{"F": {"ts_code": "300400.SZ", "name": "劲拓股份", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "自动化设备", "sw3": "其他自动化设备", "ind": "自动化设备", "fin_source": "tushare", "market": "创业板", "list_date": "20141010", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 32.87, "pe_ttm": 90.8093, "pb": 10.8716, "dv_ttm": 1.2438, "total_mv": 799789.553, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [33.4, 29.8, 37.4, 35.0, 34.9, 33.5], "rev_series": [8.8, 9.9, 7.9, 7.2, 7.3, 7.9], "np_series": [1.2, 0.8, 0.9, 0.4, 0.8, 0.8], "roe_series": [20.3, 11.3, 12.0, 5.1, 10.5, 10.7], "period": "20260630", "rev_ttm": 8.3, "np_ttm": 0.9, "ocf_ttm": 2.2, "fcf_ttm": 1.5, "fcf_yield": 1.9, "ocf_yield": 2.7, "gm_median": 34.9, "gm_std": 2.5, "gm_stab": 0.93, "gm_chg_2022": 4.0, "npm_median": 10.7, "roe_median": 10.7, "commodity": false, "hard_ratio": 20.7, "fix_assets": 2.4, "goodwill_ratio": 0.2, "pb_calc": 10.87, "capex_dep": 2.71, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 37.1, "debt_mv": null, "payout": 117.1, "div_years": 4, "rev_cagr3": -0.3, "np_cagr3": -2.0, "rev_yoy": 13.3, "np_yoy": 7.7, "np_vol": 57.5, "loss_years": 0, "far_share": 94.0, "earn_yield": 1.1, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 34.0], ["电子装联设备", 32.0], ["电子装联", 32.0], ["其他业务", 2.0]], "ret_prev_year": 25.8, "ret_prev2_year": 2.9, "ret_ytd": 69.5, "ret_pivot": 201.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.1, "ret_60": -12.2, "ret_120": 42.0, "ret_250": 35.0, "mdd_250": -55.6, "vol_250": 67.2, "pos_52w": 73.3}, "S": {"duration": 90, "pricing": 60, "hard": 33, "bondness": 65}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 90.8 倍、股息率 1.2%、毛利率近 5 年中位 34.9%、固定资产占比 21%、资产负债率 37%: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 34.9%),硬资产占比 21%。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 1.9%(经营现金流/市值 2.7%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 34.9%,稳定度 93%,2020→2022 成本通胀期毛利率变化 4.0 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 21%,资本开支/折旧 2.71 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 90.8 倍 粗算,约 94%(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 35%,最大回撤 -56%,年化波动 67%,现价在 52 周高点的 73%;近 20 / 60 / 120 日 7% / -12% / 42%。", "行业对照": ["同申万二级「自动化设备」93 家中位:PE 77.4 / 股息率 0.7% / 毛利率 33.9% / 固定资产占比 14% / 分红率 42%。", "劲拓股份:PE 比行业中位高 13.4倍;股息率 比行业中位高 0.5个百分点;毛利率 比行业中位高 1.0个百分点;固定资产占比 比行业中位高 6.9个百分点。"]}}