{"F": {"ts_code": "301399.SZ", "name": "英特科技", "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": "20230523", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 20.8, "pe_ttm": 330.8309, "pb": 2.9652, "dv_ttm": 0.5288, "total_mv": 384841.6, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [31.4, 29.6, 30.1, 28.3, 23.2, 20.1], "rev_series": [3.3, 4.9, 5.7, 5.7, 5.3, 4.7], "np_series": [0.6, 0.9, 1.1, 1.0, 0.6, 0.3], "roe_series": [37.5, 36.8, 31.9, 11.9, 4.5, 2.4], "period": "20260630", "rev_ttm": 5.1, "np_ttm": 0.1, "ocf_ttm": 0.4, "fcf_ttm": -0.6, "fcf_yield": -1.6, "ocf_yield": 1.1, "gm_median": 28.3, "gm_std": 4.0, "gm_stab": 0.86, "gm_chg_2022": -1.3, "npm_median": 17.5, "roe_median": 11.9, "commodity": false, "hard_ratio": 29.2, "fix_assets": 4.4, "goodwill_ratio": 0.0, "pb_calc": 2.97, "capex_dep": 3.56, "interest_debt": 0.0, "debt_ebitda": 0.1, "debt_ratio": 14.7, "debt_mv": 0.1, "payout": 63.8, "div_years": 3, "rev_cagr3": -6.2, "np_cagr3": -32.4, "rev_yoy": 20.5, "np_yoy": -125.9, "np_vol": 33.7, "loss_years": 0, "far_share": 98.0, "earn_yield": 0.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["换热器", 74.0], ["分配器及其他", 26.0]], "ret_prev_year": 4.0, "ret_prev2_year": 5.8, "ret_ytd": 7.2, "ret_pivot": 83.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 22.4, "ret_60": 20.6, "ret_120": -6.1, "ret_250": -7.5, "mdd_250": -44.5, "vol_250": 49.6, "pos_52w": 82.4}, "S": {"duration": 100, "pricing": 51, "hard": 47, "bondness": 46}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 330.8 倍、股息率 0.5%、毛利率近 5 年中位 28.3%、固定资产占比 29%、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 29%,毛利率近 5 年中位 28.3%。", "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 28.3%,稳定度 86%,2020→2022 成本通胀期毛利率变化 -1.3 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 29%,资本开支/折旧 3.56 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 330.8 倍 粗算,约 98%(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 -8%,最大回撤 -44%,年化波动 50%,现价在 52 周高点的 82%;近 20 / 60 / 120 日 22% / 21% / -6%。", "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%。", "英特科技:PE 比行业中位高 280.2倍;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位低 0.2个百分点;固定资产占比 比行业中位高 8.4个百分点。"]}}