_ttm": 1.0893, "total_mv": 368970.822, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [10.2, 9.7, 7.3, 9.1, 9.7, 13.4], "rev_series": [29.9, 37.8, 33.8, 39.5, 30.7, 36.6], "np_series": [0.8, 1.1, 0.3, 0.6, 0.5, 1.1], "roe_series": [4.0, 4.9, 1.2, 2.5, 2.2, 4.5], "period": "20260630", "rev_ttm": 37.5, "np_ttm": 1.5, "ocf_ttm": 4.8, "fcf_ttm": 3.4, "fcf_yield": 9.2, "ocf_yield": 13.1, "gm_median": 9.7, "gm_std": 2.0, "gm_stab": 0.8, "gm_chg_2022": -2.9, "npm_median": 1.7, "roe_median": 2.5, "commodity": false, "hard_ratio": 29.3, "fix_assets": 14.4, "goodwill_ratio": 0.0, "pb_calc": 1.49, "capex_dep": 0.95, "interest_debt": 10.4, "debt_ebitda": 2.3, "debt_ratio": 49.4, "debt_mv": 28.2, "payout": 62.5, "div_years": 4, "rev_cagr3": 2.7, "np_cagr3": 56.0, "rev_yoy": 4.9, "np_yoy": 104.2, "np_vol": 70.8, "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", 33.0], ["载重钢轮", 14.0], ["汽车零部件(钢制车轮)", 14.0], ["钢结构", 12.0]], "ret_prev_year": 17.9, "ret_prev2_year": 28.8, "ret_ytd": -21.7, "ret_pivot": 81.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.0, "ret_60": 6.0, "ret_120": -18.9, "ret_250": -9.6, "mdd_250": -45.6, "vol_250": 40.9, "pos_52w": 63.4}, "S": {"duration": 45, "pricing": 38, "hard": 47, "bondness": 53}, "label": "中性", "tags": [], "text": {"像什么": ["PE 23.9 倍、股息率 1.1%、毛利率近 5 年中位 9.7%、固定资产占比 29%、有息负债/EBITDA 2.3 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 29%,毛利率近 5 年中位 9.7%。", "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 9.2%(经营现金流/市值 13.1%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 9.7%,稳定度 80%,2020→2022 成本通胀期毛利率变化 -2.9 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 29%,资本开支/折旧 0.95 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 23.9 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 -10%,最大回撤 -46%,年化波动 41%,现价在 52 周高点的 63%;近 20 / 60 / 120 日 6% / 6% / -19%。", "行业对照": ["同申万二级「专业工程」39 家中位:PE 40.2 / 股息率 1.1% / 毛利率 13.6% / 固定资产占比 10% / 分红率 38%。", "日上集团:PE 比行业中位低 16.3倍;股息率 与行业中位持平;毛利率 比行业中位低 3.9个百分点;固定资产占比 比行业中位高 19.0个百分点。"]}}