{"F": {"ts_code": "301596.SZ", "name": "瑞迪智驱", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "通用设备", "sw3": "金属制品", "ind": "通用设备", "fin_source": "tushare", "market": "创业板", "list_date": "20240513", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 46.49, "pe_ttm": 49.8851, "pb": 5.5331, "dv_ttm": 0.9219, "total_mv": 502238.4435, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [25.1, 27.3, 28.4, 32.9, 31.7, 30.6], "rev_series": [null, null, 5.9, 5.9, 6.2, 6.5], "np_series": [null, null, 0.7, 1.0, 1.0, 1.0], "roe_series": [24.0, 25.9, 24.4, 25.4, 16.0, 12.3], "period": "20260630", "rev_ttm": 7.0, "np_ttm": 1.0, "ocf_ttm": 0.6, "fcf_ttm": 0.2, "fcf_yield": 0.3, "ocf_yield": 1.2, "gm_median": 30.6, "gm_std": 2.1, "gm_stab": 0.93, "gm_chg_2022": 3.3, "npm_median": 16.7, "roe_median": 24.4, "commodity": false, "hard_ratio": 20.6, "fix_assets": 2.6, "goodwill_ratio": 0.0, "pb_calc": 5.53, "capex_dep": 1.36, "interest_debt": 0.6, "debt_ebitda": 0.4, "debt_ratio": 25.0, "debt_mv": 1.1, "payout": 32.3, "div_years": 2, "rev_cagr3": 3.2, "np_cagr3": 11.9, "rev_yoy": 17.7, "np_yoy": -8.3, "np_vol": 13.5, "loss_years": 0, "far_share": 90.0, "earn_yield": 2.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 43.0], ["电磁制动器", 24.0], ["精密传动部件", 12.0], ["精密传动件", 12.0]], "ret_prev_year": 11.3, "ret_prev2_year": null, "ret_ytd": -17.0, "ret_pivot": 62.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.4, "ret_60": -19.4, "ret_120": -5.4, "ret_250": -31.3, "mdd_250": -43.4, "vol_250": 58.2, "pos_52w": 68.9}, "S": {"duration": 71, "pricing": 58, "hard": 33, "bondness": 35}, "label": "中性", "tags": [], "text": {"像什么": ["PE 49.9 倍、股息率 0.9%、毛利率近 5 年中位 30.6%、固定资产占比 21%、有息负债/EBITDA 0.4 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 30.6%),硬资产占比 21%。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 0.3%(经营现金流/市值 1.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 30.6%,稳定度 93%,2020→2022 成本通胀期毛利率变化 3.3 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 21%,资本开支/折旧 1.36 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 49.9 倍 粗算,约 90%(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 -31%,最大回撤 -43%,年化波动 58%,现价在 52 周高点的 69%;近 20 / 60 / 120 日 -5% / -19% / -5%。", "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%。", "瑞迪智驱:PE 比行业中位低 0.7倍;股息率 比行业中位高 0.1个百分点;毛利率 比行业中位高 2.1个百分点;固定资产占比 比行业中位低 0.2个百分点。"]}}