{"F": {"ts_code": "603082.SH", "name": "北自科技", "mkt": "CN", "ccy": "元", "sw1": "机械设备", "sw2": "自动化设备", "sw3": "其他自动化设备", "ind": "自动化设备", "fin_source": "tushare", "market": "主板", "list_date": "20240130", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 43.85, "pe_ttm": 49.9667, "pb": 4.2519, "dv_ttm": 1.3383, "total_mv": 730423.0435, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [12.9, 16.7, 17.1, 17.3, 17.8, 18.4], "rev_series": [null, null, 15.9, 18.6, 20.6, 21.1], "np_series": [null, null, 1.3, 1.6, 1.7, 1.7], "roe_series": [39.7, 30.1, 26.0, 25.3, 15.1, 10.7], "period": "20260630", "rev_ttm": 21.4, "np_ttm": 1.5, "ocf_ttm": 1.6, "fcf_ttm": 0.2, "fcf_yield": 0.2, "ocf_yield": 2.2, "gm_median": 17.3, "gm_std": 0.6, "gm_stab": 0.97, "gm_chg_2022": 4.2, "npm_median": 8.3, "roe_median": 25.3, "commodity": false, "hard_ratio": 6.6, "fix_assets": 3.4, "goodwill_ratio": 2.6, "pb_calc": 4.25, "capex_dep": 11.47, "interest_debt": 0.0, "debt_ebitda": 0.0, "debt_ratio": 66.8, "debt_mv": 0.0, "payout": 54.2, "div_years": 3, "rev_cagr3": 9.9, "np_cagr3": 9.7, "rev_yoy": 4.1, "np_yoy": -34.3, "np_vol": 15.3, "loss_years": 0, "far_share": 90.0, "earn_yield": 2.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["智能生产物流系统", 19.0], ["智能物流系统", 19.0], ["智能物流仓储系统", 13.0]], "ret_prev_year": 10.9, "ret_prev2_year": null, "ret_ytd": 20.8, "ret_pivot": 70.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 12.6, "ret_60": 37.8, "ret_120": 18.8, "ret_250": 3.0, "mdd_250": -39.8, "vol_250": 50.5, "pos_52w": 86.7}, "S": {"duration": 71, "pricing": 53, "hard": 11, "bondness": 37}, "label": "中性", "tags": ["资本开支扩张期"], "text": {"像什么": ["PE 50.0 倍、股息率 1.3%、毛利率近 5 年中位 17.3%、固定资产占比 7%、有息负债/EBITDA 0.0 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 7%,毛利率近 5 年中位 17.3%。", "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 0.2%(经营现金流/市值 2.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 17.3%,稳定度 97%,2020→2022 成本通胀期毛利率变化 4.2 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 7%,资本开支/折旧 11.47 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 50.0 倍 粗算,约 90%(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 3%,最大回撤 -40%,年化波动 50%,现价在 52 周高点的 87%;近 20 / 60 / 120 日 13% / 38% / 19%。", "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%。", "北自科技:PE 比行业中位低 27.4倍;股息率 比行业中位高 0.6个百分点;毛利率 比行业中位低 16.6个百分点;固定资产占比 比行业中位低 7.2个百分点。"]}}