{"F": {"ts_code": "301303.SZ", "name": "真兰仪表", "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": "20230220", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 13.78, "pe_ttm": 17.9528, "pb": 1.6335, "dv_ttm": 2.7576, "total_mv": 563326.4, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [39.8, 38.9, 37.6, 42.5, 41.0, 40.4], "rev_series": [8.5, 10.6, 11.9, 13.4, 15.0, 17.8], "np_series": [1.8, 2.2, 2.1, 3.1, 3.2, 3.4], "roe_series": [31.4, 29.6, 23.7, 15.5, 10.1, 10.2], "period": "20260630", "rev_ttm": 18.2, "np_ttm": 3.1, "ocf_ttm": 2.8, "fcf_ttm": 0.4, "fcf_yield": 0.7, "ocf_yield": 5.0, "gm_median": 40.4, "gm_std": 1.7, "gm_stab": 0.96, "gm_chg_2022": -2.2, "npm_median": 20.8, "roe_median": 15.5, "commodity": false, "hard_ratio": 15.4, "fix_assets": 7.3, "goodwill_ratio": 0.0, "pb_calc": 1.63, "capex_dep": 3.46, "interest_debt": 2.9, "debt_ebitda": 0.7, "debt_ratio": 25.2, "debt_mv": 5.1, "payout": 44.9, "div_years": 4, "rev_cagr3": 14.4, "np_cagr3": 17.4, "rev_yoy": 4.6, "np_yoy": -19.9, "np_vol": 18.1, "loss_years": 0, "far_share": 72.0, "earn_yield": 5.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 34.0], ["仪表类产品", 30.0], ["仪表产品", 30.0], ["汽车零部件", 2.0]], "ret_prev_year": 1.2, "ret_prev2_year": 12.3, "ret_ytd": -7.3, "ret_pivot": 39.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.0, "ret_60": -5.6, "ret_120": -13.7, "ret_250": -22.3, "mdd_250": -31.3, "vol_250": 44.9, "pos_52w": 75.3}, "S": {"duration": 36, "pricing": 60, "hard": 25, "bondness": 40}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 18.0 倍、股息率 2.8%、毛利率近 5 年中位 40.4%、固定资产占比 15%、有息负债/EBITDA 0.7 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 40.4%),硬资产占比 15%。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 0.7%(经营现金流/市值 5.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 40.4%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -2.2 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 15%,资本开支/折旧 3.46 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 18.0 倍 粗算,约 72%(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 -31%,年化波动 45%,现价在 52 周高点的 75%;近 20 / 60 / 120 日 -5% / -6% / -14%。", "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%。", "真兰仪表:PE 比行业中位低 32.6倍;股息率 比行业中位高 2.0个百分点;毛利率 比行业中位高 11.9个百分点;固定资产占比 比行业中位低 5.4个百分点。"]}}