{"F": {"ts_code": "300509.SZ", "name": "新美星", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "印刷包装机械", "ind": "专用设备", "fin_source": "tushare", "market": "创业板", "list_date": "20160425", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 9.09, "pe_ttm": 19.5644, "pb": 3.7666, "dv_ttm": 1.7602, "total_mv": 269427.6, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [25.5, 28.1, 28.4, 24.9, 20.6, 27.6], "rev_series": [6.9, 7.1, 7.6, 9.3, 10.8, 12.2], "np_series": [0.6, 0.6, 0.3, 0.2, 0.5, 1.2], "roe_series": [9.6, 9.5, 5.5, 3.8, 7.6, 19.8], "period": "20260630", "rev_ttm": 13.5, "np_ttm": 1.4, "ocf_ttm": 2.5, "fcf_ttm": 2.2, "fcf_yield": 8.2, "ocf_yield": 9.1, "gm_median": 27.6, "gm_std": 2.9, "gm_stab": 0.89, "gm_chg_2022": 2.8, "npm_median": 5.5, "roe_median": 7.6, "commodity": false, "hard_ratio": 7.4, "fix_assets": 2.0, "goodwill_ratio": 0.0, "pb_calc": 3.77, "capex_dep": 1.03, "interest_debt": 5.1, "debt_ebitda": 2.4, "debt_ratio": 72.7, "debt_mv": 19.1, "payout": 100.0, "div_years": 5, "rev_cagr3": 16.9, "np_cagr3": 53.5, "rev_yoy": 22.1, "np_yoy": 34.6, "np_vol": 82.4, "loss_years": 0, "far_share": 74.0, "earn_yield": 5.1, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["液态包装设备", 44.0], ["合计特别调整", 6.0], ["其他业务", 0.0]], "ret_prev_year": 91.5, "ret_prev2_year": -2.6, "ret_ytd": -28.3, "ret_pivot": 101.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 8.2, "ret_60": 1.9, "ret_120": -30.1, "ret_250": -4.1, "mdd_250": -54.2, "vol_250": 48.7, "pos_52w": 56.6}, "S": {"duration": 39, "pricing": 55, "hard": 12, "bondness": 56}, "label": "中性", "tags": [], "text": {"像什么": ["PE 19.6 倍、股息率 1.8%、毛利率近 5 年中位 27.6%、固定资产占比 7%、有息负债/EBITDA 2.4 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 7%,毛利率近 5 年中位 27.6%。", "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 8.2%(经营现金流/市值 9.1%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.6%,稳定度 89%,2020→2022 成本通胀期毛利率变化 2.8 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 7%,资本开支/折旧 1.03 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 19.6 倍 粗算,约 74%(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 -4%,最大回撤 -54%,年化波动 49%,现价在 52 周高点的 57%;近 20 / 60 / 120 日 8% / 2% / -30%。", "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%。", "新美星:PE 比行业中位低 22.7倍;股息率 比行业中位高 0.7个百分点;毛利率 比行业中位高 1.3个百分点;固定资产占比 比行业中位低 10.6个百分点。"]}}