{"F": {"ts_code": "300445.SZ", "name": "康斯特", "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": "20150424", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 18.2, "pe_ttm": 30.8547, "pb": 2.9046, "dv_ttm": 0.5495, "total_mv": 386622.6, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [67.8, 64.5, 63.5, 64.4, 64.7, 64.0], "rev_series": [2.9, 3.5, 4.1, 5.0, 5.8, 5.9], "np_series": [0.6, 0.7, 0.8, 1.0, 1.3, 1.0], "roe_series": [7.9, 7.6, 7.9, 9.8, 11.0, 8.4], "period": "20260630", "rev_ttm": 6.4, "np_ttm": 1.3, "ocf_ttm": 1.9, "fcf_ttm": 1.7, "fcf_yield": 4.4, "ocf_yield": 4.8, "gm_median": 64.4, "gm_std": 0.4, "gm_stab": 0.99, "gm_chg_2022": -4.3, "npm_median": 20.1, "roe_median": 8.4, "commodity": false, "hard_ratio": 21.4, "fix_assets": 3.1, "goodwill_ratio": 0.6, "pb_calc": 2.9, "capex_dep": 0.57, "interest_debt": 0.2, "debt_ebitda": 0.1, "debt_ratio": 8.1, "debt_mv": 0.4, "payout": 16.7, "div_years": 5, "rev_cagr3": 12.5, "np_cagr3": 11.4, "rev_yoy": 18.8, "np_yoy": 38.6, "np_vol": 17.4, "loss_years": 0, "far_share": 84.0, "earn_yield": 3.2, "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], ["数字压力检测系列", 25.0], ["数字压力检测产品", 25.0], ["温湿度检测产品", 6.0]], "ret_prev_year": 61.4, "ret_prev2_year": -6.3, "ret_ytd": -29.9, "ret_pivot": 35.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.6, "ret_60": -20.1, "ret_120": -12.1, "ret_250": -8.2, "mdd_250": -43.8, "vol_250": 54.0, "pos_52w": 63.0}, "S": {"duration": 54, "pricing": 71, "hard": 34, "bondness": 17}, "label": "中性", "tags": [], "text": {"像什么": ["PE 30.9 倍、股息率 0.5%、毛利率近 5 年中位 64.4%、固定资产占比 21%、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 64.4%),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 4.4%(经营现金流/市值 4.8%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 64.4%,稳定度 99%,2020→2022 成本通胀期毛利率变化 -4.3 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 21%,资本开支/折旧 0.57 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 30.9 倍 粗算,约 84%(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 -8%,最大回撤 -44%,年化波动 54%,现价在 52 周高点的 63%;近 20 / 60 / 120 日 -4% / -20% / -12%。", "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%。", "康斯特:PE 比行业中位低 19.7倍;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位高 35.9个百分点;固定资产占比 比行业中位高 0.6个百分点。"]}}