{"F": {"ts_code": "300690.SZ", "name": "双一科技", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "风电设备", "sw3": "风电零部件", "ind": "风电设备", "fin_source": "tushare", "market": "创业板", "list_date": "20170808", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 23.55, "pe_ttm": 20.0661, "pb": 2.3386, "dv_ttm": 1.6433, "total_mv": 389396.7042, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [40.1, 29.3, 21.1, 26.5, 24.1, 27.6], "rev_series": [13.9, 10.0, 10.3, 7.5, 9.4, 10.1], "np_series": [3.2, 1.5, 0.8, 0.9, 0.9, 1.6], "roe_series": [27.9, 11.5, 6.1, 6.3, 5.9, 10.4], "period": "20260630", "rev_ttm": 10.8, "np_ttm": 1.9, "ocf_ttm": 0.9, "fcf_ttm": 0.3, "fcf_yield": 0.8, "ocf_yield": 2.4, "gm_median": 26.5, "gm_std": 2.9, "gm_stab": 0.89, "gm_chg_2022": -19.0, "npm_median": 11.7, "roe_median": 6.3, "commodity": false, "hard_ratio": 21.6, "fix_assets": 4.6, "goodwill_ratio": 0.9, "pb_calc": 2.34, "capex_dep": 2.16, "interest_debt": 0.6, "debt_ebitda": 0.3, "debt_ratio": 22.2, "debt_mv": 1.4, "payout": 39.9, "div_years": 5, "rev_cagr3": -0.8, "np_cagr3": 24.9, "rev_yoy": 14.0, "np_yoy": 34.4, "np_vol": 49.6, "loss_years": 0, "far_share": 75.0, "earn_yield": 5.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 41.0], ["风电配套类", 18.0], ["非金属模具类", 15.0], ["模具类", 15.0]], "ret_prev_year": 48.8, "ret_prev2_year": 22.6, "ret_ytd": -28.1, "ret_pivot": 50.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.6, "ret_60": 2.3, "ret_120": -37.9, "ret_250": -35.3, "mdd_250": -52.7, "vol_250": 51.0, "pos_52w": 58.0}, "S": {"duration": 39, "pricing": 48, "hard": 35, "bondness": 45}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 20.1 倍、股息率 1.6%、毛利率近 5 年中位 26.5%、固定资产占比 22%、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 22%,毛利率近 5 年中位 26.5%。", "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 0.8%(经营现金流/市值 2.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.5%,稳定度 89%,2020→2022 成本通胀期毛利率变化 -19.0 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 22%,资本开支/折旧 2.16 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 20.1 倍 粗算,约 75%(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 -35%,最大回撤 -53%,年化波动 51%,现价在 52 周高点的 58%;近 20 / 60 / 120 日 10% / 2% / -38%。", "行业对照": ["同申万二级「风电设备」31 家中位:PE 32.3 / 股息率 0.9% / 毛利率 17.3% / 固定资产占比 28% / 分红率 32%。", "双一科技:PE 比行业中位低 12.2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 9.2个百分点;固定资产占比 比行业中位低 6.7个百分点。"]}}