{"F": {"ts_code": "301361.SZ", "name": "众智科技", "mkt": "CN", "ccy": "元", "sw1": "电力设备", "sw2": "电网设备", "sw3": "配电设备", "ind": "电网设备", "fin_source": "tushare", "market": "创业板", "list_date": "20221116", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 26.91, "pe_ttm": 32.8501, "pb": 2.4978, "dv_ttm": 0.7061, "total_mv": 313060.176, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [56.6, 56.5, 54.2, 54.5, 57.1, 57.9], "rev_series": [1.8, 2.0, 2.0, 2.2, 2.4, 2.9], "np_series": [0.6, 0.7, 0.6, 0.7, 0.8, 1.0], "roe_series": [34.8, 32.4, 9.5, 7.0, 7.1, 8.1], "period": "20260630", "rev_ttm": 3.2, "np_ttm": 1.0, "ocf_ttm": 0.7, "fcf_ttm": 0.6, "fcf_yield": 1.9, "ocf_yield": 2.1, "gm_median": 56.5, "gm_std": 1.5, "gm_stab": 0.97, "gm_chg_2022": -2.4, "npm_median": 33.3, "roe_median": 8.1, "commodity": false, "hard_ratio": 12.1, "fix_assets": 1.6, "goodwill_ratio": 0.0, "pb_calc": 2.5, "capex_dep": 0.77, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 4.1, "debt_mv": 0.0, "payout": 20.0, "div_years": 4, "rev_cagr3": 13.1, "np_cagr3": 17.2, "rev_yoy": 20.0, "np_yoy": -2.8, "np_vol": 12.3, "loss_years": 0, "far_share": 85.0, "earn_yield": 3.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["控制器类产品", 29.0], ["控制器", 29.0], ["组件类产品", 17.0], ["组件类", 17.0]], "ret_prev_year": 10.7, "ret_prev2_year": 25.1, "ret_ytd": -17.1, "ret_pivot": 25.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.8, "ret_60": -14.6, "ret_120": -37.6, "ret_250": -22.4, "mdd_250": -49.1, "vol_250": 50.8, "pos_52w": 54.0}, "S": {"duration": 56, "pricing": 68, "hard": 19, "bondness": 18}, "label": "中性", "tags": [], "text": {"像什么": ["PE 32.9 倍、股息率 0.7%、毛利率近 5 年中位 56.5%、固定资产占比 12%、有息负债/EBITDA 0.0 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 56.5%),硬资产占比 12%。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 1.9%(经营现金流/市值 2.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 56.5%,稳定度 97%,2020→2022 成本通胀期毛利率变化 -2.4 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 12%,资本开支/折旧 0.77 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 32.9 倍 粗算,约 85%(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 -49%,年化波动 51%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 -7% / -15% / -38%。", "行业对照": ["同申万二级「电网设备」141 家中位:PE 43.5 / 股息率 1.0% / 毛利率 23.5% / 固定资产占比 15% / 分红率 40%。", "众智科技:PE 比行业中位低 10.6倍;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位高 33.0个百分点;固定资产占比 比行业中位低 2.8个百分点。"]}}