{"F": {"ts_code": "600592.SH", "name": "龙溪股份", "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": "主板", "list_date": "20020805", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 14.96, "pe_ttm": 38.0892, "pb": 2.2938, "dv_ttm": 0.869, "total_mv": 597732.1856, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [25.5, 26.7, 25.0, 24.0, 22.2, 28.1], "rev_series": [11.6, 14.4, 16.7, 17.3, 17.8, 13.5], "np_series": [1.5, 3.0, -0.1, 1.7, 1.3, 1.7], "roe_series": [7.5, 13.7, -0.3, 7.3, 5.2, 6.7], "period": "20260630", "rev_ttm": 12.1, "np_ttm": 1.6, "ocf_ttm": 1.9, "fcf_ttm": 1.4, "fcf_yield": 2.3, "ocf_yield": 3.2, "gm_median": 25.0, "gm_std": 2.0, "gm_stab": 0.92, "gm_chg_2022": -0.6, "npm_median": 9.3, "roe_median": 6.7, "commodity": false, "hard_ratio": 22.8, "fix_assets": 8.0, "goodwill_ratio": 0.0, "pb_calc": 2.29, "capex_dep": 0.76, "interest_debt": 1.1, "debt_ebitda": 0.5, "debt_ratio": 25.6, "debt_mv": 1.8, "payout": 31.0, "div_years": 4, "rev_cagr3": -7.0, "np_cagr3": null, "rev_yoy": -18.9, "np_yoy": -18.0, "np_vol": 1165.2, "loss_years": 1, "far_share": 87.0, "earn_yield": 2.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["轴承产品", 46.0], ["其他主营业务", 5.0], ["其他", 5.0]], "ret_prev_year": 182.1, "ret_prev2_year": -13.5, "ret_ytd": -45.1, "ret_pivot": 87.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.8, "ret_60": -8.4, "ret_120": -31.3, "ret_250": -39.8, "mdd_250": -58.5, "vol_250": 51.9, "pos_52w": 48.7}, "S": {"duration": 61, "pricing": 52, "hard": 36, "bondness": 38}, "label": "中性", "tags": [], "text": {"像什么": ["PE 38.1 倍、股息率 0.9%、毛利率近 5 年中位 25.0%、固定资产占比 23%、有息负债/EBITDA 0.5 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 23%,毛利率近 5 年中位 25.0%。", "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 2.3%(经营现金流/市值 3.2%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.0%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -0.6 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 23%,资本开支/折旧 0.76 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 38.1 倍 粗算,约 87%(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 -40%,最大回撤 -58%,年化波动 52%,现价在 52 周高点的 49%;近 20 / 60 / 120 日 3% / -8% / -31%。", "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%。", "龙溪股份:PE 比行业中位低 12.5倍;股息率 比行业中位高 0.1个百分点;毛利率 比行业中位低 3.5个百分点;固定资产占比 比行业中位高 2.0个百分点。"]}}