{"F": {"ts_code": "300316.SZ", "name": "晶盛机电", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "光伏设备", "sw3": "光伏加工设备", "ind": "光伏设备", "fin_source": "tushare", "market": "创业板", "list_date": "20120511", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 41.79, "pe_ttm": 114.4957, "pb": 3.1903, "dv_ttm": 0.3583, "total_mv": 5472541.7502, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [36.6, 39.7, 39.6, 41.7, 33.4, 28.9], "rev_series": [38.1, 59.6, 106.4, 179.8, 175.8, 113.6], "np_series": [8.6, 17.1, 29.2, 45.6, 25.1, 8.8], "roe_series": [17.5, 28.4, 33.2, 35.4, 15.9, 5.2], "period": "20260630", "rev_ttm": 90.1, "np_ttm": 4.8, "ocf_ttm": 16.6, "fcf_ttm": 11.8, "fcf_yield": 2.2, "ocf_yield": 3.0, "gm_median": 39.6, "gm_std": 4.8, "gm_stab": 0.88, "gm_chg_2022": 3.0, "npm_median": 28.9, "roe_median": 28.4, "commodity": false, "hard_ratio": 27.1, "fix_assets": 78.2, "goodwill_ratio": 0.0, "pb_calc": 3.19, "capex_dep": 0.58, "interest_debt": 17.4, "debt_ebitda": 1.2, "debt_ratio": 36.4, "debt_mv": 3.2, "payout": 20.8, "div_years": 5, "rev_cagr3": 2.2, "np_cagr3": -32.9, "rev_yoy": -40.5, "np_yoy": -63.7, "np_vol": 65.6, "loss_years": 0, "far_share": 96.0, "earn_yield": 0.9, "consensus_n": 8, "fwd_pe": 57.7, "fwd_pe2": 45.5, "fwd_g1": 98.0, "fwd_g2": 27.0, "peg": 2.14, "consensus_disp": null, "mainbz": [["销售设备及服务", 37.0], ["设备及其服务", 37.0], ["材料", 19.0], ["其他主营业务", 3.0]], "ret_prev_year": 16.7, "ret_prev2_year": -26.8, "ret_ytd": 14.2, "ret_pivot": 100.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.0, "ret_60": -13.4, "ret_120": -11.2, "ret_250": 40.2, "mdd_250": -41.4, "vol_250": 70.6, "pos_52w": 67.3}, "S": {"duration": 94, "pricing": 60, "hard": 43, "bondness": 31}, "label": "中性", "tags": [], "text": {"像什么": ["PE 114.5 倍、股息率 0.4%、毛利率近 5 年中位 39.6%、固定资产占比 27%、有息负债/EBITDA 1.2 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 39.6%),硬资产占比 27%。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 2.2%(经营现金流/市值 3.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 39.6%,稳定度 88%,2020→2022 成本通胀期毛利率变化 3.0 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 27%,资本开支/折旧 0.58 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 114.5 倍 粗算,约 96%(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 40%,最大回撤 -41%,年化波动 71%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 -0% / -13% / -11%。", "行业对照": ["同申万二级「光伏设备」73 家中位:PE 41.0 / 股息率 0.5% / 毛利率 17.8% / 固定资产占比 23% / 分红率 29%。", "晶盛机电:PE 比行业中位高 73.5倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位高 21.8个百分点;固定资产占比 比行业中位高 4.5个百分点。"]}}