{"F": {"ts_code": "300099.SZ", "name": "尤洛卡", "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": "创业板", "list_date": "20100806", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.02, "pe_ttm": 25.38, "pb": 1.9189, "dv_ttm": 3.1894, "total_mv": 443833.7106, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [44.5, 50.3, 46.7, 44.9, 46.7, 45.6], "rev_series": [5.4, 7.5, 7.6, 6.7, 6.0, 5.8], "np_series": [1.2, 1.9, 1.1, 1.3, 1.0, 1.8], "roe_series": [6.7, 10.3, 5.1, 5.6, 4.0, 7.7], "period": "20260630", "rev_ttm": 5.3, "np_ttm": 1.7, "ocf_ttm": 0.3, "fcf_ttm": 0.1, "fcf_yield": 0.3, "ocf_yield": 0.7, "gm_median": 46.7, "gm_std": 1.9, "gm_stab": 0.96, "gm_chg_2022": 2.1, "npm_median": 17.6, "roe_median": 5.6, "commodity": false, "hard_ratio": 16.4, "fix_assets": 4.1, "goodwill_ratio": 18.3, "pb_calc": 1.92, "capex_dep": 0.5, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 8.4, "debt_mv": 0.0, "payout": 77.3, "div_years": 5, "rev_cagr3": -8.7, "np_cagr3": 18.6, "rev_yoy": -21.3, "np_yoy": -21.7, "np_vol": 51.1, "loss_years": 0, "far_share": 80.0, "earn_yield": 3.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 49.0], ["其他业务", 1.0]], "ret_prev_year": 31.2, "ret_prev2_year": -2.5, "ret_ytd": -18.5, "ret_pivot": 40.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.5, "ret_60": -22.3, "ret_120": -34.2, "ret_250": -19.2, "mdd_250": -43.7, "vol_250": 44.9, "pos_52w": 61.1}, "S": {"duration": 47, "pricing": 66, "hard": 26, "bondness": 66}, "label": "现金流红利", "tags": ["商誉占比高"], "text": {"像什么": ["分红率 77%、股息率 3.2%、营收 3 年复合 -8.7%、有息负债/EBITDA 0.0 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 46.7%),硬资产占比 16%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 0.3%(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 46.7%,稳定度 96%,2020→2022 成本通胀期毛利率变化 2.1 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 16%,资本开支/折旧 0.50 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 25.4 倍 粗算,约 80%(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 -19%,最大回撤 -44%,年化波动 45%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 -2% / -22% / -34%。", "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%。", "尤洛卡:PE 比行业中位低 16.9倍;股息率 比行业中位高 2.1个百分点;毛利率 比行业中位高 20.4个百分点;固定资产占比 比行业中位低 1.6个百分点。"]}}