{"F": {"ts_code": "300828.SZ", "name": "锐新科技", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "金属制品", "ind": "通用设备", "fin_source": "tushare", "market": "创业板", "list_date": "20200421", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 18.1, "pe_ttm": 109.5353, "pb": 3.8226, "dv_ttm": 0.3286, "total_mv": 301223.82, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [33.7, 24.7, 21.7, 22.0, 18.2, 17.0], "rev_series": [3.7, 5.7, 7.7, 6.6, 6.2, 5.9], "np_series": [0.7, 0.8, 1.0, 0.8, 0.6, 0.3], "roe_series": [11.7, 10.0, 12.1, 9.3, 7.0, 4.1], "period": "20260630", "rev_ttm": 6.8, "np_ttm": 0.3, "ocf_ttm": -0.8, "fcf_ttm": -0.9, "fcf_yield": -2.9, "ocf_yield": -2.5, "gm_median": 21.7, "gm_std": 2.8, "gm_stab": 0.87, "gm_chg_2022": -11.9, "npm_median": 11.3, "roe_median": 9.3, "commodity": false, "hard_ratio": 34.8, "fix_assets": 3.3, "goodwill_ratio": 0.0, "pb_calc": 3.82, "capex_dep": 0.44, "interest_debt": 1.1, "debt_ebitda": 1.6, "debt_ratio": 17.3, "debt_mv": 3.5, "payout": 90.9, "div_years": 5, "rev_cagr3": -8.1, "np_cagr3": -30.5, "rev_yoy": 29.9, "np_yoy": -25.1, "np_vol": 26.5, "loss_years": 0, "far_share": 95.0, "earn_yield": 0.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["电力电子散热器", 26.0], ["汽车轻量化部件", 21.0], ["汽车、轨道交通构件", 21.0], ["其他业务", 12.0]], "ret_prev_year": 1.9, "ret_prev2_year": 8.8, "ret_ytd": 7.9, "ret_pivot": 72.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 16.7, "ret_60": 0.9, "ret_120": -10.3, "ret_250": 1.1, "mdd_250": -48.9, "vol_250": 58.9, "pos_52w": 68.5}, "S": {"duration": 94, "pricing": 45, "hard": 56, "bondness": 59}, "label": "中性", "tags": [], "text": {"像什么": ["PE 109.5 倍、股息率 0.3%、毛利率近 5 年中位 21.7%、固定资产占比 35%、有息负债/EBITDA 1.6 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 35%),没有定价权:毛利率近 5 年中位 21.7%,稳定度 87%。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 -2.9%(经营现金流/市值 -2.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 21.7%,稳定度 87%,2020→2022 成本通胀期毛利率变化 -11.9 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 35%,资本开支/折旧 0.44 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 109.5 倍 粗算,约 95%(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 1%,最大回撤 -49%,年化波动 59%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 17% / 1% / -10%。", "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%。", "锐新科技:PE 比行业中位高 58.9倍;股息率 比行业中位低 0.5个百分点;毛利率 比行业中位低 6.8个百分点;固定资产占比 比行业中位高 14.0个百分点。"]}}