{"F": {"ts_code": "300371.SZ", "name": "汇中股份", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "仪器仪表", "ind": "通用设备", "fin_source": "tushare", "market": "创业板", "list_date": "20140123", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.28, "pe_ttm": 51.1355, "pb": 1.787, "dv_ttm": 0.9671, "total_mv": 206851.3844, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [53.6, 55.2, 49.9, 51.6, 50.0, 49.1], "rev_series": [4.3, 5.2, 5.1, 5.0, 3.9, 4.5], "np_series": [1.3, 1.6, 1.1, 1.0, 0.6, 0.7], "roe_series": [16.6, 17.7, 11.2, 10.0, 5.2, 5.8], "period": "20260630", "rev_ttm": 4.3, "np_ttm": 0.4, "ocf_ttm": 1.5, "fcf_ttm": 1.2, "fcf_yield": 6.0, "ocf_yield": 7.5, "gm_median": 50.0, "gm_std": 2.2, "gm_stab": 0.96, "gm_chg_2022": -3.6, "npm_median": 21.3, "roe_median": 10.0, "commodity": false, "hard_ratio": 22.4, "fix_assets": 2.8, "goodwill_ratio": 0.0, "pb_calc": 1.79, "capex_dep": 1.43, "interest_debt": 0.1, "debt_ebitda": 0.1, "debt_ratio": 7.8, "debt_mv": 0.3, "payout": 30.7, "div_years": 5, "rev_cagr3": -3.9, "np_cagr3": -15.2, "rev_yoy": -9.7, "np_yoy": -62.0, "np_vol": 25.6, "loss_years": 0, "far_share": 90.0, "earn_yield": 2.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["超声水表及系统", 24.0], ["超声水表", 24.0], ["超声热量表及系统", 4.0]], "ret_prev_year": 32.6, "ret_prev2_year": -20.6, "ret_ytd": -17.6, "ret_pivot": 32.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.5, "ret_60": -2.2, "ret_120": -26.9, "ret_250": -25.9, "mdd_250": -41.4, "vol_250": 34.6, "pos_52w": 68.3}, "S": {"duration": 72, "pricing": 63, "hard": 36, "bondness": 37}, "label": "中性", "tags": [], "text": {"像什么": ["PE 51.1 倍、股息率 1.0%、毛利率近 5 年中位 50.0%、固定资产占比 22%、有息负债/EBITDA 0.1 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 50.0%),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 6.0%(经营现金流/市值 7.5%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 50.0%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -3.6 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 1.43 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 51.1 倍 粗算,约 90%(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 -26%,最大回撤 -41%,年化波动 35%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 2% / -2% / -27%。", "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%。", "汇中股份:PE 比行业中位高 0.5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 21.5个百分点;固定资产占比 比行业中位高 1.6个百分点。"]}}