{"F": {"ts_code": "300435.SZ", "name": "中泰股份", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "能源及重型设备", "ind": "专用设备", "fin_source": "tushare", "market": "创业板", "list_date": "20150326", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 16.91, "pe_ttm": 14.6194, "pb": 1.8875, "dv_ttm": 1.4784, "total_mv": 652240.683, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [20.8, 18.9, 17.1, 19.2, 19.0, 29.7], "rev_series": [19.8, 24.1, 32.6, 30.5, 27.2, 27.5], "np_series": [2.0, 2.5, 2.8, 3.5, -0.8, 4.5], "roe_series": [8.9, 10.2, 10.4, 11.7, -2.5, 14.1], "period": "20260630", "rev_ttm": 26.4, "np_ttm": 4.5, "ocf_ttm": 4.1, "fcf_ttm": 3.7, "fcf_yield": 5.6, "ocf_yield": 6.2, "gm_median": 19.0, "gm_std": 4.5, "gm_stab": 0.76, "gm_chg_2022": -3.7, "npm_median": 10.2, "roe_median": 10.4, "commodity": false, "hard_ratio": 27.1, "fix_assets": 12.5, "goodwill_ratio": 2.7, "pb_calc": 1.89, "capex_dep": 0.38, "interest_debt": 2.0, "debt_ebitda": 0.3, "debt_ratio": 23.8, "debt_mv": 3.1, "payout": 18.8, "div_years": 5, "rev_cagr3": -5.5, "np_cagr3": 17.5, "rev_yoy": -8.7, "np_yoy": -3.1, "np_vol": 282.4, "loss_years": 1, "far_share": 66.0, "earn_yield": 6.8, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["设备销售分部", 23.0], ["深冷技术", 23.0], ["燃气运营分部", 23.0], ["燃气运营", 23.0]], "ret_prev_year": 88.9, "ret_prev2_year": -15.6, "ret_ytd": -23.0, "ret_pivot": 85.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.4, "ret_60": -9.5, "ret_120": -39.5, "ret_250": -2.3, "mdd_250": -55.0, "vol_250": 59.4, "pos_52w": 48.3}, "S": {"duration": 31, "pricing": 41, "hard": 43, "bondness": 36}, "label": "中性", "tags": [], "text": {"像什么": ["PE 14.6 倍、股息率 1.5%、毛利率近 5 年中位 19.0%、固定资产占比 27%、有息负债/EBITDA 0.3 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 27%,毛利率近 5 年中位 19.0%。", "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 5.6%(经营现金流/市值 6.2%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 19.0%,稳定度 76%,2020→2022 成本通胀期毛利率变化 -3.7 个百分点。不能。"], ["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 0.38 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 14.6 倍 粗算,约 66%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -2%,最大回撤 -55%,年化波动 59%,现价在 52 周高点的 48%;近 20 / 60 / 120 日 -3% / -10% / -40%。", "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%。", "中泰股份:PE 比行业中位低 27.7倍;股息率 比行业中位高 0.4个百分点;毛利率 比行业中位低 7.3个百分点;固定资产占比 比行业中位高 9.1个百分点。"]}}