{"F": {"ts_code": "600980.SH", "name": "北矿科技", "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": "20040512", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 19.28, "pe_ttm": 26.9019, "pb": 2.4311, "dv_ttm": 0.9547, "total_mv": 372612.028, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [25.1, 27.5, 23.2, 26.2, 27.4, 25.8], "rev_series": [5.5, 7.0, 8.7, 9.3, 11.9, 13.1], "np_series": [0.5, 0.8, 0.8, 0.9, 1.1, 1.2], "roe_series": [7.4, 10.2, 7.8, 7.3, 7.9, 8.7], "period": "20260630", "rev_ttm": 14.1, "np_ttm": 1.4, "ocf_ttm": 1.6, "fcf_ttm": 1.0, "fcf_yield": 2.7, "ocf_yield": 4.4, "gm_median": 26.2, "gm_std": 1.6, "gm_stab": 0.94, "gm_chg_2022": -1.9, "npm_median": 9.5, "roe_median": 7.9, "commodity": false, "hard_ratio": 15.5, "fix_assets": 5.2, "goodwill_ratio": 0.0, "pb_calc": 2.43, "capex_dep": 2.14, "interest_debt": 2.1, "debt_ebitda": 1.1, "debt_ratio": 53.8, "debt_mv": 5.6, "payout": 23.3, "div_years": 5, "rev_cagr3": 14.5, "np_cagr3": 14.3, "rev_yoy": 19.0, "np_yoy": 25.7, "np_vol": 27.3, "loss_years": 0, "far_share": 81.0, "earn_yield": 3.7, "consensus_n": 1, "fwd_pe": 23.5, "fwd_pe2": 19.4, "fwd_g1": 15.0, "fwd_g2": 21.0, "peg": 1.12, "consensus_disp": null, "mainbz": [["矿冶装备", 37.0], ["主要选矿装备", 37.0], ["磁性材料(产品)", 13.0], ["磁性材料", 13.0]], "ret_prev_year": 52.3, "ret_prev2_year": -13.4, "ret_ytd": -15.6, "ret_pivot": 49.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.7, "ret_60": -5.4, "ret_120": -15.3, "ret_250": -26.3, "mdd_250": -45.8, "vol_250": 40.8, "pos_52w": 65.9}, "S": {"duration": 49, "pricing": 52, "hard": 25, "bondness": 23}, "label": "成长兑现", "tags": ["资本开支扩张期"], "text": {"像什么": ["盈利在追估值:最新净利润同比 26%,PE TTM 26.9 倍 但前瞻 PE 23.5 倍,PEG 1.12。", "自由现金流 1.0 亿(正),次年预期增速 21%(1 篇研报),风险在增速假设能否延续。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 16%,毛利率近 5 年中位 26.2%。", "加息期怎么走": "估值不靠远期故事,加息期比纯久期抗跌;风险在订单与增速,盯业绩不盯利率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 2.7%(经营现金流/市值 4.4%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.2%,稳定度 94%,2020→2022 成本通胀期毛利率变化 -1.9 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 16%,资本开支/折旧 2.14 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 26.9 倍 粗算,约 81%(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 -26%,最大回撤 -46%,年化波动 41%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 2% / -5% / -15%。 长久期资产波动大是常态;离高点已远,拥挤已部分释放。", "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%。", "北矿科技:PE 比行业中位低 15.4倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位低 0.1个百分点;固定资产占比 比行业中位低 2.5个百分点。"]}}