{"F": {"ts_code": "301032.SZ", "name": "新柴股份", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "其他通用设备", "ind": "通用设备", "fin_source": "tushare", "market": "创业板", "list_date": "20210722", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.24, "pe_ttm": 21.841, "pb": 1.9473, "dv_ttm": 1.2695, "total_mv": 246920.6016, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [12.6, 11.2, 8.8, 9.1, 9.8, 11.1], "rev_series": [24.6, 24.8, 20.9, 23.2, 22.6, 23.3], "np_series": [0.9, 0.8, 0.2, 0.3, 0.8, 1.1], "roe_series": [13.2, 8.7, 2.1, 2.9, 7.0, 8.8], "period": "20260630", "rev_ttm": 23.5, "np_ttm": 1.1, "ocf_ttm": 1.9, "fcf_ttm": 1.8, "fcf_yield": 7.3, "ocf_yield": 7.7, "gm_median": 9.8, "gm_std": 1.0, "gm_stab": 0.9, "gm_chg_2022": -3.9, "npm_median": 3.2, "roe_median": 7.0, "commodity": false, "hard_ratio": 13.0, "fix_assets": 4.0, "goodwill_ratio": 0.0, "pb_calc": 1.95, "capex_dep": 0.16, "interest_debt": 0.9, "debt_ebitda": 0.5, "debt_ratio": 58.2, "debt_mv": 3.6, "payout": 29.5, "div_years": 5, "rev_cagr3": 3.6, "np_cagr3": 69.1, "rev_yoy": 1.6, "np_yoy": 14.6, "np_vol": 72.8, "loss_years": 0, "far_share": 77.0, "earn_yield": 4.6, "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], ["柴油机", 43.0], ["配件", 5.0], ["电机", 2.0]], "ret_prev_year": 29.9, "ret_prev2_year": -7.2, "ret_ytd": -13.9, "ret_pivot": 63.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.2, "ret_60": -1.7, "ret_120": -25.9, "ret_250": -28.7, "mdd_250": -40.6, "vol_250": 40.8, "pos_52w": 68.3}, "S": {"duration": 42, "pricing": 41, "hard": 21, "bondness": 36}, "label": "中性", "tags": [], "text": {"像什么": ["PE 21.8 倍、股息率 1.3%、毛利率近 5 年中位 9.8%、固定资产占比 13%、有息负债/EBITDA 0.5 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 13%,毛利率近 5 年中位 9.8%。", "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 7.3%(经营现金流/市值 7.7%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 9.8%,稳定度 90%,2020→2022 成本通胀期毛利率变化 -3.9 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 13%,资本开支/折旧 0.16 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 21.8 倍 粗算,约 77%(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 -29%,最大回撤 -41%,年化波动 41%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 3% / -2% / -26%。", "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%。", "新柴股份:PE 比行业中位低 28.8倍;股息率 比行业中位高 0.5个百分点;毛利率 比行业中位低 18.7个百分点;固定资产占比 比行业中位低 7.8个百分点。"]}}