{"F": {"ts_code": "600262.SH", "name": "北方股份", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "能源及重型设备", "ind": "专用设备", "fin_source": "tushare", "market": "主板", "list_date": "20000630", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 15.48, "pe_ttm": 14.5805, "pb": 1.9716, "dv_ttm": 1.758, "total_mv": 368424.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [21.3, 14.0, 18.2, 23.0, 19.1, 19.5], "rev_series": [13.9, 16.5, 22.3, 24.0, 29.2, 30.7], "np_series": [0.7, 0.9, 1.2, 1.4, 1.8, 2.2], "roe_series": [5.4, 7.4, 8.9, 9.9, 11.5, 12.6], "period": "20260630", "rev_ttm": 31.3, "np_ttm": 2.5, "ocf_ttm": 7.1, "fcf_ttm": 6.9, "fcf_yield": 18.7, "ocf_yield": 19.2, "gm_median": 19.1, "gm_std": 2.9, "gm_stab": 0.85, "gm_chg_2022": -3.1, "npm_median": 7.0, "roe_median": 9.9, "commodity": false, "hard_ratio": 5.0, "fix_assets": 2.8, "goodwill_ratio": 0.0, "pb_calc": 1.97, "capex_dep": 0.44, "interest_debt": 0.7, "debt_ebitda": 0.2, "debt_ratio": 64.6, "debt_mv": 2.0, "payout": 30.1, "div_years": 5, "rev_cagr3": 11.2, "np_cagr3": 22.0, "rev_yoy": 3.2, "np_yoy": 37.3, "np_vol": 8.3, "loss_years": 0, "far_share": 66.0, "earn_yield": 6.9, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["整车销售合同", 28.0], ["整车", 28.0], ["备件及服务合同", 6.0]], "ret_prev_year": 45.6, "ret_prev2_year": -3.8, "ret_ytd": -15.5, "ret_pivot": 38.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.3, "ret_60": 6.6, "ret_120": -18.4, "ret_250": -4.9, "mdd_250": -48.6, "vol_250": 49.4, "pos_52w": 62.2}, "S": {"duration": 31, "pricing": 44, "hard": 8, "bondness": 30}, "label": "中性", "tags": [], "text": {"像什么": ["PE 14.6 倍、股息率 1.8%、毛利率近 5 年中位 19.1%、固定资产占比 5%、有息负债/EBITDA 0.2 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 5%,毛利率近 5 年中位 19.1%。", "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 18.7%(经营现金流/市值 19.2%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 19.1%,稳定度 85%,2020→2022 成本通胀期毛利率变化 -3.1 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 5%,资本开支/折旧 0.44 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 14.6 倍 粗算,约 66%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -5%,最大回撤 -49%,年化波动 49%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 0% / 7% / -18%。", "行业对照": ["同申万二级「专用设备」205 家中位:PE 42.3 / 股息率 1.1% / 毛利率 26.3% / 固定资产占比 18% / 分红率 44%。", "北方股份:PE 比行业中位低 27.7倍;股息率 比行业中位高 0.7个百分点;毛利率 比行业中位低 7.2个百分点;固定资产占比 比行业中位低 13.0个百分点。"]}}