{"F": {"ts_code": "301129.SZ", "name": "瑞纳智能", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "仪器仪表", "ind": "通用设备", "fin_source": "tushare", "market": "创业板", "list_date": "20211102", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 23.35, "pe_ttm": 24.9292, "pb": 1.7405, "dv_ttm": 1.3451, "total_mv": 317250.379, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [56.4, 55.1, 54.8, 55.7, 59.7, 58.5], "rev_series": [4.2, 5.3, 6.5, 4.3, 4.3, 5.4], "np_series": [1.3, 1.7, 2.0, 0.7, 0.8, 1.1], "roe_series": [39.2, 18.2, 12.8, 4.1, 4.5, 6.1], "period": "20260630", "rev_ttm": 5.5, "np_ttm": 1.3, "ocf_ttm": 0.6, "fcf_ttm": 0.2, "fcf_yield": 0.5, "ocf_yield": 2.0, "gm_median": 55.7, "gm_std": 2.0, "gm_stab": 0.96, "gm_chg_2022": -1.7, "npm_median": 20.1, "roe_median": 6.1, "commodity": false, "hard_ratio": 19.0, "fix_assets": 4.0, "goodwill_ratio": 0.0, "pb_calc": 1.74, "capex_dep": 1.56, "interest_debt": 0.3, "debt_ebitda": 0.2, "debt_ratio": 13.2, "debt_mv": 0.9, "payout": 30.0, "div_years": 5, "rev_cagr3": -5.9, "np_cagr3": -18.5, "rev_yoy": 14.6, "np_yoy": 267.2, "np_vol": 38.4, "loss_years": 0, "far_share": 80.0, "earn_yield": 4.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["供热节能服务", 73.0], ["供热节能产品销售", 23.0], ["供热节能系统工程", 4.0], ["其他业务", 0.0]], "ret_prev_year": -13.1, "ret_prev2_year": 4.5, "ret_ytd": -1.1, "ret_pivot": 34.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 11.6, "ret_60": 0.4, "ret_120": -15.4, "ret_250": -21.5, "mdd_250": -43.1, "vol_250": 53.8, "pos_52w": 73.8}, "S": {"duration": 46, "pricing": 68, "hard": 30, "bondness": 39}, "label": "中性", "tags": [], "text": {"像什么": ["PE 24.9 倍、股息率 1.3%、毛利率近 5 年中位 55.7%、固定资产占比 19%、有息负债/EBITDA 0.2 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 55.7%),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 0.5%(经营现金流/市值 2.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 55.7%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -1.7 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 1.56 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 24.9 倍 粗算,约 80%(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 -22%,最大回撤 -43%,年化波动 54%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 12% / 0% / -15%。", "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%。", "瑞纳智能:PE 比行业中位低 25.7倍;股息率 比行业中位高 0.5个百分点;毛利率 比行业中位高 27.2个百分点;固定资产占比 比行业中位低 1.8个百分点。"]}}