{"F": {"ts_code": "300823.SZ", "name": "建科智能", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "其他专用设备", "ind": "专用设备", "fin_source": "tushare", "market": "创业板", "list_date": "20200319", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 14.83, "pe_ttm": 35.5091, "pb": 2.0446, "dv_ttm": 1.6588, "total_mv": 194247.4924, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [45.6, 45.7, 36.1, 44.1, 40.7, 44.1], "rev_series": [4.7, 4.8, 4.4, 4.6, 4.5, 4.1], "np_series": [0.9, 0.9, 0.4, 0.6, 0.4, 0.3], "roe_series": [12.4, 9.5, 3.7, 5.9, 4.6, 3.5], "period": "20260630", "rev_ttm": 4.5, "np_ttm": 0.5, "ocf_ttm": 0.9, "fcf_ttm": 0.8, "fcf_yield": 4.2, "ocf_yield": 4.8, "gm_median": 44.1, "gm_std": 3.4, "gm_stab": 0.92, "gm_chg_2022": -9.5, "npm_median": 11.6, "roe_median": 4.6, "commodity": false, "hard_ratio": 26.8, "fix_assets": 3.6, "goodwill_ratio": 0.0, "pb_calc": 2.04, "capex_dep": 0.34, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 27.2, "debt_mv": null, "payout": 94.8, "div_years": 5, "rev_cagr3": -2.2, "np_cagr3": -1.5, "rev_yoy": 21.9, "np_yoy": 442.6, "np_vol": 40.7, "loss_years": 0, "far_share": 86.0, "earn_yield": 2.8, "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], ["智能单件钢筋成型机器人", 30.0], ["智能组合钢筋成型机器人", 11.0], ["备件及其他", 6.0]], "ret_prev_year": 23.6, "ret_prev2_year": -13.5, "ret_ytd": -3.5, "ret_pivot": 51.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.3, "ret_60": -6.3, "ret_120": -14.4, "ret_250": -7.3, "mdd_250": -36.3, "vol_250": 37.0, "pos_52w": 76.2}, "S": {"duration": 59, "pricing": 58, "hard": 43, "bondness": 66}, "label": "中性", "tags": [], "text": {"像什么": ["PE 35.5 倍、股息率 1.7%、毛利率近 5 年中位 44.1%、固定资产占比 27%、资产负债率 27%: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 44.1%),硬资产占比 27%。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 4.2%(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 44.1%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -9.5 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 27%,资本开支/折旧 0.34 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 35.5 倍 粗算,约 86%(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 -7%,最大回撤 -36%,年化波动 37%,现价在 52 周高点的 76%;近 20 / 60 / 120 日 3% / -6% / -14%。", "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%。", "建科智能:PE 比行业中位低 6.8倍;股息率 比行业中位高 0.6个百分点;毛利率 比行业中位高 17.8个百分点;固定资产占比 比行业中位高 8.8个百分点。"]}}