{"F": {"ts_code": "300415.SZ", "name": "伊之密", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "其他专用设备", "ind": "专用设备", "fin_source": "tushare", "market": "创业板", "list_date": "20150123", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 19.25, "pe_ttm": 13.1798, "pb": 2.726, "dv_ttm": 3.0632, "total_mv": 901981.85, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [34.5, 34.5, 31.1, 33.3, 31.9, 31.7], "rev_series": [27.2, 35.3, 36.8, 41.0, 50.6, 60.5], "np_series": [3.1, 5.2, 4.1, 4.8, 6.1, 7.1], "roe_series": [22.1, 27.6, 17.8, 19.4, 22.0, 22.8], "period": "20260630", "rev_ttm": 64.0, "np_ttm": 6.8, "ocf_ttm": 3.7, "fcf_ttm": -0.9, "fcf_yield": -0.9, "ocf_yield": 4.1, "gm_median": 31.9, "gm_std": 1.2, "gm_stab": 0.96, "gm_chg_2022": -3.4, "npm_median": 12.0, "roe_median": 22.0, "commodity": false, "hard_ratio": 15.5, "fix_assets": 14.4, "goodwill_ratio": 0.0, "pb_calc": 2.73, "capex_dep": 3.16, "interest_debt": 26.6, "debt_ebitda": 2.5, "debt_ratio": 64.1, "debt_mv": 29.5, "payout": 39.0, "div_years": 5, "rev_cagr3": 18.0, "np_cagr3": 20.5, "rev_yoy": 13.0, "np_yoy": -7.0, "np_vol": 27.4, "loss_years": 0, "far_share": 62.0, "earn_yield": 7.6, "consensus_n": 14, "fwd_pe": 11.4, "fwd_pe2": 9.4, "fwd_g1": 16.0, "fwd_g2": 22.0, "peg": 0.52, "consensus_disp": null, "mainbz": [["产品", 49.0], ["注塑机", 32.0], ["压铸机", 13.0], ["其他收入", 2.0]], "ret_prev_year": 34.3, "ret_prev2_year": 17.5, "ret_ytd": -24.4, "ret_pivot": 13.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -9.5, "ret_60": -6.5, "ret_120": -27.4, "ret_250": -18.3, "mdd_250": -34.3, "vol_250": 38.5, "pos_52w": 67.8}, "S": {"duration": 28, "pricing": 54, "hard": 25, "bondness": 42}, "label": "中性", "tags": ["资本开支扩张期", "PEG<0.8"], "text": {"像什么": ["PE 13.2 倍、股息率 3.1%、毛利率近 5 年中位 31.9%、固定资产占比 16%、有息负债/EBITDA 2.5 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 31.9%),硬资产占比 16%。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 -0.9%(经营现金流/市值 4.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 31.9%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -3.4 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 16%,资本开支/折旧 3.16 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.2 倍 粗算,约 62%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -18%,最大回撤 -34%,年化波动 38%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 -10% / -6% / -27%。", "行业对照": ["同申万二级「专用设备」205 家中位:PE 42.3 / 股息率 1.1% / 毛利率 26.3% / 固定资产占比 18% / 分红率 44%。", "伊之密:PE 比行业中位低 29.1倍;股息率 比行业中位高 2.0个百分点;毛利率 比行业中位高 5.6个百分点;固定资产占比 比行业中位低 2.5个百分点。"]}}