{"F": {"ts_code": "301199.SZ", "name": "迈赫股份", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "自动化设备", "sw3": "机器人", "ind": "自动化设备", "fin_source": "tushare", "market": "创业板", "list_date": "20211207", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 17.9, "pe_ttm": 48.1755, "pb": 1.7273, "dv_ttm": 0.9497, "total_mv": 334150.04, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [23.2, 20.4, 16.5, 17.1, 20.4, 22.5], "rev_series": [7.4, 8.1, 7.0, 9.7, 10.9, 11.6], "np_series": [1.0, 0.7, 0.2, 0.3, 0.9, 1.1], "roe_series": [13.5, 5.7, 1.2, 1.6, 4.8, 5.8], "period": "20260630", "rev_ttm": 11.0, "np_ttm": 0.7, "ocf_ttm": 1.6, "fcf_ttm": 1.4, "fcf_yield": 4.3, "ocf_yield": 4.9, "gm_median": 20.4, "gm_std": 2.3, "gm_stab": 0.89, "gm_chg_2022": -6.7, "npm_median": 7.9, "roe_median": 4.8, "commodity": false, "hard_ratio": 8.1, "fix_assets": 2.5, "goodwill_ratio": 0.0, "pb_calc": 1.73, "capex_dep": 1.25, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 37.3, "debt_mv": null, "payout": 29.3, "div_years": 5, "rev_cagr3": 18.2, "np_cagr3": 71.5, "rev_yoy": -10.1, "np_yoy": -57.1, "np_vol": 93.6, "loss_years": 0, "far_share": 90.0, "earn_yield": 2.1, "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], ["智能装备系统及动力能源供应系统", 49.0], ["合计特别调整", 1.0], ["其他业务", 0.0]], "ret_prev_year": 12.1, "ret_prev2_year": 12.2, "ret_ytd": -22.9, "ret_pivot": 20.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.5, "ret_60": -2.7, "ret_120": -24.5, "ret_250": -39.8, "mdd_250": -46.0, "vol_250": 43.7, "pos_52w": 58.6}, "S": {"duration": 70, "pricing": 45, "hard": 13, "bondness": 21}, "label": "中性", "tags": [], "text": {"像什么": ["PE 48.2 倍、股息率 0.9%、毛利率近 5 年中位 20.4%、固定资产占比 8%、资产负债率 37%: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 8%,毛利率近 5 年中位 20.4%。", "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 4.3%(经营现金流/市值 4.9%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.4%,稳定度 89%,2020→2022 成本通胀期毛利率变化 -6.7 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 8%,资本开支/折旧 1.25 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 48.2 倍 粗算,约 90%(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 -40%,最大回撤 -46%,年化波动 44%,现价在 52 周高点的 59%;近 20 / 60 / 120 日 -4% / -3% / -24%。", "行业对照": ["同申万二级「自动化设备」93 家中位:PE 77.4 / 股息率 0.7% / 毛利率 33.9% / 固定资产占比 14% / 分红率 42%。", "迈赫股份:PE 比行业中位低 29.2倍;股息率 比行业中位高 0.2个百分点;毛利率 比行业中位低 13.5个百分点;固定资产占比 比行业中位低 5.7个百分点。"]}}