{"F": {"ts_code": "301226.SZ", "name": "祥明智能", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电机Ⅱ", "sw3": "电机Ⅲ", "ind": "电机Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20220325", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 32.25, "pe_ttm": 635.3056, "pb": 3.8602, "dv_ttm": 0.186, "total_mv": 350880.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [22.7, 19.2, 20.8, 20.0, 19.2, 21.2], "rev_series": [5.5, 7.3, 6.4, 5.8, 5.1, 5.1], "np_series": [0.6, 0.6, 0.6, 0.4, 0.3, 0.2], "roe_series": [16.4, 15.1, 9.6, 4.5, 3.2, 1.8], "period": "20260630", "rev_ttm": 5.2, "np_ttm": 0.1, "ocf_ttm": 0.6, "fcf_ttm": 0.3, "fcf_yield": 1.0, "ocf_yield": 1.8, "gm_median": 20.0, "gm_std": 0.8, "gm_stab": 0.96, "gm_chg_2022": -1.9, "npm_median": 7.1, "roe_median": 4.5, "commodity": false, "hard_ratio": 25.3, "fix_assets": 2.7, "goodwill_ratio": 0.1, "pb_calc": 3.86, "capex_dep": 1.11, "interest_debt": 0.1, "debt_ebitda": 0.2, "debt_ratio": 15.1, "debt_mv": 0.2, "payout": 40.0, "div_years": 5, "rev_cagr3": -7.5, "np_cagr3": -36.5, "rev_yoy": 2.8, "np_yoy": -60.5, "np_vol": 20.3, "loss_years": 0, "far_share": 99.0, "earn_yield": 0.2, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 44.0], ["风机", 24.0], ["交流电机", 10.0], ["交流异步电机", 10.0]], "ret_prev_year": 47.3, "ret_prev2_year": 2.8, "ret_ytd": -5.1, "ret_pivot": 94.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.8, "ret_60": -1.2, "ret_120": -7.5, "ret_250": -12.7, "mdd_250": -49.8, "vol_250": 64.9, "pos_52w": 67.0}, "S": {"duration": 100, "pricing": 50, "hard": 40, "bondness": 36}, "label": "中性", "tags": [], "text": {"像什么": ["PE 635.3 倍、股息率 0.2%、毛利率近 5 年中位 20.0%、固定资产占比 25%、有息负债/EBITDA 0.2 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 25%,毛利率近 5 年中位 20.0%。", "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 1.0%(经营现金流/市值 1.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 20.0%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -1.9 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 25%,资本开支/折旧 1.11 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 635.3 倍 粗算,约 99%(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 -13%,最大回撤 -50%,年化波动 65%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 7% / -1% / -8%。", "行业对照": ["同申万二级「电机Ⅱ」28 家中位:PE 46.1 / 股息率 0.6% / 毛利率 20.8% / 固定资产占比 20% / 分红率 38%。", "祥明智能:PE 比行业中位高 589.2倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位低 0.8个百分点;固定资产占比 比行业中位高 5.5个百分点。"]}}