{"F": {"ts_code": "603025.SH", "name": "大豪科技", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "自动化设备", "sw3": "工控设备", "ind": "自动化设备", "fin_source": "tushare", "market": "主板", "list_date": "20150422", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 13.43, "pe_ttm": 17.7793, "pb": 5.4301, "dv_ttm": 3.3507, "total_mv": 1499667.3964, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [41.5, 41.2, 40.5, 39.3, 41.9, 43.4], "rev_series": [8.3, 15.0, 16.0, 20.3, 25.3, 30.0], "np_series": [2.1, 3.6, 4.4, 4.1, 5.8, 7.1], "roe_series": [11.9, 18.9, 21.7, 19.3, 25.7, 27.8], "period": "20260630", "rev_ttm": 33.5, "np_ttm": 8.4, "ocf_ttm": 5.5, "fcf_ttm": 5.2, "fcf_yield": 3.5, "ocf_yield": 3.7, "gm_median": 41.2, "gm_std": 1.3, "gm_stab": 0.97, "gm_chg_2022": -1.0, "npm_median": 24.7, "roe_median": 21.7, "commodity": false, "hard_ratio": 4.2, "fix_assets": 2.2, "goodwill_ratio": 7.2, "pb_calc": 5.43, "capex_dep": 1.02, "interest_debt": 6.8, "debt_ebitda": 0.6, "debt_ratio": 40.1, "debt_mv": 4.5, "payout": 70.3, "div_years": 5, "rev_cagr3": 23.4, "np_cagr3": 17.7, "rev_yoy": 23.4, "np_yoy": 33.4, "np_vol": 24.8, "loss_years": 0, "far_share": 72.0, "earn_yield": 5.6, "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], ["主营业务", 49.0], ["其他业务", 1.0]], "ret_prev_year": 21.2, "ret_prev2_year": 18.8, "ret_ytd": -23.3, "ret_pivot": 33.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.1, "ret_60": -2.8, "ret_120": -14.2, "ret_250": -17.3, "mdd_250": -38.9, "vol_250": 37.3, "pos_52w": 66.8}, "S": {"duration": 36, "pricing": 61, "hard": 7, "bondness": 47}, "label": "现金流红利", "tags": [], "text": {"像什么": ["分红率 70%、股息率 3.4%、营收 3 年复合 23.4%、有息负债/EBITDA 0.6 倍:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 41.2%),硬资产占比 4%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 3.5%(经营现金流/市值 3.7%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 41.2%,稳定度 97%,2020→2022 成本通胀期毛利率变化 -1.0 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 4%,资本开支/折旧 1.02 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 17.8 倍 粗算,约 72%(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 -17%,最大回撤 -39%,年化波动 37%,现价在 52 周高点的 67%;近 20 / 60 / 120 日 0% / -3% / -14%。", "行业对照": ["同申万二级「自动化设备」93 家中位:PE 77.4 / 股息率 0.7% / 毛利率 33.9% / 固定资产占比 14% / 分红率 42%。", "大豪科技:PE 比行业中位低 59.6倍;股息率 比行业中位高 2.7个百分点;毛利率 比行业中位高 7.3个百分点;固定资产占比 比行业中位低 9.6个百分点。"]}}