{"F": {"ts_code": "600894.SH", "name": "广日股份", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "专用设备", "sw3": "楼宇设备", "ind": "专用设备", "fin_source": "tushare", "market": "主板", "list_date": "19960328", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 7.43, "pe_ttm": 10.5299, "pb": 0.7249, "dv_ttm": 6.765, "total_mv": 629474.2066, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [14.0, 11.5, 11.7, 14.4, 15.4, 15.6], "rev_series": [67.7, 77.7, 70.6, 73.8, 72.6, 72.5], "np_series": [7.1, 6.5, 5.1, 7.6, 8.1, 6.9], "roe_series": [9.1, 7.8, 6.0, 8.5, 9.0, 7.8], "period": "20260630", "rev_ttm": 72.5, "np_ttm": 6.0, "ocf_ttm": 6.6, "fcf_ttm": 4.6, "fcf_yield": 7.4, "ocf_yield": 10.4, "gm_median": 14.4, "gm_std": 1.8, "gm_stab": 0.88, "gm_chg_2022": -2.3, "npm_median": 9.8, "roe_median": 7.8, "commodity": false, "hard_ratio": 9.7, "fix_assets": 13.7, "goodwill_ratio": 1.2, "pb_calc": 0.72, "capex_dep": 1.56, "interest_debt": 3.5, "debt_ebitda": 1.5, "debt_ratio": 36.3, "debt_mv": 5.5, "payout": 61.5, "div_years": 5, "rev_cagr3": 0.9, "np_cagr3": 10.4, "rev_yoy": 0.1, "np_yoy": -41.1, "np_vol": 25.0, "loss_years": 0, "far_share": 53.0, "earn_yield": 9.5, "consensus_n": 3, "fwd_pe": 9.0, "fwd_pe2": 8.5, "fwd_g1": 17.0, "fwd_g2": 6.0, "peg": 1.5, "consensus_disp": null, "mainbz": [["产品", 33.0], ["电梯零部件及配套服务", 17.0], ["电梯零部件", 17.0], ["电梯整机及后市场", 16.0]], "ret_prev_year": -34.4, "ret_prev2_year": 172.2, "ret_ytd": -16.0, "ret_pivot": -12.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.2, "ret_60": -6.7, "ret_120": -17.4, "ret_250": -28.3, "mdd_250": -29.5, "vol_250": 26.2, "pos_52w": 72.0}, "S": {"duration": 23, "pricing": 44, "hard": 16, "bondness": 75}, "label": "现金流红利", "tags": ["股息率≥4%"], "text": {"像什么": ["分红率 62%、股息率 6.8%、营收 3 年复合 0.9%、有息负债/EBITDA 1.5 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 10%,毛利率近 5 年中位 14.4%。", "加息期怎么走": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 7.4%(经营现金流/市值 10.4%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 14.4%,稳定度 88%,2020→2022 成本通胀期毛利率变化 -2.3 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 10%,资本开支/折旧 1.56 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 10.5 倍 粗算,约 53%(1 − 5/PE)。中等。"]], "价格行为": "近一年 -28%,最大回撤 -30%,年化波动 26%,现价在 52 周高点的 72%;近 20 / 60 / 120 日 -5% / -7% / -17%。", "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%。", "广日股份:PE 比行业中位低 31.8倍;股息率 比行业中位高 5.7个百分点;毛利率 比行业中位低 11.9个百分点;固定资产占比 比行业中位低 8.3个百分点。"]}}