{"F": {"ts_code": "300606.SZ", "name": "金太阳", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "磨具磨料", "ind": "通用设备", "fin_source": "tushare", "market": "创业板", "list_date": "20170208", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 35.56, "pe_ttm": 268.0407, "pb": 7.4283, "dv_ttm": 0.5624, "total_mv": 491964.7768, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [41.3, 35.2, 23.6, 28.4, 22.6, 23.1], "rev_series": [4.1, 4.5, 4.0, 5.7, 4.9, 5.4], "np_series": [0.7, 0.7, 0.3, 0.5, -0.2, 0.2], "roe_series": [13.4, 12.3, 4.3, 8.1, -2.4, 3.0], "period": "20260630", "rev_ttm": 5.3, "np_ttm": 0.2, "ocf_ttm": 1.0, "fcf_ttm": 0.5, "fcf_yield": 1.1, "ocf_yield": 2.0, "gm_median": 23.6, "gm_std": 4.8, "gm_stab": 0.8, "gm_chg_2022": -17.7, "npm_median": 6.6, "roe_median": 4.3, "commodity": false, "hard_ratio": 38.5, "fix_assets": 4.7, "goodwill_ratio": 0.0, "pb_calc": 7.43, "capex_dep": 1.2, "interest_debt": 3.0, "debt_ebitda": 3.9, "debt_ratio": 44.0, "debt_mv": 6.1, "payout": 90.1, "div_years": 4, "rev_cagr3": 11.3, "np_cagr3": -8.3, "rev_yoy": -5.8, "np_yoy": -10.6, "np_vol": 124.5, "loss_years": 1, "far_share": 98.0, "earn_yield": 0.4, "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], ["纸基/布基抛光材料", 35.0], ["智能数控装备及精密结构件", 7.0], ["新型抛光材料", 7.0]], "ret_prev_year": 23.5, "ret_prev2_year": -44.0, "ret_ytd": 52.6, "ret_pivot": 101.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.6, "ret_60": -8.6, "ret_120": 5.4, "ret_250": 49.7, "mdd_250": -48.2, "vol_250": 79.2, "pos_52w": 68.9}, "S": {"duration": 100, "pricing": 44, "hard": 62, "bondness": 55}, "label": "中性", "tags": [], "text": {"像什么": ["PE 268.0 倍、股息率 0.6%、毛利率近 5 年中位 23.6%、固定资产占比 38%、有息负债/EBITDA 3.9 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 38%),没有定价权:毛利率近 5 年中位 23.6%,稳定度 80%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 1.1%(经营现金流/市值 2.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.6%,稳定度 80%,2020→2022 成本通胀期毛利率变化 -17.7 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 38%,资本开支/折旧 1.20 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 268.0 倍 粗算,约 98%(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 50%,最大回撤 -48%,年化波动 79%,现价在 52 周高点的 69%;近 20 / 60 / 120 日 4% / -9% / 5%。", "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%。", "金太阳:PE 比行业中位高 217.4倍;股息率 比行业中位低 0.2个百分点;毛利率 比行业中位低 4.9个百分点;固定资产占比 比行业中位高 17.7个百分点。"]}}