{"F": {"ts_code": "300861.SZ", "name": "美畅股份", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "磨具磨料", "ind": "通用设备", "fin_source": "tushare", "market": "创业板", "list_date": "20200824", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 16.17, "pe_ttm": 23.1729, "pb": 1.6451, "dv_ttm": 1.1099, "total_mv": 1086366.0885, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [56.5, 55.2, 53.0, 52.5, 17.9, 23.4], "rev_series": [12.1, 18.5, 36.6, 45.1, 22.7, 21.6], "np_series": [4.5, 7.6, 14.7, 15.9, 1.5, 2.4], "roe_series": [18.6, 20.4, 32.3, 27.6, 2.3, 3.8], "period": "20260630", "rev_ttm": 23.1, "np_ttm": 4.7, "ocf_ttm": 1.7, "fcf_ttm": 1.4, "fcf_yield": 1.3, "ocf_yield": 1.6, "gm_median": 52.5, "gm_std": 16.2, "gm_stab": 0.69, "gm_chg_2022": -3.5, "npm_median": 35.3, "roe_median": 20.4, "commodity": false, "hard_ratio": 10.8, "fix_assets": 7.9, "goodwill_ratio": 0.0, "pb_calc": 1.65, "capex_dep": 0.11, "interest_debt": 0.5, "debt_ebitda": 0.1, "debt_ratio": 9.6, "debt_mv": 0.4, "payout": 49.5, "div_years": 5, "rev_cagr3": -16.1, "np_cagr3": -45.1, "rev_yoy": 15.3, "np_yoy": 265.7, "np_vol": 66.4, "loss_years": 0, "far_share": 78.0, "earn_yield": 4.3, "consensus_n": 4, "fwd_pe": 22.2, "fwd_pe2": 23.2, "fwd_g1": 5.0, "fwd_g2": -5.0, "peg": null, "consensus_disp": null, "mainbz": [["产品", 43.0], ["金刚石线", 27.0], ["钨丝废品回收综合处理利用", 13.0], ["废钨综合回收利用", 13.0]], "ret_prev_year": 7.6, "ret_prev2_year": -40.4, "ret_ytd": 9.6, "ret_pivot": 45.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.7, "ret_60": -11.5, "ret_120": -7.3, "ret_250": 7.9, "mdd_250": -40.0, "vol_250": 57.4, "pos_52w": 64.1}, "S": {"duration": 44, "pricing": 55, "hard": 17, "bondness": 44}, "label": "中性", "tags": [], "text": {"像什么": ["PE 23.2 倍、股息率 1.1%、毛利率近 5 年中位 52.5%、固定资产占比 11%、有息负债/EBITDA 0.1 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 11%,毛利率近 5 年中位 52.5%。", "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 1.3%(经营现金流/市值 1.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 52.5%,稳定度 69%,2020→2022 成本通胀期毛利率变化 -3.5 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 11%,资本开支/折旧 0.11 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 23.2 倍 粗算,约 78%(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 8%,最大回撤 -40%,年化波动 57%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 -7% / -12% / -7%。", "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%。", "美畅股份:PE 比行业中位低 27.4倍;股息率 比行业中位高 0.3个百分点;毛利率 比行业中位高 24.0个百分点;固定资产占比 比行业中位低 10.0个百分点。"]}}