{"F": {"ts_code": "002611.SZ", "name": "东方精工", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "印刷包装机械", "ind": "专用设备", "fin_source": "tushare", "market": "主板", "list_date": "20110830", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 14.77, "pe_ttm": 4.3074, "pb": 1.8974, "dv_ttm": 1.6385, "total_mv": 1797931.2743, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [28.0, 27.5, 27.2, 29.2, 30.1, 27.4], "rev_series": [29.2, 35.2, 38.9, 47.5, 47.8, 52.3], "np_series": [3.9, 4.7, 4.5, 4.3, 5.0, 7.3], "roe_series": [9.2, 11.9, 11.5, 10.1, 10.6, 13.5], "period": "20260630", "rev_ttm": 47.6, "np_ttm": 41.7, "ocf_ttm": 7.8, "fcf_ttm": 5.6, "fcf_yield": 3.1, "ocf_yield": 4.3, "gm_median": 27.5, "gm_std": 1.2, "gm_stab": 0.96, "gm_chg_2022": -0.8, "npm_median": 12.4, "roe_median": 11.5, "commodity": false, "hard_ratio": 5.4, "fix_assets": 6.4, "goodwill_ratio": 1.8, "pb_calc": 1.9, "capex_dep": 3.48, "interest_debt": 1.4, "debt_ebitda": 0.2, "debt_ratio": 17.4, "debt_mv": 0.8, "payout": 35.1, "div_years": 1, "rev_cagr3": 10.3, "np_cagr3": 17.5, "rev_yoy": -21.7, "np_yoy": 867.7, "np_vol": 18.0, "loss_years": 0, "far_share": 0.0, "earn_yield": 23.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["智能包装设备", 30.0], ["智能包装装备", 30.0], ["水上动力产品及通机产品", 20.0], ["智能海洋装备", 20.0]], "ret_prev_year": 102.4, "ret_prev2_year": 104.4, "ret_ytd": -22.2, "ret_pivot": 205.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -8.1, "ret_60": -12.2, "ret_120": -11.4, "ret_250": -26.1, "mdd_250": -36.6, "vol_250": 46.5, "pos_52w": 68.4}, "S": {"duration": 10, "pricing": 54, "hard": 9, "bondness": 32}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 4.3 倍、股息率 1.6%、毛利率近 5 年中位 27.5%、固定资产占比 5%、有息负债/EBITDA 0.2 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 5%,毛利率近 5 年中位 27.5%。", "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 3.1%(经营现金流/市值 4.3%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.5%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -0.8 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 5%,资本开支/折旧 3.48 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 4.3 倍 粗算,约 0%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -26%,最大回撤 -37%,年化波动 46%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 -8% / -12% / -11%。", "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%。", "东方精工:PE 比行业中位低 38.0倍;股息率 比行业中位高 0.5个百分点;毛利率 比行业中位高 1.2个百分点;固定资产占比 比行业中位低 12.6个百分点。"]}}