{"F": {"ts_code": "002722.SZ", "name": "物产金轮", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "纺织服装设备", "ind": "专用设备", "fin_source": "tushare", "market": "主板", "list_date": "20140128", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 13.16, "pe_ttm": 16.5399, "pb": 0.9801, "dv_ttm": 1.5906, "total_mv": 292641.552, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [15.9, 14.5, 14.1, 15.4, 18.3, 18.3], "rev_series": [23.7, 31.5, 28.4, 27.9, 24.5, 24.1], "np_series": [0.3, 1.3, 1.0, 1.3, 1.6, 1.5], "roe_series": [1.8, 6.6, 5.1, 5.5, 6.1, 5.5], "period": "20260630", "rev_ttm": 25.4, "np_ttm": 1.8, "ocf_ttm": 1.1, "fcf_ttm": 0.4, "fcf_yield": 1.3, "ocf_yield": 3.7, "gm_median": 15.4, "gm_std": 1.8, "gm_stab": 0.88, "gm_chg_2022": -1.8, "npm_median": 4.5, "roe_median": 5.5, "commodity": false, "hard_ratio": 11.3, "fix_assets": 4.1, "goodwill_ratio": 12.7, "pb_calc": 0.98, "capex_dep": 1.77, "interest_debt": 3.2, "debt_ebitda": 1.4, "debt_ratio": 18.8, "debt_mv": 11.1, "payout": 30.3, "div_years": 5, "rev_cagr3": -5.3, "np_cagr3": 13.6, "rev_yoy": 11.3, "np_yoy": 41.0, "np_vol": 111.2, "loss_years": 0, "far_share": 70.0, "earn_yield": 6.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["不锈钢板", 52.0], ["金属针布", 12.0], ["其他主营业务", 6.0], ["其他", 6.0]], "ret_prev_year": 7.7, "ret_prev2_year": -7.0, "ret_ytd": -11.1, "ret_pivot": 2.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.6, "ret_60": 6.0, "ret_120": -14.0, "ret_250": -29.7, "mdd_250": -38.5, "vol_250": 27.6, "pos_52w": 70.7}, "S": {"duration": 34, "pricing": 45, "hard": 18, "bondness": 44}, "label": "中性", "tags": [], "text": {"像什么": ["PE 16.5 倍、股息率 1.6%、毛利率近 5 年中位 15.4%、固定资产占比 11%、有息负债/EBITDA 1.4 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 11%,毛利率近 5 年中位 15.4%。", "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 1.3%(经营现金流/市值 3.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 15.4%,稳定度 88%,2020→2022 成本通胀期毛利率变化 -1.8 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 11%,资本开支/折旧 1.77 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 16.5 倍 粗算,约 70%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -30%,最大回撤 -38%,年化波动 28%,现价在 52 周高点的 71%;近 20 / 60 / 120 日 4% / 6% / -14%。", "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%。", "物产金轮:PE 比行业中位低 25.8倍;股息率 比行业中位高 0.5个百分点;毛利率 比行业中位低 10.9个百分点;固定资产占比 比行业中位低 6.7个百分点。"]}}