{"F": {"ts_code": "301320.SZ", "name": "豪江智能", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "自动化设备", "sw3": "工控设备", "ind": "自动化设备", "fin_source": "tushare", "market": "创业板", "list_date": "20230609", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 13.72, "pe_ttm": null, "pb": 2.3629, "dv_ttm": 0.3605, "total_mv": 249717.72, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [27.1, 24.4, 23.1, 23.9, 23.7, 22.9], "rev_series": [6.2, 7.7, 6.6, 7.2, 8.3, 9.1], "np_series": [0.9, 0.7, 0.7, 0.5, 0.5, 0.1], "roe_series": [29.9, 19.1, 15.0, 6.2, 4.5, 1.0], "period": "20260630", "rev_ttm": 10.3, "np_ttm": -0.0, "ocf_ttm": 0.5, "fcf_ttm": -0.8, "fcf_yield": -3.1, "ocf_yield": 1.9, "gm_median": 23.7, "gm_std": 0.6, "gm_stab": 0.98, "gm_chg_2022": -4.0, "npm_median": 6.6, "roe_median": 6.2, "commodity": false, "hard_ratio": 28.0, "fix_assets": 4.9, "goodwill_ratio": 2.3, "pb_calc": 2.36, "capex_dep": 3.09, "interest_debt": 0.5, "debt_ebitda": 1.0, "debt_ratio": 37.8, "debt_mv": 2.0, "payout": 83.3, "div_years": 3, "rev_cagr3": 11.2, "np_cagr3": -46.5, "rev_yoy": 25.6, "np_yoy": -70.7, "np_vol": 27.5, "loss_years": 0, "far_share": 100, "earn_yield": null, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["驱动器产品", 54.0], ["电子类", 19.0], ["电子产品", 19.0], ["其他业务", 7.0]], "ret_prev_year": 14.6, "ret_prev2_year": -19.0, "ret_ytd": -18.9, "ret_pivot": 10.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 8.1, "ret_60": -3.3, "ret_120": -23.1, "ret_250": -36.1, "mdd_250": -47.9, "vol_250": 34.2, "pos_52w": 64.1}, "S": {"duration": 100, "pricing": 51, "hard": 45, "bondness": 43}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE —、股息率 0.4%、毛利率近 5 年中位 23.7%、固定资产占比 28%、有息负债/EBITDA 1.0 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 28%,毛利率近 5 年中位 23.7%。", "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 -3.1%(经营现金流/市值 1.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 23.7%,稳定度 98%,2020→2022 成本通胀期毛利率变化 -4.0 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 28%,资本开支/折旧 3.09 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(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 -36%,最大回撤 -48%,年化波动 34%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 8% / -3% / -23%。", "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%。", "豪江智能:PE ;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位低 10.2个百分点;固定资产占比 比行业中位高 14.2个百分点。"]}}