{"F": {"ts_code": "300837.SZ", "name": "浙矿股份", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "能源及重型设备", "ind": "专用设备", "fin_source": "tushare", "market": "创业板", "list_date": "20200605", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 23.61, "pe_ttm": 39.6127, "pb": 1.7058, "dv_ttm": 1.2706, "total_mv": 236116.0548, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [43.5, 43.7, 41.6, 41.5, 32.4, 27.9], "rev_series": [4.6, 5.7, 6.9, 5.5, 6.5, 6.8], "np_series": [1.2, 1.6, 1.9, 1.1, 0.8, 0.8], "roe_series": [17.5, 15.7, 16.2, 8.3, 5.8, 5.3], "period": "20260630", "rev_ttm": 6.1, "np_ttm": 0.6, "ocf_ttm": 0.1, "fcf_ttm": -0.2, "fcf_yield": -0.8, "ocf_yield": 0.5, "gm_median": 41.5, "gm_std": 6.1, "gm_stab": 0.85, "gm_chg_2022": -2.0, "npm_median": 19.5, "roe_median": 8.3, "commodity": false, "hard_ratio": 19.4, "fix_assets": 4.3, "goodwill_ratio": 0.1, "pb_calc": 1.65, "capex_dep": 0.62, "interest_debt": 3.3, "debt_ebitda": 3.0, "debt_ratio": 33.4, "debt_mv": 14.0, "payout": 37.5, "div_years": 5, "rev_cagr3": -0.7, "np_cagr3": -25.8, "rev_yoy": -19.9, "np_yoy": -48.6, "np_vol": 26.9, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.5, "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], ["破碎筛选成套生产线", 14.0], ["破碎筛选单机设备", 13.0], ["运营管理", 12.0]], "ret_prev_year": 72.4, "ret_prev2_year": -32.5, "ret_ytd": -30.0, "ret_pivot": 45.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.1, "ret_60": -9.5, "ret_120": -39.3, "ret_250": -5.9, "mdd_250": -70.0, "vol_250": 60.8, "pos_52w": 35.9}, "S": {"duration": 63, "pricing": 56, "hard": 31, "bondness": 50}, "label": "中性", "tags": [], "text": {"像什么": ["PE 39.6 倍、股息率 1.3%、毛利率近 5 年中位 41.5%、固定资产占比 19%、有息负债/EBITDA 3.0 倍: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 41.5%),硬资产占比 19%。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 -0.8%(经营现金流/市值 0.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 41.5%,稳定度 85%,2020→2022 成本通胀期毛利率变化 -2.0 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 19%,资本开支/折旧 0.62 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 39.6 倍 粗算,约 87%(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 -6%,最大回撤 -70%,年化波动 61%,现价在 52 周高点的 36%;近 20 / 60 / 120 日 3% / -10% / -39%。", "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%。", "浙矿股份:PE 比行业中位低 2.7倍;股息率 比行业中位高 0.2个百分点;毛利率 比行业中位高 15.2个百分点;固定资产占比 比行业中位高 1.4个百分点。"]}}