{"F": {"ts_code": "300724.SZ", "name": "捷佳伟创", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "光伏设备", "sw3": "光伏加工设备", "ind": "光伏设备", "fin_source": "tushare", "market": "创业板", "list_date": "20180810", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 52.56, "pe_ttm": 15.7598, "pb": 1.3771, "dv_ttm": 2.2776, "total_mv": 1830622.752, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [26.4, 24.6, 25.4, 28.9, 26.5, 28.3], "rev_series": [40.4, 50.5, 60.1, 87.3, 188.9, 154.7], "np_series": [5.2, 7.2, 10.5, 16.3, 27.6, 26.2], "roe_series": [18.7, 15.5, 15.6, 20.5, 27.9, 21.4], "period": "20260630", "rev_ttm": 98.3, "np_ttm": 11.6, "ocf_ttm": 7.9, "fcf_ttm": 5.5, "fcf_yield": 3.0, "ocf_yield": 4.3, "gm_median": 26.5, "gm_std": 1.6, "gm_stab": 0.94, "gm_chg_2022": -1.0, "npm_median": 16.9, "roe_median": 20.5, "commodity": false, "hard_ratio": 5.4, "fix_assets": 14.0, "goodwill_ratio": 0.0, "pb_calc": 1.38, "capex_dep": 2.78, "interest_debt": 8.0, "debt_ebitda": 0.8, "debt_ratio": 49.0, "debt_mv": 4.4, "payout": 16.0, "div_years": 5, "rev_cagr3": 37.1, "np_cagr3": 35.7, "rev_yoy": -67.4, "np_yoy": -79.5, "np_vol": 25.3, "loss_years": 0, "far_share": 68.0, "earn_yield": 6.3, "consensus_n": 8, "fwd_pe": 19.8, "fwd_pe2": 18.8, "fwd_g1": -20.0, "fwd_g2": 6.0, "peg": 3.3, "consensus_disp": null, "mainbz": [["产品", 33.0], ["工艺设备", 23.0], ["刻蚀设备", 23.0], ["自动化配套设备", 5.0]], "ret_prev_year": 55.2, "ret_prev2_year": -13.6, "ret_ytd": -44.3, "ret_pivot": 29.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -11.7, "ret_60": -23.8, "ret_120": -56.7, "ret_250": -36.6, "mdd_250": -64.1, "vol_250": 62.2, "pos_52w": 35.9}, "S": {"duration": 33, "pricing": 53, "hard": 9, "bondness": 22}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 15.8 倍、股息率 2.3%、毛利率近 5 年中位 26.5%、固定资产占比 5%、有息负债/EBITDA 0.8 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 5%,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 3.0%(经营现金流/市值 4.3%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.5%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -1.0 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 5%,资本开支/折旧 2.78 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 15.8 倍 粗算,约 68%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -37%,最大回撤 -64%,年化波动 62%,现价在 52 周高点的 36%;近 20 / 60 / 120 日 -12% / -24% / -57%。", "行业对照": ["同申万二级「光伏设备」73 家中位:PE 41.0 / 股息率 0.5% / 毛利率 17.8% / 固定资产占比 23% / 分红率 29%。", "捷佳伟创:PE 比行业中位低 25.2倍;股息率 比行业中位高 1.8个百分点;毛利率 比行业中位高 8.7个百分点;固定资产占比 比行业中位低 17.2个百分点。"]}}