{"F": {"ts_code": "300145.SZ", "name": "南方泵业", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "其他通用设备", "ind": "通用设备", "fin_source": "tushare", "market": "创业板", "list_date": "20101209", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 4.94, "pe_ttm": 37.2723, "pb": 3.1847, "dv_ttm": 1.0121, "total_mv": 948599.5974, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [34.8, 34.2, 30.2, 37.7, 33.9, 33.0], "rev_series": [42.2, 51.9, 52.6, 54.3, 50.5, 52.8], "np_series": [-19.6, -7.8, 1.2, 2.0, 2.2, 2.4], "roe_series": [-51.3, -32.1, 5.5, 8.9, 8.7, 8.6], "period": "20260630", "rev_ttm": 55.0, "np_ttm": 2.5, "ocf_ttm": 6.2, "fcf_ttm": 5.1, "fcf_yield": 5.4, "ocf_yield": 6.6, "gm_median": 33.9, "gm_std": 2.4, "gm_stab": 0.93, "gm_chg_2022": -4.6, "npm_median": 4.2, "roe_median": 8.6, "commodity": false, "hard_ratio": 22.1, "fix_assets": 17.9, "goodwill_ratio": 2.1, "pb_calc": 3.18, "capex_dep": 0.65, "interest_debt": 13.3, "debt_ebitda": 2.7, "debt_ratio": 59.8, "debt_mv": 14.0, "payout": 40.7, "div_years": 1, "rev_cagr3": 0.1, "np_cagr3": 26.9, "rev_yoy": 10.1, "np_yoy": 10.8, "np_vol": 40.6, "loss_years": 1, "far_share": 87.0, "earn_yield": 2.7, "consensus_n": 2, "fwd_pe": 29.1, "fwd_pe2": 21.5, "fwd_g1": 28.0, "fwd_g2": 35.0, "peg": 0.83, "consensus_disp": null, "mainbz": [["产品", 33.0], ["通用设备制造业-水泵", 27.0], ["水泵", 27.0], ["通用设备制造业-成套变频供水设备", 3.0]], "ret_prev_year": 27.6, "ret_prev2_year": 23.2, "ret_ytd": 5.8, "ret_pivot": 126.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.8, "ret_60": -7.7, "ret_120": -5.5, "ret_250": -0.4, "mdd_250": -37.8, "vol_250": 54.5, "pos_52w": 76.6}, "S": {"duration": 61, "pricing": 54, "hard": 35, "bondness": 48}, "label": "中性", "tags": [], "text": {"像什么": ["PE 37.3 倍、股息率 1.0%、毛利率近 5 年中位 33.9%、固定资产占比 22%、有息负债/EBITDA 2.7 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 33.9%),硬资产占比 22%。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": "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 5.4%(经营现金流/市值 6.6%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 33.9%,稳定度 93%,2020→2022 成本通胀期毛利率变化 -4.6 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 22%,资本开支/折旧 0.65 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 37.3 倍 粗算,约 87%(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 -0%,最大回撤 -38%,年化波动 54%,现价在 52 周高点的 77%;近 20 / 60 / 120 日 10% / -8% / -6%。", "行业对照": ["同申万二级「通用设备」248 家中位:PE 50.6 / 股息率 0.8% / 毛利率 28.5% / 固定资产占比 21% / 分红率 45%。", "南方泵业:PE 比行业中位低 13.3倍;股息率 比行业中位高 0.2个百分点;毛利率 比行业中位高 5.4个百分点;固定资产占比 比行业中位高 1.3个百分点。"]}}