{"F": {"ts_code": "300193.SZ", "name": "佳士科技", "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": "20110322", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 8.09, "pe_ttm": 21.458, "pb": 1.6546, "dv_ttm": 3.7083, "total_mv": 385286.0882, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [32.6, 30.2, 25.4, 29.7, 29.7, 29.4], "rev_series": [10.2, 12.5, 12.3, 11.5, 12.6, 12.7], "np_series": [1.6, 2.0, 1.8, 2.0, 2.6, 2.0], "roe_series": [7.1, 8.9, 8.1, 9.3, 11.3, 8.6], "period": "20260630", "rev_ttm": 14.3, "np_ttm": 1.8, "ocf_ttm": 3.0, "fcf_ttm": 2.4, "fcf_yield": 6.1, "ocf_yield": 7.7, "gm_median": 29.7, "gm_std": 1.8, "gm_stab": 0.94, "gm_chg_2022": -7.1, "npm_median": 16.2, "roe_median": 8.9, "commodity": false, "hard_ratio": 20.2, "fix_assets": 6.7, "goodwill_ratio": 0.5, "pb_calc": 1.65, "capex_dep": 2.87, "interest_debt": 0.9, "debt_ebitda": 0.4, "debt_ratio": 30.1, "debt_mv": 2.3, "payout": 74.1, "div_years": 5, "rev_cagr3": 1.0, "np_cagr3": 4.0, "rev_yoy": 26.6, "np_yoy": -17.5, "np_vol": 19.5, "loss_years": 0, "far_share": 77.0, "earn_yield": 4.7, "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], ["逆变电焊机与配件", 49.0], ["其他业务", 1.0]], "ret_prev_year": 3.1, "ret_prev2_year": 25.8, "ret_ytd": -6.5, "ret_pivot": 18.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.7, "ret_60": 8.7, "ret_120": -11.8, "ret_250": -15.7, "mdd_250": -25.3, "vol_250": 29.9, "pos_52w": 84.3}, "S": {"duration": 42, "pricing": 52, "hard": 32, "bondness": 68}, "label": "现金流红利", "tags": ["资本开支扩张期"], "text": {"像什么": ["分红率 74%、股息率 3.7%、营收 3 年复合 1.0%、有息负债/EBITDA 0.4 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 20%,毛利率近 5 年中位 29.7%。", "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 6.1%(经营现金流/市值 7.7%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.7%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -7.1 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 20%,资本开支/折旧 2.87 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 21.5 倍 粗算,约 77%(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 -16%,最大回撤 -25%,年化波动 30%,现价在 52 周高点的 84%;近 20 / 60 / 120 日 7% / 9% / -12%。", "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%。", "佳士科技:PE 比行业中位低 29.1倍;股息率 比行业中位高 2.9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 0.6个百分点。"]}}