{"F": {"ts_code": "601177.SH", "name": "杭齿前进", "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": "20101011", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 13.98, "pe_ttm": 20.0089, "pb": 1.9033, "dv_ttm": 0.5007, "total_mv": 569983.473, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.0, 24.1, 22.3, 24.0, 18.2, 19.3], "rev_series": [19.2, 21.4, 22.0, 18.8, 23.0, 24.0], "np_series": [0.9, 1.5, 2.1, 2.1, 2.4, 2.5], "roe_series": [5.5, 8.1, 10.2, 9.5, 9.6, 9.2], "period": "20260630", "rev_ttm": 25.2, "np_ttm": 2.8, "ocf_ttm": 2.6, "fcf_ttm": 1.8, "fcf_yield": 3.1, "ocf_yield": 4.6, "gm_median": 22.3, "gm_std": 2.4, "gm_stab": 0.89, "gm_chg_2022": -1.7, "npm_median": 10.8, "roe_median": 9.5, "commodity": false, "hard_ratio": 19.2, "fix_assets": 10.8, "goodwill_ratio": 0.0, "pb_calc": 1.9, "capex_dep": 1.01, "interest_debt": 9.5, "debt_ebitda": 4.3, "debt_ratio": 45.1, "debt_mv": 16.7, "payout": 10.0, "div_years": 5, "rev_cagr3": 3.0, "np_cagr3": 6.6, "rev_yoy": 11.3, "np_yoy": 24.6, "np_vol": 23.4, "loss_years": 0, "far_share": 75.0, "earn_yield": 5.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["船用齿轮箱产品", 73.0], ["风电及工业传动产品", 39.0], ["工程机械变速箱产品", 35.0], ["铸造件", 12.0]], "ret_prev_year": 112.0, "ret_prev2_year": -20.0, "ret_ytd": -19.1, "ret_pivot": 107.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.2, "ret_60": 6.3, "ret_120": -11.6, "ret_250": -31.2, "mdd_250": -40.5, "vol_250": 40.5, "pos_52w": 69.8}, "S": {"duration": 39, "pricing": 49, "hard": 31, "bondness": 36}, "label": "中性", "tags": [], "text": {"像什么": ["PE 20.0 倍、股息率 0.5%、毛利率近 5 年中位 22.3%、固定资产占比 19%、有息负债/EBITDA 4.3 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 19%,毛利率近 5 年中位 22.3%。", "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 3.1%(经营现金流/市值 4.6%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 22.3%,稳定度 89%,2020→2022 成本通胀期毛利率变化 -1.7 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 19%,资本开支/折旧 1.01 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 20.0 倍 粗算,约 75%(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 -40%,年化波动 40%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 6% / 6% / -12%。", "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%。", "杭齿前进:PE 比行业中位低 30.6倍;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位低 6.2个百分点;固定资产占比 比行业中位低 1.6个百分点。"]}}