{"F": {"ts_code": "301272.SZ", "name": "英华特", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "制冷空调设备", "ind": "通用设备", "fin_source": "tushare", "market": "创业板", "list_date": "20230713", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 34.8, "pe_ttm": 64.6369, "pb": 2.0165, "dv_ttm": 1.2022, "total_mv": 203219.472, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.3, 21.7, 25.9, 28.4, 25.6, 23.6], "rev_series": [3.0, 3.8, 4.5, 5.5, 6.0, 5.7], "np_series": [0.5, 0.5, 0.7, 0.9, 0.7, 0.4], "roe_series": [37.9, 23.5, 27.2, 13.6, 7.3, 3.5], "period": "20260630", "rev_ttm": 6.1, "np_ttm": 0.3, "ocf_ttm": 0.2, "fcf_ttm": -0.3, "fcf_yield": -1.6, "ocf_yield": 1.1, "gm_median": 25.6, "gm_std": 2.3, "gm_stab": 0.91, "gm_chg_2022": -4.3, "npm_median": 12.7, "roe_median": 13.6, "commodity": false, "hard_ratio": 25.8, "fix_assets": 3.3, "goodwill_ratio": 0.0, "pb_calc": 2.02, "capex_dep": 1.53, "interest_debt": 0.1, "debt_ebitda": 0.1, "debt_ratio": 20.6, "debt_mv": 0.4, "payout": 47.2, "div_years": 3, "rev_cagr3": 8.3, "np_cagr3": -19.8, "rev_yoy": 16.2, "np_yoy": -51.7, "np_vol": 32.9, "loss_years": 0, "far_share": 92.0, "earn_yield": 1.5, "consensus_n": 2, "fwd_pe": 26.4, "fwd_pe2": 22.2, "fwd_g1": 145.0, "fwd_g2": 19.0, "peg": 1.39, "consensus_disp": null, "mainbz": [["产品", 50.0], ["商用空调应用", 22.0], ["冷冻冷藏应用", 14.0], ["热泵应用", 12.0]], "ret_prev_year": 21.6, "ret_prev2_year": -36.6, "ret_ytd": -14.5, "ret_pivot": 22.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.4, "ret_60": -4.5, "ret_120": -23.6, "ret_250": -16.5, "mdd_250": -44.3, "vol_250": 39.4, "pos_52w": 66.6}, "S": {"duration": 80, "pricing": 49, "hard": 41, "bondness": 36}, "label": "中性", "tags": [], "text": {"像什么": ["PE 64.6 倍、股息率 1.2%、毛利率近 5 年中位 25.6%、固定资产占比 26%、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 26%,毛利率近 5 年中位 25.6%。", "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 -1.6%(经营现金流/市值 1.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.6%,稳定度 91%,2020→2022 成本通胀期毛利率变化 -4.3 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 26%,资本开支/折旧 1.53 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 64.6 倍 粗算,约 92%(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 -16%,最大回撤 -44%,年化波动 39%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 4% / -4% / -24%。", "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%。", "英华特:PE 比行业中位高 14.0倍;股息率 比行业中位高 0.4个百分点;毛利率 比行业中位低 2.9个百分点;固定资产占比 比行业中位高 5.0个百分点。"]}}